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NEIGHBORHOOD DESCRIPTION (Continued) The condominium market has continued to slow over the past six months. While the rate of sales remained similar for both the average and median pricing, on a per square foot basis, declined. The average days on the market increased. The overall market has 1,202 units listed for sale. The listing prices ranged from $79,900 to $41,500,000. The average and median pricing was $1,818,750 and $766,000 respectively. The increase in listings and longer marketing times is mainly due to buyers reluctance to purchase units in older buildings. The continued increase in HOA fees, primarily due to rising insurance premiums, and high interest rates, are cited as the root causes for the slow down in sales. Also, there is significant available inventory. The two projects either breaking ground or under construction have very little listing activity on MLS. Also, these properties were purchased nearly ten years ago and are just breaking ground. St. Regis residences will be developed at 18801 Collins Avenue. This project will include two towers spanning 56 and 62 stories in height, with a total of 361 residential units. The single-family home uses are primarily situated in the Golden Shores section at the northwestern quadrant of the City. Sales and listing activity is minimal. The most recent closed sale was $3,800,000. The rental apartment market is. limited with most buildings indicated occupancy rates above 97%. Rental rates have continued to increase. According to the Reinhold P. Wolff 2°d Qtr. 2025 Residential Housing Survey the rental apartment for this section, which includes northern Miami Beach, included 2,212 surveyed units. The market included a vacancy rate was 2.8% and rental rates ranged from $2,465 to $4,050. The commercial uses are located along the west side of Collins Avenue, and along Sunny Isles Beach Boulevard. The office market is limited to a few office buildings. The newest construction is the Milton Office Tower on the southwest corner of Collins Avenue and Sunny Isles Beach Boulevard. The average rent for the submarket is about $50.00 per square foot, gross. The vacancy rate is about 7%. The retail market includes multiple shopping centers along Collins Avenue, and various ground floor retail uses along Sunny Isles Beach Boulevard. The shopping centers are in demand with a vacancy rate less than 5%. The average rent is currently about $55 per square foot, NNN. Not withstanding ground floor retail uses, within mixed use projects, there are no other forms of retail construction on going at this time. 23 561