Sunny Isles Beach Luxury Oceanfront Condo Market Index | April 2019 | Edition #19
Here are the latest luxury real estate Statistics & Trends from the April 2019 Sunny Isles Beach Condo Market Index. What will be analyzed specifically are building stats & trends for the most desirable luxury condo towers along the Atlantic coastline of Sunny Isles Beach.
Included herein are the premier oceanfront condo towers such as Porsche Design Tower, Regalia, Chateau Beach, Acqualina, Mansions at Acqualina, JADE Signature, JADE Ocean, JADE Beach, Turnberry Ocean Colony, Trump Palace, Trump Royale, and more.
Sunny Isles Beach Condo Index Overview
As of April 2019, we have 1,707 total condos for sale in Sunny Isles Beach. In the last 30 days, there have been 60 total closed sales. In the last 90 days, 168 condos have sold averaging $408 per square foot and 165 days on the market.
In the same 90 day period of April 2018 (YOY), there were 155 condos sold averaging $406 per square foot and 154 days on the market showing a nominal YOY appreciation even with today’s new condo towers and inventory levels showing steady increases since 2015; see graph below.
Available MLS Inventory (%), Average List Price & Ave. Price Per Square Foot for Luxury Condo Towers Currently in Active Status.
figures derived from Miami MLS Matrix
- Acqualina– 17875 – 17885 Collins Avenue | 29 of 247 or 12% | Ave List Price $2.749M | Ave PPSF $1,025
- Armani Casa – 18975 Collins Avenue – New Construction coming soon.
- *Mansions at Acqualina – 17749 Collins Avenue | 13 of 79 or 16% | Ave List Price $10.338M | Ave PPSF $1,705
- Estates at Acqualina – 17901 Collins Avenue – new construction w/delivery 2021.
- *Chateau Beach – 17475 Collins Avenue | 26 of 84 or 31% | Ave List Price $3.132M | Ave PPSF $1,148
- *JADE Beach – 17001 Collins Avenue | 36 of 248 or 15% | Ave List Price $1.951M | Ave PPSF $981
- *JADE Ocean – 17121 Collins Avenue | 48 of 250 or 19% | Ave List Price $2.238M | Ave PPSF $1,130
- *JADE Signature – 16901 Collins Avenue | 59 of 192 or 31% | Ave List Price $4.845M | Ave PPSF $1,433
- Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 15 of 130 or 12% | Ave List Price $2.841M | Ave PPSF $887
- Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 8 of 130 or 6% | Ave List Price $3.754M | Ave PPSF $963
- Turnberry Ocean Club – 18501 Collins Avenue – New Construction w/delivery 2019/2020
- Trump Palace – 18101 Collins Avenue | 27 of 275 or 10% | Ave List Price $1.914M | Ave PPSF $867
- *Trump Royale – 18201 Collins Avenue | 58 of 384 or 15%| Ave List Price $1.473M | Ave PPSF $767
- *Trump Tower I – 16001 Collins Avenue | 48 of 271 or 18% | Ave List Price $1.373M | Ave PPSF $661
- Trump Tower II – 15901 Collins Avenue | 35 of 271 or 14% | Ave List Price $1.652M | Ave PPSF $774
- Trump Tower III – 15811 Collins Avenue| 28 of 271 or 13% | Ave List Price $1.420M | Ave PPSF $650
- Sayan– 16275 Collins Avenue | 7 of 88 or 8% | Ave List Price $1.085M | Ave PPSF $618
- Ocean Four – 17201 Collins Avenue | 32 of 281 or 11% | Ave List Price $1.385M | Ave PPSF $700
- Ocean Three – 18911 Collins Avenue | 23 of 215 or 10% | Ave List Price $1.554M | Ave PPSF $604
- Ocean Two – 19111 Collins Avenue | 19 of 254 or 7% | Ave List Price $1.642M | Ave PPSF $702
- Ocean One – 19333 Collins Avenue | 19 of 241 or 8% | Ave List Price $1.479M | Ave PPSF $656
- Millennium – 18671 Collins Avenue | 16 of 120 or 13% | Ave List Price $1.340M | Ave PPSF $708
- *MUSE – 17141 Collins Avenue | 13 of 68 or 19% | Ave List Price $6.484M | Ave PPSF $1,737
- *Porsche Design Tower – 18555 Collins Avenue | 41 of 132 or 31% | Ave List Price $6.530M | Ave PPSF $1,623
- Pinnacle – 17555 Collins Avenue | 27 of 244 or 12% | Ave List Price $1.553M | Ave PPSF $751
- Ritz Carlton Sunny Isles – 15701 Collins Avenue – New Construction coming soon.
- *Regalia – 19575 Collins Avenue | 8 of 39 or 20% | Ave List Price $14.493M | Ave PPSF $2,095
- *La Perla– 16699 Collins Avenue | 48 of 326 or 15% | Ave List Price $806k | Ave PPSF $574
*Above 15%+ inventory in any given development is certain for dramatic condo discounts as we see with the SP$/PSF below.
