Edition #6 of the 2010 Sunny Isles Luxury Oceanfront Condo Index. I’ll be reviewing the latest trends & comparing the luxury oceanfront market from the 3Q 2009 Sunny Isles Condo Index to today’s updated 3Q 2010 Sunny Isles Condo Index, including premier oceanfront towers such as Turnberry Ocean Colony, Acqualina, JADE Ocean, JADE Beach, Trump Palace, Trump Royale, Ocean Four, Sayan, Trump Towers, Pinnacle & Millennium. I’ve excluded condo hotel properties from this research, including the Trump International Beach Resort, Merenas Resort, Ocean Point, and Sole.
Sunny Isles Beach Luxury Oceanfront Condo Index (3Q 2010)
As of July 14th, we note 1,089 total condos for sale in Sunny Isles Beach. This is down 15% from the July 2009 Condo Index. So far in 2010, there have been 391 total closed sales (derived from the Multiple Listing Service) this year. In the last 90 days, 176 condos have sold. The average of $256 per square foot with a 93% Sale to List Price Ratio and 164 days on the market.
In the same 90-day period of July 14th, 2009, there were 163 condos sold. They average $225 per square foot (Sold values up 12% YTD) with a 90% Sale to List Price Ratio and 168 days on the market. What will be analyzed more specifically in this post are luxury oceanfront condo building statistics & new trends for the most desirable luxury towers along the coastline of Sunny Isles Beach.
Percentage Available Inventory, Average List Price & Average Price Per Square Foot for leading luxury condo towers currently listed & Active on the MLS
- Acqualina– 17875 Collins Avenue | 9 of 247 or 4%| Ave List Price $2.581M | Ave PPSF $832
- JADE Beach – 17001 Collins Avenue | 40 of 248 or 16%| Ave List Price $1.367M | Ave PPSF $636
- JADE Ocean – (190 rec. deeds per County records) – 17121 Collins Avenue | 9 of 250 w/Developer units remaining | Ave List Price $1.935M | Ave PPSF $744
- Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 8 of 130 or 6%| Ave List Price $2.526M | Ave PPSF $812
- Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 17 of 130 or 13%| Ave List Price $2.3M | Ave PPSF $765
- Trump Palace – 18101 Collins Avenue | 32 of 275 or 12%| Ave List Price $1.170M | Ave PPSF $595
- Trump Royale – 18201 Collins Avenue | 20 of 384 or 5%| Ave list Price $1.018M | Ave PPSF $538
- Trump Tower I– 16001 Collins Avenue | 23 of 271 or 8%| Ave List Price $1.217M | Ave PPSF $524
- Trump Tower II – 15901 Collins Avenue | 7 of 271 w/Developer units remaining | Ave List Price $1.062M | Ave PPSF $459
- Trump Tower III – 15850 Collins Avenue | Not Yet Released to Public
- Sayan– 16275 Collins Avenue | 22 of 88 or 25%| Ave List Price $1.075M | Ave PPSF $538
- Ocean Four – 17201 Collins Avenue | 45 of 281 or 16%| Ave List Price $922k | Ave PPSF $468
- Ocean Three – 18911 Collins Avenue | 27 of 215 or 13%| Ave List Price $1.110M | Ave PPSF $449
- Ocean Two – 19111 Collins Avenue | 20 of 254 or 8%| Ave List Price $1.071M | Ave PPSF $460
- Ocean One – 19333 Collins Avenue | 8 of 241 or 3%| Ave List Price $862K | Ave PPSF $368
- Millennium – 18671 Collins Avenue | 6 of 120 or 5%| Ave List Price $1.082M | Ave PPSF $498
- Pinnacle – 17555 Collins Avenue | 28 of 244 or 11%| Ave List Price $984k | Ave PPSF $484
- La Perla– 16699 Collins Avenue | 39 of 326 or 12%| Ave List Price $614k| Ave PPSF $412
Ave. Price Per Square Foot on Condos SOLD within the last 6 months, Sale Price to List and # Days On Market
- Acqualina– 17875 Collins Avenue | 4 Closed Sales at $677 PSF (1% increase in PPSF since 3Q 2009) | 86% SP/LP | 426 DOM
