BRINGING THE WORLD TO MIAMI AND MIAMI TO THE WORLD

Transcription

1 MIAMI BEACH MARKET REPORT January March 05

2 BRINGING THE WORLD TO MIAMI AND MIAMI TO THE WORLD Worldwide Properties is a full-service residential and commercial brokerage firm located in South Beach s chic South of Fifth neighborhood. Our world-class sales and marketing teams of brokers and associates represent the most elegant and luxurious private homes, condominiums and commercial projects in South Florida and the Caribbean. Our vast international network of contacts and clients in the United States, Caribbean, Europe, Asia and South America can depend upon our highly experienced, multi-lingual sales teams to plan and execute strategic acquisitions of the most exclusive and exquisite real estate worldwide.

3 Our Mission The mission of Worldwide Properties and Worldwide Development Services is to deliver unparalleled value to our clients, agents and brokers through engaged excellence in service; a vast international network of buyers and brokers; multilingual agents who are integrated into the communities where they work and live; and through turnkey solutions for portfolio and property management throughout the lifecycle of a property and its buyers, sellers and investors.

4 With their fingers firmly on the multinational pulse of Miami and Miami Beach, J. Eddy Martinez and Roland Ortiz have turned Worldwide Properties into a highly successful real estate practice with a strong international footprint. As avid admirers of art, interior design, architecture and culture, Eddy and Roland have a keen sense for bringing together inspiring lives with inspired properties. Worldwide Properties is dedicated to marketing and selling the most unique and exceptional real estate worldwide, and to bringing a J. Eddy Martinez Founder, Broker & CEO Roland Ortiz Co-Founder & Director of new level of experience and style to international listings. Through their brokerage s global reach, Eddy and Roland have closed several hundred million dollars in global real estate transactions, both residential and commercial, including multimilliondollar bulk transactions and record-breaking dollar-per-square-foot sales. The firm also offers residential property management services with turnkey solutions for both individual owners and institutional investors with large real estate holdings. With their expert insights and affable personalities, Eddy and Roland have become noted and quotable media resources on real estate trends, and have been featured in such publications as The Wall Street Journal, The New York Times, The Miami Herald, Miami Today, Florida Investor and many more.

5 A Glimpse of Miami Beach Miami Beach is a Manhattan-shaped barrier island just across Biscayne Bay from Downtown Miami and fronting the Atlantic Ocean. It is world-famous for its historic Art Deco district, miles of white sand beaches, iconic lifeguard stands, beautiful people and 4/7 international atmosphere. The area draws travelers and seasonal residents from around the globe especially Europe and South America and is also home to a vibrant year-round community of locals. Today, it s a thriving center of outdoor culture, nightlife, retail, dining and a powerhouse of luxury real estate. At the south end of Miami Beach is South Beach. From the tip of South Pointe Park at South Pointe Drive to nd Street, you ll find sensational condominiums, luxury townhouses, historic Art Deco apartments, hidden estates, and world-class hotels and resorts. A world of contrasts and intrigue, everyone on Miami Beach coexists comfortably Ferraris sharing space with cyclists, retirees and weekend warriors, plus everyone in between all lured together by the island s magnetic appeal and electric sunshine.

