Sunny Isles Beach Luxury Oceanfront Condo Market Index | April 2017

Sunny Isles Beach Luxury Oceanfront Condo Market Index | April 2017 | Edition #18

Here are the latest statistics & trends comparing luxury real estate from the August 2016 Index to the April 2017 Sunny Isles Beach Condo Market Index.

Included herein are the premier oceanfront condo towers such as Regalia, Chateau Beach, Acqualina, Mansions at Acqualina, Porsche Design Tower, 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 April 2017, we have 1,445 total condos for sale in Sunny Isles Beach with today’s inventory up 4% from August. In the last 30 days, there has been 55 total closed sales. In the last 90 days, 157 condos have sold averaging $383 per square foot and 153 days on market. In the same 90 day period of August 2016, there were 140 condos sold averaging $425 per square foot and 180 days on market equaling a 10% depreciation as new condo inventory is on the rise.

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 | 34 of 247 or 14% | Ave List Price $3.230M | Ave PPSF $1,177
• Mansions at Acqualina – 17749 Collins Avenue | 14 of 79 or 18% | Ave List Price $8.922M | Ave PPSF $1,675
• Chateau Beach – 17475 Collins Avenue | 21 of 84 or 25% | Ave List Price $5.316M | Ave PPSF $1,339
• JADE Beach – 17001 Collins Avenue | 31 of 248 or 13% | Ave List Price $2.623M | Ave PPSF $1,128
• JADE Ocean – 17121 Collins Avenue | 45 of 250 or 18% | Ave List Price $2.716M | Ave PPSF $1,259
• JADE Signature – 16901 Collins Avenue – New Construction Available & Delivered this Year.
• Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 19 of 130 or 15% | Ave List Price $3.447M | Ave PPSF $1,077
• Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 14 of 130 or 11% | Ave List Price $3.104M | Ave PPSF $1,049
• Turnberry Ocean Club – 18501 Collins Avenue – New Construction | 6 of 154 or 4% | Ave List Price $4.857M | Ave PPSF $1,530
• Trump Palace – 18101 Collins Avenue | 37 of 275 or 13% | Ave List Price $2.261M | Ave PPSF $1,026
• Trump Royale – 18201 Collins Avenue | 40 of 384 or 10%| Ave List Price $1.646M | Ave PPSF $886
• Trump Tower I – 16001 Collins Avenue | 43 of 271 or 16% | Ave List Price $1.571M | Ave PPSF $753
• Trump Tower II – 15901 Collins Avenue | 37 of 271 or 14% | Ave List Price $1.652M | Ave PPSF $774
• Trump Tower III – 15811 Collins Avenue| 28 of 271 or 10% | Ave List Price $1.779M | Ave PPSF $779
• Regalia – 19575 Collins Avenue | 7 of 39 or 18% | Ave List Price $10.760M | Ave PPSF $1,619
• Sayan– 16275 Collins Avenue | 10 of 88 or 11% | Ave List Price $1.331M | Ave PPSF $716
• Ocean Four – 17201 Collins Avenue | 24 of 281 or 9% | Ave List Price $1.488M | Ave PPSF $746
• Ocean Three – 18911 Collins Avenue | 20 of 215 or 9% | Ave List Price $1.740M | Ave PPSF $666
• Ocean Two – 19111 Collins Avenue | 12 of 254 or 5% | Ave List Price $1.809M | Ave PPSF $789
• Ocean One – 19333 Collins Avenue | 10 of 241 or 4% | Ave List Price $1.591M | Ave PPSF $741
• Millennium – 18671 Collins Avenue | 11 of 120 or 9% | Ave List Price $1.488M | Ave PPSF $783
• Muse – 17141 Collins Avenue – New Construction | 1 of 68 | Ave List Price $19.9M | Ave PPSF $3,259
• Armani Casa – 18975 Collins Avenue – New Construction | 2 of 308 | Ave List Price $3.875M | Ave PPSF $1,245
• Porsche Design Tower – 18555 Collins Avenue | 42 of 132 or 32% | Ave List Price $8.574M | Ave PPSF $1,737
• The Estates at Acqualina – 17901 Collins Avenue – New Construction Now Available.
• Ritz Carlton Sunny Isles – 15701 Collins Avenue – New Construction Now Available.
• Pinnacle – 17555 Collins Avenue | 22 of 244 or 9% | Ave List Price $1.520M | Ave PPSF $751
• La Perla– 16699 Collins Avenue | 42 of 326 or 13% | Ave List Price $959k | Ave PPSF $641

