North Beach Info

North Beach is an eclectic stretch of Miami Beach running from 63rd Street to 87th Streets from the Atlantic Ocean west to Normandy Isles. The neighborhood’s proximity to the pristine ocean makes North Beach an ideal location for those searching for Value added investment in Mi-ami Beach.
Miami Beach as a Barrier Island stretches 8.7 square miles. North Beach is approximately 2.5 square miles or 28% of pure potential in Miami’s most valuable location.
KP is committed to this community to improve the quality of life of its residents, and value to this last stretch of under developed potential.

Sales Trends  A lull in rental construction persists. No market-rate units were completed in the county over the past 12 months, a decrease from 277 apartments brought online $i9n0 the prior year. 08 09 10 11 12** Three complexes comprising 362 market-rate apartments are under construction and scheduled for delivery in the fourth quarter. The 270-unit Residences at Lakehouse in the Miami Lakes submarket is the largest of these projects.About 600 units are under way and on course for delivery in 2013. The pipeline of planned rental projects has swelled from about 4,000 units earlier this year to 6,100 apartments at the end of the third quarter. In addition, about 6,500 con- dominiums are planned in the county Outlook: In 2012, developers will complete 390 units, expanding market-rate stock a scant 0.4 percent.

■ Vacancy in the county slid 10 basis points to 4.1 percent in the third quarter. So far this year, modest tenant demand was sufficient to lower the vacancy rate 60
basis points. A 60-basis point drop was also recordedMeintrothe corUrneitsepdoSntadteisng period last year. 6%
■ In the county’s sizable Class B/C segmet, the vacancy rate was unchanged in the third quarter at 4.3 percent Since the end of last year, vacancy in the market’s lower tier has declined 60 basis points. 0% -3%
■ Vacancy in the Class A segment was 3.8 percent in the fourth quarter, marking a 6% decline of 30 basis points from the level in the April-to-June stretch. Year to date,the vacancy rate is down 50 basis points, to where the peak level where three years ago.
■ Outlook: Decent demand and limited supply growth will trigger a 70-basis point  increase 6%  effective rents advanced 1.1 percent to $1,050 per month. Thus
far in 2012, effective rents have gained 3.0 percent. Year to date, Class B/C asking rents climbed 6%. percent to $987 per month; a gain
■ Asking rents by asset class have increased at different rates so far in 2012. Year to date, Class B/C asking rents climbed  to $987 per month; a gain of .6%

■ Outlook: Through the third quarter of 2012, asking rents remain on track to increase 3.2 percent this year to $1,109 per month and effective rents will advance
4.0 percent to $1,060 per month.

■ Transaction velocity surged 25 percent over the past year. Sales of large properties decreased slightly due to limited supply, but sales of assets selling from $1 millionto $10 million rose significantly.
■ Intensifying investor demand and favorable financing sparked a 13 percent increase in the median price over the past year, to $79,200 per unit. Four years ago, the median price was $87,800 per unit.
■ Average cap rates in the county range from the low- to mid-6 percent range, but can vary widely by submarket. For example, cap rates of less than 5 percent were recorded in some recent sales of assets in Miami Beach and South Beach.

■ Outlook: Strong property performance and a flow of capital from Europe and Latin America will sustain an active, competitive and liquid investment market in Miami-Dade.

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