6 Miami Beach October 04 March 05 All property types, $500,000+ For Sale Sold Pended Current vs. Prev Month Current vs. 6 Months Ago Mar. 5 Feb. 5 % Change Mar. 5 Oct. 4 % Change % % % % 30 6.% % Months of Inventory ( ) Avg. Sq. Ft. Price ($) Months of Inventory ( ) % % % % Date For Sale New Listing Sold Pended Months of Inventory ( ) Months of Inventory (Pended ) Absorption Rate ( ) % Absorption Rate (Pended ) % Avg. Price (,000) Avg. Sold Price (,000) Avg. Sq. Ft. Price Sold/List Diff. % Sold/Orig LP Diff. % Days on Market Median Oct. 4 Nov. 4 Dec. 4 Jan. 5 Feb. 5 Mar OCT NOV 0.9 DEC 3.7 JAN FEB 3.8 MAR Number of Residences on the Market For Sale Sold Pended Average Price Per Square Foot ($) OCT NOV DEC JAN FEB MAR OCT NOV DEC JAN FEB MAR All data courtesy of Trendgraphix, 0//4-3/3/5. The luxury market in Miami Beach showed a tremendous amount of growth, with 8 sales at $500,000+ over the first quarter of 05 compared to 65 sales at $500,000+ in the 4th quarter of 04, a 8% increase during Q. 0 residences sold or were under contract for sale in March 05, with average listing prices at $3.05 million, higher than any month during the previous two quarters. Although average listing prices were higher in Q 05 over Q4 04, the average price per square foot for sold residences was higher in Q4 ($988) than Q ($88) by $07 per square foot.

7 South of Fifth Condominiums October 04 March 05 Continuum I & II, Cosmopolitan, Icon, Murano at Portofino, Murano Grande, Portofino Towers, South Pointe Towers, The Courts at South Beach, Yacht Club at Portofino For Sale Sold Pended Avg. Sq. Ft. Price ($) Months of Inventory ( ) Current vs. Prev Month Current vs. 6 Months Ago Mar. 5 Feb. 5 % Change Mar. 5 Feb. 5 % Change % % % % 6 5 0% % % % % Months of Inventory ( ) All property types, $500, Date For Sale New Listing Sold Pended Months of Inventory ( ) Months of Inventory (Pended ) Absorption Rate ( ) % Absorption Rate (Pended ) % Avg. Price (,000) Avg. Sold Price (,000) Avg. Sq. Ft. Price Sold/List Diff. % Sold/Orig LP Diff. % Days on Market Median Oct. 4 Nov. 4 Dec. 4 Jan. 5 Feb. 5 Mar OCT NOV 9.4 DEC 5.3 JAN.3 FEB 3.4 MAR Number of Residences on the Market For Sale Sold Pended Average Price Per Square Foot ($) OCT NOV DEC JAN FEB MAR OCT NOV DEC JAN FEB MAR All data courtesy of Trendgraphix, 0//4-3/3/5. Over the first quarter of 05, condominium activity South of Fifth was at its highest in March, with the average condo residence for sale at over $3 million, and selling prices at $,30/sq. ft. The average time spent on the market from listing to sale was 9.5 days in Q 05, compared to 47.5 days in Q4 04, meaning that residences sold a full 8 days less during Q. Inventory remained fairly steady over the past two quarters, with anywhere from 5- new listings appearing on the market each month, while anywhere from 3-5 condos sold per month during this same period.

