American
Appraisers
Corporation
Appraisers
Corporation
(502) 267-6320 Office
(502) 267-6344 Fax
10801 Electron Drive, Suite 308
Louisville, KY. 40299
(502) 267-6344 Fax
10801 Electron Drive, Suite 308
Louisville, KY. 40299
REGIONAL ANALYSIS OF MIAMI – FORT LAUDERDALE – POMPANO BEACH,
FLORIDA
The subject is influenced in a general manner by the economic, political,
physical and social characteristics of the Miami-Fort Lauderdale-Pompano
Beach Metropolitan Statistical Area (MSA). An MSA is a geographic area
with a significant population nucleus, along with any adjacent communities
that have a high degree of economic and social integration with that
nucleus. The subject property is located in Miami. The map below
presents the MSA location within Florida.
The value of real property is influenced by the interaction of four basic
forces. These forces include social trends, economic circumstances,
environmental conditions, and governmental controls and regulations. The
interaction of these four forces influences the value of every parcel of real
estate in the market.
SOCIAL TRENDS
Social forces are trends that are exerted primarily through population
characteristics. Real property values are affected not only by population
changes and characteristics, but also by various forms of human activity.
Population and Area:
Population growth trends influence employment growth, income levels,
and many other key demand parameters analyzed in determining
commercial real estate productivity. The MSA, state, and US have shown
consistent growth trends over the past 10 years and are anticipated to
continue to grow. In general, population growth is a positive indicator for
real estate.
The chart below shows the population for the 10 largest cities within the
MSA. The subject is located in Miami. This is the largest city in the South
Florida region.
Higher Education:
Institutions of higher learning typically are not as vulnerable to economic
downswings, and they help to provide an area with a more solid
employment base. The numerous colleges and universities in South
Florida include: Barry University, Broward College, Carlos Albizu University,
Florida Atlantic University, Florida International University, Florida
Memorial University, Johnson & Wales University, Le Cordon Bleu College
of Culinary Arts Miami, Lynn University, Miami Dade College, Northwood
University, Nova Southeastern University, Palm Beach Atlantic University,
Palm Beach State College, St. Thomas University, and the University of
Miami.
Recreational and Regional Attractions:
Recreational and regional attractions enhance an area’s quality of life.
These activities may also have a significant economic impact on an area by
increasing the demand for services and retail trade created by visitors.
The South Florida region offers opportunities to participate in a variety of
entertainment, cultural, and recreational options.
Miami is home to many entertainment venues, theaters, museums, parks
and performing arts centers. The newest addition to the Miami arts scene
is the Adrienne Arsht Center for the Performing Arts, the second-largest
performing arts center in the United States after the Lincoln Center in New
York City, and is the home of the Florida Grand Opera. Within it are the Ziff
Ballet Opera House, the center's largest venue, the Knight Concert Hall,
the Carnival Studio Theater and the Peacock Rehearsal Studio. The center
attracts many large scale operas, ballets, concerts, and musicals from
around the world and is Florida's grandest performing arts center. Other
performing arts venues in Miami include the Gusman Center for the
Performing Arts, Coconut Grove Playhouse, Colony Theatre, Lincoln
Theatre, New World Symphony House, Actor's Playhouse at the Miracle
Theatre, Jackie Gleason Theatre, Manuel Artime Theater, Ring Theatre,
Playground Theatre, Wertheim Performing Arts Center, the Fair Expo
Center and the Bayfront Park Amphitheater for outdoor music events.
The city is home to numerous museums as well, many of which are in
Downtown. These include the Bass Museum, Coral Gables Museum, Frost
Art Museum, Historical Museum of Southern Florida, Jewish Museum of
Florida, Lowe Art Museum, Miami Art Museum, Miami Children's Museum,
Miami Science Museum, Museum of Contemporary Art, Vizcaya Museum
and Gardens, Wolfsonian-FIU Museum and the Miami Cultural Center, home
of the Miami Main Library.
