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
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.