8 PREMIER SOUTH BEACH LUXURY CONDOMINIUMS Activity & Analysis - Q 05

9 Continuum (North Tower) 50 South Pointe Drive, Miami Beach, FL 3339 Built in 007 Continuum is a two-tower complex on some of the most coveted Miami Beach property. It occupies the oceanfront space overlooking South Pointe Park and boasts a 37-story North Tower home to 03 residences. The South Tower offers 38 luxury condos in a variety of floor plans. The complex is a hangout for celebrities and international elite, with spectacular pools, gardens, tennis courts, walking paths,,000 feet of white sand beach, world-class spa and fitness center /8 40/ TWN 603 TH LOFT CAB CAB /3/4 /7/4 //4 7//4 7/3/4 9/7/4 6/30/4 3/4/5 0/9/4 4/6/4 /6/5 8/5/4 /6/5 3/0/5 /3/5 /0/5 6/30/4 /5/5 //5 6/30/4 8/5/4 /5/5 7/3/4 //5 7/6/4 3/3/ ,00 3,030 3,497 3,497,87,306,306,556,86,556,443,443,443,443,49,66,667, ,800,000 0,450,000 9,950,000 3,900,000 9,500,000 8,900,000 6,000,000 6,000,000 5,400,000 4,500,000 3,00,000 3,75,000 3,50,000,950,000,800,000,800,000,99,000,350,000,00, ,000,95,000,75,000,00,000,050,000 95, ,000 5,000,000 0,450,000 9,950,000 9,935,000 9,500,000 8,900,000 6,000,000 6,000,000 5,400,000 4,600,000 3,00,000 3,75,000 3,50,000,950,000,800,000,700,000,400,000,350,000,00,000,300,000,95,000,75,000,00,000,050,000 95, ,000 3,47. 3,448.84,845.30,84.0 3, ,859.50,60.9,347.4,900.,799.69,7.60,00.8,8.95,044.35,877.93,3.70,439.7,664.3,58.74,740.9,60.5,487.34,58.74,405.6,75.60,0.44 There were 6 active sales at the close of the first quarter of 05, with prices ranging from $,00-$3,47/sq. ft., although most residences were available for purchase between $,400-$,00/sq. ft. Prices varied due to size and floor level, with availability ranging from poolside cabanas to a six-bedroom, 7,00 sq. ft. residence. 80 3/7/ ,6 6,500,000 6,500,000 6,300, % 9, /9/5.5,443,750,000,749,000,570, %, /7/5 74,00,000,00,000,000, % 85,347.7 Pending 905 5/9/4.5,698 3,50,000 3,50,000, /0/ , , , % 4,345.3 Four sales closed during the first quarter of 05, ranging in price from $935,000 to $6.3 million, with an overall average of $,964/sq.ft. Overall prices for units sold ranged from $,345 to $,400/sq. ft., with residences averaging nearly 78 days to move from listing to close. 53 /8/ , ,000, There were two residences under contract for sale at the end of March, a two-bedroom unit and studio, selling for $,94 and $,380/sq. ft., respectively.

10 Continuum (South Tower) 00 South Pointe Drive, Miami Beach, FL 3339 Built in 00 Continuum is a two-tower complex on some of the most coveted Miami Beach property. It occupies the oceanfront space overlooking South Pointe Park and boasts a 37-story North Tower home to 03 residences. The South Tower offers 38 luxury condos in a variety of floor plans. The complex is a hangout for celebrities and international elite, with spectacular pools, gardens, tennis courts, walking paths,,000 feet of white sand beach, world-class spa and fitness center /3/ ,500 9,500,000 9,500,000 5, /9/4 3 3,847 9,995,000 8,900,000 3, /6/ ,508 7,995,000 7,995,000 3, /9/ ,353 9,000,000 7,950,000,37.0 TH-6 4/0/ ,365 6,500,000 6,500,000, /8/5,9 5,895,000 5,895,000, /6/5.5,79 4,950,000 4,950,000, /4/4 3 3, 4,950,000 4,850,000, //5.5,9 4,995,000 4,795,000, /0/ , 4,600,000 4,600,000, /3/5.5,870 4,500,000 4,500,000, //5.5,869 4,800,000 4,500,000, /8/4.5,869 4,50,000 3,950,000, /0/5.5,870 3,950,000 3,950,000, /7/4.5,59 3,579,000 3,579,000, /3/4.5,59 3,00,000 3,00,000, /0/5.5,595 3,00,000 3,00,000, //5.5,59 3,95,000 3,95,000,008.7 CAB 3/30/5 n/a,395,000,395,000 n/a 408 /6/5 n/a 799, ,000 n/a Inventory was slightly lower at Continuum South when compared to its North counterpart, with only 0 listings for sale at the close of March 05. Although prices ranged as high as $5,57/sq. ft., nearly all available units were for sale between $,000-$,750/sq. ft. 804/05 /9/ ,6,700,000,700,000,000, % 73, /0/5.5,048 5,00,000 4,600,000 4,475, %, /6/5.5,940 4,850,000 4,50,000 4,87, % 7, /4/5.5,365,950,000,950,000,900, % 03,39.94 Pending 304 3/7/ ,508 8,499,000 8,499,000 3, /4/5 3 3, 4,499,000 4,99,000,05.9 Just like at Continuum North, four sales closed between New Year s and the end of March. The highlight of these sales includes the closing of 804/05, a combined two-unit sale that closed for $ million after 73 days on the market - the quickest sale this quarter. The average price per square foot for units sold during the first quarter was $, Two residences were under contract for sale at the end of the first quarter, both 3-bedroom residences. The prices varied drastically due to size, floor level and views from the residence.

