Miami … A Global Perspective

Highest Number of Sales In our 94 Year History

Number of Sales Single Family 7,728 … 14,914

Single Family Median $225, % Condos $186, % % Increase over Jan 2013 January 2014 Sales Prices

Sales Prices Peak % for SF -58% for Condos Bottom % for SF +49% Condos Currently at 2003 Prices

Miami Sales Prices Increase Since December 2011 … Double-Digit Appreciation Condominiums – 31 Months of increases Single-Family – 26 Months of increases Prices still equal to 10 years ago

Sales Price Comparison MiamiFloridaU. S. SF$225,000 $162,500$188,900 Condo$186,000 $131,000$188,700

Active Listing Inventory 43,000 in August ,443 in January ,000 Less 64% Decrease SF = 5.6 Months of Inventory Condos = 7 months

MIAMI Real Estate Market is Excellent … % of List Price Days on Market (LP)(DOM) Single Family95.4% LP46 DOM Condos96.1% LP56 DOM

Cash Sales National 33% Cash Sales Miami 62% Cash Sales 47.3% Single Family 72.4% Condos _____________ New Construction 90%

Traditional Sales Increasing Over Distressed Sales Miami-Dade January % Traditional 38% Distressed Down from 49% previous year U.S. January % Traditional 15% Distressed

#2 Miami

Internationally Speaking …

119 Global Partnerships Worldwide

International Buyer Profiles Prepared by the National Association of Realtors National – June 2013 Florida – Sept 2013 Miami – Oct 2013

Top 8 States in US Florida 23% California 17% Arizona/Texas 9% NY/Virginia 3% GA/Nevada 2%

- Nationally - Top Buyers Canada 23% China 12% Mexico 8% India/UK 5% Argentina/ Germany 3%

Profile of International Home Buyers In Florida August % of International Clients View Florida Real Estate as LESS Expensive Than Their Own

Profile of Int’l Home Buyers In Florida August % are Over $500,000 7% are Over $1M

Profile of Int’l Home Buyers In Florida August 2013 International Buyers 84% Cash

Profile of Int’l Home Buyers In Florida August % Latin America 30% Canada 27% Europe 7% Asia 3.5% Middle East

71% of Venezuelans Buy in Miami – Ft. L Profile of Int’l Home Buyers In Florida August 2013

Venezuelans 33% Buy Over $500,000 15% Over $1M Profile of Int’l Home Buyers In Florida August 2013

Brazilians 46% Buy in Miami – Ft. L Profile of Int’l Home Buyers In Florida August 2013

Profile of Int’l Home Buyers In Florida August 2013 Brazilians 27% of Sales are Over $500k

Latin America/ Caribbean (Exc Brazil/Venezuela) 56% Buy In Miami – Ft. L Profile of Int’l Home Buyers In Florida August 2013

Profile of Int’l Home Buyers In Florida August 2013 Latin America /Caribbean 75% of Sales Are Under $400,000

Western Europe (Exc UK) #1 Miami/Ft. Lauderdale #2 Cape Coral/Ft Myers #3 Orlando Profile of Int’l Home Buyers In Florida August 2013

Profile of Int’l Home Buyers In Florida August 2013 Western Europe Except UK 10% Buy Over $1M

Profile of Int’l Home Buyers In Florida August 2013 Miami #1 Latin America #2 Western Europe #3 Canada #4 Asia #5 Eastern/Cent Europe #6 Middle East

Profile of Int’l Home Buyers In Florida August 2013 #1 Venezuela #2 Argentina #3 Brazil #4 Peru #5 Canada/ Colombia

Ft. Lauderdale Added: China Germany Stronger: Australia Asia Canada

Palm Beach

The MOST International Business in US 1 in 4 in Florida Nearly 1 in 3 in Florida is Miami/Ft.L Miami/Ft. Lauderdale combined … 30%

