Sunny Isles Beach Luxury Oceanfront Condo Market Index 1Q 2010

Sunny Isles Beach Condo Index Edition #5 of the 2010 Sunny Isles Condo Index

I’ll be reviewing & comparing the luxury oceanfront market from the 1Q 2009 Sunny Isles Condo Index to today’s updated 1Q 2010 Sunny Isles Condo Index including premier oceanfront towers such as Turnberry Ocean Colony, Acqualina, JADE Beach, Trump Palace, Trump Royale, Ocean 4, Sayan, Ocean One, Two & Three, Pinnacle & Millennium and now including JADE Ocean. I’ve excluded condo hotel properties from this study including the Trump International Beach Resort, Le Meridian (now known as Merenas Resort), Ocean Point and Sole.

Sunny Isles Beach (1Q 2010) Condo Index…

As of January 25th, we are noting 1,055 total condos for sale in Sunny Isles Beach down 17% from July 2009 and 28% from this time last year. So far, there have been 27 total closed sales (ALL figures are derived from the Multiple Listing Service MLS on JAN 25th, 2010) this year. What will be analyzed in this post are statistics & 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 | 17 of 247 or 7%| Ave List Price $2.186M | Ave PPSF $775
  • JADE Beach (99% Closed as per County records) – 17001 Collins Avenue | 41 of 248 or 17%| Ave List Price $1.439M | Ave PPSF $642
  • JADE Ocean– (80 rec. deeds per County records) – 17121 Collins Avenue | 4 of 250 or 2% | Ave List Price $2.107M | Ave PPSF $765
  • Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 12 of 130 or 9%| Ave List Price $2.598M | Ave PPSF $799
  • Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 17 of 130 or 13%| Ave List Price $2.274M | Ave PPSF $747
  • Trump Palace – 18101 Collins Avenue | 29 of 275 or 11%| Ave List Price $1.329M | Ave PPSF $629
  • Trump Royale – 18201 Collins Avenue | 19 of 384 or 5%| Ave list Price $1.124M | Ave PPSF $565
  • Trump Tower I– 16001 Collins Avenue | 29 of 271 or 11%| Ave List Price $1.135M | Ave PPSF $487
  • Trump Tower II – 15901 Collins Avenue | 9 of 271 w/Developer units remaining | Ave List Price $927k | Ave PPSF $433
  • Trump Tower III – 15850 Collins Avenue | No MLS records
  • Sayan– 16275 Collins Avenue | 22 of 88 or 25%| Ave List Price $1.211M | Ave PPSF $572
  • Ocean Four – 17201 Collins Avenue | 40 of 281 or 14%| Ave List Price $997k | Ave PPSF $508
  • Ocean Three – 18911 Collins Avenue | 28 of 215 or 13%| Ave List Price $1.142M | Ave PPSF $459
  • Ocean Two – 19111 Collins Avenue | 19 of 254 or 7%| Ave List Price $1.096M | Ave PPSF $479
  • Ocean One – 19333 Collins Avenue | 8 of 241 or 3%| Ave List Price $728K | Ave PPSF $330
  • Millennium – 18671 Collins Avenue | 6 of 120 or 5%| Ave List Price $1.015M | Ave PPSF $446
  • Pinnacle – 17555 Collins Avenue | 45 of 244 or 18%| Ave List Price $960k | Ave PPSF $494
  • La Perla– 16699 Collins Avenue | 39 of 326 or 12%| Ave List Price $654k| Ave PPSF $430

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 $673 PSF (7% increase in PPSF since 1Q 2009) | 88% SP/LP | 247  DOM
  • JADE Beach– 17001 Collins Avenue | 2 Closed Sales at $427 PSF | 89% SP/LP | 89 DOM
  • JADE Ocean– 17121 Collins Avenue | Released (TCO) June 2009 with No Closed MLS resales
  • Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 8 Closed Sales at $679 PSF (22% increase in PPSF since 1Q 2009) | 86% SP/LP | 143 DOM
  • Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 7 Closed Sales at $499 PSF (26% decrease in PPSF since 1Q 2009) | 90% SP/LP | 195  DOM
  • Trump Palace– 18101 Collins Avenue | 3 Closed Sales at $450 PSF (19% decrease in PPSF since 1Q 2009)| 86% SP/LP | 162 DOM
  • Trump Royale – 18201 Collins Avenue | 3 Closed Sales at $451 PSF | 95% SP/LP | 111 DOM
  • Trump Tower I– 16001 Collins Avenue | 2 Closed Sales at $386 PSF | 78% SP/LP | 493 DOM
  • Trump Tower II – 15901 Collins Avenue | No Closed MLS Sales
  • Trump Tower III – 15850 Collins Avenue | No Closed MLS Sales
  • Sayan– 16275 Collins Avenue | 0 Closed Sale at $N/A | only 1 resale last year at $308 PSF | 86% SP/LP | 84 DOM
  • Ocean Four – 17201 Collins Avenue | 15 Closed Sales at $367 PSF (5% decrease in PPSF since 1Q 2009) | 94% SP/LP | 228 DOM
  • Ocean Three – 18911 Collins Avenue | 2 Closed Sales at $353 PSF | 94% SP/LP | 316 DOM
  • Ocean Two – 19111 Collins Avenue | 7 Closed Sales at $384 PSF | 91% SP/LP | 175 DOM
  • Ocean One – 19333 Collins Avenue | 3 Closed Sales at $291 PSF | 86% SP/LP | 288 DOM
  • Millennium – 18671 Collins Avenue | 3 Closed Sales at $336 PSF | 81% SP/LP | 101 DOM
  • Pinnacle – 17555 Collins Avenue | 6 Closed Sales at $351 PSF | 97% SP/LP | 234 DOM
  • La Perla– 16699 Collins Avenue | 15 Closed Sales at $354 PSF (2% decrease in PPSF since 1Q 2009) | 91% SP/LP | 127 DOM

Sunny Isles Beach Condo Index Summary

Sunny Isles Beach inventory is decreasing month over month while property values have also dropped considerably causing more sales to occur. The majority of oceanfront towers now have healthy inventory figures as shown above with anything less 15%. Each building tells a different story and the bottom line is you cannot go wrong in 2010 with oceanfront real estate as long as you & the family will use it and enjoy it for at least the next 2 years.

Sellers, are you attempting to sell with little communication on values, marketing & progress…? Call me for a personalized market report for your condo and let’s get started today. Buyer’s ready for a great buy? Call or email for the very best deals along Sunny Isles Beach, Bal Harbour & South Beach. The buyer advantage is still selection & leverage but we are again seeing multiple cash offers driving up values again on the lower end residential market. As inventory decreases I believe prices will start to show favor for stabilization if it hasn’t already.. If you’d like to receive local Miami Beach FL real estate news via blog postings & updates, you can easily be notified by RSS feed (see upper right column) or by email above each time a new posting occurs. Visit JADECondosSunnyIsles.com website & Blog relaying great information on JADE Beach & JADE Ocean and the brand new TurnberryOceanColonySunnyIsles.com website & blog! The truth is in the numbers 1.888.383.7326 and I welcome your knowledge, comments & feedback here. South Beach to Sunny Isles Real Estate Sales & Marketing.

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