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Project: GOM.1400! Neighborhood Proles! Sunny Isles Beach!

Date: February 8, 2014! Draft 1! Page 1 " of "6!

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Sunny Isles Beach!

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Zip Code: 33160! Area: 2.26 square miles!

Primary Property Type: Luxury Condominium! Average Price: $700,000 to $2,000,000! Average Price Per Square Foot: $440! Median Price Per Square Foot: $560! Average Rental: $5,000 to $10,000 per month/$2.32 per square foot!

Overview!
Sunny Isles is called Floridas Riviera and is known informally as Miamis Little Moscow. Beginning in 2001, Sunny Isles has undergone rapid and dramatic redevelopment, particularly along the ocean side of Collins Avenue. Most of this development has been spurred by interest from wealthy international buyers who want to put their money into a hard asset, such as a second, third, or fourth home. Russians represent 10% of the total real estate market in the metro Miami area, with Sunny Isles being the most popular choice followed by Aventura. !

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Geography!
Sunny Isles Beach is located at"2556#30$N"807#30$W"(25.941270, -80.125111). ! Sunny Isles Beach is a small municipality located on a barrier island in northeast MiamiDade County bordered by the Atlantic Ocean to the east and the Intracoastal Waterway to the west. The island is shared by Surfside, Bal Harbour, and Miami Beach to the south, and Golden Beach, Hallandale Beach, and Hollywood Beach to the north. This island is separated from the mainland of metro Miami, Aventura, and Hollywood-Ft. Lauderdale by the Intracoastal Waterway and can be reached only by bridge.!

Miami Writer!
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Project: GOM.1400! Neighborhood Proles! Sunny Isles Beach!

Date: February 8, 2014! Draft 1! Page 2 " of "6!

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Location!
Sunny Isles is located midway between downtown Miami and Ft. Lauderdale. The main thoroughfare is Collins Avenue, which runs north from South Beach to Aventura, where it becomes South Ocean Drive. The Sunny Isles Bridge connects to I-95 and the Florida Turnpike at the Golden Glades Interchange, providing access to all of South Florida. !

Distances!
Miami International Airport: 21 miles, 27 minutes! Ft. Lauderdale-Hollywood International Airport: 13.8 miles, 21 minutes! Downtown Miami: 19.6 miles, 25 minutes! South Beach in Miami Beach: 11.8 miles, 29 minutes!

Area Demographics!
Population: 40,000 (20,000 year-round)! Density: 16,000+ per square mile*! Average Household Size: 2 persons! Median Age: 44!

Sunny Isles is a vacation market, with out-of-town buyers accounting for half of all real estate sales. As a result, the year-round population is just 20,000 persons. This includes a large number of older retirees from New York and Eastern Europe who relocated to Sunny Isles before 2000, when older condominiums could be purchased cheaply. After 2000, Sunny Isles underwent a major redevelopment boom and the population increased 36% within three years. Todays buyer is typically middle-aged or younger, afuent, and desires a luxury second home instead of a permanent residence. Nearly 50% of buyers are Russian-speaking, but Brazilians have begun to invest heavily in Sunny Isles. !

Demographics (Year-Round Residents)!

Races: (as of 2010)!

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Project: GOM.1400! Neighborhood Proles! Sunny Isles Beach!

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White: 87% (47% Hispanic)! Black: 6.4%!

Ancestries: (as of 2009)! Russian 18%! Italian - 5.8%! Polish 5.0%! American - 4.9%! Other 51%!

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Tourism!
More than 1,000,000 tourists visit Sunny Isles each year. In the past, Sunny Isles appealed to middle-class American families who wanted a budget-priced beach vacation. Redevelopment has replaced the older, kitschy motels with large luxury brands that draw wealthy visitors from Latin America and Eastern Europe. Less upscale hotels are on the western side of Collins Avenue, including mid-priced brands and small, older hotels. Luxury vacation condos are extremely popular with afuent long-term visitors.!

Top Luxury Hotels:! AcqualinaAcqualinaAcqualina Resort and Spa! Marenas Beach Resort and Spa! Trump International Beach Resort! Sole on the Ocean!

Lifestyle !
The neighborhood has plenty of restaurants, grocery stores, and small shops, including the new premier Epicure Market. Outdoor amenities include the beautiful, 2.5-mile white sand beach, boating, water sports, and tennis. The recently restored Newport Pier, originally built in 1936, is a local favorite for shing and watching sunsets. The new Samson Oceanfront Park is an enjoyable play area for children. The crime rate is very

Miami Writer!
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Project: GOM.1400! Neighborhood Proles! Sunny Isles Beach!

