Sunny Isles Beach Luxury Oceanfront Condo Market Index | October 2014 | Edition #13
Here are the latest statistics & trends comparing luxury real estate from the July 2014 & September 2013 Indexes to the October 2014 Sunny Isles Beach 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 are luxury oceanfront condo buildings with new statistics & trends for the most desirable luxury condo towers along the Atlantic coastline of Sunny Isles Beach.
Sunny Isles Beach Condo Index Overview
As of October 23rd, we have 834 total condos for sale in Sunny Isles Beach with today’s inventory up 7% from July. In the last 30 days, there have been 64 total closed sales. In the last 90 days, 191 condos have sold averaging $465 per square foot with a 95% Sale to List Price Ratio and 109 days on market. In the same 90 day period of October 2013, there were 256 condos sold averaging $383 per square foot (Sold values are Up 18% YTD over October 2013) with a 95% Sale to List Price Ratio and yet still, 109 days on market.
Percentage Available Inventory, Average List Price & Average Price Per Square Foot for Luxury Condo Towers currently Listed & Active on the MLS
- Acqualina– 17875 – 17885 Collins Avenue | 16 of 247 or 6% | Ave List Price $4.542M | Ave PPSF $1,529
- Mansions at Acqualina – 17749 Collins Avenue – New Construction – 2 of 79 | Ave List Price $15.625M | Ave PPSF $2,236
- Chateau Beach – 17475 Collins Avenue – New Construction – 5 of 84 | Ave List Price $11.078M | Ave PPSF $1,308
- JADE Beach – 17001 Collins Avenue | 21 of 248 or 8% | Ave List Price $3.150M | Ave PPSF $1,245
- JADE Ocean – 17121 Collins Avenue | 27 of 250 or 11% | Ave List Price $3.345M | Ave PPSF $1,467
- 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 | 9 of 130 or 7% | Ave List Price $3.443M | Ave PPSF $1,188
- Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 9 of 130 or 7% | Ave List Price $4.501M | Ave PPSF $1,207
- Turnberry Ocean Club – 18501 Collins Avenue – New Construction Now Available.
- Trump Palace – 18101 Collins Avenue | 15 of 275 or 5% | Ave List Price $2.168M | Ave PPSF $987
- Trump Royale – 18201 Collins Avenue | 28 of 384 or 7%| Ave List Price $2.066M | Ave PPSF $909
- Trump Tower I – 16001 Collins Avenue | 26 of 271 or 10% | Ave List Price $1.995M | Ave PPSF $873
- Trump Tower II – 15901 Collins Avenue | 21 of 271 or 8% | Ave List Price $1.801M | Ave PPSF $828
- Trump Tower III – 15811 Collins Avenue| 13 of 271 or 5% | Ave List Price $1.896M | Ave PPSF $858
- Regalia – 19575 Collins Avenue | 6 of 39 or 15% | Ave List Price $13.042M | Ave PPSF $1,665
- Sayan– 16275 Collins Avenue | 9 of 88 or 10% | Ave List Price $2.296M | Ave PPSF $808
- Ocean Four – 17201 Collins Avenue | 11 of 281 or 4% | Ave List Price $1.551M | Ave PPSF $791
- Ocean Three – 18911 Collins Avenue | 18 of 215 or 8% | Ave List Price $1.884M | Ave PPSF $727
- Ocean Two – 19111 Collins Avenue | 9 of 254 or 4% | Ave List Price $2.637M | Ave PPSF $905
- Ocean One – 19333 Collins Avenue | 6 of 241 or 2% | Ave List Price $1.472M | Ave PPSF $684
- Millennium – 18671 Collins Avenue | 6 of 120 or 5% | Ave List Price $2.136M | Ave PPSF $888
- 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 | 14 of 244 or 6% | Ave List Price $1.658M | Ave PPSF $792
- La Perla– 16699 Collins Avenue | 21 of 326 or 6% | Ave List Price $878k | Ave PPSF $669
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 $1,020 PSF (7% decrease in SP$/PSF since Sept. 2013) | 91% SP/LP | 146 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 | 10 Closed Sales at $1,006 PSF (15% increase in SP$/PSF since Sept. 2013) | 92% SP/LP | 116 DOM
- JADE Ocean– 17121 Collins Avenue | 7 Closed Sales at $1,256 PSF (21% increase in SP$/PSF since Sept. 2013) | 92% SP/LP | 124 DOM
- Jade Signature – 16901 Collins Avenue – New Construction coming soon..
- Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 3 Closed Sales at $994 PSF (5% increase in SP$/PSF since Sept. 2013) | 94% SP/LP | 204 DOM
- Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 3 Closed Sales at $955 PSF (11% increase in SP$/PSF since Sept. 2013) | 90% SP/LP | 89 DOM
- Turnberry Ocean Club – 18501 Collins Avenue – New Construction Now Available.
