Sunny Isles Beach Luxury Condo Sales of Q4. What’s happening in Sunny Isles Beach, and where are these great deals? Where would one begin with 225 luxury condos priced over $1M?
In looking at new construction from 2005 and on, the inventory falls to 175 with ZERO bank owned and surprisingly only 5 short sales. I will look at the lowest possible price per square foot and start with $500, in which the inventory drops to TWENTY!
In continuing to weed out the bad from the good, I’ll eliminate 3 at Oceanika Villas which hasn’t even broken ground yet, leaving 17 top potentials. Sunny Isles Beach condo deals are abundant today.
Price Bands of # of condos for sale in Sunny Isles Beach
- >$250 – 366
- $250 – $499k – 283
- $500 – $749k – 167
- $750 – $999k – 131
- $1M -$1.999M – 176
- $2M -$2.999M – 31
- $3M -$3.999M – 11
- $4M -$4.999M – 6
- $5M -$5.999M – 2
Total – 1,173
What’s happening in the luxury tier of closed condo sales of Sunny Isles Real Estate? As of the last 90 days, 13 luxury oceanfront condos have sold in the price ranges of $1M to $4.999M. Interesting to note that only 1 of 13 closed above $2M showing where real buyers are prepared to go financially, given the current market.
Leading the pack was Acqualina, with the record high sale and a staggering 37% discount off the list price ($7.9M). Additional highlights show Turnberry Ocean Colony leading with the most closed condos at 7. Ocean Four, Jade Beach, Trump Tower I, and Trump Palace fall in line, respectively.
The average selling price per square foot is $499. The average days on market at 177, and the average Sale to List Price is at 89%.
Price Bands of # of condos SOLD (last 90 days) in Sunny Isles Beach
- >$249 – 87
- $250 – $499 – 26
- $500 – $749k – 14
- $750 – $999k – 11
- $1M – $1.999M – 11
- $2M – $2.999M – 1
- $3M – $3.999M – 0
- $4M – $4.999M – 1
- $5M – $5.999M – 0
Total – 151
Sunny Isles Beach Months of Inventory
These graphs show the inventory trends and closed sales moving in the right direction for recovery. If these graph trends stay relative, we could begin to see solid stabilization next year. The inventory still reflects a 25-month supply, so there are great buying opportunities as sellers still have strong competition and duration concerns when liquidity in selling is a must.
Inventory has dropped from 41 months to 25 months, while closed sales doubled over this time last year! In summary, still a good inventory selection with trends showing favor to “local” market improvement… we’re looking good at Sunny Isles!~ Want more information on Sunny Isles Beach condos for sale or have insights & opinions? Leave a comment below for the readers to see.
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