Done Deals: Apr 23, 2023

Sunday, April 23, 2023

Keyes/Illustrated Luxury Report: South Florida Sees Notable Incremental Gains in Q1 2023

Christina Pappas

MIAMI and PALM BEACH, FL – South Florida’s luxury residential market recorded significant quarterly gains in the past three months as the region continues to move forward from the pandemic-era frenzy, according to The Keyes Company and Illustrated Properties’ new Luxury Report.

The first-quarter metrics hint at an active remainder of 2023.

Mike Pappas

Miami-Dade, Broward, Palm Beach counties, the Treasure Coast and Southwest Florida collectively recorded a 19.7% year-over-year decline in $1 million-and-up single-family sales to 2,077 in the first quarter of 2023, while the high-end condo market posted a 32.7% year-over-year drop in transactions.

However, the region’s single-family sector had a 16.9% quarter-to-quarter gain in $1 million-and-up sales, from 1,776 to 2,077.

Luxury condo transactions jumped from 812 in the fourth quarter of 2022 to 1,178 in the first quarter of 2023.

All five geographic areas had transaction upticks in both sectors during that timeframe.

“Near-term market conditions are demonstrably improving in the luxury sector,” Keyes President Christina Pappas said. “The consistency of these quarterly increases, from Miami-Dade County to Southwest Florida and the Treasure Coast, shows that our region is accommodating the different preferences of a wide range of high-end buyers.”

The Treasure Coast was the only geographic area covered in this report to generate a year-over-year gain in luxury single-family sales.

That is largely driven by Stuart, which had substantial luxury transaction and pricing gains. Southwest Florida had an encouraging jump of 35.6% year-over-year to 396 in the first quarter of 2023 and a 152.2% surge when compared with the previous quarter.

“There is now a growing comfort shared by luxury sellers and buyers about the state of the South Florida’s market,” Keyes/Illustrated CEO Mike Pappas said. “That bodes well for the rest of 2023, and we should see year-over-year increases return in upcoming quarters.”

Other notable findings in the first quarter luxury report include:

Miami-Dade County’s $1 million-and-up single-family sales climbed 5.9% from the fourth quarter of 2022 to 430 completed transactions in the first quarter. For high-end condos, sales increased by 3.8% to 411 during the same span.
Coral Gables stood out as the most active high-end single-family market, with $1 million-and-up transactions jumping from 55 in the fourth quarter to 84 in the first quarter – and the median sales price growing 7.2% during that timeframe.

Miami Beach had the most luxury condo sales activity in the county, with 104 completed sales (up 25.3% from the fourth quarter)
After being the only geographic area covered in the report to post year-over-year transaction increases for both luxury single-family homes and condominiums in 2022, Broward County joined its neighbors by recording year-over-year declines in the first quarter of 2023.

However, $1 million-and-up single-family transactions rose by 6.4% (347 sales) quarter-to-quarter, and luxury condo sales surged by 21.6% (118 sales) in the same timeframe
Palm Beach County high-end condo sales skyrocketed by 52.1% from the fourth quarter of 2022 to the first quarter of 2023 (219 completed transactions), while $1 million-and-up single-family sales increased by 13.4% in the same span (645 sales). The average luxury condo price per square foot rose 11.8% year-over-year to $1,018.

The Boca Raton/Delray Beach submarket more than tripled the next-highest submarket with 76 first-quarter condo closings at or above $1 million.
The same holds true for luxury single-family, with Boca Raton/Delray Beach combining for 265 first-quarter sales (Jupiter’s 83 transactions ranked as the county’s second-highest)

To see the first-quarter report, submarket data and for photos of Mike and Christina Pappas, click here: https://www.dropbox.com/scl/fo/dwvguwxmi5awli7pkzr2z/h?dl=0&rlkey=awocbxipa60y50o5sl2gw8lap

Contacts:

Eric Kalis and Daniel Benjamin

BoardroomPR

ekalis@boardroompr.com or

dbenjamin@boardroompr.com

954-370-8999

JLL's Industrial Capital Markets team adds senior producer Patrick Nally in Southern California

Patrick Nally

LOS ANGELES, CA – JLL Capital Markets announced Senior Managing Director Patrick Nally will be relocating from the firm’s Southeast region to bolster the firm’s industrial investment sales and advisory practice in Southern California, with a primary focus on the Inland Empire and Los Angeles markets.

Nally, who will be located in the firm’s Los Angeles office, will be working closely with the existing industrial capital markets team consisting of Senior Managing Director Mark Detmer, Senior Director Evan Moran, Directors Matt McRoskey and Chad Solomon, as well as each of the firm’s industrial Agency and Tenant Rep teams in the Inland Empire and Los Angeles markets.

Mark Detmer

“Patrick has been one of our most prolific industrial producers over the last few years with a focus on the Southeast U.S.,” said Trent Agnew, Senior Managing Director and co-lead of JLL’s National Industrial Capital Markets team.

“We are excited for him to take the next step in his career and relocate to LA, where he will play a pivotal role in elevating and expanding JLL’s industrial capabilities in Southern California.”

Evan Moran

Nally has more than 13 years of experience in finance and commercial real estate, having specialized strictly in industrial capital markets for the past 10 years.

Nally has worked on transactions totalling more than $15 billion of total capitalization over his career, covering more than 125 million square feet of industrial space and has represented many top global institutions.

During his tenure at HFF and JLL, the combined Southeast Industrial Capital Markets team grew from two people to over 30 people today, with many Southeast markets currently enjoying top market share.

Matt McRoskey

“We’re very excited to welcome Patrick and work collaboratively between each of our Industrial Agency, Tenant Rep and Capital Markets business lines and present one JLL to the market,” said Peter McWilliams, International Director and Co-Lead of JLL’s Inland Empire Industrial Team.

“Patrick will add depth to our existing West Coast team and bring forth tremendous work ethic, thought leadership and client relationships that will allow us to grow our market share in LA and the Inland Empire, as well as the broader region,” said Detmer.

Chad Solomon

For more news, videos, and research resources, please visit JLL’s newsroom.

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management.

Trent Agnew

JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.

JLL is a Fortune 500 company with annual revenue of $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022.

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