Wednesday, April 14, 2021

Keyes/Illustrated Luxury Report: First Quarter Data Confirms South Florida High-End Market is Scorching

 

Mike Pappas

 MIAMI, FL and PALM BEACH, FL, April 14, 2021 – South Florida’s luxury residential market continued its blistering pace of sales activity and price gains during the first quarter of 2021, according to the quarterly South Florida Luxury Market Report produced by The Keyes Company and Illustrated Properties.

 

 Miami-Dade, Broward, Palm Beach and Martin counties recorded year-over-year increases of 116.2% in completed $1 million-and-up single-family sales and 131.5% in condominium transactions.

 

And the second quarter could see even more closed high-end transactions, as the Keyes Family of Companies had more than $1 billion in pending sales in March 2021 – the most in the 95-year history of the firm.


Miami skyline

South Florida’s total high-end single-family sales rose from 826 in the first quarter of 2020 to 1,786 in the first quarter of 2021. The average sales price increased 20.1% year-over-year, from $2.55 million to $3.06 million. Cash sales also soared, with a 126.7% gain from 460 to 1,043.

 

Miami-Dade, Broward and Palm Beach counties all had year-over-year increases in luxury single-family sales, average sales price and cash transactions.

 

On the condo side, South Florida’s total sales jumped from 425 in the first quarter of 2020 to 984 in the first quarter of 2021. The average sales price rose 8.1% year-over-year, from $2.23 million to $2.41 million. Cash sales surged 139.3%, from 303 to 725.


Broward County hot spots

“It has been the perfect storm for South Florida’s luxury market since late last year,” said Keyes and Illustrated President and CEO Mike Pappas.

 

“All the converging trends, including domestic migration from high-tax states, a brutal winter around the nation and historically low interest rates, are resulting in an unprecedented high-end market. Our firm’s record-setting March is an indication that the second quarter could be even stronger.”

 

Other notable findings from the quarterly luxury report include:

 

  • Palm Beach County’s high-end single-family sales climbed by 94.8% year-over-year, from 347 to 676. Cash transactions rose by 109%, from 234 to 489
Palm Beach condos

  • Broward County $1 million-and-up single-family sales jumped 97.6% year-over-year, from 207 to 409. Luxury condo transactions increased by 131.3%, from 67 to 155
  • Miami-Dade County’s high-end market is seeing significant gains in total sales and pricing. The county’s closed single-family transactions surged by 159.6%, from 245 to 636, with the average sales price increasing by 46.1%, from $2.18 million to $3.18 million. Condo sales soared by 159.7%, from 206 to 535, with a 16.7% climb in average sales price, from $2.43 million to $2.73 million.

  CONTACT:

 Eric Kalis,

 BoardroomPR

ekalis@boardroompr.com

954-370-8999

Arbor Funds $143 Million in Bridge Loans Across GA, NC and TX

Ivan Kaufman

 UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR) a leading multifamily and commercial mortgage lender, recently closed several bridge transactions totaling $143M. The loans, spanning across GA, NC and TX, consist of refinance, acquisition and new construction executions.

 Gianni Ottaviano

 Over the last year, Arbor Bridge Loans have become an attractive financing option for borrowers looking for short-term debt until they are ready to transition to a permanent loan.

Brian Scharf 
 “There are a variety of financing options today for multifamily investors, with institutions like Fannie Mae, Freddie Mac and FHA providing what many believe are the best available products,” said Ivan Kaufman, Chairman and CEO of Arbor Realty Trust.

“With the resilience of the multifamily sector of the commercial real estate market, alternative financing options have emerged, serving more specialized needs, including critical interim financing. For those needs, quite often, the right product is a bridge loan.”

Gianni Ottaviano, Managing Director of Structured Finance Production adds, “Whether you are looking to acquire a newly built asset that requires time to stabilize, to execute a significant repositioning, or refinance a construction loan giving the borrower time to lease up, our interest-only, prepayable bridge loans are designed to provide flexibility and a seamless transition to one of Arbor’s various permanent financing options.”

Stephen York
Here are some highlights of the recently closed bridge transactions:

 Grace Park in Morrisville, NC – Arbor provided a $25.5M bridge loan to refinance this mixed-use community was constructed in 2007. The property offers modern apartments located above retail shops. Restaurants, pharmacies, grocery stores, nightlife, gyms and other services are all within walking distance or on-site. Brian Scharf of Arbor’s Uniondale office originated the loan. 

 Vintage at College Station in College Station, TX – Arbor provided $10M in acquisition financing. The 200-unit, newly remodeled property features stainless steel appliances, granite countertops, wood flooring and spacious walk-in closets. The pet-friendly complex includes cat and dog parks, a picnic area and cabana. Stephen York of Arbor’s New York City office originated the loan.


 Grace Park in Morrisville, NC 

 The Meadows at Bloomingdale in Bloomingdale, GA – Arbor provided a $23M acquisition loan for this 200-unit multifamily property comprising two-bedroom, two-bathroom apartment homes with hardwood floors. Other amenities include a resort-style pool and fitness center. Public transportation is nearby. Alexander Kaushansky of Arbor’s New York City office originated the loan.

Alexander
Kaushansky



PARC at 505 in Houston, TX – Arbor provided $30M in acquisition financing. The 486-unit multifamily property offers one-, two-, and three-bedroom apartment homes, lofts, flats and townhomes. The complex features wood burning fireplaces, French doors with private patios, spacious kitchens, private balconies and outside storage. Alexander Kaushansky of Arbor’s New York City office originated the loan.

 The Eddy at River Landing in Smyrna, GA – Arbor provided $54.5M in acquisition financing for a newly build multifamily property. Built in 2019, the 310-unit property is nestled along the Chattahoochee River and includes one-, two- and three-bedroom floorplans with granite countertops, stainless steel appliances and eat-in kitchens. Retail shopping is nearby. Alexander Kaushansky of Arbor’s New York City office originated the loan.

The Eddy at River Landing
in Smyrna, GA
CONTACT:

Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

 Arbor Realty Trust, Inc.

333 Earle Ovington Blvd, Suite 900

Uniondale, NY 11553

800.ARBOR.10

arbor.com