Sunny Isles Beach Luxury Oceanfront Condo Market Index | July 2015

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Sunny Isles Beach Luxury Oceanfront Condo Market Index | July 2015 | Edition #15

Here are the latest statistics & trends comparing luxury real estate from the March 2015 Index to the July 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 July 27th, we have 932 total condos for sale in Sunny Isles Beach with today’s inventory up 4% from March. In the last 30 days, there have been 49 total closed sales. In the last 90 days, 203 condos have sold averaging $429 per square foot with a 93% Sale to List Price Ratio and 113 days on market. In the same 90 day period of July 2014, there were 238 condos sold averaging $428 per square foot with a 94% Sale to List Price Ratio and 108 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 | 25 of 247 or 10% | Ave List Price $5.536M | Ave PPSF $2,010
  • Mansions at Acqualina – 17749 Collins Avenue – New Construction – 2 of 79 | Ave List Price $13.950M | Ave PPSF $2,001
  • Chateau Beach – 17475 Collins Avenue – New Construction – 0 of 84 | (previous index) Ave List Price $10.140M | Ave PPSF $1,355
  • JADE Beach – 17001 Collins Avenue | 23 of 248 or 9% | Ave List Price $2.715M | Ave PPSF $1,211
  • JADE Ocean – 17121 Collins Avenue | 20 of 250 or 8% | Ave List Price $2.651M | Ave PPSF $1,403
  • Jade Signature – 16901 Collins Avenue – New Construction – 7 of 192 or 4% | Ave List Price $6.632M | Ave PPSF $1,643
  • Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 10 of 130 or 8% | Ave List Price $3.709M | Ave PPSF $1,170
  • Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 8 of 130 or 6% | Ave List Price $4.485M | Ave PPSF $1,201
  • Turnberry Ocean Club – 18501 Collins Avenue – New Construction Now Available.
  • Trump Palace – 18101 Collins Avenue | 18 of 275 or 7% | Ave List Price $2.606M | Ave PPSF $1,119
  • Trump Royale – 18201 Collins Avenue | 31 of 384 or 8%| Ave List Price $1.958M | Ave PPSF $909
  • Trump Tower I – 16001 Collins Avenue | 25 of 271 or 9% | Ave List Price $2.036M | Ave PPSF $896
  • Trump Tower II – 15901 Collins Avenue | 27 of 271 or 10% | Ave List Price $1.807M | Ave PPSF $826
  • Trump Tower III – 15811 Collins Avenue| 20 of 271 or 7% | Ave List Price $1.787M | Ave PPSF $827
  • Regalia – 19575 Collins Avenue | 8 of 39 or 21% | Ave List Price $10.729M | Ave PPSF $1,945
  • Sayan– 16275 Collins Avenue | 10 of 88 or 11% | Ave List Price $1.642M | Ave PPSF $767
  • Ocean Four – 17201 Collins Avenue | 11 of 281 or 4% | Ave List Price $1.287M | Ave PPSF $770
  • Ocean Three – 18911 Collins Avenue | 16 of 215 or 7% | Ave List Price $1.944M | Ave PPSF $768
  • Ocean Two – 19111 Collins Avenue | 7 of 254 or 3% | Ave List Price $2.742M | Ave PPSF $948
  • Ocean One – 19333 Collins Avenue | 6 of 241 or 2% | Ave List Price $1.614M | Ave PPSF $733
  • Millennium – 18671 Collins Avenue | 4 of 120 or 3% | Ave List Price $1.735M | Ave PPSF $928
  • 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 $1.872M | Ave PPSF $838
  • La Perla– 16699 Collins Avenue | 17 of 326 or 5% | Ave List Price $942k | Ave PPSF $689

