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North Bay Village Fourth Quarterly Report & Market Trends, 2016

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North Bay Village

Condominiums'

Fourth Quarterly Report

Market Trends

2016

UNITS SOLD

The graph below displays a comparison in the number of condos sold in North Bay Village during the last quarter of 2016, 2015 and 2014. We finished the year with an average close price of $ 251 per square foot, a 5% increase from 2015. This concurs with the national 5% increase predicted by the National Association of Realtors. This is great, considering the fact that the number of units and the average days spent on the market has remained the same. It is also important to highlight the decrease in the number of units sold in distress, an indication of a stable and healthy real estate market.

NEW UNITS FOR SALE

When it comes to new listings for sale, we had a total of 131 units hit the market during the last quarter of 2016. These units listed at an average price of $280 per square foot, a 0% increase compared to the previous year.

UNITS RENTED

During the last quarter of 2016, we had a total of 53 units rented throughout North Bay Village. We have noticed a continuous decrease over the years, however, despite this, we’ve managed to keep the same average rental price per month.

Questions regarding the reason for this continuous decrease has surfaced among homeowners and landlords. We’ve agreed that it is because of Moda, Shorecrest Club, and Treasures on the Bay III, the three newest rental buildings on the island. These new condominiums are offering unbeatable incentives like ‘Free First Month Rent,’ as well as affordable move-in deposits for prospective tenants, and higher commission for Realtors.

NEW UNITS FOR RENT

We ended the year with a total of 86 units hitting the open market in North Bay Village during the last quarter of 2016. These units listed with an average price of $ 2,078 per month. Due to the aforementioned increase in rental inventory and rise of competition, new listings will have to be priced correctly, in order to avoid excess time spent on the market.

Questions about the decrease in rental availability have recently emerged. We believe this is due to the substantial increase of rental prices on a national scale. Existing tenants have second thoughts before moving to new units. They would rather deal with their current landlord and lease than relocating and pay higher rent prices.

If you any further questions regarding this report, you may contact Nivaldo Soria, P.A. or Claudia Serpa, P.A.

at 305-219-8343 or nivaldosr@SouthFloridaInvestments.com

North Bay Village Fourth Quarterly Report & Market Trends, 2016

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