Miami’s Luxury Market Registers Higher Median Sales Prices in the First Quarter of 2015.

Miami Association of RealtorsMiami’s luxury properties saw a significant year-over-year rise in median sales prices in the first quarter of 2015, according to the MIAMI Association of REALTORS®, the nation’s largest Realtor group with 36,000 members. Single-family homes priced at $1 million or above had a median sales price of $1.7 million in the 2015 first quarter, a 6.25 percent increase from $1.6 million in the 2014 first quarter. Luxury condos also had a median sales price of $1.7 million in the first quarter of 2015, a 13.3 percent spike from $1.5 million in the 2014 first quarter.

“With its sunny weather, outdoor lifestyle, and world-class cultural offerings, Miami’s luxury market continues to see more home sales, listings, and higher median sales prices,” said Christopher Zoller, a 27-year Miami-based Realtor and the 2015 Residential President of the MIAMI Association of REALTORS®.

“South Florida offers a unique place to live, work, and play for the world’s wealthy. Ultra-high-net-worth individuals are securing more real estate for their money in South Florida compared to other global cities such as New York City and London.”

In the prestigious 2015 Knight Frank Wealth Report, Miami ranked as the sixth most important city in the world to ultra-high-net-worth individuals (UHNWI). Miami and New York were the only North American cities to make the top-10 list of the Wealth Report, which is issued annually by London-based real estate consultancy Knight Frank.

London, New York, Hong Kong, Singapore, and Shanghai rounded out the top-five most important global cities. Luxury Single-Family Homes Miami luxury single-family homes saw a 2.3 percent rise in first-quarter sales compared to the same period last year, growing from 217 to 222. The $1 million-plus properties spent 94 median days on the market in the first quarter, the same number reflected in the first quarter of 2014.

Luxury single-family homes continue to see an increase in new listings as seller confidence in Miami’s luxury market continues. In the first quarter, 755 luxury single-family homes were placed into the market. That’s a 22.4 percent increase from 617 in the first quarter of 2014. The inventory for luxury single-family homes reached 1,181 in the recently completed first quarter, a 14.3-percent rise from the 1,033 listed in the first quarter of 2014.

Luxury Condominiums
Miami luxury condominiums saw a 3.6 percent year-over-year decline in sales in the first quarter of 2015, from 250 to 241. The median days on the market for luxury condos was 103, a 15.7 percent increase from the same period in 2014. Luxury condos had 8.1 percent more new listings in the recently completed first quarter, growing from 831 to 898. In the first quarter of 2015, the number of property listings for $1 million-plus condos grew to 1,614, a 20.6 percent increase from the 1,338 in the first quarter of 2014.

Design District Welcomes Gateway Prime Retailer.

Metro 1Metro 1, Miamis pioneering urban-minded full-service real estate organization, and Addison House, leading purveyor of contemporary furniture in the luxury market have worked together to facilitate the opening of  the brands third location in South Florida in the Design District. Located on the corner of 36th Street and North Miami Avenue, Addison Houses finished space is set to open in early 2016 and will become the neighborhoods prime local retailer. DA Luxury Realty, boutique brokerage firm, represented Addison House in the transaction.

Metro 1 offered a vertically integrated approach, brokering the transaction through Metro 1 Commercial and sourcing the debt through Metro 1 Capital. In addition, Metro 1 has brought several noteworthy brands to the Design District including Mitchell Gold & Bob Williams, Natuzzi Furniture, Poltrona Frau Group Stores, Clima Outdoor, Bisazza Moisaco, Christian Liaigre, I on the District, as well as fashion stores such as Theory and Helmut Lang.

“We are thrilled to welcome Addison House into our Metro 1 Development portfolio further reinforcing our commitment to supporting local brands and bringing in formidable businesses that will positively impact the Design District,” says Tony Cho, Founder and CEO of Metro 1. “We not only feel we are contributing to further shaping the neighborhood with a strong retailer, but we are also happy to have been able to enable the process through multiple facets within our company.”

Designed by Kobi Karp Architecture & Interior Design, the new Addison House showroom will boast 11,501 square feet. The new location will cater to customers in Miami’s urban core, Miami Beach, Coral Gables and Coconut Grove. In addition to the new Miami Design District location, Addison House has two other showrooms in South Florida, located in Aventura and Doral, a showroom in Panama, and a childrens furniture store in Aventura. Additionally, Addison House plans on incorporating a café in the new location, offering expertly roasted Italian coffee. With nearly three decades in the South Florida market, Addison House has earned a loyal local and international clientele, setting the standard for quality and style. Specializing in inspired modern pieces and timeless furnishings, Addison House represents more than 100 of the finest manufacturers in the world and the industry’s most esteemed brands.

2013-07-22 19.58.02-1“We are excited to continue our growth in South Florida and believe the Miami Design District is the perfect setting for our new location and to reach new markets,” said Max Alcalay, President and CEO of Addison House. “The Miami Design District has become a vibrant shopping destination where residents and visitors alike expect to find the latest and very best the design world has to offer. We are looking forward to becoming a part of this ever-changing neighborhood and are committed to continuing to bring our customers new and exclusive products for their homes.”

Co-brokers Diego Arnaud and Monte Greenberg of DA Luxury Realty represented Addison House’s interests in the transaction. DA Luxury Realty is a boutique brokerage firm representing high net worth foreign and local clients, family offices and institutional investors, with a focus on real estate market opportunities in South Florida with large upsides. The company worked closely with the principals at Addison House to find the perfect location that would be large enough to accommodate the furniture retailer’s requirements in Miami’s urban core.

2013-07-22 20.10.08-1“The Design District lease is part of Addison House’s strategic expansion, allowing the company to showcase its unique offerings and engage the community in a new way,” said Diego Arnaud, founder and CEO of DA Luxury Realty, which recommended the Design District site and brokered the deal for Addison House. “Addison House and DA Luxury Realty vetted many sites, analyzed various operational models and tested them against our strategic vision, making sure Addison was in the best position financially and that the brand took the greatest advantage of the market. We knew that once we combined the high quality furnishings with a location with such a high volume of traffic, Addison House would have an edge over its competitors.”