A LOOK At HOW MIAMI PRICES

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PRINT EDITION miami report U p d a t e d t h r o u g h D E C

Developer minium Inventory TORONTO MIAMI BOGOTÁ HOW A LOOK At

BUENOS AIRES RIO DE JAIRO SAO PAOLO ALSO: PRE-CONSTRUCTION

1 PRINT EDITION miami report U p d a t e d t h r o u g h D E C E M B E R s t 0 An in-depth analysis of Fl orida s New Developer minium Inventory TORONTO MIAMI BOGOTÁ HOW A LOOK At HOW MIAMI PRICES MEASURE UPDOES IT COMPARE? BUENOS AIRES RIO DE JAIRO SAO PAOLO ALSO: PRE-CONSTRUCTION SALES ARE BACK (Pg 0) 87 st Street, suite 00 Aventura, FL JANUARY 0

In News News In Herald January 0th, 0 SOUTH FLORIDA HOUSING CRISIS IN O CHART Herald - January, 0 Florida really should have seen this coming: a look back at how our housing bubble compared to nati s.

Federal Housing Finance Agency maintains appreciati indices for metropolitan areas, which are similar to famous Case-Shiller index but more local.

HEAD LIS -Dade s luxury cdo resale market surges Foreign buyers with strg currencies complemented by a scattering of wealthy domestic purchasers acquired more $ milli cdos in 0 than in last year of

Real estate got out of hand across country, with appreciati peaking natially at percent in 007. But in Broward, values soared 7 percent. -Dade did even better, up 8 percent.

2 In News News In Herald January 0th, 0 SOUTH FLORIDA HOUSING CRISIS IN O CHART Herald - January, 0 Florida really should have seen this coming: a look back at how our housing bubble compared to nati s. THE ECONOMIC TIME MACHI -Dade Broward U.S. BY DOUGLAS HANKS Florida s housing crash may be old news, but recent data offer some valuable perspective. Federal Housing Finance Agency maintains appreciati indices for metropolitan areas, which are similar to famous Case-Shiller index but more local. By stacking up Broward and -Dade s indices to nati s, warning signs are hard to miss. HEAD LIS -Dade s luxury cdo resale market surges Foreign buyers with strg currencies complemented by a scattering of wealthy domestic purchasers acquired more $ milli cdos in 0 than in last year of Florida real estate boom in 00, Today - January, 0 Cstructi Industry Rebound Likely, with Prices Rising Too chart anchors all three indices to first quarter of 000, so numbers show appreciati since n. Real estate got out of hand across country, with appreciati peaking natially at percent in 007. But in Broward, values soared 7 percent. -Dade did even better, up 8 percent. It s easy to see how quickly values collapsed, but chart also points out something that tends to be overlooked amid wreckage of real estate. Home values are still ahead of where y were in 00. But perhaps more surprising, local property has actually held its value better than average home in United States. According to FHFA, average U.S. home is worth about 0 percent more than it was at start of 000. In Broward, average home is worth percent more. In -Dade, it s percent more valuable. Real Estate Bis Now - December, 0 RELATED S GROUNDBREAKING PROJECT Last week, Related Group broke ground Florida s first cdo start in four years with its -story oceanfrt tower Apogee Beach project. World Property Channel - January, 0 Internatial Buyers Help Break All-time Sales Record in 0, Prices Spike % in December was fastest rebounding residential property market in US in 0 as y enjoyed a new record-setting year in sales velocity, beating out prior 00 sales record set during height of Florida cdo boom era.

May 00 As of May 00,,000 cdo units were proposed

As of May 00,,000 cdo units were proposed In

While ISG strived to make informati in this Report

sources were used and ISG refore makes no claims,

completeness, or adequacy of ctents of this report

3 May 00 As of May 00,,000 cdo units were proposed to be built in Downtown and. As of May 00,,000 cdo units were proposed to be built in Downtown and. In reality, ly 7,0 units were built and finished While ISG strived to make informati in this Report as timely and accurate as possible, third party sources were used and ISG refore makes no claims, promises, or guarantees about accuracy, completeness, or adequacy of ctents of this report and expressly disclaims liability for errors and omissis in its ctents.