11 PH-3 5/3/ ,680 4,900,000 3,750,000,40.77 LP4004 /4/ ,00 0,000,000 8,390,000, /6/ ,450 7,00,000 5,500,000, /6/5 3.5,400 4,700,000 4,700,000, /4/4 3.5,340 4,350,000 4,600,000, /3/5 3.5,340 4,395,000 4,395,000, /4/5 3.5,340 4,00,000 4,00,000, /8/5 3.5,340 4,300,000 3,950,000, /6/4 3.5,340 3,900,000 3,890,000, /6/5.5,960 3,495,000 3,495,000, /9/5.5,040 3,400,000 3,400,000, /5/4 3.5,340 3,500,000 3,375,000, /4/5.5,040 3,50,000 3,50,000, //4.5,040 3,50,000 3,50,000, /7/4.5,040,75,000,55,000, /9/4,500,550,000,550,000, /30/5.5,60,90,000,90,000, /4/4.5,60 975, , Of the 0 units currently for sale, 8 of them are offered between $,05-$,965/sq. ft. Only one residence is available at less than $,000/ sq. ft. Not surprisingly, the most expensive available residence is one of the penthouses - a 4-bedroom, 5.5-bath unit with 5,680 sq. ft. of living. This is more than,500 sq. ft. larger than the next largest unit. Portofino Tower 300 South Pointe Drive, Miami Beach, FL 3339 Built in 997 Portofino Tower Miami Beach is the tallest building in South Beach and one of the first major luxury towers to hit the area, making it an iconic South of Fifth structure. Features and services come in equal measure at Portofino Tower, with extravagant penthouses, flourishing landscapes, a mammoth four-story lobby, swimming pools, tennis courts, fully equipped spa and 06 units with outdoor terraces and nine-foot ceilings. Pending 304 3/3/5 3.5,040,495,000,495,000,3.04 One residence was under contract for sale at the end of March - a three-bedroom unit originally offered at $.495 million. No closed sales in Q

12 Apogee 800 South Pointe Drive, Miami Beach, FL 3339 Built in 007 With a beautiful Asian-inspired architectural design, Apogee is one of the most luxurious condominiums in the South of Fifth neighborhood. Rising stories and comprised of only 67 residences, units here boast spacious layouts and oversized balconies, allowing for incredible amounts of living space. Residents enjoy lavish amenities throughout, including designer common areas, smart panel technology, state-ofthe-art fitness center and spa, infinity-edge swimming pool and much more. 00 6/8/ ,54 6,50,000 6,50,000 3, /7/ ,54 4,995,000 4,995,000 3, // ,03 8,700,000 8,700,000, /4/ ,03 8,950,000 8,700,000, Apogee South Beach is one of the boutique buildings South of Fifth, but it is by far one of the most exclusive in Miami Beach. Only four residences were available at the end of March, ranging in price from approximately $,800-$3,900/sq. ft. No closed sales in Q

