Miami-Dade’s taxable property values rise in 2017 at a slower pace to $289B

Biggest project to be completed last year was the Four Seasons Residences at the Surf Club

Miami /
May.May 31, 2018 06:00 PM

Four Seasons Residences at The Surf Club in Surfside

Miami-Dade County’s taxable property values rose 6 percent to $288.86 billion in 2017, despite the condo market slowdown.

The county’s property appraiser, Pedro J. Garcia, released the June 1 estimates, showing that property values are growing at a slower pace than in previous years. Garcia said in a release that the oversupply of condos put downward pressure on condo values, but that the short supply of mid-range single-family homes increased property values.

The largest project to be completed last year was the Four Seasons Residences at The Surf Club in Surfside with an assessed value of about $1 billion. The luxury condo development caused values to jump 43 percent — the highest increase countywide — in the town of Surfside to more than $3 billion.

Next door, in Bay Harbor Islands, taxable property values rose by 16.8 percent to $1.2 billion.

Garcia’s estimates show that values fell in Key Biscayne, by 1.5 percent to $8.5 billion; and in Sunny Isles Beach, by 0.4 percent to $11 billion, compared to the previous year.

Overall, the county saw more than $5 billion in new construction last year. More than $1.4 billion of new development was completed in the city of Miami, which includes 1010 Brickell, a 389-unit, 50-story condo tower with a projected sellout of more than $262 million. Cities like Doral, Aventura, North Miami Beach and Bal Harbour also saw a significant amount of new construction.

From 2014 to 2015, Miami-Dade property values jumped 9.4 percent to $230.4 billion, and from 2015 to 2016, they were up 9.1 percent to $251.3 billion. From 2016 to 2017, they rose 8.2 percent to $272 billion.

Garcia will release the 2017 assessment roll on July 1. Here’s a full list of the estimates:


Related Articles

arrow_forward_ios
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
Lynda Carter and the Four Seasons Residences at The Surf Club (Getty, Four Season)
“Wonder Woman” Lynda Carter drops $15M on Surf Club Four Seasons condo
“Wonder Woman” Lynda Carter drops $15M on Surf Club Four Seasons condo
(Google Maps, Arte Surfside)
Weekly condo sales flat while sales volume falls in last week of May
Weekly condo sales flat while sales volume falls in last week of May
Emilio Bassini and Reina Marin Bassini with Arte Surfside. (Getty, Arte)
Hedge funder buys oceanfront condo at Arte in Surfside for $13M
Hedge funder buys oceanfront condo at Arte in Surfside for $13M
Arte Surfside (Arte)
$13M unit at Arte in Surfside leads weekly condo sales
$13M unit at Arte in Surfside leads weekly condo sales
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Miami-Dade condo sales map and Arte by Antonio Citterio (Google Maps)
Miami condo sales drop in early April
Miami condo sales drop in early April
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...