Dayta Beach Total Available Developer Inventory for New miniums Built From 00-00 downtown miami & Available Developer Inventory of s built from

Developer Inventory of s built from 00-00 Beaches ( Beach, Beach, Bal Harbour, Sunny Isles, Aventura, Hallandale/Hollywood Beach) Available

Sources: Integrated Realty Informati System (IRIS); -Dade County Property Appraiser; Multiple Listing Service (MLS); Florida Divisi of

available) and field visits to each building or site.

4 Dayta Beach Total Available Developer Inventory for New miniums Built From downtown miami & Available Developer Inventory of s built from 00-00,8,07 TOTAL INVENTORY BUILT SINCE ,0 TOTAL INVENTORY BUILT SINCE 00 0,0 AS OFJANUARY 00,7 0 Greater Fort Lauderdale Available Developer Inventory of s built from Beaches ( Beach, Beach, Bal Harbour, Sunny Isles, Aventura, Hallandale/Hollywood Beach) Available Developer Inventory of s built from 00-00,,8 0,00,00,00 TOTAL INVENTORY BUILT SINCE TOTAL INVENTORY BUILT SINCE 00 AS OFJANUARY 00 0 Sources: Integrated Realty Informati System (IRIS); -Dade County Property Appraiser; Multiple Listing Service (MLS); Florida Divisi of Corporatis; Google Map and Sources: Integrated Realty Informati System (IRIS); -Dade County Property Appraiser; Multiple Listing Service (MLS); Florida Divisi of Corporatis; Google Map and Streets; Internet; project specific Developer owned websites; -site sales staff (if available) and field visits to each building or site. Streets; Internet; project specific Developer owned websites; -site sales staff (if available) and field visits to each building or site. 7

HOW A LOOK At HOW MIAMI PRICES MEASURE UP DOES IT COMPARE?

Casa Thomas Quantum DOWNTOWN MIAMI $ 00 PSF BOGOTÁ $700 PSF

RIO DE JAIRO SAO PAOLO SAO PAuLO RIO DE JAIRO BUENOS AIRES

Diogo Vila Nova Cceicao Vila Nuova Ccept Anália Franco

Floris Bosque Residencial Lecran Lagoa Alvear Tower Madero

5 HOW A LOOK At HOW MIAMI PRICES MEASURE UP DOES IT COMPARE? TORONTO MIAMI TORONTO $000 PSF Hazelt Republic 70 Roehampt Casa Thomas Quantum DOWNTOWN MIAMI $ 00 PSF BOGOTÁ $700 PSF Piedras Blancas Parque Rosales Sindamanoy Mtearroyo BOGOTÁ RIO DE JAIRO SAO PAOLO SAO PAuLO RIO DE JAIRO BUENOS AIRES $00 PSF $000 PSF $0 PSF BUENOS AIRES Vila Nova Reserved Diogo Vila Nova Cceicao Vila Nuova Ccept Anália Franco Cenário da Vila Majestic Barra Wave Ipanema Maayan Barra Floris Bosque Residencial Lecran Lagoa Alvear Tower Madero Harbour Zencity El Aleph 8 *Representing Buildings Built within last years.

DOWNTOWN MIAMI RENTAL TRENDS THE PRE-CONSTRUCTION PIPELI Total Pre-Cstructi Units Available For Sale mybrickell -

Occupancy Status for New s Built Between 00-00 Available for Rent from January, 0 - December st, 0 Occupied Vacant

Lauderdale 0 - N/A 0 - N/A 70 Bellini Aventura - 70 units [Under Cstructi] Pre-selling 00 7 - units [Under Cstructi]

Apogee Beach - units [Under Cstructi] 0 00 00 00 00 Pre-Selling And Under Cstructi Downtown and Average Residental