- Trump Palace – 18101 Collins Avenue | 6 Closed Sales at $874 PSF (14% increase SP$/PSF since Sept. 2013) | 92% SP/LP | 141 DOM
- Trump Royale – 18201 Collins Avenue | 14 Closed Sales at $763 PSF (5% increase in SP$/PSF since Sept. 2013) | 94% SP/LP | 218 DOM
- Trump Tower I – 16001 Collins Avenue | 8 Closed Sales at $762 PSF (22% increase in SP$/PSF since Sept. 2013) | 94% SP/LP | 103 DOM
- Trump Tower II – 15901 Collins Avenue | 5 Closed Sales at $699 PSF (14% increase in SP$/PSF since Sept. 2013) | 94% SP/LP | 128 DOM
- Trump Tower III – 15811 Collins Avenue | 8 Closed Sales at $762 PSF (17% increase in SP$/PSF since Sept. 2013) | 96% SP/LP | 86 DOM
- Regalia – 19575 Collins Avenue – New Construction – 1 Closed Sale at $1,940 SP$/PSF | 93% SP/LP
- Sayan– 16275 Collins Avenue | 2 Closed Sales at $630 PSF (5% increase in SP$/PSF in Sept. 2013) | 96% SP/LP | 117 DOM
- Ocean Four – 17201 Collins Avenue | 10 Closed Sales at $647 PSF (26% increase in SP$/PSF since Sept. 2013) | 93% SP/LP | 178 DOM
- Ocean Three – 18911 Collins Avenue | 4 Closed Sales at $620 PSF (20% increase in SP$/PSF since Sept. 2013) | 96% SP/LP | 78 DOM
- Ocean Two – 19111 Collins Avenue | 8 Closed Sales at $729 PSF (22% increase in SP$/PSF since Sept. 2013) | 93% SP/LP | 76 DOM
- Ocean One – 19333 Collins Avenue | 4 Closed Sales at $620 PSF (21% increase in SP$/PSF since Sept. 2013) | 89% SP/LP | 110 DOM
- Millennium – 18671 Collins Avenue | 0 Closed Sales ($522 SP$/PSF in Sept. 2013)
- 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 $684 PSF (23% increase in SP$/PSF since Sept. 2013) | 95% SP/LP | 84 DOM
- La Perla– 16699 Collins Avenue | 12 Closed Sales at $617 PSF (17% increase in SP$/PSF since Sept. 2013) | 96% SP/LP | 67 DOM
Sunny Isles Beach Condo Index Summary
Sunny Isles Beach condo inventory is holding more weight with pre-construction being a focal point for many new buyers. Sale price values have increased significantly since September 2013 with a steady SP/LP Ratio reflecting our market average of 6% (buyer discount) off list price. Today we have a 13 month supply on resale condos while asking prices continue to increase ahead of sale price values.
The luxury oceanfront condominium inventory still remains what most would consider as healthy with less than 10% for each tower available as a resale. Every property tells a different story on motivation, sales & trends while the bottom line remains that the Sunny Isles Beach condo market show strong values with continued appreciation & improvement. When it come to oceanfront real estate, we are in a seller’s market and when there is such a strong confidence in owning real estate in Miami, prices flourish!
Luxury real estate in the current market, has resale inventory priced 10-30% above the most recent comparable closed sales. “Why?” In an appreciating market, especially with figures as we see above, seller’s aren’t interested in matching comparable closed sales. Because prior sales don’t always matter to affluent sellers who can wait patiently or to rookie agents willing to add any new listing to their portfolio or to successful brokers who manage to set new area sales records on premier luxury properties. “But I have Cash!” Here in Miami, we are known for consistent cash offers where over 80% of sales have buyers simply paying cash.
Developers today are aiming high while working with higher construction costs and speculating on (2015-2018) future values. Pre-construction price points in Sunny Isles Beach today range from $1,300 PSF up to $2,500 PSF as we see at Turnberry Ocean Club, MUSE and Mansions at Acqualina. New Sunny Isles Beach Penthouses are beyond the extraordinary with pre-construction inventory listed as high as $55 Million while other premier Miami Penthouse resales range from $500,000 and upwards to $30 Million.
(Figures are derived from the South Florida Regional Multiple Listing Service October 2014)
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If you would like to discuss Miami real estate, call me anytime at 305.978.7704 or send me a note here. Contact me 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. If you would like to schedule a showing, please contact my office at 786.27.DREAM or toll free at 888.38.DREAM to schedule an appointment. Gain access to the latest in news, listings, trends, sales & statistics by signing up to the Monthly e-Newsletter to the right.
As this year comes to an end and Miami’s pre-construction inventory begins to rise both physically and at a speculative future value, I believe prices may show favor in selling. We remain in a seller’s market with buyers worldwide looking at luxury real estate in Miami. I know Sunny Isles Beach Real Estate. If you are interested, or know someone interested in buying or selling a home in Sunny Isles Beach, it’s essential to work with someone who knows the neighborhood.
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