Luxury Condo Sales of Sunny Isles Beach

Luxury Condo Sales of Sunny Isles Beach (YTD 2009)

In the review of what’s closed in the upper tier sales of Sunny Isles Beach luxury condos, we found 16 sales this year in Sunny Isles Beach over $900,000.  Closed Sale prices range from $925k (Ocean One) to the record sale of $1.980M. The luxury buildings relaying these sales include Acqualina, Turnberry Ocean Colony (both N & S), Trump Palace, Millennium, Ocean Two & Ocean One. Closed Sale Averages reflect a Selling Price Per Square Foot at $524, Average Days On the Market at 307, Average List Price Per Square Foot at $605, and Average Sale to List Price Ratios at 86.46%. Interestingly, this time last year (5.20.08) there had been 47 closed sales for a 66% decrease in sales volume.

The record-high sale goes to unit #2703 at Turnberry Ocean Colony (decorator ready), which was an exceptional price compared to the 2007 & 2008 values. At only $569SPSF, the buyer bought right on the Martinique Model. Last year these units were selling from $2.1M to $2.6M, while in 2007, they were selling for $2.5M to $2.750M. Today there are 3 pending sales in Turnberry Ocean Colony. In 2007, Martinique (03 lines) was selling at $761PSF for a 25% depreciation over the last 2 years. Turnberry Ocean Colony is very traditional in design. It has superior features such as a community restaurant, an enormous fitness center & Spa, limousine service, and complimentary valet for your guests.

Second in line for Sunny Isles Beach, high closed sales of 09 were found at Trump Palace PH#5507 and sold at an extraordinary price of $1.582,700 after 61 days on the market. This translates to $579PSF, not including the unique rooftop terrace (915SF) with a spiral staircase. Trump Palace has 3 luxury sales so far this year ranging from $1.150-$1.2M ($531 PSF & $554 PSF on 06 lines) to $1.583M (PH). This 06 line sold for an average price per square foot of $572 in 2008 and $630PSF in 2007 for a 2-year depreciation of 14% (specific to the 06 lines with 2 sold in 2008 and 2 sold in 2007). In my opinion, Trump Palace offers the best value with a gated entryway, 4 pools, and full access to the resort amenities next door. Trump Palace also relays the healthiest turnover rate with the fewest days on the market in Sunny Isles Beach. The building is well-established, friendly, and financially stable.

The third & final review of the highest sales this year were the 2 closed sales at Acqualina, which sold at $1.450M ($714PSF on 03 lines)  & $1.550M ($689PSF on 05 lines). Last year these 03 line units were selling from $1.250M to $1.320M, while in 2007, these 03 line units were selling from $1.275M to $1.365M. The 05 lines were selling in 2008 from $1.250M to $1.450M, while in 2007, the 05line units were selling from $1.360M to $1.5M. We see a surprising appreciation in Acqualina {based on the 2 highest closed sales} of 2009, reflecting a 9% increase over 2007 values. There are 3 condos currently pending sale today in Acqualina. High $600’s are a good reference point for future owners of Jade Ocean. True, the Jade Ocean development is uber-modern in design and superior in some aspects. At the same time, Acqualina is very contemporary in design and has additional superior features, including resort amenities, restaurants, and spas. However, in an apples-to-oranges comparison, it’s still a fruit and both developments, including Turnberry Ocean Colony, offer superior residences depending on personal preferences.

So, where are the best buys today in Sunny Isles Beach?

Strictly based on new towers under $600PSF, we find oceanfront condos that I believe are the few positioned to sell as ‘NON’-Short Sales… Review Sunny Isles Beach oceanfront condos here.

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