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
Pedro Garcia (iStock, IRS)

Tax relief may be coming to Miami-Dade commercial property owners

Tax relief may be coming to Miami-Dade commercial property owners
Irving Langer and Fendi Château Residences (Getty, Google Maps)

Multifamily honcho sells Fendi Château penthouse in Surfside at a loss

Multifamily honcho sells Fendi Château penthouse in Surfside at a loss
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)

South Florida’s pandemic-fueled residential market poised for bull run in 2021

South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)

Kate Ford’s Palm Beach estate sells for $55M

Kate Ford’s Palm Beach estate sells for $55M
Alex Sapir and Arte by Antonio Citterio (Getty, Arte)

Developer Alex Sapir sells Arte penthouse for $33M

Developer Alex Sapir sells Arte penthouse for $33M
The Surf Club at 9001 Collins Ave. (Google Maps)

Apartment management firm pays $12M for second condo at Surf Club Four Seasons

Apartment management firm pays $12M for second condo at Surf Club Four Seasons
Alex Blavatnik with his Faena House unit (left) and new Fendi Château unit (Getty, Compass)

Alex Blavatnik sells Faena House unit, buys at Fendi Château

Alex Blavatnik sells Faena House unit, buys at Fendi Château
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)

You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse

You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
arrow_forward_ios

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

Loading...