Miami is a major fashion center, home to models and some of the top
modeling agencies in the world. Miami is also host to many fashion shows
and events, including the annual Miami Fashion Week and the Mercedes-
Benz Fashion Week Miami held in the Wynwood Art District. Miami is also
the home of the world's largest art exhibition, dubbed the "Olympics of
Art", Art Basel Miami Beach. The event is held annually in December, and
attracts thousands of visitors from around the world.
Miami's temperate weather allow for year-round outdoors activities. The
city has numerous marinas, rivers, bays, canals, and the Atlantic Ocean,
which make boating, sailing, and fishing popular outdoors activities.
Biscayne Bay has numerous coral reefs which make snorkeling and scuba
diving popular. There are over 80 parks and gardens in the city. The
largest and most popular parks are Bayfront Park and Bicentennial Park,
Fairchild Tropical Botanic Garden, Key Biscayne, Morningside Park, Pace
Park, Tropical Park, Virginia Key, and Watson Island. Other popular
destinations in the area include Jungle Island, Zoo Miami, Miami
Seaquarium, Coral Castle, St. Bernard de Clairvaux Church, Charles
Deering Estate.
The Miami Heat is currently the only major professional sports team that
plays its games within Miami's city limits at the American Airlines Arena. The
Miami Dolphins and the Florida Marlins both play their games in Miami
Gardens. The Orange Bowl, a member of the Bowl Championship Series,
hosts their college football championship games at Sun Life Stadium. The
stadium has also hosted the Super Bowl. In 2010 construction began on a
new ballpark for the Florida Marlins within the city limits of Miami on the
site of the old Orange Bowl stadium. Miami FC, Florida's only professional
soccer team, plays at Tropical Park Stadium. The Florida Panthers NHL team
plays in neighboring Broward County at the BankAtlantic Center in the city
of Sunrise. As well as having all four major professional teams, Miami is
also home to Miami FC, Miami Tropics, the Sony Ericsson Open for
professional tennis, numerous greyhound racing tracks, marinas, Jai-Alai
venues, and golf courses.
ECONOMIC FORCES:
Economic forces are the fundamental relationships between current and
anticipated supply and demand and the economic activities in which the
population participates in order to satisfy its wants, needs, and demands
through its purchase power.
Sector Employment:
The chart below indicates the employment by sector for both the state and
the MSA per the US bureau of labor. As shown the overall employment
composition for both the MSA and state are similar and diverse indicating a
stable economic base.
Industries:
South Florida is the geographic and business center for the largest
metropolitan region in the Southeast United States. South Florida is also
one of the world’s leading metropolitan areas for global companies as
home to 1,200 multinational companies that manage over $200 billion (US)
in revenue. In addition, 232 of these 1,200 companies are global
headquarters. Several large companies headquartered in the area are:
Alienware, Arquitectonica, Arrow Air, Bacardi, Benihana, Brightstar
Corporation, Burger King, Celebrity Cruises, Carnival Corporation, Carnival
Cruise Lines, CompUSA, Crispin Porter + Bogusky, Espírito Santo Financial
Group, Fizber.com, Greenberg Traurig, Inktel Direct, Interval International,
Lennar, Norwegian Cruise Lines, Perry Ellis International, RCTV
International, Royal Caribbean Cruise Lines, Ryder Systems, Seabourn
Cruise Line, Telefónica USA, TeleFutura, Telemundo, Univision, U.S.
Century Bank, and World Fuel Services.
