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2017 MIAMI-DADE REAL ESTATE STUDY

BENDIXEN & AMANDI INTERNATIONAL – ANNUAL MIAMI-DADE RESIDENTIAL REAL ESTATE STUDY 2017 2

FIRM BACKGROUND


FIRM BACKGROUND

Bendixen & Amandi International (B&A) is a full-service public opinionresearch and communications consulting firm headquartered in Miami,Florida. There are few firms with the depth of experience B&A brings tothe table with regard to issues surrounding topical issues and currentaffairs in Florida and none with greater expertise in Miami-Dade County.

B&A’s research capabilities include conducting executive interviews, traditional landlinetelephone polling, cell phone polling, exit polling, focus groups, door-to-door interviewing,multilingual research in more than 30 languages as well as economic impact studies. Thoughrenowned for our opinion research work, above all B&A seeks to understand the social currentsthat are changing societies and countries and to help all types of organizations and individualsmaster emerging issues and implement innovative strategies. The company specializes inanalyzing changes in today's diverse socio-political and economic environments and offers all ofits client’s comprehensive qualitative and quantitative research analysis that helps themachieve their specific goals.

PROJECT DESCRIPTION

A survey of the Miami-Dade County Real Estate market from the

perspective of the top industry experts and professionals.

4BENDIXEN & AMANDI INTERNATIONAL – ANNUAL MIAMI-DADE RESIDENTIAL REAL ESTATE STUDY 2017


PROJECT OVERVIEW

• Miami-Dade’s real estate market has historically been a significant driver of the local economy whose impact cannot be understated. This project was conceived as a deep dive into the ‘State of Real Estate’ from the perspective of real estate professionals throughout Miami-Dade County.

• Our approach was to capture the perspective of 100 of the Top Brokers/Agents and industry experts in Miami-Dade County to gain their insights into the county-wide market. The interviews were anonymous, providing a forum through which industry professionals could speak freely and candidly about what they were seeing both positive and negative.

• The Miami Herald is the traditional community conversation starter and as such we believed was the natural partner for this type of project. The results of the survey research will be the focus of a feature story in the Business Monday section of the Miami Herald. First begun in 2015, this is the third annual iteration of the Miami-Dade residential real estate study.


METHODOLOGY

SAMPLE100 in-depth, executive interviews with ‘industry leaders’ in the Miami-Dade County Residential Real Estate Market