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

• Acqualina– 17875-85 Collins Avenue | 2 Closed Sales at $1,014 PSF (2.5% increase in SP$/PSF since August 2016) | 147 DOM
• Mansions at Acqualina – 17749 Collins Avenue | 3 Closed Sales at $1,009 PSF (New Construction) | 421 DOM
• Chateau Beach – 17475 Collins Avenue | 3 Closed Sales at $1,023 PSF | 138 DOM
• JADE Beach– 17001 Collins Avenue | 1 Closed Sales at $886 PSF (4% decrease in SP$/PSF since August 2016) | 178 DOM
• JADE Ocean– 17121 Collins Avenue | 6 Closed Sales at $1,052 PSF (3% decrease in SP$/PSF since August 2016) | 159 DOM
• Jade Signature – 16901 Collins Avenue – New Construction Delivered this Year.
• Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 2 Closed Sales at $853 PSF (6% decrease in SP$/PSF since August 2016) | 169 DOM
• Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 1 Closed Sales at $1,034 PSF (no sales in prior AUG. study) | 303 DOM
• Turnberry Ocean Club – 18501 Collins Avenue – New Construction Coming Soon.
• Trump Palace – 18101 Collins Avenue | 2 Closed Sales at $734 PSF (21% decrease SP$/PSF since August 2016) | 22 DOM
• Trump Royale – 18201 Collins Avenue | 7 Closed Sales at $710 PSF (8% decrease in SP$/PSF since August 2016) | 127 DOM
• Trump Tower I – 16001 Collins Avenue | 3 Closed Sales at $756 PSF (22% increase in SP$/PSF since August 2016) | 209 DOM
• Trump Tower II – 15901 Collins Avenue | 4 Closed Sales at $676 PSF (1% increase in SP$/PSF since August 2016) | 154 DOM
• Trump Tower III – 15811 Collins Avenue | 3 Closed Sales at $573 PSF (7% decrease in SP$/PSF since August 2016) | 203 DOM
• Regalia – 19575 Collins Avenue | 2 Closed Sales at $1,732 PSF (16% increase in SP$/PSF since August 2016) | 204 DOM
• Sayan– 16275 Collins Avenue | 0 Closed Sales at n/a PSF (n/a in SP$/PSF in August 2016) | n/a DOM
• Ocean Four – 17201 Collins Avenue | 7 Closed Sales at $696 PSF (1% increase in SP$/PSF since August 2016) | 178 DOM
• Ocean Three – 18911 Collins Avenue | 2 Closed Sales at $524 PSF (24% decrease in SP$/PSF since August 2016) | 51 DOM
• Ocean Two – 19111 Collins Avenue | 3 Closed Sales at $656 PSF (5% decrease in SP$/PSF since August 2016) | 271 DOM
• Ocean One – 19333 Collins Avenue | 5 Closed Sales at $638 PSF (19% increase in SP$/PSF since August 2016) | 124 DOM
• Millennium – 18671 Collins Avenue | 0 Closed Sales at n/a PSF  (n/a SP$/PSF sold in August 2016) | n/a DOM
• Muse – 17141 Collins Avenue – New Construction Coming Soon.
• Armani Casa – 18975 Collins Avenue – New Construction Coming Soon.
• Porsche Design Tower – 18555 Collins Avenue – New Construction Coming Soon.
• The Estates at Acqualina – 17901 Collins Avenue – New Construction Coming Soon.
• Ritz Carlton Sunny Isles – 15701 Collins Avenue – New Construction Coming Soon.
• Pinnacle – 17555 Collins Avenue | 4 Closed Sales at $591 PSF (14% decrease in SP$/PSF since February 2016) | 119 DOM
• La Perla– 16699 Collins Avenue | 2 Closed Sales at $480 PSF (19% decrease in SP$/PSF since February 2016) | 4 DOM

Sunny Isles Beach Condo Index Summary

• Sunny Isles Beach condo (resale) inventory has increased substantially with new construction and many buyers on the sidelines.
• A stronger US dollar has forced our International friends to wait & watch.
• With 518 ‘$1M+ & Collins Avenue’ listings for sale today and 15 sales in the last 30-days, we have a 35-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 has approximately 40% of the 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 market for sellers. We’re finding ample condominium selection and a buyer’s market leading to great 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 2017 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 two 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 unit resale.

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 5-Year Graphs pertain to Sunny Isles Beach condos over $1M.

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

Luxury Real Estate in Southeast Florida