13 350 5/3/ ,365 8,000,000 7,00,000,09.96 TH-M4 4/0/ ,00 6,995,000 6,995,000, // ,365 6,700,000 6,700,000, /9/ ,68 4,500,000 4,500,000, // ,68 4,700,000 4,490,000, /6/5 3 3,90 4,50,000 4,50,000, /0/ ,68 4,99,000 3,950,000, /7/5.5,390,495,000,300,000, /3/4.5,79,95,000,95,000, //4.5,008,095, , There were 0 residences for sale at Murano at Portofino, with nearly all units available for purchase between $,80-$000/sq. ft. Murano at Portofino 000 South Pointe Drive, Miami Beach, FL 3339 Built in 00 Murano at Portofino is an affluent, 37-story waterfront residential development in Miami Beach, and a pioneering tower in what has become the ultra-trendy South of Fifth (SoFi) district. Built in 00, Murano at Portofino is located directly on Biscayne Bay adjacent to the Miami Beach Marina. The complex has three tiers spread over 4.5 acres and 600 feet of bayfront. Pending 370 3// ,68 5,450,000 4,995,000, Only one unit, 370, was under contract for sale by the end of March, with a list price of just under $5 million. 04 /0/5 3 3,90 3,00,000,999,999,800, % 63, /3/5.5,008,95,000,650,000,650, % 47,39.7 Two units closed during the first quarter of 05, with both receiving just over 90% of the original asking price. An average closing price per square foot of $,98.4 indicates that these units fell on the lower end of the price spectrum when compared to available inventory.

14 50 /0/ ,979 8,900,000 8,900,000, /5/5 3 3,974 7,900,000 7,900,000, LPH3 4// ,84 5,900,000 5,900,000, /0/ ,974 5,750,000 4,995,000, //5.5,04 4,95,000 4,95,000, /3/5,45,799,000,799,000, /5/4.5,003,595,000,595,000, /9/4.5,45,595,000,595,000, /7/4,658,595,000,535, /9/4,400,495,000,495,000, /5/4,658,475,000,395, //5,437,349,000,349, /4/5,437,75,000,75, /3/4,437,99,000,00, There were 4 residences available for sale at the Murano Grande by the close of the first quarter, each offering at least two bedrooms and,400 sq. ft. of living space. The least expensive residence is offered at $. million. More than half of available residences can be purchased between $765-$,95/sq. ft. Murano at Grande Portofino Alton South Road, Pointe Miami Drive, Beach, Miami FL Beach, 3339FL 3339 Built in Murano Grande is a large complex of three connected towers containing 70 residences and penthouses in a variety of floor plans. The waterfront building towers over the South of Fifth neighborhood, providing residents with magnificent views of the ocean and the city. Units are modern and ultra-luxurious, with gourmet-style kitchens, indulgent baths, spacious living areas and designer fittings throughout. Pending 803 4/9/ ,058 3,65,000 3,65,000, /8/5.5,548,599,000,549,000, Two residences were under contract for sale, a -bedroom and 3-bedroom unit, selling around $,000 and $,85/SF, respectively. PH-B 3/3/ ,379,900,000 0,950,000 8,500, % 58, /3/ ,990 5,995,000 5,995,000 5,600, % 36, //5,04 3,50,000 3,50,000,950, % 9, /3/5 3,04,650,000,650,000,500, %, //5.5,45,45,000,45,000,069,000 9.% 65, /6/5,759,85,000,699,000,650, % /0/5.5,548,699,000,699,000,570, % 37,04. 8 /0/5,649,397,000,349,000,35, % Eight sales closed at Murano Grande within the first three months of 05, making it the most active building analyzed in this report. All but one unit received at least 90% of the original asking price, and prices ranged from $.3 to $8.5 million. The average price per square foot for closed sales was $,39.