The region’s proximity to Latin America and the Caribbean is a key strategic
asset for international commerce in the Western Hemisphere. Miami offers
access to markets throughout the Americas, as well as to Europe and Asia,
with global transportation connections at Miami International Airport and
the Dante B. Fascell Port. The Port of Miami-Dade is both the world's
leading port for cruise line passenger traffic and the top container port in
the State of Florida. Additionally, Miami International Airport is the country’
s top processor of air cargo. Miami’s multinational corporations include
Apple, Oracle, IBM, Clorox, Burger King, Porsche, approximately 50
Japanese companies, leading Korean multinationals like Hyundai and
Samsung, and an increasingly strong Chinese presence. Miami also serves
as the headquarters of Latin American operations for such companies as
AIG, American Airlines, Cisco, Disney, Exxon, FedEx, Kraft Foods, Microsoft,
Yahoo, Oracle, SBC Communications, Sony, Visa International, and Wal-Mart.
.
The chart below details the major employers in the MSA. The largest
employers are University of Miami, Publix Supermarkets, Baptist Health
South Florida, and Tenet Healthcare Corporation.
Unemployment:
The following chart shows the historical unemployment rates for the MSA,
state, and US from 2000 to 2010 and April 2011. The MSA’s unemployment,
as well as the State and national unemployment levels have increased
significantly since 2008. As shown, the unemployment rate for the MSA is
slightly higher than that of the state and is 2.4% higher than the current
national average.
ENVIRONMENTAL FORCES:
Environmental forces are both natural and manmade forces that influence
real property values. Some environmental forces include climactic
conditions, natural barriers to future development, primary transportation
systems, and the nature and desirability of the immediate areas
surrounding a property.
The area has a tropical climate which is perceived as desirable and often is
considered a vacation destination or a good location for 2nd homes.
Tropical storms and hurricanes have affected the region historically. This
has caused property damage as well as higher premiums for property
insurance.
Transportation:
The South Florida metropolitan area is served by five interstate highways
operated by the Florida Department of Transportation in conjunction with
local agencies. I-95 runs north to south along the coast, ending just south
of Downtown Miami. I-75 runs east to west, turning south in western
Broward County; it connects suburban North Miami-Dade to Naples on the
west coast via Alligator Alley, which transverses the Florida Everglades
before turning north. I-595 connects the Broward coast and downtown Fort
Lauderdale to I-75 and Alligator Alley. I-195 and I-395 both connect the main
I-95 route to Biscayne Boulevard and Miami Beach, which is located across
Biscayne Bay. I-195 and I-395 also connect to the Airport Expressway (State
Road 112) and the Dolphin Expressway (State Road 836), respectively, both
of which run west to Miami International Airport; the Dolphin Expressway
also connects to Florida's Turnpike and the western suburbs of Miami-
Dade County.
In Miami, Miami-Dade Transit operates Metrorail, Florida's only rapid transit
metro with 22 stations on a 22.4-mile track, the Downtown Miami people
mover, (Metromover) with 21 stations and 3 lines on 4.4-mile track, as well
as Metrobus. In Broward County, Broward County Transit runs public buses
as does Palm Tran in Palm Beach County. Additionally, the South Florida
Regional Transportation Authority operates Tri-Rail, a commuter rail train
that connects the three of the primary cities of South Florida (Miami, Fort
Lauderdale, and West Palm Beach), and most intermediate points.
South Florida is served by three major airports: Miami International Airport
(MIA), Fort Lauderdale-Hollywood International Airport (FLL), and Palm
Beach International Airport (PBI).
The three airports combine to make the fourth largest domestic origin and
destination market in the United States, after New York City, Los Angeles,
and Chicago.
The metropolis also has four seaports, the largest and most important
being the Port of Miami. Others in the area include Port Everglades, Port of
Palm Beach and the Miami River Port.
GOVERNMENTAL FORCES:
Governmental, political and legal actions at all levels have an impact on
property values. The legal climate of a particular time or in a particular
place may overshadow the natural market forces of supply and demand.
OUTLOOK:
Our review of the above data indicates that the Miami-Fort Lauderdale-
Pompano Beach Metropolitan Statistical Area historically has had a strong
economy, evidenced by a diverse economic base, low unemployment
rates, and a growing population. The area also features numerous regional
attractions and an excellent transportation system.
