Sunny Isles Beach Luxury Oceanfront Condo Market Index | February 2016

access_timehomeBlog Home

Where is the Sunny Isles Beach Luxury Oceanfront Condo Market Index for February 2015? It’s time for a new update on our neighborhood!

Trump Royale 1201 Sunny Isles beach 2016 Condo Deal

Sunny Isles Beach Luxury Oceanfront Condo Market Index | February 2016 | Edition #16

Here are the latest statistics & trends comparing luxury real estate from the July 2015 Index to the February 2016 Sunny Isles Beach Condo Market Index. Included herein are the 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.

What will be analyzed specifically are luxury oceanfront condo buildings the latest stats & trends for the most desirable luxury condo towers along the Atlantic coastline of Sunny Isles Beach. In every edition, I exclude condo hotel properties from this research including  Trump International Beach Resort, Merenas Resort, Ocean Point and Sole’ on the Ocean.

Sunny Isles Beach Condo Index Overview

As of February 2016, we have 1,242 total condos for sale in Sunny Isles Beach with today’s inventory up 25% from July. In the last 30 days, there have been 48 total closed sales. In the last 90 days, 141 condos have sold averaging $459 per square foot with a 92% Sale to List Price Ratio and 131 days on market. In the same 90 day period of February 2015, there were 196 condos sold averaging $417 per square foot with a 95% Sale to List Price Ratio and 130 days on market = 9% appreciation YTD yet with a vast increase in new condo inventory.

Here we are on a micro-level:

Available Inventory (%), Average List Price & Average Price Per Square Foot for Luxury Condo Towers Currently Active on the MLS

  • Acqualina– 17875 – 17885 Collins Avenue | 33 of 247 or 13% | Ave List Price $3.650M | Ave PPSF $1,367
  • Mansions at Acqualina – 17749 Collins Avenue | 16 of 79 or 20% | Ave List Price $9.998M | Ave PPSF $1,722
  • Chateau Beach – 17475 Collins Avenue | 13 of 84 or 15% | Ave List Price $4.618M | Ave PPSF $1,690
  • JADE Beach – 17001 Collins Avenue | 26 of 248 or 10% | Ave List Price $2.793M | Ave PPSF $1,195
  • JADE Ocean – 17121 Collins Avenue | 29 of 250 or 12% | Ave List Price $2.910M | Ave PPSF $1,416
  • Jade Signature – 16901 Collins Avenue – New Construction – 9 of 192 or 5% | Ave List Price $6.617M | Ave PPSF $1,635
  • Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 17 of 130 or 13% | Ave List Price $3.515M | Ave PPSF $1,224
  • Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 8 of 130 or 6% | Ave List Price $4.158M | Ave PPSF $1,262
  • Turnberry Ocean Club – 18501 Collins Avenue – New Construction Now Available
  • Trump Palace – 18101 Collins Avenue | 28 of 275 or 10% | Ave List Price $2.352M | Ave PPSF $1,110
  • Trump Royale – 18201 Collins Avenue | 28 of 384 or 7%| Ave List Price $2.220M | Ave PPSF $882
  • Trump Tower I – 16001 Collins Avenue | 34 of 271 or 13% | Ave List Price $1.967M | Ave PPSF $854
  • Trump Tower II – 15901 Collins Avenue | 31 of 271 or 11% | Ave List Price $1.927M | Ave PPSF $843
  • Trump Tower III – 15811 Collins Avenue| 27 of 271 or 10% | Ave List Price $1.720M | Ave PPSF $915
  • Regalia – 19575 Collins Avenue | 10 of 39 or 26% | Ave List Price $11.314M | Ave PPSF $2,176
  • Sayan– 16275 Collins Avenue | 16 of 88 or 18% | Ave List Price $1.695M | Ave PPSF $757
  • Ocean Four – 17201 Collins Avenue | 21 of 281 or 7% | Ave List Price $1.407M | Ave PPSF $763
  • Ocean Three – 18911 Collins Avenue | 23 of 215 or 11% | Ave List Price $1.832M | Ave PPSF $711
  • Ocean Two – 19111 Collins Avenue | 12 of 254 or 5% | Ave List Price $2.034M | Ave PPSF $895
  • Ocean One – 19333 Collins Avenue | 8 of 241 or 3% | Ave List Price $1.412M | Ave PPSF $718
  • Millennium – 18671 Collins Avenue | 8 of 120 or 7% | Ave List Price $1.797M | Ave PPSF $767
  • 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 | 20 of 244 or 8% | Ave List Price $1.549M | Ave PPSF $739
  • La Perla– 16699 Collins Avenue | 22 of 326 or 7% | Ave List Price $984k | Ave PPSF $720