Date: February 8, 2014! Draft 1! Page 4 " of "6!

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low and Sunny Isles is surrounded by upscale neighborhoods, which creates a good sense of security. Bal Harbour Shops, which is ranked as the #1 shopping destination in the U.S. by Womens Wear Daily, is less than 5 miles from Sunny Isles. The upscale Aventura Mall, which is one of the largest shipping centers in the U.S. is just 9 miles away. Nearby medical facilities included Aventura Hospital and Mount Sinai Hospital. Schools include a highly regarded public elementary school and the nearby north campus of Florida International University. !

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Of Special Interest To Russian Buyers!
Sunny Isles is one of the preferred Russian-speaking areas, and there are many services that appeal to a Russian market, including restaurants with authentic Russian cuisine, Russian grocery stores, and small businesses owned by Russians. You can easily enjoy the sun of Miami without speaking a word of English. !

Real Estate Trends!

Past Development!
Sunny Isles was born in 1920 during the rst Florida land boom when a New York developer purchased the land intending to create a resort for wealthy vacationers. The real estate crash of 1925 and the Great Depression of the 1930s stalled the development of Sunny Isles. Following World War II, Sunny Isles became an important tourism destination. More than 30 fantasy-themed motels and hotels lined Collins Avenue, earning it the nickname of Motel Row. The most famous of these was the Castaways Hotel, which hosted the Beatles on their rst American tour in the 1960s. By the 1970s, Sunny Isles entered a real estate slump and was forgotten in the shadow of neighboring Miami Beach with its larger hotels. It remained stagnant until 1997, when the city was incorporated and local zoning laws were changed to allow the building of high-rise condominiums and hotels. The Castaways Hotel was torn down and the areas rst luxury condominium, Olympia Towers, was built on the site. Gil Dezer, the son of Manhattans well-known developer Michael Dezer, partnered with Donald Trump to lead the redevelopment of Sunny Isles in 2001. By 2006, they had been joined by other major

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Project: GOM.1400! Neighborhood Proles! Sunny Isles Beach!

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developers and nearly a dozen projects were underway, putting Sunny Isles on the map as the hottest, new destination in South Florida. Unlike the rest of Miami, which suffered severely from the collapse of the real estate bubble in 2008, Sunny Isles remained strong due to strong demand from foreign buyers. !

Current Development!
Sunny Isles offers a dramatic new skyline with ultra-luxurious high-rise condominiums and hotels along the ocean side of Collins Avenue. Most of these structures were built in the last 10 years and are more than 400 feet in height. Muse is planned to max out at 650 feet, the highest allowed by the FAA. All of the new buildings feature a sleek, modern style by celebrated architects such as Carlos Ott (Jade Ocean, Muse), Kobi Karp (Mansions at Acqualina, La Perla, Marenas), and Arquitectonica (Millennium). In style and luxury, Sunny Isles is the Dubai of Miami with prices that easily reach $30,000,000. At the same time, Sunny Isles also offers a number of properties priced under $1,000,000. !

Future Development!
Development has continued at a rapid pace. At the beginning of 2014, magnicent luxury buildings under construction including the highly publicized Porsche Design Tower, Chateau Beach, Muse, the Mansions at Acqualina, and Regalia. Armani House, designed by Argentinean architect Cesar Pelli, will be priced at $1,400 a square foot. In January 2014, the Trump Group purchased most of the timeshare units at the Golden Strand Ocean Villa Resort, indicating that they plan to introduce yet another tour de force condominium. The redevelopment of Sunny Isles has increased the citys tax base to $5+ billion, funding the planning of new roadways, new parks, and upgraded facilities. Commercial real estate developers are beginning to refurbish the areas small strip malls and professional ofces. One Netayna is one of several new commercial retail projects under construction in Sunny Isles. Over the last year, Brazilians and Argentineans have led investment in Sunny Isles. Greater numbers of young families are moving into the area, inuenced by the low crime rate and improvements being made to local facilities

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Project: GOM.1400! Neighborhood Proles! Sunny Isles Beach!

Date: February 8, 2014! Draft 1! Page 6 " of "6!

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and schools. At the same time, new construction emphasizes even greater luxury with turnkey hotel-style services that appeal to wealthy buyers of a vacation residence.!

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