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 REAL ESTATE APPRAISAL
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.
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.
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 Lucerne Avenue, between North C Street and North
D Street and south of 2nd Avenue North. This location is about a half mile west of
downtown Lake Worth. Lake Worth is about 7 miles south of West Palm Beach and
35 miles north of Fort Lauderdale.
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 Fort Lauderdale and further south
to downtown Miami. To the north this highway connects to Melbourne, Daytona
Beach, and Jacksonville. I-95 is located about a half mile west of the subject.
The area is generally laid out in a grid development system. The nearby major
surface routes include Lucerne Avenue and Lake Avenue running in east west
directions and US Highway 1 is the major north south corridor. US 1 is located
about a mile to the east of the subject.
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. The subject is located just north of a commercial corridor, Lucerne
Avenue. Immediately adjacent to the subject property are several commercial
buildings with frontage along this corridor. Behind the commercial development is
generally residential. The residential is densely developed detached homes of
about 1,000 SF to 1,800 SF built in the 1950s and early 1960s. The immediate
surrounding area is about 95% developed. The aerial that follows shows the
location of the subject and the surrounding development.
To the immediate north is single family residential in the in-fill development. The
homes appear to be built in the 1950s and 1960s.
To the immediate south of the subject is a small shopping center. Lucerne Avenue
is a one-way street headed west and Lake Avenue is a one way street headed
east. Both of these corridors are commercially developed. South of these
commercial streets is generally residential.
To the immediate east is downtown Lake Worth. There are several boutique stores
and restaurants in the downtown area. Further east is Lake Worth. On the other
side of the lake/lagoon are a series of key islands that are typical of those that line
the Southeast Florida area on the other side of the inter-coastal waterway.
To the immediate west is a senior housing development. Further west is
commercial development. The development to the west of I-95 becomes less
densely developed. There are strip shopping centers and other commercial
development along Lake Worth Road (Lucerne Avenue and Lake Avenue merge
into Lake Worth Road to the west).
Growth and New Development
The immediate area is nearly fully developed and there is limited new development
in the immediate area. Growth and new development is generally located to the
west of I-95 along scattered commercial sites. There is also some limited
development along US 1 but located generally to the south or north of Lake Worth
Demographic Profile
The population in the 1, 3, and 5 mile radii are 21,717, 95,438 and 214,826
respectively. The area has seen a general stable population over the last five
years and is anticipated to continue to remain fairly stable over the next 5 years.
Owner occupied homes comprise 36.5%, 48.6%, and 53.9% of the total homes in
the respective radii. Median household income in the 1, 3, and 5 mile radii are
$36,158, $44,021, and $46,028 respectively. The median home values are
$80,887, $110,006, and $102,473 respectively. The average year built of the
structures (based on 2000 census data) is estimated at 1961, 1969, and 1974.
Overall, these demographics indicate a fairly populated, lower to moderate income
level area.
FORT LAUDERDALE – POMPANO BEACH, FLORIDA REAL ESTATE APPRAISAL
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.
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.
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 Lucerne Avenue, between North C Street and North
D Street and south of 2nd Avenue North. This location is about a half mile west of
downtown Lake Worth. Lake Worth is about 7 miles south of West Palm Beach and
35 miles north of Fort Lauderdale.
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 Fort Lauderdale and further south
to downtown Miami. To the north this highway connects to Melbourne, Daytona
Beach, and Jacksonville. I-95 is located about a half mile west of the subject.
The area is generally laid out in a grid development system. The nearby major
surface routes include Lucerne Avenue and Lake Avenue running in east west
directions and US Highway 1 is the major north south corridor. US 1 is located
about a mile to the east of the subject.
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. The subject is located just north of a commercial corridor, Lucerne
Avenue. Immediately adjacent to the subject property are several commercial
buildings with frontage along this corridor. Behind the commercial development is
generally residential. The residential is densely developed detached homes of
about 1,000 SF to 1,800 SF built in the 1950s and early 1960s. The immediate
surrounding area is about 95% developed. The aerial that follows shows the
location of the subject and the surrounding development.
To the immediate north is single family residential in the in-fill development. The
homes appear to be built in the 1950s and 1960s.
To the immediate south of the subject is a small shopping center. Lucerne Avenue
is a one-way street headed west and Lake Avenue is a one way street headed
east. Both of these corridors are commercially developed. South of these
commercial streets is generally residential.
To the immediate east is downtown Lake Worth. There are several boutique stores
and restaurants in the downtown area. Further east is Lake Worth. On the other
side of the lake/lagoon are a series of key islands that are typical of those that line
the Southeast Florida area on the other side of the inter-coastal waterway.
To the immediate west is a senior housing development. Further west is
commercial development. The development to the west of I-95 becomes less
densely developed. There are strip shopping centers and other commercial
development along Lake Worth Road (Lucerne Avenue and Lake Avenue merge
into Lake Worth Road to the west).
Growth and New Development
The immediate area is nearly fully developed and there is limited new development
in the immediate area. Growth and new development is generally located to the
west of I-95 along scattered commercial sites. There is also some limited
development along US 1 but located generally to the south or north of Lake Worth
Demographic Profile
The population in the 1, 3, and 5 mile radii are 21,717, 95,438 and 214,826
respectively. The area has seen a general stable population over the last five
years and is anticipated to continue to remain fairly stable over the next 5 years.
Owner occupied homes comprise 36.5%, 48.6%, and 53.9% of the total homes in
the respective radii. Median household income in the 1, 3, and 5 mile radii are
$36,158, $44,021, and $46,028 respectively. The median home values are
$80,887, $110,006, and $102,473 respectively. The average year built of the
structures (based on 2000 census data) is estimated at 1961, 1969, and 1974.
Overall, these demographics indicate a fairly populated, lower to moderate income
level area.
Real estate appraisal services provided by American Appraisers Corp
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States covered by American Appraisers
Qualifications of David J. Glauber, MAI
Questions about real estate appraisal and appraisers
Church Appraisers Appraising churches
Church appraisal Washington DC
Washington DC market Analysis
Real Estate Directory Sites
States covered by American Appraisers
Qualifications of David J. Glauber, MAI
Questions about real estate appraisal and appraisers
Church Appraisers Appraising churches
Church appraisal Washington DC
Washington DC market Analysis
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Nationwide real estate appraisal service
_American
__Appraisers
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__Appraisers
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(502) 267-6344 Fax
10507 Watterson Tr., 2nd
Louisville, KY. 40299
10507 Watterson Tr., 2nd
Louisville, KY. 40299
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