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

  • Acqualina– 17885 Collins Avenue | 3 Closed Sales at $1,255 PSF (7% increase in SP$/PSF since July 2015) | 93% SP/LP | 153 DOM
  • Mansions at Acqualina – 17749 Collins Avenue | 2 Closed Sales at $1,812 PSF (New Construction) | 93% SP/LP | 138 DOM
  • Chateau Beach – 17475 Collins Avenue – New Construction – No New Resales
  • JADE Beach– 17001 Collins Avenue | 6 Closed Sales at $1,135 PSF (9% increase in SP$/PSF since July 2015) | 94% SP/LP | 173 DOM
  • JADE Ocean– 17121 Collins Avenue | 7 Closed Sales at $1,266 PSF (.01% decrease in SP$/PSF since July 2015) | 95% SP/LP | 157 DOM
  • Jade Signature – 16901 Collins Avenue – New Construction
  • Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 1 Closed Sales at $1,034 PSF (6% increase in SP$/PSF since July 2015) | 90% SP/LP | 120 DOM
  • Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 1 Closed Sales at $978 PSF (6% increase in SP$/PSF since July 2015) | 90% SP/LP | 23  DOM
  • Turnberry Ocean Club – 18501 Collins Avenue – New Construction Now Available.
  • Trump Palace – 18101 Collins Avenue | 2 Closed Sales at $830 PSF (15% decrease SP$/PSF since July 2015) | 87% SP/LP | 225 DOM
  • Trump Royale – 18201 Collins Avenue | 13 Closed Sales at $816 PSF (2% increase in SP$/PSF since July 2015) | 92% SP/LP | 179 DOM
  • Trump Tower I – 16001 Collins Avenue | 5 Closed Sales at $797 PSF (22% decrease in SP$/PSF since July 2015) | 96% SP/LP | 185 DOM
  • Trump Tower II – 15901 Collins Avenue | 7 Closed Sales at $668 PSF (9% decrease in SP$/PSF since July 2015) | 91% SP/LP | 127 DOM
  • Trump Tower III – 15811 Collins Avenue | 8 Closed Sales at $761 PSF (17% decrease in SP$/PSF since July 2015) | 94% SP/LP | 269 DOM
  • Regalia – 19575 Collins Avenue | 2 Closed Sales at $1,605 PSF (8% increase in SP$/PSF since July 2015)  | 98% SP/LP | 137 DOM
  • Sayan– 16275 Collins Avenue | 2 Closed Sale at $508 PSF (15% increase in SP$/PSF in July 2015) | 96% SP/LP | 110 DOM
  • Ocean Four – 17201 Collins Avenue | 7 Closed Sales at $675 PSF (4% decrease in SP$/PSF since July 2015) | 101% SP/LP | 112 DOM
  • Ocean Three – 18911 Collins Avenue | 3 Closed Sales at $677 PSF (8% increase in SP$/PSF since July 2015) | 92% SP/LP | 179 DOM
  • Ocean Two – 19111 Collins Avenue | 4 Closed Sales at $828 PSF (16% increase in SP$/PSF since July 2015) | 93% SP/LP | 156 DOM
  • Ocean One – 19333 Collins Avenue | 3 Closed Sales at $583 PSF (2% decrease in SP$/PSF since July 2015) | 90% SP/LP | 105 DOM
  • Millennium – 18671 Collins Avenue | 0 Closed Sales at $n/a PSF  ($770 SP$/PSF sold in July 2015) | 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 $706 PSF (1% increase in SP$/PSF since July 2015) | 90% SP/LP | 111 DOM
  • La Perla– 16699 Collins Avenue | 6 Closed Sales at $599 PSF (3% decrease in SP$/PSF since July 2015) | 97% SP/LP | 268 DOM