The nationwide recession has impacted the area over the past several
years. Unemployment levels have increased, there are an increasing
number of foreclosures, and overall consumer spending is down. The MSA
saw a significant appreciation in real estate valuation which led to
overdevelopment in the mid to late 2000s. With the recession, real estate
values have seen a decrease. On a short time horizon, the recession will
have a negative impact on the real estate market in general.
On a longer time horizon, given the dynamics of the region, it is anticipated
that the economy for the MSA will recover. The timing for the recovery is
based on an array of factors including the impact of the foreclosures in the
market, unemployment levels, consumer behavior, and the lending
environment.
SUBJECT MARKET AREA AND ANALYSIS
Neighborhood is defined as follows: A group of complementary land uses;
a congruous grouping of inhabitants, buildings, or business enterprises.
The following paragraphs provide an overview of the immediate area.
The subject is located on the north side of 79th Street, just east of NW 27th
Avenue. This location is about 7 miles north of the Miami Central Business
District. The immediate area is known as the West Little River.
Major Traffic Arteries
The major highway in the area is I-95. This highway is a north south
interstate highway. To the south this highway connects to downtown Miami
and to the north this highway connects to Fort Lauderdale and heads
further up the east coast of Florida. I-95 is located about 2 miles to the
east of the subject from NW 79th Street.
The area is generally laid out in a grid development system. The nearby
major surface routes include NW 79th Street and NW 27th Avenue. NW 79th
Street is an east west corridor and NW 27th Avenue is a north south
corridor.
Other notable corridors and highways include the Dolphin Expressway
and Florida’s Turnpike to the north. Overall, the subject is considered to
have good access and visibility on a macro and micro level.
Land Uses and Development
Land uses and development in the immediate area consists of
commercial development, residential development, and institutional land
uses: parks, churches, schools, etc. Immediately adjacent to the subject
property are several commercial buildings and churches. In general, more
intensive property uses such as commercial development and institution
uses front the major corridors with residential in-fill development. The
surrounding area is about 75% developed. The aerial that follows shows
the location of the subject and the surrounding development.
The subject is located on NW 79th Street which is a high exposure
area. To the immediate east of the subject is a car dealership. Further
east there are several commercial properties. There is a newly built Auto
Zone to the east. Off the northwest corner of NW 79th Street and NW 27th
Avenue there is a large Flea Market Mall. Further east there is a Family
Dollar, Walgreens, a church called the Iglesia Apostolica Fuente de Vida,
and other small commercial properties.
To the immediate west there are several small buildings including a
small church. There is some vacant land marketed for sale to the east as
well as more small commercial buildings.
To the immediate north is single family residential in the in-fill
development. The commercial development along NW 27th Avenue
includes numerous retail shopping center and single tenant users.
To the immediate south there is a towing company. Further south there
is infill residential development. Along NW 27th Avenue to the south is
commercial development.
Growth and New Development
Growth and new development is along scattered sites in the immediate
area. There is a residential project called Scott Carver located to the south
of the subject and there are a few new commercial buildings along the
main thoroughfares.
Demographic Profile
Single family development statistics for the 1, 3, and 5 mile radius is found
on the chart on the following page. The map below shows the radii.
The population in the 1, 3, and 5 mile radii are 19,672, 216,213 and 539,081
respectively. The area has seen a slight decrease in population over the
last five years and is anticipated to continue to see a decrease in
population in the next 5 years. Owner occupied homes comprise 42.9%,
41.0%, and 40% of the total homes in the respective radii. Median
household income in the 1, 3, and 5 mile radii are $26,192, $28,425, and
$31,460 respectively. The median home values are $85,022, $109,833, and
$123,929 respectively. The average year built of the structures (based on
2000 census data) is estimated at 1960, 1960, and 1963. Overall, these
demographics indicate a fairly populated, lower to moderate income level
area.