- JADE Beach– 17001 Collins Avenue | 5 Closed Sales at $427 PSF (14% increase in PPSF since 3Q 2009) | 86% SP/LP | 196 DOM
- JADE Ocean– 17121 Collins Avenue | Released (TCO) June 2009 with No Closed MLS resales
- Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 5 Closed Sales at $679 PSF (23% decrease in PPSF since 3Q 2009) | 92% SP/LP | 291 DOM
- Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 3 Closed Sales at $648 PSF (23% increase in PPSF since 3Q 2009) | 95% SP/LP | 207 DOM
- Trump Palace– 18101 Collins Avenue | 8 Closed Sales at $490 PSF (8% increase in PPSF since 3Q 2009)| 90% SP/LP | 118 DOM
- Trump Royale – 18201 Collins Avenue | 6 Closed Sales at $496 PSF (9% increase in PPSF since 3Q 2009) | 91% SP/LP | 227 DOM
- Trump Tower I– 16001 Collins Avenue | 4 Closed Sales at $399 PSF (3% increase in PPSF since 3Q 2009) | 86% SP/LP | 206 DOM
- Trump Tower II – 15901 Collins Avenue | 3 Closed Sales at $385 PSF | 87% SP/LP | 174 DOM
- Trump Tower III – 15850 Collins Avenue | No Closed MLS Sales
- Sayan– 16275 Collins Avenue | 5 Closed Sale at $331 PSF | only 1 resale last year at $308 PSF | 92% SP/LP | 416 DOM
- Ocean Four – 17201 Collins Avenue | 9 Closed Sales at $365 PSF (1% decrease in PPSF since 3Q 2009) | 100% SP/LP | 128 DOM
- Ocean Three – 18911 Collins Avenue | 7 Closed Sales at $343 PSF (3% decrease in PPSF since 3Q 2009) | 91% SP/LP | 109 DOM
- Ocean Two – 19111 Collins Avenue | 8 Closed Sales at $415 PSF (7% increase in PPSF since 3Q 2009) | 87% SP/LP | 128 DOM
- Ocean One – 19333 Collins Avenue | 5 Closed Sales at $322 PSF (10% increase in PPSF since 3Q 2009) | 90% SP/LP | 193 DOM
- Millennium – 18671 Collins Avenue | 3 Closed Sales at $464 PSF (28% increase in PPSF since 3Q 2009) | 95% SP/LP | 157 DOM
- Pinnacle – 17555 Collins Avenue | 6 Closed Sales at $373 PSF (6% increase in PPSF since 3Q 2009) | 81% SP/LP | 540 DOM
- La Perla– 16699 Collins Avenue | 13 Closed Sales at $331 PSF (6% decrease in PPSF since 3Q 2009) | 92% SP/LP | 102 DOM
Luxury Oceanfront Condo Index Summary
Sunny Isles Beach condo inventory is down, hovering at 1,000+ total condos for sale, while property values have increased considerably as International & domestic buyers note the deals. Most oceanfront condo towers now have healthy inventory figures, as shown above in blue, with anything less than 15% available for sale.
Each building tells a different story, and the bottom line is this Sunny Isles Beach condo market showing significant signs of improvement in oceanfront real estate. It’s time to buy Miami Beaches as long as you & the family will use it and enjoy it for at least the next 3+ years.
Selling or Leasing Your Condo?
Are you trying to sell or lease without results, communication, market value updates, aggressive marketing & overall progress? Call or email for a personalized market report and global marketing plan surely to gain proper exposure for your condominium. Let’s get started today at 1.888.383.7326 or direct 1.305.978.7704.
Buyers, are you ready for a great property?
Call or email for the very best condo deals along Sunny Isles Beach, Bal Harbour, North Bay Village, Miami Beach & South Beach. The buyer advantage is still selection & leverage, but we consistently see multiple cash offers driving up values, as we noted the 12% gain over a year ago today. The low-end residential condo market is accelerating, with 60% of condo sales under $250k. As this year progresses and inventory decreases, I believe prices will favor continued improvement.
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