Sunny Isles Beach Luxury Oceanfront Condo Market Index 4Q 2012

The Miami Beach Real Estate Reviews & Trends for October 2012

Miami Beach Condo inventory is fluctuating in favor of buyers with 10 months of condo inventory for sale. Condo inventory is down 14% (YTD) from October of 2011 and up 4% since the previous study in September. Luxury condo towers such as Jade Ocean, Jade Beach, Ocean Four and Turnberry Ocean Colony are noticing only 3 to 5% of condo inventory for sale and to top it off, asking & receiving premiums over 2011 closed sale comparables consistently setting new records. Other luxury condo towers such as Trump Royale and Trump Towers have sold the remaining developer inventory. The premier 3 bedroom lines directly over the Atlantic ocean now hover $1-$3M. Good deals come and good deals go but if your looking to own here, the market trends show us shifting back to the sellers side.

With 2012 sales and trends, developer confidence is back in Miami. New construction is now the talk of the town with new oceanfront towers including Mansions at Acqualina, Porsche Design Tower, Regalia, Chateau and 400 Sunny Isles (Sunny Isles Beach) along with One Ocean and Ocean House (South Beach) selling early. The outlook should always be long term gains with the primary reason in purchasing for your use & enjoyment.

Selling prices on premier luxury properties are setting records for 2012 values with the Setai Penthouse selling at an astonishing $3,463 sp/psf value or $21.5M and Setai #3709 selling at $2,856 PSF or $7.2M. South Beach record setting Apogee reflected the most desirable Miami Beach Penthouse selling at $11.5 Million, while Apogee condo 2103 sale on the top 10 list of 2011 set a sales record for Apogee at $1,775 PSF while in 2012, Apogee #2001 has also sold for $8.825M or $2,124PSF. The W Hotel Penthouse sold in 2011 for $2,602 PSF, Continuum Penthouse 3 sold at $3,379 PSF, Continuum PH1 sold for $2,547 PSF and Setai #3609 sold at $2,380 PSF. South Beach most desirable oceanfront condo residence Il Villaggio sold unit #1605 at $1,688 PSF while Ocean House sold #503 at $1,573 PSF. Bal Harbour’s 2012 record condo sales go to St. Regis TS-01 selling at $1,667 PSF while One Bal Harbour #1501 sold at $1,170 PSF. Sunny Isles Beach shows us the JADE Ocean Skyloft Penthouse condo which sold for $3.5M or $1,020 per square foot and JADE Ocean #2803 selling at $1,009 PSF.

Of the last 90 days, the top 10 highest sales based on selling price per square foot averaged $1,883.

Miami Beach Real Estate Statistics for the month of October.

reflect 2,404 total condos for sale along the Miami-Dade County oceanfront communities of South Beach, Miami Beach, Bal Harbour, North Bay Village and Sunny Isles Beach with condo inventory levels down 14% year to date; this month condo inventory is up 4% over September with what’s now a 10 month supply based on the previous 30-day closed sales:

** South Beach Condos: 991 for sale | 91 Sales in last 30 days | Average Days on Market 119 | Average Buyer Discount 5% | Average PPSF Asking $498 / Sold $465

** Miami Beach Condos: 589 for sale | 60 Sales in last 30 days | Average Days on Market 103 | Average Buyer Discount 4% | Average PPSF Asking $336 / Sold $318

** Bal Harbour Condos: 179 for sale | 7 Sales in last 30 days | Average Days on Market 223 | Average Buyer Discount 10% | Average PPSF Asking $537 / Sold $481

** North Bay Village Condos: 91 for sale | 11 Sales in last 30 days | Average Days on Market 77 | Average Buyer Discount 1% | Average PPSF Asking $171 / Sold $168

** Sunny Isles Beach Condos: 554 for sale | 66 Sales in last 30 days | Average Days on Market 123 | Average Buyer Discount 2% | Average PPSF Asking $371 / Sold $354

Miami Beach | Sunny Isles Real Estate Summary

Miami Beach condo inventory has increased slightly at 4% for the month of October, sale-price to list-price ratios have maintained an average 5% buyer discount, active days on market reflect ~ 4.30 months to sell while average selling prices have increased 15% year to date. Indicators are still showing solid signs of market improvement while developers build and promote new construction on the last remaining parcels of premier Miami sand. With selling price per square foot trending upwards over the prior year, and inventory trending downwards, we are in a slowly shifting market to the seller’s side from what was once the buyer’s side bottom in 2009.

