Sunny Isles Beach Luxury Oceanfront Condo Market Index | August 2016

Sunny Isles Beach Luxury Oceanfront Condo Market Index | August 2016 | Edition #17

Here are the latest statistics & trends comparing luxury real estate from the February 2016 Index to the August 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 August 2016, we have 1,380 total condos for sale in Sunny Isles Beach with today’s inventory up 9% from February. In the last 30 days, there have been 39 total closed sales. In the last 90 days, 140 condos have sold averaging $425 per square foot with a 93% Sale to List Price Ratio and 180 days on market. In the same 90 day period of February 2016, there were 141 condos sold averaging $459 per square foot with a 92% Sale to List Price Ratio and 131 days on market = 7% depreciation yet with a vast increase in new condo inventory.

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

• Acqualina– 17875 – 17885 Collins Avenue | 30 of 247 or 12% | Ave List Price $3.243M | Ave PPSF $1,262
• Mansions at Acqualina – 17749 Collins Avenue | 14 of 79 or 18% | Ave List Price $9.436M | Ave PPSF $1,614
• Chateau Beach – 17475 Collins Avenue | 22 of 84 or 26% | Ave List Price $5.238M | Ave PPSF $1,382
• JADE Beach – 17001 Collins Avenue | 24 of 248 or 10% | Ave List Price $2.545M | Ave PPSF $1,210
• JADE Ocean – 17121 Collins Avenue | 27 of 250 or 11% | Ave List Price $2.783M | Ave PPSF $1,278
• Jade Signature – 16901 Collins Avenue – New Construction | 8 of 192 or 5% | Ave List Price $8.975M | Ave PPSF $2,037
• Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 16 of 130 or 12% | Ave List Price $3.344M | Ave PPSF $1,251
• Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 15 of 130 or 12% | Ave List Price $3.642M | Ave PPSF $1,112
• Turnberry Ocean Club – 18501 Collins Avenue | 7 of 154 or 5% | Ave List Price $5.087M | Ave PPSF $1,595
• Trump Palace – 18101 Collins Avenue | 35 of 275 or 13% | Ave List Price $2.260M | Ave PPSF $1,084
• Trump Royale – 18201 Collins Avenue | 37 of 384 or 10%| Ave List Price $2.006M | Ave PPSF $927
• Trump Tower I – 16001 Collins Avenue | 36 of 271 or 13% | Ave List Price $1.768M | Ave PPSF $810
• Trump Tower II – 15901 Collins Avenue | 45 of 271 or 17% | Ave List Price $1.640M | Ave PPSF $787
• Trump Tower III – 15811 Collins Avenue| 44 of 271 or 17% | Ave List Price $1.756M | Ave PPSF $804
• Regalia – 19575 Collins Avenue | 12 of 39 or 31% | Ave List Price $12.898M | Ave PPSF $2,087
• Sayan– 16275 Collins Avenue | 11 of 88 or 13% | Ave List Price $1.314M | Ave PPSF $685
• Ocean Four – 17201 Collins Avenue | 21 of 281 or 7% | Ave List Price $1.534M | Ave PPSF $776
• Ocean Three – 18911 Collins Avenue | 18 of 215 or 8% | Ave List Price $1.750M | Ave PPSF $701
• Ocean Two – 19111 Collins Avenue | 13 of 254 or 5% | Ave List Price $1.943M | Ave PPSF $846
• Ocean One – 19333 Collins Avenue | 8 of 241 or 3% | Ave List Price $1.824M | Ave PPSF $787
• Millennium – 18671 Collins Avenue | 12 of 120 or 10% | Ave List Price $1.687M | Ave PPSF $835
• Muse – 17141 Collins Avenue – New Construction | 2 of 68 | Ave List Price $19.950M | Ave PPSF $3,267
• Armani Casa – 18975 Collins Avenue – New Construction | 2 of 308 | Ave List Price $3.888M | Ave PPSF $1,249
• Porsche Design Tower – 18555 Collins Avenue – New Construction | 2 of 132 | Ave List Price $13.350M | Ave PPSF $–
• The Estates at Acqualina – 17901 Collins Avenue – New Construction | 3 of 173 | Ave List Price $10.791M | Ave PPSF $1,600
• Ritz Carlton Sunny Isles – 15701 Collins Avenue – New Construction | 4 of 212 | Ave List Price $3.837M | Ave PPSF $1,426
• Pinnacle – 17555 Collins Avenue | 22 of 244 or 9% | Ave List Price $1.580M | Ave PPSF $740
• La Perla– 16699 Collins Avenue | 32 of 326 or 10% | Ave List Price $946k | Ave PPSF $661

Average Price Per Square Foot on Condos SOLD within the last 6 months and # Days On Market (DOM)

