Realtime multifamily insights and opportunities from one of the most active Land & Multifamily brokers in South Florida (+$3.3 billion closed & counting ! )
Miami Multifamily Monthly | Mid-Year Update
The first half of 2023 is in the books already. How did pricing and transaction volume compare to years prior? Let's dig in. **if you’d like this data broken out by Miami Dade, Broward, & Palm Beach County, please reach out via email for the excel** Most headlines will point out that transaction volume is down roughly 70%, year-over-year. However, the first half of 2023 saw almost exactly half the average annual transaction volume and number of properties sold from 2013-2019 (pre-pandemic). Said differently, we are actually on track to end the year with the same volume as the pre-pandemic averages. Not including 2021 & 2022, South Florida typically saw about 90 (+$5m) multifamily property sales a year, totaling roughly $3.5 billion in volume. As the uptick of new supply begins to deliver and loan maturities start coming due, my guess is we'll start seeing 4 to 5 billion dollars of sales volume as the new norm starting in 2024. Select Active Opportunities Newsworthy
I'll be sharing data on recent trades and where deals are pricing in the next issue. |
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Miami Multifamily Memo
Realtime multifamily insights and opportunities from one of the most active Land & Multifamily brokers in South Florida (+$3.3 billion closed & counting ! )
Omar Morales Our team is working on roughly ~$375,000,000 dollars-worth of active listings so far in the first quarter of the year. Most of the opportunities are condo / multifamily development land listings and some are existing multifamily properties. Below are just a few. Feel free to reach out for more. The next newsletter will include a market update and some commentary from me. Multifamily Listings Opportunity To Acquire A 108-unit Value-Add, Garden-style Property in Deerfield Beach...
Miami Multifamily Memo Why you should not buy Multifamily in Miami right now Why you should not buy Multifamily in Miami right now: Cap rates are ~5% Debt is +6%. expense inflation Insurance has been a problem Supply wave in certain pockets Why you should: There are few buyers today. Most groups are net bearish, waiting for “a reckoning” Multifamily properties that traded for ~$400K/unit in 2022 are now trading for ~$300K/unit. The cost to build those assets have gone from ~$250K/unit to...
Miami Multifamily Memo Current trends and opportunities 2023 is behind us. How did pricing and transaction volume compare to years prior? Where will it go from here? Let's dig in. **if you’d like this data broken out by Miami Dade, Broward, & Palm Beach County, please reach out via email for the excel** Most headlines will point out that transaction volume is down roughly 60%, year-over-year. However, as predicted in my 2023 mid-year update, South Florida is back to a pre-pandemic average...