6 DOWNTOWN MIAMI RENTAL TRENDS THE PRE-CONSTRUCTION PIPELI Total Pre-Cstructi Units Available For Sale mybrickell - units [Under Cstructi] Sky Palace at Mary Village - units House - 7 units mybrickell - 00 units 7 Downtown and Occupancy Status for New s Built Between Available for Rent from January, 0 - December st, 0 Occupied Vacant Downtown Beach / Beach Aventura Sunny Isles Hallandale Hollywood Greater Ft. Lauderdale 0 - N/A 0 - N/A 70 Bellini Aventura - 70 units [Under Cstructi] Pre-selling units [Under Cstructi] Regalia - units [Under Cstructi] Mansis at Acqulina - 7 units Porsche Design Tower - units Beach Walk - 00 Units Apogee Beach - units [Under Cstructi] Pre-Selling And Under Cstructi Downtown and Average Residental Rental Rate Trends as of December, 0 for New s Built betwen $,78 $,8 DECEMBER 00 $,0 MAY 00 $, PTEMBER 00 AUGUST 0 $,8 OCTOBER 0 $,7 DECEMBER 0 %

BRICKELL. 00 East - 00. 00 West -. 00-00. 00-00. Asia Key - 00 Key. Axis - 7 7. BRICKELL Axis - st BRICKELL East East - th.8..00-00 00-00...00 - - West West - th 00.0..00-00 00 - Villas 00 0th Stati - 00.

Stati Villas - 00 0th Stati Villas 7.. - 8. View WestWest -I 7 ndnd View - 7 8.. II - 0. Habitat - 70 ndnd Habitat - 70 I -. Ic Tower I - th.. LosIc Suenos DeTower - Ic Tower II -st. Ic Tower II - 0.

7 BRICKELL. 00 East West Asia Key - 00 Key. Axis BRICKELL Axis - st BRICKELL East East - th West West - th Villas 00 0th Stati View West - 7 nd...asia - 00 Asia - 00 Key Habitat Key- Key 70 ndkey...axis - 7-Tower I Axis 7 Ic 7..7.Axis - st Axis -Tower Ic II - st th th. Infinity 0 th th th.0. Latitude th 7th 0. Stati Villas th Stati Villas View WestWest -I 7 ndnd View II - 0. Habitat - 70 ndnd Habitat - 70 I -. Ic Tower I - th.. LosIc Suenos DeTower - Ic Tower II -st. Ic Tower II Neo Vertika - 0 Ct. Infinity West - 0. Infinity - 0 th th st. Latitude 8 7th. Latitude 8 7th. Park View Towers - I - 8 Dr. 7. I II II 0.. Los Suenos De -- th. Los Suenos De - th.0. Solaris Neo Vertika Neo Vertika - 0 st st Ct. Ct. - 8 th Terr.. Emerald - 8. West West st st th 7.. Park SailView 70 Towers - - th. Park View Towers Viceroy Ic Dr. Dr.. - CENTRAL DISTRICT. BUSISS th. Solaris - 8 th Terr.Terr... 0Solaris - 0. Emerald 8 th. Emerald 8 th 0. Capital - 7 nd 7. Sail 70 th 7. Sail 70 th.8.epic WestIc - 00 Way Viceroy Viceroy Ic - 8.CENTRAL nd BUSISS DISTRICT CENTRAL BUSISS DISTRICT Flagler First 0 E. Capital - 7 nd Capital - 7 nd Flagler. Ivy 0 rd. Epic West 00. Epic West - 00 WayWay.. Met --00 S. nd. - nd 7.. Mint - -- rd. First -II0 E. Flagler 8.. Flagler Loft nd. Flagler FirstDowntown - 0 E.- Flagler Ivy 0. Ivy - 0- rdrd.. Wind by Neo - 0 S S.. MetMet - 00 S. MEDIA & ENTERTAINMENT 7. Mint rd 7. Mint rd 0.8.CityLoft - 0 thii Downtown - nd 8. LoftTower Downtown II -N. nd.. Opera shore Wind by Neo S. Dr.. Wind by Neo 0 S. PARK WEST MEDIA & ENTERTAINMENT MEDIA & ENTERTAINMENT th CityCity -0 -th. Marina Blue 888. Opera Tower 70 N. shore. Opera Tower - 70 N. shore Dr. Dr..PARK Marquis WEST - 00 PARK WEST Ten00 Museum Park Marina Blue 888 WYNWOOD-EDGEWATER. Marina Blue Marquis. Marquis Cynergi N Ten Museum Park 00. Ten Museum Park 7.WYNWOOD-EDGEWATER Edgewater th WYNWOOD-EDGEWATER 8..Gallery Art N. th Cynergi. Cynergi N..7. Midblock - 0 st Edgewater Edgewater thth 0.8. II (Mid-rise) st Gallery Art th 8. Gallery Art -II th st.. Midblock -(Mews) 0 -st. Midblock - 0 st.0. IIII(High-rise) 70 Coast (Mid-rise) -- E.st 0. II (Mid-rise) - st. II (Mews) st. IV 0 st. II (Mews) - st (High-rise) - 70 E. Coast.. Mo bay -II0 th E. Coast. II (High-rise) IV 0 st. New Wave 7 nd. IV - 0 st Mo - 0 th.. Onyx bay -. Mo bay - 0 th th. New Wave 7 nd. New Wave Palermo nd Onyx -0th th. Onyx th Dr. 8.7.Paramount - 0 Nshore Palermo 0th 7. Palermo - 0th.8. Platinum N shore Dr. Paramount 8. Paramount - 0 N shore Dr. 0.. Quantum 00 N shore Dr. Platinum Platinum Star 7 th 0. Quantum 00 N shore Dr. 0. Quantum - 00 N shore Dr. -N7 th.. Star shore. Star Club - 7 th Dr N shore ClubClub N shore Dr. Dr. downtown miami & BRICKELL - building by building THE REALITY IS: BUILDINGS. 80% SOLD. ONLY,7 UNITS REMAIN % SOLD OUT 7%- % SOLD OUT 0%- 7% SOLD OUT *Representing Buildings Built From Mid 00 through Dec., 00 While ISG strived to make informati in this Report as timely and accurate as possible, third party sources were used and ISG refore makes no claims, promises, or guarantees about accuracy, completeness, or adequacy of ctents of this Report and expressly disclaims liability for errors and omissis in its ctents. Under 0% SOLD OUT Rental