15 Icon South Beach 450 Alton Road, Miami Beach, FL 3339 Built in 005 Murano Grande is a large complex of three connected towers containing 70 residences and penthouses in a variety of floor plans. The waterfront building towers over the South of Fifth neighborhood, providing ICON South Beach is a 40-story high-rise perched over Biscayne Bay, greeting you as you enter South residents with magnificent views of the ocean and the city. Units are modern and ultra-luxurious, with Beach from the MacArthur Causeway. The beautiful tower was created by Philippe Starck and the Related gourmet-style kitchens, indulgent baths, spacious living areas and designer fittings throughout. Group, and delivers a lavish lifestyle for 90 condos, all of which include luxurious features such as walk-in closets, European cabinetry, high ceilings and large terraces. 90- // ,078 9,800,000 8,800,000, /3/ ,303 6,300,000 6,300,000, /8/ ,45 4,975,000 4,975,000, n/a 3 3,58 3,700,000 3,700,000, //5 3 3,58 3,595,000 3,595,000, /9/.5,933,89,000 3,589,000, //5.5,933 3,00,000 3,00,000, /9/5 3 3,58 3,00,000 3,00,000, /5/4 3 3,58 3,300,000 3,000,000, /7/4.5,933,995,000,995,000, //4.5,85,985,000,985,000, /5/4.5,933 3,000,000,875,000, /9/4.5,933,699,000,750,000, /8/4.5,933,950,000,675,000, /5/5 3 3,58,695,000,559,000, /0/4,370,50,000,50,000, /4/4,536,800,000,00,000, //4 3.5,750,00,000,980,000, /30/4.5,933,00,000,895, //3,45,300,000,700,000, /7/4,45,600,000,700,000, /8/5,536,700,000,700,000, //4,45,690,000,690,000, /7/5,536,685,000,685,000, n/a,536,050,000,649,500, /9/4,370,750,000,600,000, //5,370,800,000,600,000, /0/4,45,375,000,99, /7/ , , /6/ , , // , , Icon South Beach was one of the more active buildings analyzed in this report, with 3 residences for sale by the end of March 05. The average price per square foot at Icon was $,438, although the vast majority of available residences ranged between $,000 and $,800 per sq/ ft. 07 //5.5,85,90,000,90,000,050, % 89, /3/5,45,450,000,50,000,35, % Although there were quite a few residences for sale, only two sales actually closed during the first quarter of 05. Both residences were two-bedroom units that closed for around 90% of asking price, indicating that the buyers had some wiggle room to negotiate.

16 U-004 7/8/4 3.,800 5,900,000 5,750,000, L-00 /3/5,497 3,50,000 3,50,000,04. F-0 3/6/5.5,657,895,000,895,000,747.3 As a boutique building, ownership opportunities at Ocean House are rarely available. At the end of March, just three units were on the market. Prices were relatively steady, ranging from $,747-$,04/sq, ft. for available residences. Ocean House 5 Ocean Drive, Miami Beach, FL 3339 Built in 008 BH03 3/6/ ,600 5,000,000 5,000,000,50, % 357, /5/ ,78,000,000,000,000 9,000, % 70,54.4 L004 3/8/5.5,644,790,000,790,000,750, % 64,67.75 Three units closed at Ocean House during the first quarter of 05. Unit L004 closed in the shortest amount of time (64 days) and received 98.6% of its original asking price. The other two units, BH03 and 30, sold for $.5 and $9 million, respectively. Both units received approximately 8% of the original asking price, and both spent quite some time on the market before closing. One of South Beach s most exclusive properties, Ocean House is a magnificent revamp of the historic Walburne Hotel. Located in the chic South of Fifth district, the complex comprises only 8 units: nine lofts, 0 condominiums, three penthouses, three cabanas and three two-story beach houses. All of the tower residences feature stunning, unobstructed ocean views, private elevator and spacious floor plans from,300 to 6,00 square feet.

17 609 /0/ ,50 3,900,000 3,750,000, /9/4,370,750,000,750,000, /30/4,370,650,000,650,000, //4,370,500,000,500,000, There were four active sales at Il Villaggio at the close of March: three one-bedroom units and one three-bedroom unit. Prices ranged from nearly $,00-$,666/sq. ft. for the available inventory. Murano Il Villaggio at Portofino Ocean South Pointe Drive, Drive, Miami Miami Beach, Beach, FL 3339 FL 3339 Built in Murano Il Villaggio Grande is ultra-luxury is a large complex Miami Beach of three condo connected set right towers on the containing water, featuring 70 residences a stunning and collection penthouses of in residences a variety that of floor come plans. standard The waterfront with floor-to-ceiling building towers windows, over large the South terraces, of Fifth marble neighborhood, floors, Miele providing kitchen residents appliances, with luxurious magnificent bathrooms views of and the more. ocean Residents and the city. also Units enjoy are concierge, modern and valet, ultra-luxurious, 4-hour security, with gourmet-style a sauna, private kitchens, beach and indulgent heated baths, infinity-edge spacious pool, living plus areas panoramic and designer views fittings and a throughout. quiet, lushly landscaped setting. Pending 709 /4/ ,50 4,99,000 3,850,000, /9/5,70,850,000,775,000, Two units were under contract for sale at the end of the first quarter, listed for $,7 and $,397/sq. ft., respectively. 608 /6/5.5,80 5,50,000 5,50,000 5,50, % 3, /4/5.5,450,99,000,99,000,900, % 8,30.34 Two units closed at Il Villaggio during the first quarter of this year. Both of them were -bedroom,.5-bath residences. Unit 608 closed after only 3 days on the market and fetched more than 98% of its asking price. Unit 0 spent 8 days on the market and received 86% of what it listed for.