DATES OF INTERVIEWS June 5th, 2017 – July 6th, 2017

LANGUAGE OF INTERVIEWS English


REAL ESTATE INDUSTRY INSIDERS

Lourdes Alatriste

Francia Alvarez

Sarkis Anac

Anthony Askowitz

Orlando Avellaneda

Mauricio Barba

Tom Bartelmo

SergeBissainthe

Patricia Borges

Jim Brinker

Jill Casuso

Tal Abergel



Raul Cossio

EdgardoDefortuna

Gil Dezer

Dania Diaz

Maite Diaz

Lisa Dority

Francisco Dos Santos

Lydia Eskenazi

Jose Fernandez

Juan Carlos Fernandez

Maria Ferrer

Ivory Cooks



Robert Fournier

Andrew Frey

Pedro Garcia

Daniel Gomez

Edmy Gomez

Liliana Gomez

Claudia Gonzalez

GinnetteGonzalez

Tony Graziano

Jorge Guerra

Carlos Gutierrez

Monica Harvey



Ines Hegedus-Garcia

Vania Herrera

Hillary Hertzberg

Jill Hertzberg

David Hunt-Solomon

Daniel Ickowitz

Nancy Iliffe

Avra Jain

George Jalil

Jill Eber

Danny Kattan

Jim Brinker



Teresa Kinney

Georgeé Kluck

Yasmina La Paz

Irma Laracuente

Andy Lopez

Vivian Macias

Denise Madan

Jack McCabe

Patricia Mellerson

Liza Mendez

Jonathon Miller

Jim Brinker



Miriam Mizrahi

Nitin Motwani

Michael Neal

Sepehr Niakan

Neal Oates

Patrick O'Connell

Jay Parker

Roman Pavlik

Don Pingaro

Sergio Pino

Mark Pordes

Michelle Redlich



Luis Revuelta

Jorge Rico

Matt Rieger

Branden Rivero

Jaime Rodriguez

Raúl Rodriguez

Alexander Saieh

Gloria Salom

Jeanette Sanchez

TereShelton Bernace

Ron Shuffield

Jill Casuso



Riley Smith

Craig Studnicky

Commissioner Xavier Suarez

Mark Tenzer

Henry Torres

Evelina Tsigelnitskaya

Cristina Valencia

Rafael Velasquez

Walid Wahab

Yaakov Waldman

Jack Winston

Patricia Winston



Bill Worrall

Albert Yabor

Peter Zalewski

Christopher Zoller

Anthony WilliamsProject Coordinator

BENDIXEN & AMANDI INTERNATIONAL – ANNUAL MIAMI-DADE RESIDENTIAL REAL ESTATE STUDY 2017BENDIXEN & AMANDI INTERNATIONAL - MIAMI RESIDENTIAL REAL ESTATE STUDY 2017 16

CURRENT STATE OF THE REAL ESTATE MARKET


High Inventory

55%Low Inventory

24%

Stable Inventory

4%

Other/DK/NA

17%

Thinking about your area of specialization, what is your

opinion of the current market inventory in terms of quantity?


Representative Quotes

“Inventory is expanding” – Agent (Pinecrest)

“A lot, buyer has many choices” – Agent (Miami Beach)

“Increasing inventory” – Government Official (Miami-Dade)

“Shortage on homes” – Agent (Homestead)

“Supply is dwindling” – Developer (Downtown)


opinion of the current market inventory in terms of quantity?


Excellent

27%

Good

40%

Fair

13%

Poor

8%

DK/NA/Other

12%


opinion of the current market inventory in terms of quality?

67% of participants believe current

market inventory is of high quality.



“Best we've ever seen, interesting forward leap in terms of quality” – Broker (Aventura)

“Improving - unprecedented quality, some Dubai style even” – Broker (Miami-Dade)

“Product is brand new so the quality is high” – Broker (Miami-Dade)

“Used to be worse, but getting better” – Agent (Aventura)

“Wide disparity quality - some good and some bad” – Attorney (City of Miami)


opinion of the current market inventory in terms of quality?


Overvalued

19%

Good Value

25%Flat Value

38%

Poor Value

12%

Other/DK/NA

6%


opinion of the current market inventory in terms of value?



“Value is good, market prices have adjusted from the boom cycle (between 2012 and 2015)” – Agent (Miami Beach)

“Stabilizing, not decreasing” – Agent (Palmetto Bay)

“Very good compared to other cities” – Agent (Homestead)

“There’s not much value. There's nothing you can point to really and say it’s a good value” – Broker (Aventura)

“Overpriced, but buyers are still buying” – Agent (Brickell)


opinion of the current market inventory in terms of value?


Aggregate Average

How would you rate Miami-Dade’s affordability on a scale of 1 to 10?

1 being not affordable whatsoever and 10 being very affordable.


What is the hottest area in Miami-Dade right now?


2017 Results1. Miami Beach2. Brickell3. Coral Gables





“Miami Beach, because there’s no limit” – Realtor (Miami Beach)

“When you think of Florida, you think of Miami Beach” – Agent (Miami Beach)

“Brickell is one of the hottest areas for millennials” – Analyst (Miami-Dade)

“Brickell, Doral, and Homestead are priced well for lot size” – Industry Expert (South Dade)

“Coral Gables – Local areas where people prefer to live” – Broker (Miami-Dade)


What is the most overvalued neighborhood in Miami-Dade?


2017 Results1. Miami Beach2. Brickell3. Wynwood




“Miami Beach is overpriced compared to newer buildings downtown” – Agent (Miami Beach)

“I just can't understand why clients want to spend a million on a small condo on Miami Beach when they can get a big house at $500,000 elsewhere" – Agent (Brickell)

“Any property on the water is overpriced” – Agent (Miami-Dade)

“Brickell – spaces are very small for a very high cost” – Agent (North Miami-Dade)

“Wynwood – the price isn’t worth it, the main problem is the lack of access to public transportation” –Industry Expert (Beaches)



What is the most undervalued neighborhood in Miami-Dade?