GREATER FORT LAUDERDALE,8 Units Built UNITS FOR SALE BUILDINGS* HALLANDALE HOLLYWOOD,8

BUILDINGS* 7 AVENTURA,8 Units Built 8 UNITS FOR SALE 0 BUILDINGS* 8 BAL HARBOUR 7 Units

SALE BUILDINGS* Downtown 0 7,0 Units Built,7 UNITS FOR SALE BUILDINGS * 0 7 8 0 8 7 7 8

strived to make informati in this Report as timely and accurate as possible, third

to make informati in this Report guarantees as timely about and accuracy, accurate

Report and ISG expressly disclaims liability for errors and omissis in its ctents.

8 GREATER FORT LAUDERDALE,8 Units Built UNITS FOR SALE BUILDINGS* HALLANDALE HOLLYWOOD,8 Units Built UNITS FOR SALE BUILDINGS* SUNNY ISLES, Units Built 0 UNITS FOR SALE BUILDINGS* 7 AVENTURA,8 Units Built 8 UNITS FOR SALE 0 BUILDINGS* 8 BAL HARBOUR 7 Units Built 0 UNITS FOR SALE BUILDINGS* MIAMI BEACH SOUTH BEACH, Units Built 77 UNITS FOR SALE BUILDINGS* Downtown 0 7,0 Units Built,7 UNITS FOR SALE BUILDINGS * remaining standing inventory developed since While ISG strived to make informati in this Report as timely and accurate as possible, third party sources were used and ISG refore makes no claims, promises, or While ISG strived to make informati in this Report guarantees as timely about and accuracy, accurate completeness, as possible, or third adequacy party of sources ctents were of this used Report and ISG expressly disclaims liability for errors and omissis in its ctents. refore makes no claims, promises, or guarantees about accuracy, completeness, or adequacy of ctents of this Report and

miami report MIAMI S A LOOK At WHAT S LEFT MAY 2012 An in-depth analysis of South Florida s New Developer Condominium Inventory

miami report MIAMI S A LOOK At WHAT S LEFT MAY 2012 An in-depth analysis of South Florida s New Developer Condominium Inventory miami report Updated through APRIL o th 0 An in-depth analysis of Florida s Developer minium Inventory MIAMI S SHADOW A LOOK INVENtorY At WHAT S LEFT ALSO: DAYS ON THE MARKET FACTS st Street, suite 00