Keyes/Illustrated Luxury Report: South Florida High-End Condominium Market Shines During Second Quarter

 

Mike Pappas

 MIAMI, FL and PALM BEACH, FL – South Florida’s luxury single-family market has dominated headlines for the past year, but the region’s high-end condo sector is gaining significant ground in year-over-year sales activity.

 Led by Miami-Dade County, the condo market greatly benefitted from local and out-of-state domestic buyers.

 The tri-county area and Treasure Coast had a total of 1,628 $1 million-and-up condo sales during the second quarter of 2021. That is a 479.4% surge from only 281 sales in the second quarter of 2020 and a 49.9% percent jump from 1,086 sales in the first quarter of 2021.

 

Miami-Dade County posted a whopping 611.7% year-over-year gain in total luxury condo sales, from 128 to 911. The county had a 56.8% quarter-over-quarter increase from 581 sales in the first quarter of 2021.

  The average sales price climbed by 13.9% year-over-year to $2.76 million.

 

Within Miami-Dade County, Aventura, Brickell, Key Biscayne and Miami Beach set the pace for luxury condo sales increases.

 

“Corporate relocation from New York and other high-tax states propelled South Florida’s luxury condo market,” said Keyes and Illustrated President and CEO Mike Pappas.

 “Demand for new condos in Miami-Dade and its neighbors to the north should only intensify with the anticipated return of international buyers as travel restrictions ease. That is not to detract from the region’s luxury single-family market, which continued its strong run.”

 

Miami-Dade and Palm Beach counties eclipsed $3 million in average single-family luxury sales price in each of the first two quarters for the first time ever, according to Keyes/Illustrated.

 One eight-figure single-family sale is occurring every day (compared with one every four days two years ago).

 

Palm Beach County continues to be the target for New York-based corporate executives and finance moguls who covet uber-luxury homes on the water.

 

The county had a 202% year-over-year jump in total $1 million-and-up single-family sales to 1,036 and a year-over-year sales volume gain of 258.7% to $3.56 billion.

 

Palm Beach Island remains the focal point for the county’s high-end market, with an average single-family sales price of $11.69 million during the second quarter of 2021.

 

Miami-Dade County had a 338.8% year-over-year rise in total luxury sales to 939 and a 421.7% increase in sales volume to $2.91 billion. Coral Gables, Miami Beach and Pinecrest were the strongest single-family submarkets.

 

 Contact:

Eric Kalis

Vice President

 BoardroomPR

ekalis@boardroompr.com

O 954-370-8999 

C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

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NorthMarq expands in SoCal with new Affordable Housing sales group

 John L. Nguyen

MINNEAPOLIS, MN — NorthMarq continues its growth in multifamily investment sales, adding a new Affordable Housing group in Southern California.

 John L. Nguyen joins the company as managing director – Affordable Housing, bringing over 20 years of experience in this important sector to NorthMarq’s growing national platform.

With more than $1 billion in closed transactions, Nguyen is considered a leader in the Affordable Housing industry, working on sales for Section 8, state-agency financed, and value-add subsidized properties across the country. 

He will be joined by senior vice president, who has worked in affordable housing sales for more than 10 years. 

Jesse Elsanhuty

Nguyen and Elsanhuty, who came to NorthMarq from Colliers, will collaborate with NorthMarq’s affordable housing financing experts across the country to identify the best financing structure for clients.

“Given the highly complex nature of these affordable transactions, the specialization from both John and Jesse will help NorthMarq expand our overall offering,” said Trevor Koskovich, president – Investment Sales. 

“In addition, NorthMarq’s debt and equity experts can bring additional value to their clients who are buying or refinancing.”

“We are attracted to NorthMarq’s strong platform of lenders, especially the Fannie, Freddie, and FHA/HUD options, because those lenders bring a vast supply of new options for the capital structures for our clients,” said Nguyen. 

“NorthMarq is big enough to have many sources of debt and equity across the country, but boutique enough to make sure my clients feel valued.”

Trevor Koskovich

Before joining Colliers, Nguyen spent 15 years with Marcus & Millichap specializing in affordable and market-rate properties. He is a graduate of California State –Fullerton with a degree in Real Estate Finance.

Elsanhuty worked for Colliers for five years following graduation from California State – Long Beach. He is a member of the Institute for Responsible Housing Preservation (IRHP), as well as the National Leased Housing Association (NLHA), National Housing and Rehabilitation Association (NH&RA), and National Multi-Housing Council (NMHC).

The team will be based in NorthMarq’s Newport Beach office.

 CONTACTS:

John Nguyen

MANAGING DIRECTOR - AFFORDABLE HOUSING GROUP, INVESTMENT SALES

714-356-5049

jlnguyen@northmarq.com

Jesse Elsanhuty

SENIOR VICE PRESIDENT

562-320-3614

jelsanhuty@northmarq.com

KAI Design Hires Senior Project Manager Clint Ashworth at its Dallas-Fort Worth Office

 

Clint Ashworth

St. Louis, MO -- KAI Design is pleased to announce the hiring of Senior Project Manager Clint Ashworth, NCARB, AIA, CSI, LEED Green Associate, at its Dallas-Fort Worth office.  

 As Senior Project Manager, Ashworth is responsible for leading the project and its team to a successful outcome.

 

He has more than 30 years of project management experience, having successfully completed small- and large-scale projects that include mixed-use developments, high rise towers, educational and municipal facilities, industrial plants and more.  

 

“KAI is delighted to have Clint join our DFW A/E Design team," said KAI Managing Partner Brad Simmons, FAIA.

 

 "His proven experience as a Senior Project Manager is another critical boost to our capabilities and talent growth trajectory. 

Brad Simmons

 

"Clint’s past success across a broad range of project types and markets is a perfect fit for KAI’s diverse portfolio and client base. 

 

"We appreciate Clint’s steady, methodical leadership style, technical knowledge and ability to balance competing project demands all while maintaining focus on the design objectives and client outcomes.” 

 

Prior to KAI, Ashworth was an Associate Principal for global architecture, planning and design firm CallisonRTKL. He has also previously worked as a Quality Control Specialist at Humphreys & Partners, a Senior Project Manager at Moody Nolan, and an Architectural Director at RBDG.

 

He has a Bachelor of Science in Architecture from the University of Texas at Arlington and is a Registered Architect in Texas.

 

Contact:

Jennifer Beidle

314-607-9459

jennifer@jbeidlepr.com

www.kai-db.com.