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MARKET OVERVIEW

MARKET OVERVIEW. PALM BEACH COUNTY & TREASURE COAST. POPULATION GROWTH 1990 -2000. 1990 2000 Annual Growth. Florida 12,937 15,982 2.1% Palm Beach 863.5 1131.1 2.7% Martin 100.9 126.7 2.3% St. Lucie 150.2 192.7 2.5% Indian River 90.2 112.9 2.3%.

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MARKET OVERVIEW

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  1. MARKET OVERVIEW PALM BEACH COUNTY & TREASURE COAST

  2. POPULATION GROWTH 1990 -2000 1990 2000 Annual Growth Florida 12,937 15,982 2.1% Palm Beach 863.5 1131.1 2.7% Martin 100.9 126.7 2.3% St. Lucie 150.2 192.7 2.5% Indian River 90.2 112.9 2.3% Source: US Bureau of Census

  3. POPULATION GROWTH 1999 -2002 Source: Fishkind & Associates

  4. POPULATION GROWTH 2002 - 2004 Source: Fishkind & Associates

  5. EMPLOYMENT GROWTH Source: Fishkind & Associates

  6. CHANGE IN EMPLOYMENT Source: Fishkind & Associates

  7. Palm Beach CountyAnnual Job Growth Source: American Metro Study

  8. TRENDS IN OVERNIGHT VISITATION Hotel Occupancies mid / lower 60s % Bed tax revenues 2002 YTD off 10 percent over 2001 same YTD Source: Fishkind & Associates

  9. INDUSTRIAL SPACE MARKET • Net Rentable: 42.8 Million Sq. Ft. • Vacancy Rate: 5.0 Percent • Annual Absorption: 103,477 Sq. Ft. • Under Construction: 294,394 Sq. Ft. • Average Lease Rate (NNN): $5.89 per Sq. Ft. Source: CB Richard Ellis 2nd Quarter 2002

  10. OFFICE SPACE MARKET • Net Rentable: 22.7 Million Sq. Ft. • Vacancy Rate: 16.4 Percent • Annual Absorption: (405,687) Sq. Ft. • Under Construction: 0 Sq. Ft. • Average Lease Rate (NNN): $16.10 per Sq. Ft. Source: CB Richard Ellis 2nd Quarter 2002

  11. RETAIL SPACE MARKET • Gross Leasable: 31.0 Million Sq. Ft. • Vacancy Rate: 7.1 Percent • Under Construction: 835,932 Sq. Ft. • Average Lease Rate: $14.79 per Sq. Ft. Source: CB Richard Ellis 2nd Quarter 2002

  12. Palm Beach County Housing Activity By Quarter Three Year Trend Analysis Source: American Metro Study

  13. Treasure Coast Housing Activity By Quarter Three Year Trend Analysis Source: American Metro Study

  14. Palm Beach County Housing Inventory by Quarter Three Year Trend Analysis Source: American Metro Study

  15. Treasure Coast Housing Inventory by Quarter Three Year Trend Analysis Source: American Metro Study

  16. Palm Beach County Housing Starts By Quarter Versus Annual Job Growth Three Year Trend Analysis Source: American Metro Study

  17. INTEREST RATES Source: Fishkind and Associates

  18. FACTORS INFLUENCING RESIDENTIAL REAL ESTATE • Low interest rates • Move-up market • Retirement Market • Other Inmigration • Stock Market

  19. SELECTED MASTER PLANNED COMMUNITIES F E D C B A

  20. SELECTED MASTER PLANNED COMMUNITIES A: Central / West Palm Beach County • Most Active (Starts) • in Planned Subdivisions • Valencia Falls (420); • Venitian Isles (356), • Madison Green (351) • Bellagio (323), • Verona Lakes (292), • Baywinds (258) • Nautical Isles (258) Upwards of 8,000 platted but undeveloped lots in this region Middle to upper middle income product

  21. SELECTED MASTER PLANNED COMMUNITIES B: City Place – West Palm Center • Convention Center to Open Fall 2003 • Bookings affected by lack of onsite hotel • Additional Retail, Office and Residential Condominiums are planned • Hotel Rooms Planned (800)

  22. SELECTED MASTER PLANNED COMMUNITIES C: Palm Beach Gardens / Jupiter Ibis: 1900 Acres; 3 golf golf; Started in 1990; 1000 units remaining Mirasol: 2300 Acres; 1163 units planned; Price Range $300 k to $3 Million Sold 200 to date; absorbed 121 last 12 months. Art Hills and Tom Fazio Golf Courses; Golf Digest Learning Center Evergrene (WCI) 905 units; $175 to 700K; 36 acre lake; Pre-sales Frenchman’s Reserve 530 units; $600 to $2 million; Palmer Golf Course Old Palm Golf Club (WCI) 312 units $1 million plus; Floyd Golf Course Ritz Carlton Club 133 units; Nicklaus Golf; Fractions $250,000 plus Abacoa: 6280 units; 1525 sold; 300 annual absorption; $200 k to $700 K FAU, Cardinals Stadium, Residential over Commercial Center Paseos: 207 acres; 327 SF units 311 MF units; Town Greens; Bike Trails

  23. SELECTED MASTER PLANNED COMMUNITIES D: Martin County Stand-alone Upscale Private Golf: Mac Arthur (Hobe Sound): 130 sold $175,000 Initiation Deposit Dye Preserve (North of West Jupiter): 71 pre-sold $75,000 Initiation Deposit Ballyhoo (West of Stuart) 100 pre-sold $60,000 Initiation Deposit Residential: Hammock Creek in Palm City Active (132 units started last 12 months) Golf semi-private – Nicklaus design Anti-growth Politics – Developers generally avoiding Martin County

  24. SELECTED MASTER PLANNED COMMUNITIES E: St. Lucie County St. Lucie West 20 % of 9500 Dus St. Lucie (217 units started last 12 months) PGA Village 4100 units 25 % built out PGA Village (183 units started last 12 months) The Reserve (80) Partnership with PGA of America; 3 golf courses; to add three more; state of the art learning center Westchester – several 1000 units Joint planning with PGA Village To include residential, office and commercial Within six years a regional mall

  25. SELECTED MASTER PLANNED COMMUNITIES F: Indian River County Selected Residential Grand Harbor 2553 units approved and 1223 completed 45 holes of golf 144 slip marina; Orchid Island (32 active starts last 12 months) Indian River Golf Club (30 active starts last 12 months) Private Upscale Stand-alone golf Quail Valley ($ 120,000 initiation fee) Red Stick ($120,000 plus initiation fee)

  26. CONCLUSIONS • Geography Great! • Seeing high quality planned communities • Sales remain outstanding in weak economy supported by low interest rates, intrastate migration (from Broward, Dade & PB) and interstate-migration • Development opportunities most prevalent north of Martin County • Treasure Coast offers a large variety of Recreational Opportunities • Quality of Life Is the Major Attraction – Must be preserved through investment in infrastructure, schools, etc.

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