Sunny Isles Beach Luxury Oceanfront Condo Market Index | July 2014

Sunny Isles Condo Index July 2014: Edition #12

Below in review, are the latest statistics & trends comparing luxury real estate from the March 2014 Condo Index to July’s updated 2014 Sunny Isles Beach Luxury Oceanfront Condo Market Index including premier oceanfront condo towers such as Regalia, Chateau Beach, Acqualina, JADE Ocean, JADE Beach, Turnberry Ocean Colony, Trump Palace, Trump Royale, Ocean Four, Sayan, Trump Towers, Pinnacle & Millennium.

I’ve excluded condo hotel properties from this research including  Trump International Beach Resort, Merenas Resort, Ocean Point and Sole’ on the Ocean. What will be analyzed more specifically in this Miami blog post are luxury oceanfront condo buildings, 2014 statistics & new trends for the most desirable luxury condo towers along the coastline of Sunny Isles Beach.

Sunny Isles Beach Condo Index (2014)

As of July 17th, we have 777 total condos for sale in Sunny Isles Beach similar to March. In the last 30 days, there have been 64 total closed sales. In the last 90 days, 224 condos have sold averaging $432 per square foot with a 95% Sale to List Price Ratio and 104 days on market. In the same 90 day period of July 2013, there were 305 condos sold averaging $386 per square foot (Sold values are Up a healthy 11% over July 2013) with a 95% Sale to List Price Ratio and 99 days on market.

Percentage Available Inventory, Average List Price & Average Price Per Square Foot for leading luxury condo towers currently listed & Active on the MLS

• Acqualina– 17875 – 17885 Collins Avenue | 13 of 247 or 5% | Ave List Price $4.112M | Ave PPSF $1,471
• Mansions at Acqualina – 17749 Collins Avenue – New Construction – 3 of 79 | Ave List Price $26.817M | Ave PPSF $2,421
• Chateau Beach – 17475 Collins Avenue – New Construction – 3 of 84 | Ave List Price $8.933M | Ave PPSF $1,293
• JADE Beach – 17001 Collins Avenue | 22 of 248 or 9% | Ave List Price $3.436M | Ave PPSF $1,267
• JADE Ocean – 17121 Collins Avenue | 28 of 250 or 11% | Ave List Price $3.328M | Ave PPSF $1,438
• Jade Signature – 16901 Collins Avenue – New Construction – 6 of 192 | Ave List Price $4.740M | Ave PPSF $1,391
• Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 6 of 130 or 5% | Ave List Price $3.793M | Ave PPSF $1,205
• Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 9 of 130 or 7% | Ave List Price $4.584M | Ave PPSF $1,214
• Trump Palace – 18101 Collins Avenue | 14 of 275 or 5% | Ave List Price $2.461M | Ave PPSF $1,120
• Trump Royale – 18201 Collins Avenue | 33 of 384 or 9%| Ave list Price $2.008M | Ave PPSF $917
• Trump Tower I – 16001 Collins Avenue | 24 of 271 or 9% | Ave List Price $1.926M | Ave PPSF $840
• Trump Tower II – 15901 Collins Avenue | 16 of 271 or 6% | Ave List Price $1.662M | Ave PPSF $808
• Trump Tower III – 15811 Collins Avenue| 12 of 271 or 4% | Ave List Price $1.920M | Ave PPSF $848
• Regalia – 19575 Collins Avenue – New Construction – 2 of 39 | Ave List Price $11.7M | Ave PPSF $2,267
• Sayan– 16275 Collins Avenue | 8 of 88 or 9% | Ave List Price $2.101M | Ave PPSF $704
• Ocean Four – 17201 Collins Avenue | 13 of 281 or 5% | Ave List Price $1.538M | Ave PPSF $760
• Ocean Three – 18911 Collins Avenue | 16 of 215 or 7% | Ave List Price $1.839M | Ave PPSF $735
• Ocean Two – 19111 Collins Avenue | 7 of 254 or 3% | Ave List Price $2.268M | Ave PPSF $776
• Ocean One – 19333 Collins Avenue | 8 of 241 or 3% | Ave List Price $1.590M | Ave PPSF $733
• Millennium – 18671 Collins Avenue | 6 of 120 or 5% | Ave List Price $2.366M | Ave PPSF $915
• Muse – 17141 Collins Avenue – New Construction Now Available.
  
• Armani Casa – 18975 Collins Avenue – New Construction Released Today.
• Porsche Design Tower – 18555 Collins Avenue – New Construction Now Available.
• Pinnacle – 17555 Collins Avenue | 16 of 244 or 7% | Ave List Price $1.735M | Ave PPSF $800
• La Perla– 16699 Collins Avenue | 16 of 326 or 5% | Ave List Price $923k | Ave PPSF $693

Ave. Price Per Square Foot on Condos SOLD within the last 6 months, Sale Price to List and # Days On Market