Conclusion
In conclusion, the subject is located with good frontage and access on NW
79th Street, one the major corridors in the immediate area. This corridor is
developed with a mix of commercial and institutional properties and
connects to other major corridors and highways in the area. There is
scattered new growth indicating that new development is feasible.
FLORIDA
The subject is influenced in a general manner by the economic, political,
physical and social characteristics of the Miami-Fort Lauderdale-Pompano
Beach Metropolitan Statistical Area (MSA). An MSA is a geographic area
with a significant population nucleus, along with any adjacent communities
that have a high degree of economic and social integration with that
nucleus. The subject property is located in Miami. The map below
presents the MSA location within Florida.
The value of real property is influenced by the interaction of four basic
forces. These forces include social trends, economic circumstances,
environmental conditions, and governmental controls and regulations. The
interaction of these four forces influences the value of every parcel of real
estate in the market.
SOCIAL TRENDS
Social forces are trends that are exerted primarily through population
characteristics. Real property values are affected not only by population
changes and characteristics, but also by various forms of human activity.
Population and Area:
Population growth trends influence employment growth, income levels,
and many other key demand parameters analyzed in determining
commercial real estate productivity. The MSA, state, and US have shown
consistent growth trends over the past 10 years and are anticipated to
continue to grow. In general, population growth is a positive indicator for
real estate.
The chart below shows the population for the 10 largest cities within the
MSA. The subject is located in Miami. This is the largest city in the South
Florida region.
Higher Education:
Institutions of higher learning typically are not as vulnerable to economic
downswings, and they help to provide an area with a more solid
employment base. The numerous colleges and universities in South
Florida include: Barry University, Broward College, Carlos Albizu University,
Florida Atlantic University, Florida International University, Florida
Memorial University, Johnson & Wales University, Le Cordon Bleu College
of Culinary Arts Miami, Lynn University, Miami Dade College, Northwood
University, Nova Southeastern University, Palm Beach Atlantic University,
Palm Beach State College, St. Thomas University, and the University of
Miami.
Recreational and Regional Attractions:
Recreational and regional attractions enhance an area’s quality of life.
These activities may also have a significant economic impact on an area by
increasing the demand for services and retail trade created by visitors.
The South Florida region offers opportunities to participate in a variety of
entertainment, cultural, and recreational options.
Miami is home to many entertainment venues, theaters, museums, parks
and performing arts centers. The newest addition to the Miami arts scene
is the Adrienne Arsht Center for the Performing Arts, the second-largest
performing arts center in the United States after the Lincoln Center in New
York City, and is the home of the Florida Grand Opera. Within it are the Ziff
Ballet Opera House, the center's largest venue, the Knight Concert Hall,
the Carnival Studio Theater and the Peacock Rehearsal Studio. The center
attracts many large scale operas, ballets, concerts, and musicals from
around the world and is Florida's grandest performing arts center. Other
performing arts venues in Miami include the Gusman Center for the
Performing Arts, Coconut Grove Playhouse, Colony Theatre, Lincoln
Theatre, New World Symphony House, Actor's Playhouse at the Miracle
Theatre, Jackie Gleason Theatre, Manuel Artime Theater, Ring Theatre,
Playground Theatre, Wertheim Performing Arts Center, the Fair Expo
Center and the Bayfront Park Amphitheater for outdoor music events.
The city is home to numerous museums as well, many of which are in
Downtown. These include the Bass Museum, Coral Gables Museum, Frost
Art Museum, Historical Museum of Southern Florida, Jewish Museum of
Florida, Lowe Art Museum, Miami Art Museum, Miami Children's Museum,
Miami Science Museum, Museum of Contemporary Art, Vizcaya Museum
and Gardens, Wolfsonian-FIU Museum and the Miami Cultural Center, home
of the Miami Main Library.