2017 Results1. Homestead2. Coral Gables/Midtown/Little Havana3. Miami Gardens/Opa Locka




“Homestead – property values are very affordable” – Agent (Pinecrest)

“Homestead has the potential to grow to a much larger entity” – Broker (Miami-Dade)

“Coral Gables is not being recognized to its full potential” – Architect (Miami-Dade)

“Little Havana and Midtown are good locations and they will be developed soon” – Broker (Downtown)

“Little Havana – it’s getting attention but it hasn’t been overbuilt” – Broker (Miami-Dade)




“Little Havana has proximity to Downtown and is not as expensive as areas surrounding it” – Agent (Coral Gables)

“Opa-Locka and Miami Gardens, the value is increasing but it’s still low” – Government Official (Miami-Dade)

“Miami Gardens – location and past historical sales make it undervalued” – Agent (Palmetto Bay)

“Miami Gardens – good prices in comparison to other neighborhoods” – Agent (Miami Lakes)

“Normandy Isles off of Miami Beach – it’s less attractive, less developed and less expensive, but it’s still a pretty waterfront” – Agent (Miami Beach)



Buy Sell Both Neither

45%

29%25%

1%

Is now the time to buy or sell?




“Buy if it’s an investment – but it really depends on your situation and goals” – Broker (Miami-Dade)

“Buy. Interest rates are historically low” – Agent (Pinecrest)

“Buy. Take advantage of low interest rates”– Agent (Doral)



“Sell, because inventory is low and the buyers are there” – Broker (Miami-Dade)

“Sell. Most people are stuck on the sidelines, and will be in limbo for the next 4 quarters” – Consultant (Miami-Dade)

“Both. It’s a buyers’ market, but better hold until 2018” – Agent (East Miami-Dade)



Own Rent Both Neither

73%

19%7%

1%

Is now the time to rent or own?



“Own – the market will always go up” – Broker (Miami-Dade)

“Own. Rental affordability is worse than owning affordability” – Broker (Miami-Dade)

“Own. It’s always better to own. You’re building equity” – Broker (Miami Beach)

“Rent, because it’s hard to make a profit given the cost of buying and selling in Miami” –Agent (Coral Gables)

Is now the time to rent or own?


Are you seeing a shift in interest in buying vs. renting?

Yes

69%

No

30%

DK/NA1%


More Buying

59%

More Renting

41%

If so, in which direction?


What is the best neighborhood for young professionals?


2017 Results1. Brickell2. Downtown3. Midtown




"Brickell is a manicured, professional, and slick area” – Broker (Coral Gables)

"Young professionals are risk-takers, they don't need an established area, and they’re more flexible. In Brickell, young professionals don’t need quality schools, they're more independent” –Broker (Miami Beach)

“Downtown. It’s convenient and it’s a community with mass transit and walkability" – Broker (Miami-Dade)

"Anywhere where you can live, work, and play. Primarily this is Brickell, Downtown, Midtown, Coral Gables, Coconut Grove, and the Beach" – Industry Expert (Miami-Dade)



What is the best neighborhood for families with children ?


2017 Results1. Coral Gables2. Pinecrest3. Kendall




“Pinecrest and Coral Gables are the best. Schools are a critical component” – Broker (Miami Beach)

“Definitely Pinecrest, it’s school district centered" – Broker (Miami-Dade)

“Schools are perceived to be the best in Pinecrest and Coral Gables" – Broker (Miami-Dade)

“Kendall and Pinecrest – no question! Its safe, good schools, and family oriented. It’s the best neighborhood to raise a family” – Real Estate Agent (Kendall & Coral Gables)



What is the best neighborhood for empty nesters or DINKS?