Average Price Per Square Foot on Condos SOLD within the last 6 months and # Days On Market (DOM)
- Acqualina– 17875-85 Collins Avenue | 4 Closed Sales at $872 PSF | 320 DOM
- Armani Casa – 18975 Collins Avenue – New Construction Coming Soon.
- Mansions at Acqualina – 17749 Collins Avenue | 0 Closed Sales
- Estates at Acqualina – 17901 Collins Avenue – New Construction Coming Soon.
- Chateau Beach – 17475 Collins Avenue | 4 Closed Sales at $776 PSF | 269 DOM
- JADE Beach– 17001 Collins Avenue | 5 Closed Sales at $808 PSF | 202 DOM
- JADE Ocean– 17121 Collins Avenue | 3 Closed Sales at $878 PSF | 392 DOM
- JADE Signature – 16901 Collins Avenue | 3 Closed Sales at $1,425 PSF | 213 DOM
- Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 2 Closed Sales at $686 PSF | 157 DOM
- Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 0 Closed Sales at $n/a
- Turnberry Ocean Club – 18501 Collins Avenue – New Construction Coming Soon.
- Trump Palace – 18101 Collins Avenue | 6 Closed Sales at $659 PSF | 147 DOM
- Trump Royale – 18201 Collins Avenue | 10 Closed Sales at $585 PSF | 201 DOM
- Trump Tower I – 16001 Collins Avenue | 4 Closed Sales at $610 PSF | 44 DOM
- Trump Tower II – 15901 Collins Avenue | 3 Closed Sales at $595 PSF | 473 DOM
- Trump Tower III – 15811 Collins Avenue | 5 Closed Sales at $594 PSF| 158 DOM
- Sayan– 16275 Collins Avenue | 1 Closed Sales at $389 PSF
| 155 DOM
- Ocean Four – 17201 Collins Avenue | 4 Closed Sales at $587 PSF | 274 DOM
- Ocean Three – 18911 Collins Avenue | 1 Closed Sales at $496 PSF | 199 DOM
- Ocean Two – 19111 Collins Avenue | 2 Closed Sales at $514 PSF | 202 DOM
- Ocean One – 19333 Collins Avenue | 3 Closed Sales at $504 PSF | 83 DOM
- Millennium – 18671 Collins Avenue | 3 Closed Sales at $563 PSF | 47 DOM
- MUSE – 17141 Collins Avenue | 2 Closed Sales at $953 PSF | 153 DOM
- Porsche Design Tower – 18555 Collins Avenue | 4 Closed Sales at $1,224 PSF | 130 DOM
- Pinnacle – 17555 Collins Avenue | 2 Closed Sales at $530 PSF | 480 DOM
- Ritz Carlton Sunny Isles – 15701 Collins Avenue – New Construction Coming Soon.
- Regalia – 19575 Collins Avenue | 1 Closed Sale at $1,034 PSF | 219 DOM
- La Perla – 16699 Collins Avenue | 1 Closed Sales at $428 PSF | 823 DOM
Sunny Isles Beach Condo Index Summary
- With 597 ‘$1M+ Collins Avenue’ condo listings for sale today and 15 sales in the last 30-days, we have a 39-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.
- Sunny Isles Beach condo (resale) inventory has increased substantially since late 2015 with the multitude of new developments and many buyers on the sidelines.
- A stronger US dollar has forced International buyers to simply wait & watch for the right time & opportunity.
- Inventory absorption can be substantially reduced so the current absorption period (39 months) could much less with renewed confidence; see 2009-2011 chart below.
Today, there are optimal buy opportunities for newly released construction including Porsche Design Tower, Jade Signature, and soon to be Armani Casa and Ritz-Carlton Sunny Isles. Over the last two years since delivery, Chateau Beach, Mansions at Acqualina and Sunny Isles Beach, in general, have seen incredible sale price values.
When it comes to oceanfront real estate, Sunny Isles Beach is a premier destination market for awesome views & value. We’re finding ample condominium selection and a strong buyer’s market lending itself to great real estate deals in Sunny Isles Beach for the bold buyer’s who’ve been stepping in. The last down cycle had the most notable discounts in 2009 & 2010. From 2012 to 2015, Seller’s had the upper hand with great profits.
Since mid-2015, the strength of the U.S. dollar is causing our International friends to slow their purchasing power while on the flipside, our foreign seller’s aim high on condo resales in hopes of taking advantage of our currency strength. Be aware that FIRPTA withholdings are up to 15% at closing.
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
Sunny Isles Beach $1M+ Condo Inventory; MAR 2014-2019.
Sunny Isles Beach $1M+ Condo Inventory; JAN 2009-2011
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