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 | 8 Closed Sales at $1,171 PSF (9% increase in SP$/PSF since March 2015) | 91% SP/LP | 91 DOM
  • Mansions at Acqualina – 17749 Collins Avenue – New Construction
  • Chateau Beach – 17475 Collins Avenue – New Construction
  • JADE Beach– 17001 Collins Avenue | 3 Closed Sales at $1,038 PSF (1% increase in SP$/PSF since March 2015) | 94% SP/LP | 160 DOM
  • JADE Ocean– 17121 Collins Avenue | 8 Closed Sales at $1,271 PSF (4% increase in SP$/PSF since March 2015) | 93% SP/LP | 156 DOM
  • Jade Signature – 16901 Collins Avenue – New Construction
  • Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 4 Closed Sales at $976 PSF (6% decrease in SP$/PSF since March 2015) | 94% SP/LP | 125 DOM
  • Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 3 Closed Sales at $921 PSF (5% decrease in SP$/PSF since March 2015) | 92% SP/LP | 309  DOM
  • Turnberry Ocean Club – 18501 Collins Avenue – New Construction Now Available.
  • Trump Palace – 18101 Collins Avenue | 8 Closed Sales at $975 PSF (4% increase SP$/PSF since March 2015) | 90% SP/LP | 162 DOM
  • Trump Royale – 18201 Collins Avenue | 10 Closed Sales at $800 PSF (7% increase in SP$/PSF since March 2015) | 92% SP/LP | 139 DOM
  • Trump Tower I – 16001 Collins Avenue | 5 Closed Sales at $797 PSF (11% increase in SP$/PSF since March 2015) | 95% SP/LP | 156 DOM
  • Trump Tower II – 15901 Collins Avenue | 10 Closed Sales at $668 PSF (2% increase in SP$/PSF since March 2015) | 90% SP/LP | 103 DOM
  • Trump Tower III – 15811 Collins Avenue | 6 Closed Sales at $761 PSF (3% decrease in SP$/PSF since March 2015) | 94% SP/LP | 89 DOM
  • Regalia – 19575 Collins Avenue | 1 Closed Sales at $1,478 PSF | 92% SP/LP | 263 DOM
  • Sayan– 16275 Collins Avenue | 2 Closed Sale at $508 PSF (20% decrease in SP$/PSF in March 2015) | 98% SP/LP | 93 DOM
  • Ocean Four – 17201 Collins Avenue | 11 Closed Sales at $675 PSF (5% decrease in SP$/PSF since March 2015) | 93% SP/LP | 79 DOM
  • Ocean Three – 18911 Collins Avenue | 5 Closed Sales at $620 PSF (2% increase in SP$/PSF since March 2015) | 91% SP/LP | 215 DOM
  • Ocean Two – 19111 Collins Avenue | 11 Closed Sales at $696 PSF (4% increase in SP$/PSF since March 2015) | 92% SP/LP | 114 DOM
  • Ocean One – 19333 Collins Avenue | 4 Closed Sales at $594 PSF (11% decrease in SP$/PSF since March 2015) | 89% SP/LP | 98 DOM
  • Millennium – 18671 Collins Avenue | 2 Closed Sales at $770 PSF  ($747 SP$/PSF sold in Nov. 2014) | 97% SP/LP | 282 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 | 3 Closed Sales at $697 PSF (4% decrease in SP$/PSF since March 2015) | 91% SP/LP | 108 DOM
  • La Perla– 16699 Collins Avenue | 8 Closed Sales at $618 PSF (5% increase in SP$/PSF since March 2015) | 95% SP/LP | 103 DOM

Sunny Isles Beach Condo Index Summary

Sunny Isles Beach resale inventory is increasing in 2015 with pre-construction remaining a focal point for many. Today we have an 18.6-month supply on resale condos as we find asking prices increasing ahead of sale price values. Luxury real estate specific to condominium resale inventory still remains at less than 10% available for the majority of each condo 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, 2015 sales & new trends but when it comes to oceanfront real estate, we are finding a buyer’s market for real estate in Miami. Sale-to-List Price Ratios reflect 94% or simply an averaged 6% buyer discount. The U.S. dollar’s strength is now causing our International 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 $520,000 and upwards to $41.8 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. Call me for a more specific pricing band analysis and marketing presentation for your condominium sale.

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

sunny isles skyline

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