Miami is a major fashion center, home to models and some of the top
modeling agencies in the world. Miami is also host to many fashion shows
and events, including the annual Miami Fashion Week and the Mercedes-
Benz Fashion Week Miami held in the Wynwood Art District. Miami is also
the home of the world's largest art exhibition, dubbed the "Olympics of
Art", Art Basel Miami Beach. The event is held annually in December, and
attracts thousands of visitors from around the world.
Miami's temperate weather allow for year-round outdoors activities. The
city has numerous marinas, rivers, bays, canals, and the Atlantic Ocean,
which make boating, sailing, and fishing popular outdoors activities.
Biscayne Bay has numerous coral reefs which make snorkeling and scuba
diving popular. There are over 80 parks and gardens in the city. The
largest and most popular parks are Bayfront Park and Bicentennial Park,
Fairchild Tropical Botanic Garden, Key Biscayne, Morningside Park, Pace
Park, Tropical Park, Virginia Key, and Watson Island. Other popular
destinations in the area include Jungle Island, Zoo Miami, Miami
Seaquarium, Coral Castle, St. Bernard de Clairvaux Church, Charles
Deering Estate.
The Miami Heat is currently the only major professional sports team that
plays its games within Miami's city limits at the American Airlines Arena. The
Miami Dolphins and the Florida Marlins both play their games in Miami
Gardens. The Orange Bowl, a member of the Bowl Championship Series,
hosts their college football championship games at Sun Life Stadium. The
stadium has also hosted the Super Bowl. In 2010 construction began on a
new ballpark for the Florida Marlins within the city limits of Miami on the
site of the old Orange Bowl stadium. Miami FC, Florida's only professional
soccer team, plays at Tropical Park Stadium. The Florida Panthers NHL team
plays in neighboring Broward County at the BankAtlantic Center in the city
of Sunrise. As well as having all four major professional teams, Miami is
also home to Miami FC, Miami Tropics, the Sony Ericsson Open for
professional tennis, numerous greyhound racing tracks, marinas, Jai-Alai
venues, and golf courses.
ECONOMIC FORCES:
Economic forces are the fundamental relationships between current and
anticipated supply and demand and the economic activities in which the
population participates in order to satisfy its wants, needs, and demands
through its purchase power.
Sector Employment:
The chart below indicates the employment by sector for both the state and
the MSA per the US bureau of labor. As shown the overall employment
composition for both the MSA and state are similar and diverse indicating a
stable economic base.
Industries:
South Florida is the geographic and business center for the largest
metropolitan region in the Southeast United States. South Florida is also
one of the world’s leading metropolitan areas for global companies as
home to 1,200 multinational companies that manage over $200 billion (US)
in revenue. In addition, 232 of these 1,200 companies are global
headquarters. Several large companies headquartered in the area are:
Alienware, Arquitectonica, Arrow Air, Bacardi, Benihana, Brightstar
Corporation, Burger King, Celebrity Cruises, Carnival Corporation, Carnival
Cruise Lines, CompUSA, Crispin Porter + Bogusky, Espírito Santo Financial
Group, Fizber.com, Greenberg Traurig, Inktel Direct, Interval International,
Lennar, Norwegian Cruise Lines, Perry Ellis International, RCTV
International, Royal Caribbean Cruise Lines, Ryder Systems, Seabourn
Cruise Line, Telefónica USA, TeleFutura, Telemundo, Univision, U.S.
Century Bank, and World Fuel Services.
The region’s proximity to Latin America and the Caribbean is a key strategic
asset for international commerce in the Western Hemisphere. Miami offers
access to markets throughout the Americas, as well as to Europe and Asia,
with global transportation connections at Miami International Airport and
the Dante B. Fascell Port. The Port of Miami-Dade is both the world's
leading port for cruise line passenger traffic and the top container port in
the State of Florida. Additionally, Miami International Airport is the country’
s top processor of air cargo. Miami’s multinational corporations include
Apple, Oracle, IBM, Clorox, Burger King, Porsche, approximately 50
Japanese companies, leading Korean multinationals like Hyundai and
Samsung, and an increasingly strong Chinese presence. Miami also serves
as the headquarters of Latin American operations for such companies as
AIG, American Airlines, Cisco, Disney, Exxon, FedEx, Kraft Foods, Microsoft,
Yahoo, Oracle, SBC Communications, Sony, Visa International, and Wal-Mart.