• Acqualina– 17885 Collins Avenue | 6 Closed Sales at $1,183 PSF (6% increase in SP$/PSF since March 2013) | 94% SP/LP | 145 DOM
• Mansions at Acqualina – 17749 Collins Avenue – New Construction coming soon..
• Chateau Beach – 17475 Collins Avenue – New Construction coming soon..
• JADE Beach– 17001 Collins Avenue | 9 Closed Sales at $1,034 PSF (11% increase in SP$/PSF since March 2013) | 93% SP/LP | 102 DOM
• JADE Ocean– 17121 Collins Avenue | 4 Closed Sales at $1,329 PSF (16% increase in SP$/PSF since March 2013) | 92% SP/LP | 167 DOM
• Jade Signature – 16901 Collins Avenue – New Construction coming soon..
• Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 5 Closed Sales at $981 PSF (1% increase in PPSF since March 2013) | 99% SP/LP | 237 DOM
• Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 5 Closed Sales at $982 PSF (6% increase in PPSF since March 2013) | 90% SP/LP | 117  DOM
• Trump Palace – 18101 Collins Avenue | 12 Closed Sales at $865 PSF (same PPSF since March 2013) | 93% SP/LP | 153 DOM
• Trump Royale – 18201 Collins Avenue | 11 Closed Sales at $771 PSF (1% increase in PPSF since March 2013) | 94% SP/LP | 217 DOM
• Trump Tower I – 16001 Collins Avenue | 9 Closed Sales at $689 PSF (1% increase in PPSF since March 2013) | 97% SP/LP | 104 DOM
• Trump Tower II – 15901 Collins Avenue | 8 Closed Sales at $699 PSF (6% increase in PPSF since March 2013) | 95% SP/LP | 134 DOM
• Trump Tower III – 15811 Collins Avenue | 6 Closed Sales at $683 PSF (12% decrease in PPSF since March 2013) | 94% SP/LP | 299 DOM
• Regalia – 19575 Collins Avenue – New Construction – 1 New Record Sale at $2,085 PSF | 93% SP/LP
• Sayan– 16275 Collins Avenue | 0 Closed Sales ($566 SP$/SF in March 2013)
• Ocean Four – 17201 Collins Avenue | 10 Closed Sales at $630 PSF (5% decrease in PPSF since March 2013) | 93% SP/LP | 127 DOM
• Ocean Three – 18911 Collins Avenue | 4 Closed Sales at $602 PSF (1% increase in PPSF since March 2013) | 93% SP/LP | 78 DOM
• Ocean Two – 19111 Collins Avenue | 3 Closed Sales at $687 PSF (12% increase in PPSF since March 2013) | 89% SP/LP | 96 DOM
• Ocean One – 19333 Collins Avenue | 3 Closed Sales at $508 PSF (4% decrease in PPSF since March 2013) | 90% SP/LP | 80 DOM
• Millennium – 18671 Collins Avenue | 2 Closed Sales at $733 PSF (29% increase in PPSF since March 2013) | 90% SP/LP | 26 DOM
• Muse – 17141 Collins Avenue – New Construction Now Available.
• Armani Casa – 18975 Collins Avenue – New Construction Released Today.
• Porsche Design Tower – 18555 Collins Avenue – New Construction Now Available.
• Pinnacle – 17555 Collins Avenue | 2 Closed Sales at $643 PSF (4% increase in PPSF since March 2013) | 94% SP/LP | 29 DOM
• La Perla– 16699 Collins Avenue | 9 Closed Sales at $570 PSF (6% increase in PPSF since March 2013) | 96% SP/LP | 68 DOM

Sunny Isles Beach Condo Index Summary

Sunny Isles Beach condo inventory is holding more weight with a 12 month supply on resale condos while Asking Values continue to increase ahead of Sale Values. Sale price values rose slightly over the last 4.5 months and yet the SP/LP Ratio gap seems to be widening. Buyer discounts along with the number of days it takes to sell a condominium have continued to remain fairly constant at an average 7% off list price and 136 days to sell.

These luxury oceanfront condo towers Indexed do still sustain what would be considered healthy inventory figures with less than 10% as available condo resale inventory. Each building and property tells us a different story on sales & trends while the bottom line remains that the Sunny Isles Beach condo market shows us values of continued improvement. We are in a Seller’s market regarding oceanfront real estate and an increased confidence in owning real estate in Miami.

Own a Luxury Condo or Waterfront Home in Miami

Call or email for the very best property deals along Sunny Isles Beach, Aventura, Bal Harbour, Surfside, North Bay Village, Miami Beach & South Beach.. I also specialize in Coconut Grove and Coral Gables real estate.

Luxury real estate in the current market, has resale inventory priced 10-30% above the most recent comparable closed sales. Why? Because prior sales don’t always matter to affluent sellers patiently waiting, to hungry rookie agents willing to market any new portfolio listing and to successful brokers who manage to set new area sales records. Additionally, developers are working with higher construction costs while speculating on (2015-2017) future values. Pre-construction price points in Sunny Isles Beach today range from $1,200 PSF up to $2,000 PSF as we see at Regalia and Mansions at Acqualina. We are also seeing consistent cash offers where over 75% of sales have buyers paying cash. Sunny Isles Beach Penthouses are extraordinary as new Sunny Isles pre-construction inventory is listed as high as $50 Million USD while other Penthouse resales range from $3M to $10M.

If you’d like to receive local Miami Beach FL real estate news via valuable blog posts, you can easily be notified by email each time a new real estate news post occurs. Visit JADE Condos Sunny Isles website & JADE Condo Blog relaying great information on JADE Beach, JADE Ocean & JADE Signature along with Turnberry Ocean Colony Sunny Isles website & Ocean Colony Condo Blog for the ultimate in luxury condo knowledge.

Selling or Leasing Your Condo?

Call or email me now for a personalized marketing report and an global marketing plan surely to gain outstanding International exposure for your property. Let’s begin the marketing interview today by calling 888.383.7326 or direct 305.978.7704. As this year continues and Miami’s pre-construction inventory begins to rise at a speculative future value, I believe prices may show favor in selling. We remain in a Seller’s market with multiple buyers worldwide looking for luxury real estate in Miami.

(Figures are derived from the South Florida Regional Multiple Listing Service July 2014)

*Click the Photo Below to Learn More About this Newly Priced Listing*

If you would like to schedule a showing or have any questions, please call me directly at (305) 978-7704 or send me a note here to set an appointment. I welcome your knowledge, opinions, comments and feedback below.

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