Sunny Isles Beach Condo Index 1Q 2008

Sunny Isles Beach Condo Index 1Q 2008. In keeping up with the latest blog postings for Miami Dade County, I came across Lucas Lechuga’s excellent blog posting on ‘Brickell Condo Index’ and, in reviewing his comments, realized we really do need this for the oceanfront communities of Miami Dade.

So here is the first Sunny Isles Beach Condo Index showing stats and trends for the most desirable luxury towers along the ocean. This data was collected from the Multiple Listing Service (MLS Search) on May 3rd, 2008.

Sunny Isles Beach Condo Index

Percentage Available Inventory, Average List Price & Average Price Per Square Foot for leading luxury towers currently listed on the MLS:

• Acqualina – 17875 Collins Avenue I (26 of 247 or 11% active) I $2.375M I $759 psf
• Jade Beach – 17001 Collins Avenue I (7 of 255 or 3% active) I $1.724M I $874 psf
• La Perla – 16699 Collins Avenue I (55 of 326 or 17% active) I $655K I $447.44 psf
• M Resort – 18683 Collins Avenue I (35 of 210 or 17% active) I $581K I $518 psf
• Ocean Four – 17201 Collins Avenue I (93 of 281 or 33% active) I $1.108M I $536 psf
• Ocean Three – 18911 Collins Avenue I (28 of 215 or 13% active) I $1.344M I $531 psf
• Ocean Two – 19111 Collins Avenue I (23 of 254 or 9% active) I $1.117M I $494 psf
• Pinnacle – 17555 Collins Avenue I (62 of 244 or 25%) I $1.101M I $576 psf
• Sayan – 16275 Collins Avenue I (26 of 88 or 30% active) I $1.201M I $570 psf
• Trump Int’l Beach Resort – 18001 Collins Avenue I (83 of 374 or 22% active I $400K I $579 psf
• Trump Palace – 18101 Collins Avenue I (51 of 275 or 19% active) I $1.234M I $664 psf
• Trump Tower I – 16001 Collins Avenue I (30 of 271 or 11% active) I $1.389M I $579 psf
• Turnberry Ocean Colony North – 16051 Collins Ave I (31 of 130 or 24% active) I $2.661M I $814 psf
• Turnberry Ocean Colony South – 16047 Collins Ave I (29 of 130 or 22% active) I $2.332M I $780 psf

Considering these luxury oceanfront towers, we see an average asking price per square foot for Sunny Isles Beach real estate at $622 psf. What we see as a whole in each building is the percentage of condo units for sale, with a low at 3% (which will soon rise with Jade’s completion) and a high at 33%, which is Ocean Four.

Sunny Isles Beach Condo Index SOLD

This high percentage of inventory could indicate an unsound investment with a high risk associated. Risks associated are unpaid maintenance fees by delinquent condo owners. I can attest that Ocean Four is well managed with all of the amenities in operation.

My records indicate only 1 foreclosure; in this case, this concern is lowered. Sayan has the second-highest percentage of inventory, yet Zero foreclosures in the Dade County database. Pinnacle and the North Tower of Turnberry Ocean Colony, each with 25% and 24%, have 4 and Zero foreclosures, respectively. These others averaging 10 to 20% active inventory, are all very well managed, operating in completion and sound investments. The buyer advantage is selection and leverage.

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 – 8 Closed Sales at $669 psf – 92% SP/LP – 182 DOM
• Jade Beach – 17001 Collins Avenue – Project coming soon!
• La Perla – 16699 Collins Avenue – 12 Closed Sales at $412.75 psf – 92% SP/LP – 171 DOM
• M Resort – 18683 Collins Avenue – 4 Closed Sales at $506 psf – 92% SP/LP – 238 DOM
• Ocean Four – 17201 Collins Avenue – 13 Closed Sales at $481 psf – 97% SP/LP – 182 DOM
• Ocean Three – 18911 Collins Avenue – 4 Closed Sales at $427 psf – 93% SP/LP – 172 DOM
• Ocean Two – 19111 Collins Avenue – 1 Closed Sale at $486 psf – 80% SP/LP – 181 DOM
• Pinnacle – 17555 Collins Avenue – 7 Closed Sales at $497 psf – 93% SP/LP – 178 DOM
• Sayan – 16275 Collins Avenue – 1 Closed Sale at $433 psf – 90% SP/LP – 175 DOM
• Trump Beach Resort – 18001 Collins Avenue – 17 at $512 psf – 96% SP/LP – 162 DOM
• Trump Palace – 18101 Collins Avenue – 10 at $533 psf – 88% SP/LP – 168 DOM
• Trump Tower I – 16001 Collins Avenue – New Construction MAR08 w/Zero Closed Sales
• Turnberry Ocean Colony North – 16051 Collins Ave – 6 Closed at $702 psf – 84% SP/LP – 178 DOM
• Turnberry Ocean Colony South – 16047 Collins Ave – 3 Closed at $630 psf – 85% SP/LP – 136 DOM

Considering these luxury oceanfront towers, we see an average selling price per square foot for Sunny Isles Beach real estate at $524 psf for a $98 psf difference from the asking price.

Questions, Comments?

Additional Condo Index for Bal Harbour and/or Miami Beach communities are coming soon. I continually add to this Miami Beach real estate blog.

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