2017 Results1. Miami Beach2. Coral Gables3. Coconut Grove




“People need to know about the good life in Miami Beach” – Agent (Miami Beach)

“Empty nesters & DINKS are moving to condos in the Grove” – Broker (Miami-Dade)

“Coral Gables. There are businesses and restaurants in walking distance. It’s easy to move around and has public transportation” – Agent (Kendall & Coral Gables)

“Coral Gables has condo buildings and is still near families” – Architect (Miami-Dade)



What is the best neighborhood for retirees?


2017 Results1. Miami Beach2. Not Miami-Dade County3. Aventura




“Miami Beach has focused a lot on improving their community’s infrastructure” –Listing Agent (Miami Beach)

“Miami Beach, but it depends on the lifestyle” – Broker (Doral)

“Miami-Dade County is a no-go zone for retirees” – Analyst (Miami Beach)

“Nowhere in Dade County – retirees are moving up north” – Broker (Coral Gables)



Quality Schools

29%

Neighborhood Safety

17%Shopping/Dining

17%Cultural Offerings

3%

Walkability

18%

Houses of Worship

1%Access to mass transit

9%

Something

else

6%

What is the neighborhood amenity that buyers are most

interested in and willing to pay to get?


If you were in the market for a single family home where

would you buy right now?


2017 Results1. Coral Gables2. Coconut Grove3. Miami Beach

If you were in the market for a single family home where



If you were in the market for a condo or apartment where



2017 Results1. Miami Beach2. Brickell3. Downtown




“If you’re working, then Downtown. If you don’t work, then South of 5th on Miami Beach.” – Attorney (City of Miami)

“Anything that’s waterfront, so Miami Beach and Key Biscayne” – Broker (Miami-Dade)

“Brickell. It drives the Miami market. It has transportation, new buildings, and a city center. It’s like New York without the cold. It’s the best of both worlds” – Agent (Kendall)





What areas would you avoid buying in altogether?


2017 Results1. Brickell2. Miami Beach3. Downtown



“Property on the coastline/oceanfront. Rising seas will affect and determine property values” – Analyst (Miami-Dade)

“I wouldn’t buy in Brickell. The inventory is too high” – Agent (Miami Beach)

“I’d avoid Downtown. Too much traffic” – Agent (Miami Lakes)




“South Beach. It’s too crazy, the tourism can get to be too much, there’s not a good crowd, and it’s overpriced” – Broker (Aventura)

“Brickell and Downtown – if you need a car” – Industry Expert (Miami-Dade)

“Brickell – just getting in and out is a nightmare” – Broker (Miami-Dade)




Are there more foreign buyers, out-of-town buyers or local

buyers in the residential market?

Foreign

29%

Out of Town

9%Local

27%

Combination

34%

DK/NA 1%


2015 2016 2017Foreign 56% 33% 29%

Local 11% 23% 27%Combination 17% 21% 34%Out-of-town 16% 20% 9%Don’t know/No answer - 3% 1%

Are there more foreign buyers, out-of-town buyers or local

buyers in the residential market?


Where are the out-of-town buyers coming from?

2015 – New York2016 – New York


Other Latin

America

17% Argentina

9%

Brazil

16%Venezuela

19%

Colombia

13%

Canada

7%

Europe

14%

Other

5%

Where are the foreign buyers coming from?


Is the financial and political instability around the world in places like Latin

America and Europe currently having a significant impact in the Miami-Dade residential market?

Yes

88%

No

12%


Representative Quotes“Buyers from Latin America have really stopped buying here, so that has brought the market down somewhat. But at the same time, issues in Europe have led to a lot of people buying” – Agent (Miami Beach)

“The strong dollar is limiting foreign buyers” – Agent (Miami Beach)”

“Foreign buyers have limited ability to purchase here because of their currency and its liquidity” – Agent (Pinecrest)

“Negative – A lot of people in South America who had cash stopped coming” – Agent (Aventura)

"For international buyers, stability at home is essential to their income level. Buying real estate in Miami is a luxury" – Agent (Miami Lakes)




Representative Quotes“Yes. Crises in these countries means citizens want to buy in Miami” – Agent (Doral and Miami Lakes)

“Miami is a really exciting place and people already want to come here despite financial and political instability – Agent (Miami-Dade)

“They are coming here still, but they're renting more and buying less” – Agent (Miami-Dade)

“Instability is a win/win - people come and invest to get away, but also invest when times are great” –Developer (Miami-Dade)

“USA is the safest place generally to have your money, but the ways in which that money is getting here is changing” – Construction Industry Expert (Miami-Dade)




Do you think the Trump administration’s policies are

influencing the Miami-Dade residential market?

