Sunny Isles Beach Luxury Oceanfront Condo Market Index 3Q 2009

Edition #4 of the 2009 Sunny Isles Beach Condo Index

I’ll be reviewing & comparing the luxury oceanfront market from the 1Q 2009 Sunny Isles Condo Index to today’s updated 3Q 2009 Sunny Isles Condo Index including premier oceanfront towers such as Turnberry Ocean Colony, Acqualina, JADE Beach, Trump Palace, Trump Royale, Ocean 4 and Sayan with a few older but desirable towers now added such as Ocean One, Two & Three, Pinnacle & Millennium. I’ve excluded condo hotel properties from this study including the Trump International Beach Resort, Le Meridian (M Resort), Ocean Point and Sole.

On to the Sunny Isles (3Q 2009) Condo Index…

As of today we are noting 1,276 total condos for sale in the city of Sunny Isles Beach. This year there have been 303 total closed sales (ALL figures are derived from the Multiple Listing Service MLS on July 20th, 2009). What will be analyzed in this post are statistics and trends for the most desirable luxury towers along the coast 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 | 35 of 247 or 14%| Ave List Price $2.473M | Ave PPSF $835

JADE Beach (87% Closed as per dev. rep.) – 17001 Collins Avenue | 32 of 248 or 13%| Ave List Price $1.402M | Ave PPSF $667

JADE Ocean– 17121 Collins Avenue | Released July (TCO) 2009 with 3 new MLS records | Ave List Price $2.065M | Ave PPSF $910

Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 21 of 130 or 16%| Ave List Price $2.270M | Ave PPSF $755

Turnberry Ocean Colony South Tower– 16047 Collins Avenue | 28 of 130 or 22%| Ave List Price $2.136M | Ave PPSF $695

Trump Palace– 18101 Collins Avenue | 48 of 275 or 17%| Ave List Price $1.231M | Ave PPSF $627

Trump Royale (45% Closed as per dev. rep.) – 18201 Collins Avenue | 16 of 275 or 6%| Ave list Price $998K | Ave PPSF $573

Trump Tower I– 16001 Collins Avenue | 37 of 271 or 14%| Ave List Price $1.164M | Ave PPSF $516

Trump Tower II – 15901 Collins Avenue | No MLS records
Trump Tower III – 15850 Collins Avenue | No MLS records

Sayan– 16275 Collins Avenue | 21 of 88 or 24%| Ave List Price $1.365M | Ave PPSF $462

Ocean Four – 17201 Collins Avenue | 58 of 281 or 21%| Ave List Price $1.050M | Ave PPSF $486

Ocean Three – 18911 Collins Avenue | 21 of 215 or 10%| Ave List Price $1.2M | Ave PPSF $472

Ocean Two – 19111 Collins Avenue | 20 of 254 or 8%| Ave List Price $1.079M | Ave PPSF $468

Ocean One – 19333 Collins Avenue | 14 of 241 or 6%| Ave List Price $917K | Ave PPSF $393

Millennium – 18671 Collins Avenue | 6 of 120 or 5%| Ave List Price $1.108M | Ave PPSF $501

Pinnacle – 17555 Collins Avenue | 43 of 244 or 18%| Ave List Price $1.151M | Ave PPSF $528

La Perla– 16699 Collins Avenue | 48 of 326 or 15%| Ave List Price $637k| Ave PPSF $422

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 $744 PPSF (16% increase since 1Q 2009) | 92% SP/LP | 350 DOM

JADE Beach– 17001 Collins Avenue | No Closed MLS Sales | Developer Sales are happening in the mid to high $400’s PSF

JADE Ocean– 17121 Collins Avenue | Released (TCO) June 2009 with No Closed MLS Sales

Turnberry Ocean Colony North Tower– 16051 Collins Avenue | 3 Closed Sales at $549 PSF (4% increase since 1Q 2009) | 86% SP/LP | 402 DOM

Turnberry Ocean Colony South Tower– 16047 Collins Avenue | 3 Closed Sales at $517 PSF (23% decrease since 1Q 2009) | 81% SP/LP | 268 DOM

Trump Palace– 18101 Collins Avenue | 11 Closed Sales at $511 PSF (8% decrease since 1Q 2009)| 89% SP/LP | 137 DOM

Trump Royale – 18201 Collins Avenue | No Closed MLS Sales -Developer Defaults currently selling.

Trump Tower I– 16001 Collins Avenue | No Closed MLS Sales -Developer Defaults currently selling.

Trump Tower II – 15901 Collins Avenue | No Closed MLS Sales
Trump Tower III – 15850 Collins Avenue | No Closed MLS Sales

Sayan– 16275 Collins Avenue | 1 Closed Sale at $308 PSF (21% decrease since 1Q 2009) | 86% SP/LP | 84 DOM

Ocean Four – 17201 Collins Avenue | 1 Closed Sales at $305 PSF (21% decrease since 1Q 2009) | 97% SP/LP | 37 DOM

La Perla– 16699 Collins Avenue | 11Closed Sales at $348 PSF (3% decrease since 1Q 2009) | 93% SP/LP | 216 DOM

Ocean Three – 18911 Collins Avenue | 4 Closed Sales at $371 PSF | 87% SP/LP | 388 DOM

Ocean Two – 19111 Collins Avenue | 8 Closed Sales at $398 PSF | 89% SP/LP | 127 DOM

Ocean One – 19333 Collins Avenue | 3 Closed Sales at $375 PSF | 81% SP/LP | 158 DOM

Millennium – 18671 Collins Avenue | 2 Closed Sales at $394 PSF | 84% SP/LP | 466 DOM

Pinnacle – 17555 Collins Avenue | 5 Closed Sales at $391 PSF | 89% SP/LP | 414 DOM

Sunny Isles Condo Index Summary

Sunny Isles Beach Condo Inventory has gone down 13% since February with Acqualina leading the pack in “selling” price per square foot and a surprising 16% increase over February sales figures. Trump Palace still leads the rest as the best in healthy sales figures with 11 condos trading via MLS at an average of only 137 days on market to sell with La Perla right behind. Turnberry Ocean Colony South Tower took a dive in selling values down 23% since February with speculators selling low and moving on. Turnberry Ocean Colony is still one of the most desirable full service buildings with prices now beginning at $1M for a finished residence ($447 PSF). It’s interesting to note the older “established” buildings such as Ocean One, Two & Three having healthy inventory levels. The truth is in the numbers 1.888.383.7326 and I welcome your knowledge, comments & feedback here.