Sunny Isles Beach selling prices (Average SP$ per square foot) increased 4% since September stats (34% Increase in Selling Values YTD), Bal Harbour increasede 2% since September and increased 5% YTD, South Beach condo sale prices decreased 7% since September and increased 15% YTD. Miami Beach average sale price figures show us a constant over September with a 7% YTD increase while North Bay Village reflects an increase of 7% since September and an increase of 20% YTD. For the month, Miami Beach (REO) Bank Owned foreclosures made up only 3% of our inventory and have sold at 105% sale to list while Miami Beach short sales made up 4% of our condo inventory and sold at 96% sale to list. 79% of all closed sales over the last 30 days were cash transactions.

Miami’s warm climate and diverse population make it one of the nations most desirable locations and the market shift has been noted as trends move in favor of a new market. Many buyers are enjoying the great purchase values of Miami Beach luxury condos averaging only $357 per square foot in selling values compared to other desirable metro areas offering much higher priced real estate. There remains a vast amount of buying opportunity along the Miami Beaches with most importantly, your families enjoyment for years to come. For more information on oceanfront locations, luxury buildings, condos for sale or statistics & trends simply email, find me on, Facebook, ‘Live Chat’ or call me toll free at 1.888.383.7326 or direct at 305.978.7704.

For detailed monthly Miami Beach condo statistics, sign up for the e-Newsletter on the right side – ‘Join Our Mailing List’

September 2012 – Real Estate Statistics for the Miami Beaches

July 2012 – Real Estate Statistics for the Miami Beaches

June 2012 – Real Estate Statistics for the Miami Beaches

Februaury 2012 – Real Estate Statistics for the Miami Beaches

July 2011 – Real Estate Statistics for the Miami Beaches

May 2011 – Real Estate Statistics for the Miami Beaches

March 2011 - Real Estate Statistics for the Miami Beaches

February 2011 – Real Estate Statistics for the Miami Beaches

November 2010 – Real Estate Statistics for the Miami Beaches

October 2010 – Real Estate Stats for the Miami Beaches

September 2010 - Real Estate Statistics for the Miami Beaches

June 2010 – Real Estate Statistics for the Miami Beaches

Filed under: Uncategorized

Tags: Tags: Jade Beach, Jade Ocean, luxury properties, Mansions at Acqualina, Miami Beach Real Estate, Ocean Four, Porsche Design Tower, Regalia, South Beach Condos, Sunny Isles Beach Condos, Turnberry Ocean Colony

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The Miami Beach Real Estate RE-Views for September 2012

Miami Beach Condo inventory is fluctuating ever so slightly with 9.6 months of condo inventory for sale. Condo inventory is down 19% (YTD) from September of 2011 and down 1% since the previous review in July. Luxury condo towers such as Jade Ocean, Jade Beach, Ocean Four and Turnberry Ocean Colony are noticing only 3 to 5% of condo inventory for sale and to top it off, asking & receiving premiums over 2011 closed sale comparables. Other luxury towers such as Trump Royale have sold out on the most desirable floor plans while Trump Tower III, the remaining Trump tower to sell out, holds the final 5-8% developer inventory with the premier 3 bedroom (A model) now hovering $1.750M to $2.5M. Good deals come and good deals go but if your looking to own here, the market is shifting back to the sellers side. The outlook should always be long term with the primary reason in purchasing for your use & enjoyment.

Selling prices on premier properties are setting new area records for 2012 values with the Setai Penthouse selling at an astonishing $3,463 sp/psf value or $21.5M and Setai #3709 selling at $2,856 PSF or $7.2M. South Beach record setting Apogee reflected the most desirable Miami Beach Penthouse selling at $11.5 Million, while Apogee condo 2103 sale on the top 10 list of 2011 set a sales record for Apogee at $1,775 PSF while in 2012, Apogee #2001 has also sold for $8.825M or $2,124PSF. The W Hotel Penthouse sold in 2011 for $2,602 PSF, Continuum Penthouse 3 sold at $3,379 PSF, Continuum PH1 sold for $2,547 PSF and Setai #3609 sold at $2,380 PSF. Miami Beaches most desirable oceanfront condo residence Il Villaggio sold unit #1605 at $1,688 PSF. Bal Harbour’s 2011 record condo sale went to One Bal Harbour #808 which sold at $1,194 PSF, while Sunny Isles Beach shows us the JADE Ocean Skyloft Penthouse condo which sold for $3.5M or $1,020 per square foot.