.
The chart below details the major employers in the MSA. The largest
employers are University of Miami, Publix Supermarkets, Baptist Health
South Florida, and Tenet Healthcare Corporation.
Unemployment:
The following chart shows the historical unemployment rates for the MSA,
state, and US from 2000 to 2010 and April 2011. The MSA’s unemployment,
as well as the State and national unemployment levels have increased
significantly since 2008. As shown, the unemployment rate for the MSA is
slightly higher than that of the state and is 2.4% higher than the current
national average.
ENVIRONMENTAL FORCES:
Environmental forces are both natural and manmade forces that influence
real property values. Some environmental forces include climactic
conditions, natural barriers to future development, primary transportation
systems, and the nature and desirability of the immediate areas
surrounding a property.
The area has a tropical climate which is perceived as desirable and often is
considered a vacation destination or a good location for 2nd homes.
Tropical storms and hurricanes have affected the region historically. This
has caused property damage as well as higher premiums for property
insurance.
Transportation:
The South Florida metropolitan area is served by five interstate highways
operated by the Florida Department of Transportation in conjunction with
local agencies. I-95 runs north to south along the coast, ending just south
of Downtown Miami. I-75 runs east to west, turning south in western
Broward County; it connects suburban North Miami-Dade to Naples on the
west coast via Alligator Alley, which transverses the Florida Everglades
before turning north. I-595 connects the Broward coast and downtown Fort
Lauderdale to I-75 and Alligator Alley. I-195 and I-395 both connect the main
I-95 route to Biscayne Boulevard and Miami Beach, which is located across
Biscayne Bay. I-195 and I-395 also connect to the Airport Expressway (State
Road 112) and the Dolphin Expressway (State Road 836), respectively, both
of which run west to Miami International Airport; the Dolphin Expressway
also connects to Florida's Turnpike and the western suburbs of Miami-
Dade County.
In Miami, Miami-Dade Transit operates Metrorail, Florida's only rapid transit
metro with 22 stations on a 22.4-mile track, the Downtown Miami people
mover, (Metromover) with 21 stations and 3 lines on 4.4-mile track, as well
as Metrobus. In Broward County, Broward County Transit runs public buses
as does Palm Tran in Palm Beach County. Additionally, the South Florida
Regional Transportation Authority operates Tri-Rail, a commuter rail train
that connects the three of the primary cities of South Florida (Miami, Fort
Lauderdale, and West Palm Beach), and most intermediate points.
South Florida is served by three major airports: Miami International Airport
(MIA), Fort Lauderdale-Hollywood International Airport (FLL), and Palm
Beach International Airport (PBI).
The three airports combine to make the fourth largest domestic origin and
destination market in the United States, after New York City, Los Angeles,
and Chicago.
The metropolis also has four seaports, the largest and most important
being the Port of Miami. Others in the area include Port Everglades, Port of
Palm Beach and the Miami River Port.
GOVERNMENTAL FORCES:
Governmental, political and legal actions at all levels have an impact on
property values. The legal climate of a particular time or in a particular
place may overshadow the natural market forces of supply and demand.
OUTLOOK:
Our review of the above data indicates that the Miami-Fort Lauderdale-
Pompano Beach Metropolitan Statistical Area historically has had a strong
economy, evidenced by a diverse economic base, low unemployment
rates, and a growing population. The area also features numerous regional
attractions and an excellent transportation system.
The nationwide recession has impacted the area over the past several
years. Unemployment levels have increased, there are an increasing
number of foreclosures, and overall consumer spending is down. The MSA
saw a significant appreciation in real estate valuation which led to
overdevelopment in the mid to late 2000s. With the recession, real estate
values have seen a decrease. On a short time horizon, the recession will
have a negative impact on the real estate market in general.
