Sunny Isles Beach Luxury Oceanfront Condo Market Index | October 2020 | Edition #20
Here are the latest luxury real estate statistics & trends from the October 2020 Sunny Isles Beach Condo Market Index. What will be analyzed specifically are building sales & trends for the most desirable 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. In this latest 2020 update, I’ve included our newest additions to the coastline including Armani/Casa, Ritz-Carlton Sunny Isles, Turnberry Ocean Club, and Estates at Acqualina.
Sunny Isles Beach Condo Overview
As of the end of October, we have 1,642 total condos for sale in Sunny Isles Beach. In the last 30 days, there have been 64 total closed sales. In the last 90 days, 203 condos have sold averaging $437 per square foot and 199 days on the market.
In the same 90 day period of October 2019 (YOY), there were 157 condos sold averaging $372 per square foot and 170 days on the market showing a ⬆ 15% YOY appreciation even with today’s new condo towers and inventory levels showing steady increases since late 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 | 33 of 247 or 13% | Ave List Price $2.532M | Ave PPSF $998
- *Armani/Casa – 18975 Collins Avenue| 71 of 308 or 23% | Ave List Price $3.059M | Ave PPSF $1,315
- Mansions at Acqualina – 17749 Collins Avenue | 11 of 79 or 14% | Ave List Price $6.9M | Ave PPSF $1,286
- Estates at Acqualina – 17901 Collins Avenue – new construction w/delivery 2021.
- *Chateau Beach – 17475 Collins Avenue | 27 of 84 or 32% | Ave List Price $4.075M | Ave PPSF $1,153
- JADE Beach – 17001 Collins Avenue | 17 of 248 or 7% | Ave List Price $1.485M | Ave PPSF $927
- JADE Ocean – 17121 Collins Avenue | 35 of 250 or 14% | Ave List Price $2.505M | Ave PPSF $1,050
- *JADE Signature – 16901 Collins Avenue | 50 of 192 or 26% | Ave List Price $5.497M | Ave PPSF $1,451
- Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 15 of 130 or 12% | Ave List Price $2.731M | Ave PPSF $876
- Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 11 of 130 or 8% | Ave List Price $3.130M | Ave PPSF $985
- Turnberry Ocean Club – 18501 Collins Avenue – new construction w/closings happening this month.
- Trump Palace – 18101 Collins Avenue | 27 of 275 or 10% | Ave List Price $1.680M | Ave PPSF $888
- *Trump Royale – 18201 Collins Avenue | 57 of 384 or 15%| Ave List Price $1.049M | Ave PPSF $778
- Trump Tower I – 16001 Collins Avenue | 34 of 271 or 13% | Ave List Price $1.403M | Ave PPSF $649
- Trump Tower II – 15901 Collins Avenue | 24 of 271 or 9% | Ave List Price $1.281M | Ave PPSF $610
- Trump Tower III – 15811 Collins Avenue| 31 of 271 or 11% | Ave List Price $1.479M | Ave PPSF $660
- Sayan– 16275 Collins Avenue | 11 of 88 or 13% | Ave List Price $1.028M | Ave PPSF $556
- Ocean Four – 17201 Collins Avenue | 27 of 281 or 10% | Ave List Price $1.098M | Ave PPSF $615
- Ocean Three – 18911 Collins Avenue | 11 of 215 or 5% | Ave List Price $1.547M | Ave PPSF $576
- Ocean Two – 19111 Collins Avenue | 14 of 254 or 5% | Ave List Price $1.626M | Ave PPSF $690
- Ocean One – 19333 Collins Avenue | 11 of 241 or 4% | Ave List Price $1.146M | Ave PPSF $580
- Millennium – 18671 Collins Avenue | 9 of 120 or 7% | Ave List Price $1.505M | Ave PPSF $755
- MUSE – 17141 Collins Avenue | 14 of 68 or 2% | Ave List Price $5.912M | Ave PPSF $1,549
- *Porsche Design Tower – 18555 Collins Avenue | 39 of 132 or 29% | Ave List Price $6.377M | Ave PPSF $1,598
- Pinnacle – 17555 Collins Avenue | 27 of 244 or 12% | Ave List Price $1.571M | Ave PPSF $769
- *Ritz Carlton Sunny Isles – 15701 Collins Avenue| 34 of 212 or 16% | Ave List Price $3.582M | Ave PPSF $1,529
- *Regalia – 19575 Collins Avenue | 8 of 39 or 20% | Ave List Price $14.025M | Ave PPSF $2,072
- La Perla– 16699 Collins Avenue | 30 of 326 or 9% | Ave List Price $808k | Ave PPSF $539
*Above 15%+ inventory in any given development is certain for dramatic condo discounts as we see with the SP$/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 | 7 Closed Sales at $857 PSF | 398 DOM
- Armani/Casa – 18975 Collins Avenue| 5 Closed Sales at $922 PSF | 164 DOM
- Mansions at Acqualina – 17749 Collins Avenue | 1 Closed Sales at $1,117 PSF | 11 DOM
- Estates at Acqualina – 17901 Collins Avenue – New Construction Coming Soon.
