Sunny Isles Beach Luxury Oceanfront Condo Market Index

Sunny Isles Beach Luxury Oceanfront Condo Market Index | Edition #14

Here are the latest statistics & trends comparing luxury real estate from the October 2014, July 2014 & September 2013 Indexes to the March 2015 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 March 11th, we have 900 total condos for sale in Sunny Isles Beach with today’s inventory up 7% from October. In the last 30 days, there have been 53 total closed sales. In the last 90 days, 174 condos have sold averaging $437 per square foot with a 93% Sale to List Price Ratio and 138 days on market. In the same 90 day period of March 2013, there were 207 condos sold averaging $428 per square foot (Sold values are Up 2% YTD) with a 94% Sale to List Price Ratio and 104 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 | 28 of 247 or 11% | Ave List Price $4.704M | Ave PPSF $1,528
Mansions at Acqualina – 17749 Collins Avenue – New Construction – 1 of 79 | Ave List Price $21.5M | Ave PPSF $2,460
Chateau Beach – 17475 Collins Avenue – New Construction – 6 of 84 or 7% | Ave List Price $10.140M | Ave PPSF $1,355
JADE Beach – 17001 Collins Avenue | 25 of 248 or 10% | Ave List Price $2.946M | Ave PPSF $1,242
JADE Ocean – 17121 Collins Avenue | 25 of 250 or 10% | Ave List Price $3.208M | Ave PPSF $1,460
Jade Signature – 16901 Collins Avenue – New Construction – 6 of 192 or 7% | Ave List Price $5.409M | Ave PPSF $1,505
Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 10 of 130 or 8% | Ave List Price $3.530M | Ave PPSF $1,118
Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 8 of 130 or 6% | Ave List Price $4.808M | Ave PPSF $1,238
Turnberry Ocean Club – 18501 Collins Avenue – New Construction Now Available.
Trump Palace – 18101 Collins Avenue | 20 of 275 or 7% | Ave List Price $2.776M | Ave PPSF $1,127
Trump Royale – 18201 Collins Avenue | 23 of 384 or 6%| Ave List Price $2.155M | Ave PPSF $944
Trump Tower I – 16001 Collins Avenue | 24 of 271 or 9% | Ave List Price $2M | Ave PPSF $883
Trump Tower II – 15901 Collins Avenue | 22 of 271 or 8% | Ave List Price $1.877M | Ave PPSF $845
Trump Tower III – 15811 Collins Avenue| 19 of 271 or 7% | Ave List Price $1.842M | Ave PPSF $830
Regalia – 19575 Collins Avenue | 7 of 39 or 18% | Ave List Price $12.946M | Ave PPSF $2,030
Sayan– 16275 Collins Avenue | 11 of 88 or 13% | Ave List Price $1.239M | Ave PPSF $688
Ocean Four – 17201 Collins Avenue | 10 of 281 or 4% | Ave List Price $1.320M | Ave PPSF $754
Ocean Three – 18911 Collins Avenue | 18 of 215 or 8% | Ave List Price $2.177M | Ave PPSF $760
Ocean Two – 19111 Collins Avenue | 8 of 254 or 7% | Ave List Price $2.643M | Ave PPSF $897
Ocean One – 19333 Collins Avenue | 9 of 241 or 4% | Ave List Price $1.980M | Ave PPSF $796
Millennium – 18671 Collins Avenue | 4 of 120 or 3% | Ave List Price $1.972M | Ave PPSF $930
Muse – 17141 Collins Avenue – New Construction
Armani Casa – 18975 Collins Avenue – New Construction
Porsche Design Tower – 18555 Collins Avenue – New Construction
The Estates at Acqualina – 17901 Collins Avenue – New Construction
Ritz Carlton Sunny Isles – 15701 Collins Avenue – New Construction
Pinnacle – 17555 Collins Avenue | 15 of 244 or 6% | Ave List Price $1.889M | Ave PPSF $828
La Perla– 16699 Collins Avenue | 20 of 326 or 6% | Ave List Price $912k | Ave PPSF $680