Yes

42%No

58%


Representative Quotes“People are talking but I haven’t seen anything” – Agent (Downtown)

“I believe that long term effects won’t be severe. The weather is the same whether Trump is in office or not” –Developer (Miami-Dade)

“No, he hasn’t done anything” – Agent (Downtown & Miami Beach)

"I could see it the day after the election: local sellers rose and more international buyers paused, afraid of the effects of his policies” – Agent (Brickell)

“Besides the fact that he’s an a**hole, foreign buyers are uncertain” – Agent (Miami Beach)

Do you think the Trump administration’s policies are

influencing the Miami-Dade residential market?


How are most people financing their purchases?

Cash

30%Mortgage

50%

Both

19%

DK/NA

1%


2015 2016 2017

Cash 68% 58% 30%Mortgage 14% 27% 50%Both 18% 13% 19%DK/NA - 2% 1%

How are most people financing their purchases?


FUTURE OF THE REAL ESTATE MARKET


Generally speaking, over the next 12 months do you expect residential home

values in Miami-Dade County to appreciate, depreciate or remain flat?

Appreciate Remain Flat Depreciate DK/NA

36%33%

21%

10%

BENDIXEN & AMANDI INTERNATIONAL – ANNUAL MIAMI-DADE RESIDENTIAL REAL ESTATE STUDY 2017

If appreciate, by how much?

76

78%

17%5%

0-5%

5-10%

11-20%

ASKED ONLY OF THOSE THAT SAID RESIDENTIAL

HOME VALUES WOULD APPRECIATE


If depreciate, by how much?

77

ASKED ONLY OF THOSE THAT SAID RESIDENTIAL

HOME VALUES WOULD DEPRECIATE

43%33%

24% 0-5%

5-10%

11-20%


In your opinion, where are we in the current real estate

sales cycle?

78

Beginning Beginning/Middle Middle Middle/End End Other

9%

2%

45%

6%

37%

1%


When do you think the next up cycle will begin?

79

≤ 6 months ≤ 12 months ≤ 24 months ≥ 2 years Other DK/NA

7% 6%

27%

43%

13%

4%


If you were advising an investor looking to make a good return on investment 5

years down the road, where is the next emerging market, area or neighborhood

where you would advise them to buy today?

80


2017 Results1. Little Havana2. Downtown3. Brickell/Miami Beach








2015 2016 2017

#1 Miami Beach Downtown Little Havana

#2 Downtown Coconut Grove/Brickell Downtown

#3 North Miami Miami Beach Brickell/Miami Beach






“Little Havana is great for young families who want to own a home now and flip it down the road” – Agent (Miami Beach)

“Brickell, because by then Miami-Dade County will hopefully have better public transportation in place” – Agent (Brickell)

“Miami Beach, can’t go wrong living in Miami Beach proper” – Industry Expert (Beaches)






“Apartments everywhere, especially Brickell and Biscayne” – Architect (Miami-Dade)

“Money producing homes in Downtown” – Mortgage Broker (Southwest Dade)

“Targeting Brickell and Downtown, there’s a lot of vertical growth there in condo buildings, a high amount of inventory” – Agent (Miami Beach)


Are you concerned about the potential impact of global

climate change and sea level rise on the local market?

Yes

59%

No

40%

DK/NA

1%


Have your clients mentioned this as an issue?

Yes

36%No

64%


What issues related to housing would you like to see more

media coverage of?

Educational content for buyers and sellers on the residential market

27%

Issues related to housing affordability and middle class market 15%

Highlighting more positive news on Miami-Dade real estate market 11%

Urban issues (e.g. infrastructure, traffic, development, flooding) 10%

Legal/Financial issues and concerns 9%

Neighborhood spotlighting 7%

Other 21%


What issues related to housing would you like to see more

media coverage of?


