There’s no shortage of South Florida real estate observers proclaiming the market is on fire. But how much of what they’re saying is hype and how much is backed up statistics? A look at key figures shows the vocal proponents can support their claims. Record transactions are happening in multiple sectors, foreclosures are dwindling and construction lenders are active again. The boom won’t last forever, but the market is strong heading into the winter months.”
$177
Average nightly hotel rate in Miami. For hotels rated 3 stars and higher, the average rate is $245 per night, good for fifth most expensive in the world on Bloomberg’s World Hotel Index.
$342 million
Amount Terranova and Morgan Stanley Real Estate Investing paid for a six-building retail portfolio on Miami Beach’s Lincoln Road, a record for the popular block.
13,299
South Florida foreclosure filings during the first eight months of 2014.
$460 million
Purchase price paid by Thayer Lodging Group for the Westin Diplomat Resort in Hollywood; believed to be a record for the tri-county area’s hotel sector.
$191 million
Total spent by the sellers of the Lincoln Road portfolio, Terranova and Acadia Realty Trust, to assemble the properties between February 2011 and December 2012.
29,517
South Florida foreclosure filings during the first eight months of 2013.
$3.3 billion
Estimated amount of construction financing provided to South Florida developers during the current real estate boom, through August.
$500,000
Minimum investment required to obtain an EB-5 visa; 10 permanent jobs must be created by each contribution.
$40 million
Amount South Florida restaurant chain VooDoo BBQ & Grill received through the EB-5 visa program, which grants foreign nationals a green card in exchange for investments that create jobs.
$100 million
Amount Thayer plans to spend to upgrade the 1,000-room resort. It also paid $75.5 million for adjacent land and a golf course.
14,100
Condo units to be financed through those loans.
12
Countries represented in VooDoo’s EB-5 investment pool.
$209.9 billion
Estimated 2014 Miami-Dade County taxable property value.
$332 million
The construction loan for Consultatio’s Oceana Bal Harbour project, largest individual loan awarded through August.
6.5%
Increase in Miami-Dade’s taxable value from 2013.
Sources: Bloomberg; Cranespotters.com; Condo Vultures; Miami-Dade Property Appraiser, TRD reporting.