Profile of Int’l Home Buyers In Florida August % Miami/Ft Laud

Condominiums: The Major Choice Detached Single-Family of Increased Interest NAR Survey for Miami-Broward October % Condos /Townhomes

Commercial Purchases Concentrated in Retail and Multi-Family Properties NAR Survey for Miami-Broward October 2013

For 70 Percent of Miami-Dade-Broward REALTORS®, Mortgage Sales Account for Less than 10% of Int’l Transactions NAR Survey for Miami-Broward October 2013

The Top Tier Countries of Client Origin Miami Survey NAR Survey for Miami-Broward October 2013

The Second Tier Countries of Client Origin

Who’s looking at Miami properties…

Source: Unigroup Relocation as reported in RISMedia 2-14

Realtor.com/international December 2013 Most searched U.S. cities: 1. Los Angeles, CA 2. Miami, FL 3. New York, NY 4. Detroit, MI 5. Las Vegas, NV 6. Orlando, FL 7. Fort Lauderdale, FL 8. Houston, TX 9. Chicago, IL 10. San Diego, CA

Realtor.com Where are Int’l Buyers Searching? Top 5 Markets For Each Country Miami = 12 Countries 1 st in 5 Markets December 2013 Canada: Detroit, Las Vegas, Fort Lauderdale, Los Angeles, Miami United Kingdom: Los Angeles, Houston, Orlando, New York, Atlanta Australia: Detroit, Los Angeles, New York, Las Vegas, San Francisco Ireland: Washington, Los Angeles, New York, Chicago, Las Vegas Brazil: Miami, Orlando, Los Angeles, Fort Lauderdale, Miami Beach India: New York, Los Angeles, Dallas, Chicago, Las Vegas Germany: Los Angeles, Colorado Springs, Miami, San Antonio, Detroit Japan: San Diego, Honolulu, Los Angeles, Jacksonville, Oahu Mexico: San Diego, San Antonio, Laredo, Miami, El Paso France: Miami, Los Angeles, Detroit, Miami Beach, New York China: Los Angeles, Detroit, San Francisco, Irvine, Chicago Italy: Miami, Detroit, New York, Los Angeles, Miami Beach Netherlands: Detroit, Los Angeles, New York, Miami, Las Vegas Philippines: Ashland (AL), Las Vegas, Los Angeles, Houston, Beverly Hills South Korea: Los Angeles, Irvine, Las Vegas, San Antonio, Atlanta Spain: Miami, New York, Los Angeles, Detroit, Chicago Russian Federation: Miami, New York, Los Angeles, Detroit, Chicago Sweden: Los Angeles, New York, Miami, Fort Lauderdale, Detroit Switzerland: Miami, Los Angeles, Detroit, Fort Lauderdale, Naples Poland: Detroit, Los Angeles, New York, Chicago, Miami

Top 10 Visitors by Country on Miamire.com - Feb Brazil 2.Colombia 3.Canada 4.Venezuela 5.Argentina 6.France 7.Spain 8.Peru 9.U. K. 10.India 1.Brazil 2.Colombia 3.Canada 4.India 5.Argentina 6.Venezuela 7.Bolivia 8.France 9.U. K. 10.Russia 2014 Who is Covering Miami Real Estate 1.U. K. 2.Venezuela 3.Canada 4.China 5.Italy 6.Argentina 7.Spain 8.Australia 9.New Zealand 10.Brazil 11. Germany 12. France 13. Hong Kong 14. India 15. Mexico 16. Bahamas 17. Philippines 18. Singapore 19. South Korea

Top 10 Visitors by STATE on Miamire.com Feb Illinois 2.Tennessee 3.California 4.Pennsylvania 5.New York 6.Texas 7.Georgia 8.Connecticut 9.Michigan 10.Maryland 1.California 2.Georgia 3.Texas 4.New York 5.Illinois 6.Michigan 7.Pennsylvania 8.Virginia 9.New Jersey 10.North Carolina 2014 Who is Covering Miami Real Estate 1.California 2.Texas 3.New York 4.Connecticut 5.Michigan 6.New Hampshire 7.Ohio 8.Georgia 9.Illinois