“How easy it is to get financial advice - people tend to believe that it’s too complicated” – Agent (Miami Lakes)

“Media should cover how buyers and sellers should look for agents and what to look for in an agent” – Agent (Homestead)

"The connection between affordability and supply. Too often we think of government as the way to solve issues of affordability when really supply is the answer" – Agent (Urban Core)

“Media only focuses on high end market and it needs to focus more on middle class, since it makes up a large number of the population” – Agent (Miami Gardens)

“The transit housing connection. People are overhyping the affordable housing issue and not paying attention to the key element that is access to transit” – Attorney (Miami Beach)


COMMON MISTAKES TO AVOID IN REAL ESTATE


What is the biggest mistake you typically see made

by buyers?

Not taking the time to understand the process 25%Acting on impulse and emotion 10%

Not working with a real estate professional 9%

Making a financially irresponsible purchase/Too expensive 8%

Limited understanding of market timing 8%

Buying in the wrong location/Not knowing enough about location 6%

Hiring inexperienced real estate professionals/Listening to poor advice 5%

Speculating instead of buying for the long term 4%

Other 25%




by buyers?

“Not doing preliminary due diligence before getting into the market” – Broker (Pinecrest)

“Not analyzing the investment and comparing properties thoroughly” – Agent (Urban Core and Miami Beach)

“Not educating themselves enough on the market” – Agent (Kendall)

“Decide on emotions, don’t use the facts” – Agent (North Miami-Dade)

“Not getting the right advice, think they don't need broker or professional help” – Developer (Miami-Dade)



by sellers?

Overpricing/Unrealistic Expectations 50%

Not hiring or not listening to a qualified real estate professional 11%

Sell too late/too early 8%

Underestimating buyers 5%

Limited understanding of market timing 4%

Don’t understand process 3%

Feeling pressured to make a deal/Underpricing 2%

Other 17%




by sellers?

“Not being realistic towards the value of their home” – Developer (Miami-Dade)

“Expectation set too high, being unrealistic” – Agent (Downtown)

“Overpricing the property and not looking at the true market value” – Agent (Palmetto Bay)

“Not taking advice from their realtor and missing opportunities” – Broker (Doral)

“Not listening to professional advice from broker(s) specializing in their desired area” – Broker (Miami Beach)



by agents?

Being Unqualified/Unprofessional 31%

Bad judgement/Bad advice 25%

Poor customer service 14%

Listing overpriced properties 12%

Only care about commission and own self interests 7%

Other 11%




by agents?

“They are being informal, misleading, and not following up with their customers” – Agent (Miami Gardens)

“Lack of knowledge –some of the smaller firms out there are truly scary” – Agent (Miami Beach)

“Underestimate value from broker on other side of the deal (buying vs selling), no collaboration and no team work” – Agent (Miami Beach)

“Not focusing on the best marketing strategies for their clients” – Broker (Miami-Dade)

“Not following up and not doing their research on their clients” – Broker (Pinecrest)


What is the biggest mistake you ever made?

Didn’t Invest/Buy/Sell at the right time 33%

Business Strategy/Operations Mistakes 21%

General personal and professional mistakes 16%

Poor client management 13%

Overpricing/Trying to make money too fast 5%

No Regrets 3%

Other 9%



What is the biggest mistake you ever made?

“Missed out on buying valuable properties” – Developer (Miami-Dade)

“I should have been smarter in my own purchases, I moved into an area that wasn't appreciating, and as a real estate professional I should have known better” – Industry Expert (Miami-Dade)

“Pricing poorly in early career – a skill that comes with time in the industry” – Agent (Miami Beach)

“Forgetting to put verbal promises in writing and it coming back to bite me later” – Agent (Kendall)

“Being too cocky about status and knowledge” – Developer (Miami-Dade)


POTENTIAL OBSTACLES


How do factors such as property taxes and windstorm

insurance influence buyer decisions in Miami-Dade County?

