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<br />According to data from the Department of Business and Professional Regulation, Miami-Dade
<br />County has over 280,000 licensed rental apartment units. Reinhold P. Wolff Quarterly Housing
<br />Report shows a vacancy rate of3.1% in November of2001, slightly higher than the 2.1% rate of
<br />November of 2000. The vacancy rate has been declining steadily since 1991, but the decline
<br />accelerated after August 1992; this is attributable to Hurricane Andrew. Rental apartments have
<br />average rental rates of$817 per month for a one bedroom apartment and $1,016 per month for a two
<br />bedroom apartment.
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<br />The condominium apartment market experienced an all-time high inventory of 15,722 units in
<br />October of 1986. The inventory has decreased to 6,392 units as of June of200 1. The high inventory
<br />caused the average sale price of a new condominium unit to decline from $112,604 in 1982 to
<br />$87,990 in 1987. However, the average sale price increased dramatically to $162,752 in 1991,
<br />declining to $130,545 in 1994 but again dramatically increasing to $214,361 in 2000.
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<br />The Miami-Dade County retail market contains approximately 52.5 million square feet in buildings
<br />over 20,000 square feet. The major retail markets in Miami-Dade County include Hialeah, Coral
<br />Gables/South Miami-Dade, Aventura and Kendall. Rental rates typically range from $15.00 to
<br />$40.00 per square foot with an average rate of $18.80 per square foot. The overall Miami-Dade
<br />County vacancy rate for 2001 was approximately 7.2%. The vacancy level is lowest in super
<br />regional malls and highest in unanchored strip centers.
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<br />Conclusions
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<br />In the future, one of the principal growth areas for Miami-Dade County is expected to be the
<br />international sector. Miami-Dade County, because of its geographic location and excellent
<br />transportation facilities, is well-suited to attract both business individuals and tourists from Latin
<br />America. It is already one of the principal shopping markets for Central and South Americans
<br />visiting the United States and one ofthe principal export points for goods and services destined for
<br />Latin America.
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<br />A major consideration to future real estate development in Florida will be compliance with the
<br />State's concurrency law mandated by the Growth Management Act. This law requires developers
<br />to build sufficient infrastructure. Concurrency requires that basic facilities and services be in place
<br />or the money to build the same be available before the construction of new development is granted
<br />approval.
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<br />The existence of major financial institutions, retail outlets, corporations and other business entities,
<br />coupled with its geographic location, transportation systems and planned international trade centers
<br />give Miami-Dade County an excellent opportunity for continued growth as an international center.
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<br />QUINLIVAN APPRAISAL
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