Moving In … Moving Out Moving Out The top outbound states for 2013 were: New Jersey Illinois New York West Virginia Connecticut Utah Kentucky Massachusetts New Mexico Moving In The top inbound states of 2013 were: Oregon South Carolina North Carolina District of Columbia South Dakota Nevada Texas Colorado

1.Monaco Hong Kong London Singapore Geneva New York Sydney Paris Moscow Shanghai46.2 SQ M that US$1M will buy 11. Beijing Rome Los Angeles Miami Tokyo Mumbai Istanbul Sao Paulo Dubai Cape Town215.1 Amount (SQ M) of Luxury Property US$1M Will Buy

Study by Knight Frank with research firm Wealthinsight ranks cities by attractiveness to the rich on 4 criteria: Economic activity Quality of life Knowledge/influence Political power 2 cities basically tied: London/NYC (like the Gates & Buffet of rich cities) Projection: NY will take the lead (gaining edge from political power and economic activity) Only 2 US Cities in Top 10: New York and Miami

North America 1.New York 2.Miami 3.D. C. 4.San Francisco 5.Toronto Europe 1.London 2.Geneva 3.Paris 4.Zurich 5.Moscow Latin America 1.Sao Paulo 2.Rio 3.Buenos Aires 4.Mexico City 5.Santiago Asia Pacific 1.Singapore 2.Hong Kong 3.Shanghai 4.Beijing 5.Sydney Middle East 1. Dubai Top 5 Cities by Region And Top 5 Future Hotspots Knight Frank Wealth Report 2014

HNWIs by the $Millions # People … % Increase (since 2003) 167,000 worth $30M+ (+59%) 37,104 worth $100M+ (+62%) 1,682 Billionaires (+82%) 10 Year Projections 215,113 (+29%) 48,473 (+31%) 2,315 (+38%) Asia and emerging markets will drive much of the growth U. S. is still expected to have the most multimillionaires by far in 2023 with 47,468 worth $30M+ (+21%)

Largest HNWI Populations World Wealth Report 2013

Forecast 10-year Global Growth by Wealth Bracket Source: WealthInsight and Knight Frank Wealth Report 2014

Asia and emerging markets will drive much of the growth

10 most affluent neighborhoods in America (measured by mean household income) #4 - Old Cutler-Hammock Coral Gables 48% Latino 2/3 of Latinos are Cuban Mostly owners/entrepreneurs The new neighborhood list, called the Higley Elite 100, is compiled by Stephen R. HigleyHigley Elite 100

The Top 25 Real Estate Markets in the U.S. According to the experts at Moneyjournal.com #1 Miami, Florida: With the expectation of a 13.4 percent increase in their real estate market, Miami comes in as the leader in all real estate markets according to the experts at moneyjournal.com. The median sales price for homes in Miami is $164,450, which is an increase of 1.5 percent from the previous year. #2 Phoenix #3 Palo Alto #4 Orange County #5 Houston #6 San Francisco #7 San Jose #8 Williston, ND #9 Tampa #10 Tucson

Is The China Real Estate Bubble Real? In Beijing the average price of a home is times the average household income. In Shanghai the ratio is times; Hangzou, 27.7 times; Guangzhou is times. Compare that to New York City where the ratio is 7.85 San Francisco at 7.43 times Or compare to London at Paris with a ratio of cities where foreign money tends to prop prices higher Miami … $43,464 = 5.18 SF 4.28 Condo

Launched South Florida Market Intelligence Page SFMarketIntel.com All Market & Industry- Related Information in One Place Miami-Dade & Broward

119 Global Partnerships Worldwide

119 Global Partnerships Worldwide

This Presentation International Reports Our Gift: Online Resources

Teresa King Kinney, CEO Lynda Fernandez, SVP