• Acqualina– 17885 Collins Avenue | 3 Closed Sales at $1,014 PSF (19% decrease in SP$/PSF since February 2016) | 114 DOM
• Mansions at Acqualina – 17749 Collins Avenue | 0 Closed Sales at n/a PSF (New Construction) | n/a DOM
• Chateau Beach – 17475 Collins Avenue – New Construction – No New Resales
• JADE Beach– 17001 Collins Avenue | 6 Closed Sales at $920 PSF (19% decrease in SP$/PSF since February 2016) | 286 DOM
• JADE Ocean– 17121 Collins Avenue | 5 Closed Sales at $1,081 PSF (15% decrease in SP$/PSF since February 2016) | 296 DOM
• Jade Signature – 16901 Collins Avenue – New Construction
• Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 1 Closed Sales at $910 PSF (12% decrease in SP$/PSF since February 2016) | 393 DOM
• Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 0 Closed Sales at n/a PSF (n/a in SP$/PSF since February 2016) | n/a DOM
• Turnberry Ocean Club – 18501 Collins Avenue – New Construction Now Available.
• Trump Palace – 18101 Collins Avenue | 5 Closed Sales at $924 PSF (11% increase SP$/PSF since February 2016) | 156 DOM
• Trump Royale – 18201 Collins Avenue | 7 Closed Sales at $768 PSF (6% decrease in SP$/PSF since February 2016) | 181 DOM
• Trump Tower I – 16001 Collins Avenue | 2 Closed Sales at $591 PSF (26% decrease in SP$/PSF since February 2016) | 219 DOM
• Trump Tower II – 15901 Collins Avenue | 9 Closed Sales at $669 PSF (same in SP$/PSF since February 2016) | 183 DOM
• Trump Tower III – 15811 Collins Avenue | 3 Closed Sales at $619 PSF (19% decrease in SP$/PSF since February 2016) | 96 DOM
• Regalia – 19575 Collins Avenue | 2 Closed Sales at $1,447 PSF (10% decrease in SP$/PSF since February 2016) | 256 DOM
• Sayan– 16275 Collins Avenue | 4 Closed Sale at $526 PSF (3% increase in SP$/PSF in February 2016) | 127 DOM
• Ocean Four – 17201 Collins Avenue | 2 Closed Sales at $689 PSF (2% increase in SP$/PSF since February 2016) | 84 DOM
• Ocean Three – 18911 Collins Avenue | 1 Closed Sales at $677 PSF (32% decrease in SP$/PSF since February 2016) | 358 DOM
• Ocean Two – 19111 Collins Avenue | 3 Closed Sales at $689 PSF (17% decrease in SP$/PSF since February 2016) | 163 DOM
• Ocean One – 19333 Collins Avenue | 3 Closed Sales at $517 PSF (11% decrease in SP$/PSF since February 2016) | 167 DOM
• Millennium – 18671 Collins Avenue | 0 Closed Sales at n/a PSF  (n/a SP$/PSF sold in February 2016) | n/a 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 | 7 Closed Sales at $690 PSF (2% decrease in SP$/PSF since February 2016) | 194 DOM
• La Perla– 16699 Collins Avenue | 3 Closed Sales at $595 PSF (1% decrease in SP$/PSF since February 2016) | 268 DOM

Sunny Isles Beach Condo Index Summary

• Sunny Isles Beach condo (resale) inventory has increased substantially in 2016.
• With 877 ‘Collins Avenue’ listings for sale today and 20 sales last month, we have a 43.9-month supply.
• This condo inventory indicates slower absorption and a very strong buyer’s market – “healthy” is considered to be 6-9 months or less.
• Luxury real estate specific to each condominium tower shows us approximately 40% of buildings with resale inventory at more than 10%.
• Each tower should have condo inventory less than 10% to be considered “healthy.”

When it comes to oceanfront real estate, Sunny Isles Beach is not in a favorable place for sellers. We’re finding ample condominium selection and a strong buyer’s market for real estate deals in Sunny Isles Beach. Since mid-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 new 2016 condo resales in hopes of taking advantage of our currency strength. Be aware that FIRPTA withholdings are up to 15% at closing. Over the next three years, I forecast optimal buy opportunities for newly released construction including Porsche Design Tower, Chateau Beach and Mansions at Acqualina. If you already own here, contact me for a more specific pricing band analysis for your condominium.

Interested buyers should negotiate hard. And that advice holds not just for luxury real estate in the New York market but also for those also in other U.S. cities like Miami and San Francisco, where there’s an excess of high-end, new and often similar inventory. – It’s a Buyer’s Market

These graphs pertain to Sunny Isles Beach waterfront condos over $1M.

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

Luxury Real Estate in Southeast Florida

The Miami Beach Real Estate Blog is an awesome online resource for Sunny Isles & Miami Beach real estate information. Contact me for the perfect properties along Miami Beach, Sunny Isles Beach, Aventura, Bal Harbour, Surfside, North Bay Village and South Beach. I also cover the most desirable areas of Fort Lauderdale, Key Biscayne, Coconut Grove, Coral Gables and Bay Harbour Islands.