Sunny Isles Beach Condo Index Summary

  • Sunny Isles Beach condo (resale) inventory has increased into 2016.
  • With 822 ‘Collins Avenue’ listings for sale today and 28 sales last month, we have a 29-month supply.
  • This condo inventory indicates slower absorption and a strong buyer’s market – “healthy” is 6-8 months or less.
  • Luxury real estate specific to each condominium tower shows us several buildings with resale inventory at more than 10%.
  • Each tower should have condo inventory less than 10% to be considered “healthy.”

In summary, when it comes to oceanfront real estate, we’re finding ample selection and a strong buyer’s market for real estate in Miami. Since early-2015, the strength of the U.S. dollar is causing our International friends to slow their purchasing power. On the flipside, our foreign seller’s aim high on 2016 resales in hopes of taking advantage of our currency strength. Be aware that FIRPTA withholdings are being increased to 15% at closing. Over the next three years, I forecast very good buy opportunities for newly released construction including Porsche Design Tower, Chateau Beach and Mansions at Acqualina. If you already own, call me for a more specific pricing band analysis for your condominium.

SIB Inventory Chart FEB 2016

(Figures are derived from the South Florida Regional Multiple Listing Service February 2016)

I’m a South Florida real estate broker-associate with the leading firm – ONE Sotheby’s International Realty. Since 2002, I’ve excelled in marketing, servicing & selling Sunny Isles Beach to South Beach along with Aventura to Coral Gables. Whether you’re looking for the latest in off-market properties, new construction, waterfront estates, condo resales, market trends or just plain good deals, I have it all here for your convenience. Review new listings, property information & buying options on new Miami construction and developments, premier gated communities, waterfront homes, luxury townhomes, Miami Penthouses plus so much more. Gain fast access to the latest in real estate trends, new listings, preferred developments, important news updates, sales & statistics by signing up to the Monthly e-News to the right. It’s a valuable resource! When you’re ready to buy, sell or lease in Miami-Dade or Fort Lauderdale, contact me at #888.38.DREAM. No gimmicks. No pressure. Just professional advice.

The Miami Beach Real Estate Blog is a comprehensive online resource for Sunny Isles & Miami Beach real estate information. Contact me for the very best properties along Miami Beach, Sunny Isles Beach, Aventura, Bal Harbour, Surfside, North Bay Village and South Beach. I also cover premier areas of Fort Lauderdale, Key Biscayne, Coconut Grove, Coral Gables and Bay Harbour Islands. Sunny Isles Beach Penthouses are beyond the extraordinary with a few pre-construction penthouses for sale as high as $55 Million. Miami Penthouse condos range from $500,000 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 are still aiming high while working with ever-increasing construction costs and speculating on 2017-2018 future values.

Miami Luxury Condos & Waterfront Homes for Sale:

Other South Florida Real Estate Websites & Blogs

List Your Property to Sell:

ONE Sotheby’s International Realty & Ashton Coleman | Global Marketing. Local Prestige.

Who You Are:

You are a client – not a customer:

  • Clients are under the protection of another
  • Customers purchase a commodity or service

Knowledge is protection. As a client, you can expect fully accurate information that you will understand, implement, and use to build your net worth.

How May We Assist You?