On a longer time horizon, given the dynamics of the region, it is anticipated
that the economy for the MSA will recover. The timing for the recovery is
based on an array of factors including the impact of the foreclosures in the
market, unemployment levels, consumer behavior, and the lending
environment.
SUBJECT MARKET AREA AND ANALYSIS
Neighborhood is defined as follows: A group of complementary land uses;
a congruous grouping of inhabitants, buildings, or business enterprises.
The following paragraphs provide an overview of the immediate area.
The subject is located on the north side of 79th Street, just east of NW 27th
Avenue. This location is about 7 miles north of the Miami Central Business
District. The immediate area is known as the West Little River.
Major Traffic Arteries
The major highway in the area is I-95. This highway is a north south
interstate highway. To the south this highway connects to downtown Miami
and to the north this highway connects to Fort Lauderdale and heads
further up the east coast of Florida. I-95 is located about 2 miles to the
east of the subject from NW 79th Street.
The area is generally laid out in a grid development system. The nearby
major surface routes include NW 79th Street and NW 27th Avenue. NW 79th
Street is an east west corridor and NW 27th Avenue is a north south
corridor.
Other notable corridors and highways include the Dolphin Expressway
and Florida’s Turnpike to the north. Overall, the subject is considered to
have good access and visibility on a macro and micro level.
Land Uses and Development
Land uses and development in the immediate area consists of
commercial development, residential development, and institutional land
uses: parks, churches, schools, etc. Immediately adjacent to the subject
property are several commercial buildings and churches. In general, more
intensive property uses such as commercial development and institution
uses front the major corridors with residential in-fill development. The
surrounding area is about 75% developed. The aerial that follows shows
the location of the subject and the surrounding development.
The subject is located on NW 79th Street which is a high exposure
area. To the immediate east of the subject is a car dealership. Further
east there are several commercial properties. There is a newly built Auto
Zone to the east. Off the northwest corner of NW 79th Street and NW 27th
Avenue there is a large Flea Market Mall. Further east there is a Family
Dollar, Walgreens, a church called the Iglesia Apostolica Fuente de Vida,
and other small commercial properties.
To the immediate west there are several small buildings including a
small church. There is some vacant land marketed for sale to the east as
well as more small commercial buildings.
To the immediate north is single family residential in the in-fill
development. The commercial development along NW 27th Avenue
includes numerous retail shopping center and single tenant users.
To the immediate south there is a towing company. Further south there
is infill residential development. Along NW 27th Avenue to the south is
commercial development.
Growth and New Development
Growth and new development is along scattered sites in the immediate
area. There is a residential project called Scott Carver located to the south
of the subject and there are a few new commercial buildings along the
main thoroughfares.
Demographic Profile
Single family development statistics for the 1, 3, and 5 mile radius is found
on the chart on the following page. The map below shows the radii.
The population in the 1, 3, and 5 mile radii are 19,672, 216,213 and 539,081
respectively. The area has seen a slight decrease in population over the
last five years and is anticipated to continue to see a decrease in
population in the next 5 years. Owner occupied homes comprise 42.9%,
41.0%, and 40% of the total homes in the respective radii. Median
household income in the 1, 3, and 5 mile radii are $26,192, $28,425, and
$31,460 respectively. The median home values are $85,022, $109,833, and
$123,929 respectively. The average year built of the structures (based on
2000 census data) is estimated at 1960, 1960, and 1963. Overall, these
demographics indicate a fairly populated, lower to moderate income level
area.
Conclusion
In conclusion, the subject is located with good frontage and access on NW
79th Street, one the major corridors in the immediate area. This corridor is
developed with a mix of commercial and institutional properties and
connects to other major corridors and highways in the area. There is
scattered new growth indicating that new development is feasible.
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Louisville, KY. 40299
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