No influence

24%

Affects them

24%

Affects them greatly

46%

Other

6%



“Windstorm insurance is through the roof, and it’s especially too much for seniors on fixed incomes” – Industry Expert (South-Dade)

“Taxes have not been an issue so far, but the insurance companies are ‘getting away with murder’ thanks to blaming high rates on possible hurricane damages deterring buyers from certain neighborhoods” – Agent (Kendall)

“Property taxes are fairly low here so that's not a concern, but buyers are aware of the weather that we get here and so that does influence their decisions to some extent. In recent years, the rules and regulations regarding storm protection have been made more stringent” – Architect (Miami-Dade)

“Not significant, both property taxes and windstorm insurance are at a level playing field, but flood insurance will start tomatter a lot in the future” – Realtor (Urban Core)

How do factors such as property taxes and windstorm

insurance influence buyer decisions in Miami-Dade County?


Very little

6%

Somewhat22%A lot

68%

Other

4%

In your opinion, how does traffic congestion influence

decisions regarding real estate in Miami-Dade County?





“Traffic is horrendous and everywhere. Beyond a city to city problem, needs to be addressed as a county” – Industry Expert (South-Dade)

“A lot. That's the issue I have with Brickell. It has some beautiful buildings, but the traffic is a deterrent. It makes it not worth it" – Agent (Miami Beach)

“Becoming a big influence, people don't like spending hours in car, migrating to urban core. Also, what's happening is that newer, smaller businesses and shopping centers are forming throughout the county” – Developer (Miami-Dade)





“Influences, but we're spoiled compared to the rest of the world. We complain, but this is nothing” – Broker (Urban Core)

“People rely more on Uber and Lyft to get around, so traffic congestion takes a backseat to other factors, like walkability” – Realtor (Pinecrest)

“Influences decisions immensely given that people will leave a cheaper place due to traffic congestion and go somewhere more expensive instead” – Agent (Miami Lakes)


Is local government a facilitator or an obstacle to doing

business in the residential market?

Facilitator

34%Obstacle

46%

Both

10%

Neither

8%

DK/NA

2%





“The government caps density to limit supply, and this is done dramatically and artificially. Besides that, there are all the other issues of regulatory costs, delays, impact fees, and obtaining reasonable utility services” – Realtor (Urban Core)

“They've made positive steps with homestead exemption reform but new restrictions imposed on lending hurting the market” – Industry Expert (South-Dade)

“It takes 1 year to get a permit for a new house. I've lost 2 clients waiting for the permits and got frustrated. Permits are out of control, managed by cocky people with no idea” –Developer (Downtown)





“They make slow plans. They are not in the business. Sometimes things that work in theory just don't work in practice” – Agent (Downtown)

“The County has antiquated tech and doesn’t deal with bottlenecks well. It needs an efficiency increase” – Government Official (Miami-Dade)

“While the County government does consider growth a top priority, approvals and decisions take too long” – Broker (Urban Core)


Aggregate Average

On a scale of 1-10, how important is it to the health of the residential realestate market for Miami Dade County government to play a leadership role in protecting and enhancing property values?


Do you believe Miami-Dade County government is taking

a leadership role?

Yes

42%No

43%

Maybe

13%

DK/NA

2%


MIAMI RESIDENTIAL “BEST OF THE BEST”


Thinking about the Miami-Dade residential real estate market as a whole

including agents, brokers, lawyers, developers, etc. who in your opinion is the

single most knowledgeable person in the industry?


What is your most trusted news source for the best information on

what’s happening in the local residential market?









Ron ShuffieldEWM


If you were selling your own home, and you couldn’t use your

own company who is the brokerage that you would hire?



own company who is the brokerage that you would hire?



own company who is the one realtor that you would hire?



own company who is the one realtor that you would hire?

Nelson Gonzalez

118

Jane Wooldridge, EditorMiami Herald Media Company

[email protected]


Anthony Williams, Project Coordinator3250 Mary StreetMiami, FL [email protected]

Documents

MIAMI-DADE REAL ESTATE STUDY 2017bendixenandamandi.com/wp-content/uploads/2017/08/Miami-Dade-R… · Coral Gables What is the hottest area in Miami-Dade right now? BENDIXEN & AMANDI