18 TH-A 0/0/ ,67 7,900,000 6,900,000 4, /6/4 3 3,5 5,000,000 5,000,000 5,950.0 PH-B 3//5 3 3,5 3,750,000 3,750,000 5, // ,558 0,500,000 0,500,000 4, /3/ 4 4,4 8,000,000 9,800,000 4, /9/ ,354 7,950,000 7,950,000 3, /4/4,79 6,500,000 6,500,000 5, /5/4,36 6,495,000 5,600,000 4,55.3 TH-E /0/5,565 5,350,000 5,350,000 3, /9/4,79 6,000,000 5,50,000 4, /5/4,4 5,950,000 5,50,000 4, //4,36 5,50,000 4,500,000 3, /3/5,98 4,350,000 4,350,000 3, n/a,47 4,00,000 4,99,000 3, /6/4,98 4,90,000 3,490,000, /6/5,98 3,400,000 3,400,000, /0/4,3 3,500,000 3,350,000, /30/4,3 3,00,000 3,00,000, /6/4 767,490,000,490,000 3, /9/5.5 8,690,000,490,000 3, /5/ ,990,000,989,000,593. One of the more exclusive buildings on South Beach, The Setai had residences available at the end of March 05. Prices ranged from $,600 to nearly $6,000/sq. ft., although most residences were available for purchase between $,600-$4,300/sq. ft. Murano The Setai at Portofino th South Street, Pointe Miami Drive, Beach, Miami FL Beach, 3339 FL 3339 Built in Murano Soaring Grande 40 stories is a tall, large the complex Setai Miami of three Beach connected was built towers in 004 containing and defines 70 posh residences living. It and contains penthouses 63 in modern a variety residencves of floor plans. with spectacular The waterfront panoramic building views, towers as over well the as South a five-star of Fifth hotel. neighborhood, The hotel portion providing residents consists of with an eight-story magnificent building views of with the 88 ocean guestrooms and the city. and some Units are of the modern region s and most ultra-luxurious, acclaimed with gourmet-style cuisine. The residences kitchens, indulgent come floor baths, plans, spacious from one living to areas five bedrooms, and designer with fittings deep private throughout. terraces and breathtaking views of the Atlantic Ocean. Pending /3/ ,400 5,000,000,500,000 4, /3/5,4,950,000,950,000, Two residences were under contract for sale, including Unit 3307, a 4-bedroom, 4.5-bathroom unit with 5,400 sq. ft. of living space currently listed for $.5 million. PH D 3/3/5 3 3,746 6,990,000 6,990,000 6,650, % 4 3, //5 3 3,588 7,500,000 7,500,000 6,000, % 6 3, /6/5,36 5,500,000 5,500,000 4,650, % 34 3, /3/ ,500,000 3,500,000,400, % 39,93.6 The most notable closing at The Setai in 05 has been the sale of Penthouse D. This 3-bedroom, 3-bath residence sold for 95% of its asking price after only 4 days on the market. Three other closings occurred during the first three months, with closing prices between % of asking price, indicating that buyers were in a position to negotiate the final price. The average price per square foot for residences sold during the first quarter was $3,600, which was the highest of any building analyzed in this report.