- Chateau Beach – 17475 Collins Avenue | 3 Closed Sales at $760 PSF | 598 DOM
- JADE Beach– 17001 Collins Avenue | 7 Closed Sales at $762 PSF | 199 DOM
- JADE Ocean – 17121 Collins Avenue | 9 Closed Sales at $830 PSF | 174 DOM
- JADE Signature – 16901 Collins Avenue | 3 Closed Sales at $1,234 PSF | 394 DOM
- Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 3 Closed Sales at $892 PSF | 274 DOM
- Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 3 Closed Sales at $641 PSF | 248 DOM
- Turnberry Ocean Club – 18501 Collins Avenue – New Construction with closing happening this month.
- Trump Palace – 18101 Collins Avenue | 2 Closed Sales at $684 PSF | 142 DOM
- Trump Royale – 18201 Collins Avenue | 3 Closed Sales at $554 PSF | 177 DOM
- Trump Tower I – 16001 Collins Avenue | 6 Closed Sales at $461 PSF | 238 DOM
- Trump Tower II – 15901 Collins Avenue | 10 Closed Sales at $499 PSF | 236 DOM
- Trump Tower III – 15811 Collins Avenue | 6 Closed Sales at $470 PSF| 339 DOM
- Sayan– 16275 Collins Avenue | 1 Closed Sales at $394 PSF
| 60 DOM
- Ocean Four – 17201 Collins Avenue | 4 Closed Sales at $502 PSF | 114 DOM
- Ocean Three – 18911 Collins Avenue | 10 Closed Sales at $458 PSF | 232 DOM
- Ocean Two – 19111 Collins Avenue | 1 Closed Sales at $480 PSF | 21 DOM
- Ocean One – 19333 Collins Avenue | 3 Closed Sales at $622 PSF | 329 DOM
- Millennium – 18671 Collins Avenue | 1 Closed Sales at $543 PSF | 182 DOM
- MUSE – 17141 Collins Avenue | 1 Closed Sales at $907 PSF | 184 DOM
- Porsche Design Tower – 18555 Collins Avenue | 3 Closed Sales at $1,051 PSF | 181 DOM
- Pinnacle – 17555 Collins Avenue | 5 Closed Sales at $539 PSF | 136 DOM
- Ritz Carlton Sunny Isles – 15701 Collins Avenue| 3 Closed Sales at $1,229 PSF | 37 DOM
- Regalia – 19575 Collins Avenue | 1 Closed Sale at $1,006 PSF | 308 DOM
- La Perla – 16699 Collins Avenue | 4 Closed Sales at $432 PSF | 522 DOM
Sunny Isles Beach Condo Index Summary
- With 586 ‘$1M+ Collins Avenue’ condo listings for sale today and 20 sales in the last 30-days, we have a 29-month supply.
- This condo inventory trends indicate slow absorption and still a strong buyer’s market; “healthy” is considered to be 6-9 months or less.
- Sunny Isles Beach condo (developer & resale) inventory increased substantially since late 2015 with a multitude of beautiful new developments adding to the surplus.
- Now with the pre-construction cycle somewhat ending, buyers are slowly but surely stepping in for what should be an increase in inventory absorption; all things relative, we will see this trend in 2021-2022.
- A stronger US dollar has forced International buyers to simply wait & watch for the right time & opportunity while domestic buyers have taken the leading role.
- Inventory absorption can be reduced rather quickly so the current absorption period (29 months) could much less with renewed confidence in South Florida as we’ve seen from COVID; see 5-year chart below.
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.
Sunny Isles Beach $1M+ Condo Inventory; Sept. 2015-2020.
Sunny Isles Beach $1M+ Condo Inventory; 2019-2020
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