Sunny Isles Beach Condo Index 4Q 2008

Sunny Isles Beach Condo Index 2008

Sunny Isles Beach Condo Index 4Q 2008. Edition #2 of the 2008 Sunny Isles Beach Condo Index. We will be comparing the luxury oceanfront market from the 1st Quarter Sunny Isles Condo Index to today’s updated 4Q Sunny Isles Condo Index, including premier luxury towers such as Turnberry Ocean Colony, Acqualina, JADE Beach, Trump Palace, Trump Royale, Trump Towers I, II & III, Ocean 4, and a few select others. For various reasons, I’ve left out other great residential oceanfront towers from this Index such as Ocean III, Ocean II, Pinnacle, Millennium, and the oceanfront condo hotel properties including the Trump International Resort, Le Meridian (M Resort), and the newest Sonesta Sole.

Sunny Isles Beach

This year has been perfect for my business with record luxury sales, an invitation to the Million Dollar Guild (CLHMS), and what I believe to be a slow turnaround in our “local” market. WHY? Miami Dade seems to have set the National trend of a downward real estate market back in 4Q 2005. We are in the 3rd year of a depreciating market, seeing approximately 35 to 40% depreciated real estate values. Inventory has decreased month over month from 2008 (although insignificant numbers). We also expect to set the National trend for a real estate turnaround!

In the next blog posting, I’ll be elaborating a bit more on this potential turn around including the Sunny Isles Beach, Bal Harbour, Miami Beach, North Bay Village real estate, and South Beach real estate “Micro” Markets which the Media Drive By’s fail to separate each entity from Miami as a whole. From a Miami Beach microeconomist viewpoint, we must analyze the local entities instead of feeding into the media’s fear of the National real estate market or even the reports on Miami Dade County.

WHY? When you check the temperature outside, do you look at the National temperature or do you look at YOUR local temperature? That’s right; the same applies to local real estate markets. it’s dependent on Sunny Isle’s Local Market Conditions, and this is what I am relaying herein in the Miami Beach Real Estate Blog Posts, so check back often.

Condo Index 4Q 2008

On to the Sunny Isles 4Q 2008 Condo Index… As of today, we note 1560 total condos for sale in Sunny Isles Beach. This year, there have been 481 total closed sales (ALL figures are derived from the Multiple Listing Service MLS on November 30th). What we will be analyzing are statistics and trends for the most desirable luxury towers along Sunny Isles Beaches.

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

  • Acqualina – 17875 Collins Avenue | 27 of 247 or 11% | Ave List Price $2.954 | Ave PPSF $847
  • JADE Beach– 17001 Collins Avenue | 22 of 248 or 9% | Ave List Price $1.489 | Ave PPSF $696
  • JADE Ocean– 17121 Collins Avenue | Released 1Q 2009 with No MLS records
  • Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 25 of 130 or 19% | Ave List Price $2.341 | Ave PPSF $785
  • Turnberry Ocean Colony South Tower- 16047 Collins Avenue | 34 of 130 or 26% | Ave List Price $2.261 | Ave PPSF $770
  • Trump Palace – 18101 Collins Avenue | 42 of 275 or 15% | Ave List Price $1.244 | Ave PPSF $683
  • Trump Royale (Just Released) – 18201 Collins Avenue | 2 of 275 or 1% | Ave list Price $854K | Ave PPSF $466
  • Trump Tower I – 16001 Collins Avenue | 34 of 271 or 13% | Ave List Price $1.230 | Ave PPSF $543
  • Trump Tower II – 15901 Collins Avenue | 15 of 271 or 6% | Ave List Price $1.215 | Ave PPSF $568
  • Trump Tower III – 15850 Collins Avenue | Released 1Q 2009 with No MLS records
  • Sayan – 16275 Collins Avenue | 25 of 88 or 28% | Ave List Price $1.210 | Ave PPSF $520
  • Ocean Four – 17201 Collins Avenue | 75 of 281 or 27% | Ave List Price $1.068 | Ave PPSF $518
  • La Perla – 16699 Collins Avenue | 56 of 326 or 17% | Ave List Price $661K | Ave PPSF $435

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 $602 PPSF (10% decrease since 1Q) | 92% SP/LP | 314 DOM
  • JADE Beach – 17001 Collins Avenue | Just Released this month with No Closed Sales
  • JADE Ocean– 17121 Collins Avenue | Released 1Q 2009 with No Closed MLS Sales
  • Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 6 Closed Sales at $637 PSF (9% decrease since 1Q) | 83% SP/LP | 274 DOM
  • Turnberry Ocean Colony South Tower- 16047 Collins Avenue | 4 Closed Sales at $784 PSF (20% INCREASE since 1Q) | 103% SP/LP | 147 DOM
  • Trump Palace- 18101 Collins Avenue | 13 Closed Sales at $537 PSF (1% INCREASE)| 90% SP/LP | 116 DOM
  • Trump Royale – 18201 Collins Avenue | Just Released this month with No Closed Sales
  • Trump Tower I- 16001 Collins Avenue | 2 Closed Sales at $419 PSF | 96.5% SP/LP | 155 DOM
  • Trump Tower II – 15901 Collins Avenue | Just Released with No Closed MLS Sales
  • Trump Tower III – 15850 Collins Avenue | Released 1Q 2009 with No Closed MLS Sales
  • Sayan- 16275 Collins Avenue | 1 Closed Sale at $388 PSF (10% decrease since 1Q) | 77% SP/LP | 220 DOM
  • Ocean Four – 17201 Collins Avenue | 6 Closed Sales at $442 PSF (8% decrease since 1Q) | 91% SP/LP | 232 DOM
  • La Perla- 16699 Collins Avenue | 14 Closed Sales at $403 PSF (2% decrease since 1Q) | 94.9% SP/LP | 190 DOM

Sunny Isles Beach Condo Index 2008 – Executive Summary

In looking at the health of a building, we first look at available inventory. I typically relay a healthy inventory level of less than 15%. We see unhealthy inventory levels in Sayan (28%), Ocean 4 (27%), and, surprisingly, in the South Tower of Turnberry Ocean Colony (26%). On the flip side, Trump Tower I looks somewhat healthy with only 13% of inventory available for sale. In contrast to the 1Q Sunny Isles Condo Index, we see Turnberry Ocean Colony and Trump Palace increasing in selling price per square foot (Could there have been mortgage fraud at Turnberry Ocean Colony with a recent sale at 130% of the list price?).

These numbers are skewed

Considering these luxury oceanfront towers, we see an average asking price per square foot at $621 with a  selling price per square foot for Sunny Isles Beach real estate at $526.50psf for a $94.50psf difference from the asking price. Average Days On Market is at 206 DOM or 6.87 months to sell compared to 177 DOM or 5.9 months to sell for an increase of 1 month additional selling time.

  • Overall, it appears we are averaging 2.57% depreciation for the year.
  • 85% Sale to List Price Ratios
  • Days On Market DOM has increased from 177 to 206 Days to Sell (14% more marketing time)

South Beach to Sunny Isles Real Estate Consultant

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