19 Pending 7 3/9/5.5, 3,350,000,350,000,94.0 One unit was under contract for sale at the W at the close of March, a -bedroom residence offered at just over $,000/SF. W Hotel & Residences 0 Collins Avenue, Miami Beach, FL 3339 Built in 008 Set oceanfront, adjacent to Collins Park, the W South Beach Hotel & Residences puts you right in the middle of the excitement. Every private residence at this stunning tower is fully finished and designed to meet your every need. Owners can choose from a range of floor plans including to-die-for penthouses and enjoy full access to the world of W luxury, with concierge services, beach club membership, tennis, basketball, spa and gym, fine restaurants and more. P6/8 7/6/ ,595 8,000,000 9,900,000 5, PH8 7/6/4 3 4,960 7,999,000 7,900,000 6, UPH0 // ,647,500,000,500,000 4, /3/ ,960 9,50,000 9,50,000 3, /0/ ,960 8,950,000 8,950,000 3, /7/4.5,906 5,995,000 5,750,000 3, /4/4,543 5,400,000 5,400,000 3, BUNG 3 /6/5.5,8 4,900,000 4,999,000 3, /6/5 3,453 4,300,000 4,300,000, /0/5,543 4,00,000 4,00,000, /0/5,350 3,950,000 3,950,000, /6/5,350 3,850,000 3,850,000, //5.5,87,550,000,550,000, /3/4.5,06,400,000,400,000, /5/5.5,57,300,000,300,000, /8/4,06,350,000,99,000,40.74 PH6 7/6/4 635,000,000,000,000 3, //4.5,06,899,000,899,000, /0/3 948,050,000,85,000, /5/5.5,5,949,000,85,000, /7/4.5,5,900,000,799,000, /0/4,06,900,000,699,000, /9/ ,699,000,699,000, /3/3 643,500,000,500,000, /3/ ,500,000,500,000, // ,595,000,495,000, (Continued on Next Page)

20 W Hotel & Residences (cont d) 0 Collins Avenue, Miami Beach, FL 3339 Built in 008 Set oceanfront, adjacent to Collins Park, the W South Beach Hotel & Residences puts you right in the middle of the excitement. Every private residence at this stunning tower is fully finished and designed to meet your every need. Owners can choose from a range of floor plans including to-die-for penthouses and enjoy full access to the world of W luxury, with concierge services, beach club membership, tennis, basketball, spa and gym, fine restaurants and more. (cont d) 6 0// ,490,000,399,000, // ,95,000,95,000, /5/ ,90,000,90,000, /4/ ,00,000,00,000, /4/ ,00,000,00,000, // ,50,000,50,000, /3/5 0 49,50,000,50,000, /8/ ,5,000,5,000, // ,05,000,05,000, /0/3 793,00,000,00,000, /5/ ,00,000,00,000, /7/ , ,999, /0/ ,99, ,000, // , ,000, /0/ , ,000, The W South Beach was the most active building analyzed in this report, with 4 residences available at the close of March 05. Of the available listings, the average price per square foot was $3,07, although most units were available for purchase between $,600-$3,000/sq. ft. 9 //5.5,5,975,000,885,000,847, % 364, /5/ ,000 95, , % 37,74.49 Only two residences closed during the first three months of 05 - a studio and a one-bedroom unit. Both received over 9% of the original list price. The average price per square foot for both units sold was $,640, which is toward the lower end of available listings.

21 South of Fifth (HQ) 5 Collins Avenue Suite 0 Miami Beach, FL 3339 USA South Beach Branch 500 Bay Road Suite, Lobby Miami Beach, FL 3339 USA T: F: Worldwide Properties I, Inc. The property information herein is derived from various sources that may include, but are not limited to, county records and the Multiple Listing Service, and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification. Not intended as a solicitation if your property is already listed with another broker. Worldwide Properties fully supports the principals of the Fair Housing Act and Equal Opportunity Act..