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 $1,062 PSF (4% increase in SP$/PSF since October 2014) | 91% SP/LP | 88 DOM
Mansions at Acqualina – 17749 Collins Avenue – New Construction
Chateau Beach – 17475 Collins Avenue – New Construction
JADE Beach– 17001 Collins Avenue | 8 Closed Sales at $1,029 PSF (2% increase in SP$/PSF since October 2014) | 94% SP/LP | 168 DOM
JADE Ocean– 17121 Collins Avenue | 7 Closed Sales at $1,218 PSF (3% decrease in SP$/PSF since October 2014) | 93% SP/LP | 158 DOM
Jade Signature – 16901 Collins Avenue – New Construction coming soon..
Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 2 Closed Sales at $1036 PSF (4% increase in SP$/PSF since October 2014) | 92% SP/LP | 211 DOM
Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 3 Closed Sales at $970 PSF (2% increase in SP$/PSF since October 2014) | 90% SP/LP | 89 DOM
Turnberry Ocean Club – 18501 Collins Avenue – New Construction Now Available.
Trump Palace – 18101 Collins Avenue | 9 Closed Sales at $932 PSF (6% increase SP$/PSF since October 2014) | 90% SP/LP | 126 DOM
Trump Royale – 18201 Collins Avenue | 18 Closed Sales at $746 PSF (2% decrease in SP$/PSF since October 2014) | 93% SP/LP | 184 DOM
Trump Tower I – 16001 Collins Avenue | 11 Closed Sales at $709 PSF (7% decrease in SP$/PSF since October 2014) | 95% SP/LP | 183 DOM
Trump Tower II – 15901 Collins Avenue | 9 Closed Sales at $653 PSF (7% decrease in SP$/PSF since October 2014) | 94% SP/LP | 107 DOM
Trump Tower III – 15811 Collins Avenue | 7 Closed Sales at $784 PSF (3% increase in SP$/PSF since October 2014) | 97% SP/LP | 123 DOM
Regalia – 19575 Collins Avenue | 0 Closed Sales – News has it that 2 are in Contract
Sayan– 16275 Collins Avenue | 1 Closed Sale at $633 PSF (.5% increase in SP$/PSF in October 2014) | 93% SP/LP | 226 DOM
Ocean Four – 17201 Collins Avenue | 11 Closed Sales at $708 PSF (12% increase in SP$/PSF since October 2014) | 94% SP/LP | 198 DOM
Ocean Three – 18911 Collins Avenue | 4 Closed Sales at $605 PSF (10% decrease in SP$/PSF since October 2014) | 92% SP/LP | 170 DOM
Ocean Two – 19111 Collins Avenue | 5 Closed Sales at $668 PSF (9% decrease in SP$/PSF since October 2014) | 95% SP/LP | 69 DOM
Ocean One – 19333 Collins Avenue | 3 Closed Sales at $667 PSF (7% increase in SP$/PSF since October 2014) | 92% SP/LP | 129 DOM
Millennium – 18671 Collins Avenue | 1 Closed Sales ($747 SP$/PSF sold in Nov. 2014) | 87% SP/LP | 181 DOM
Muse – 17141 Collins Avenue – New Construction
Armani Casa – 18975 Collins Avenue – New Construction
Porsche Design Tower – 18555 Collins Avenue – New Construction
The Estates at Acqualina – 17901 Collins Avenue – New Construction
Ritz Carlton Sunny Isles – 15701 Collins Avenue – New Construction
Pinnacle – 17555 Collins Avenue | 5 Closed Sales at $726 PSF (6% increase in SP$/PSF since October 2014) | 96% SP/LP | 177 DOM
La Perla– 16699 Collins Avenue | 10 Closed Sales at $590 PSF (4% decrease in SP$/PSF since October 2014) | 94% SP/LP | 104 DOM

Sunny Isles Beach Condo Index Summary

Sunny Isles Beach resale inventory is increasing in 2015 with pre-construction being a focal point for many. Today we have a 17-month supply on resale condos as we find asking prices increasing ahead of sale price values. Luxury real estate specific to condominium inventory still remains at less than 10% available for the majority of each condominium tower.

In this shorter 6-month overview, sale price values have increased in some cases and decreased in others. Every property will tell us a different story regarding motivation, sales & trends but when it comes to oceanfront real estate, we are quickly finding a buyer’s market for real estate in Miami. Sale-to-List Price Ratios have widened reflecting 93% or simply an averaged 7% buyer discount. The U.S. dollar’s strength is now causing our international buyer friends to hold from purchasing and on the flipside, our foreign seller’s in hopes of taking advantage of our currency strength while there is still time.

New Sunny Isles Beach Penthouses are beyond the extraordinary with pre-construction penthouse inventory for sale as high as $55 Million. Miami Penthouse condo resales range from $505,000 and upwards to $26 Million. Pre-construction price points in Sunny Isles Beach range from $1,300 PSF up to $2,500 PSF as we see at Chateau Beach, Turnberry Ocean Club, MUSE, Ritz Carlton, Estates at Acqualina and Mansions at Acqualina. Developers today are aiming high while working with ever-increasing construction costs and speculating on (2016-2018) future values. I forecast single digit appreciation for the remainder of this year and some good opportunities for newly released construction including Chateau Beach and Mansions at Acqualina.

(Figures are derived from the South Florida Regional Multiple Listing Service March 2015)

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Sunny Isles Beach Luxury Oceanfront Condo Market Index | March 2015