Of the last 90 days, the top 10 highest sales based on selling price per square foot averaged $1,909.

Miami Beach Real Estate Statistics for the month of September.

reflect 2,306 total condos for sale along the Miami-Dade County oceanfront communities of South Beach, Miami Beach, Bal Harbour, North Bay Village and Sunny Isles Beach with condo inventory levels down 19% year to date; this month condo inventory is down 1% over July with what’s now an 9.6 month supply based on the previous 30-day closed sales:

** South Beach Condos: 943 for sale | 88 Sales in last 30 days | Average Days on Market 133 | Average Buyer Discount 5% | Average PPSF Asking $534 / Sold $500

** Miami Beach Condos: 573 for sale | 60 Sales in last 30 days | Average Days on Market 109 | Average Buyer Discount 4% | Average PPSF Asking $338 / Sold $318

** Bal Harbour Condos: 184 for sale | 9 Sales in last 30 days | Average Days on Market 166 | Average Buyer Discount 9% | Average PPSF Asking $544 / Sold $489

** North Bay Village Condos: 66 for sale | 19 Sales in last 30 days | Average Days on Market 71 | Average Buyer Discount 1% | Average PPSF Asking $161 / Sold $157

** Sunny Isles Beach Condos: 540 for sale | 64 Sales in last 30 days | Average Days on Market 134 | Average Buyer Discount 4% | Average PPSF Asking $359 / Sold $340

Miami Beach | Sunny Isles Real Estate Summary

Miami Beach condo inventory has decreased slightly at 1%, sale-price to list-price ratios have maintained an average 5% buyer discount, active days on market reflect ~ 4.10 months to sell while average selling prices have increased 14% year to date. Indicators are still showing good signs for market improvement. With selling price per square foot continually trending upwards, we are in a shifting market to a seller’s from what was once the buyer’s bottom in 2009.

Sunny Isles Beach selling prices (Average SP$ per square foot) decreased 1% since July stats (30% Increase in Selling Values YTD), Bal Harbour remained the same since July and decreased 1% YTD, South Beach condo sale prices decreased 1% since July and increased 17% YTD. Miami Beach average sales figures show us a decrease since July of 2% with a 8% YTD increase while North Bay Village reflects an increase of 1% since July and an increase of 17% YTD. For the month, Miami Beach (REO) Bank Owned foreclosures made up only 2% of our inventory and have sold at 105% sale to list while Miami Beach short sales made up 4% of our condo inventory and sold at 96% sale to list. 78% of all closed sales over the last 30 days were cash transactions!

Miami’s warm climate and diverse population makes it a very desirable location and the market shift has been noted as trends move in favor of a new market. Many buyers are enjoying the great values of Miami Beach luxury condos averaging only $387 per square foot in asking values compared to other desirable areas offering much higher priced real estate. There remains a vast amount of buying opportunity along Miami-Dade County with most importantly, your families enjoyment for years to come. For more information on oceanfront locations, luxury buildings, condos for sale or statistics & trends simply email, find me on ‘Live Chat’ or call me toll free at 1.888.383.7326.

For detailed monthly Miami Beach condo statistics, sign up for the e-Newsletter on the right side – ‘Join Our Mailing List’ 

July 2012 – Real Estate Statistics for the Miami Beaches

June 2012 – Real Estate Statistics for the Miami Beaches

Februaury 2012 – Real Estate Statistics for the Miami Beaches

July 2011 – Real Estate Statistics for the Miami Beaches

May 2011 – Real Estate Statistics for the Miami Beaches

March 2011 - Real Estate Statistics for the Miami Beaches

February 2011 – Real Estate Statistics for the Miami Beaches

November 2010 – Real Estate Statistics for the Miami Beaches

October 2010 – Real Estate Stats for the Miami Beaches

September 2010 - Real Estate Statistics for the Miami Beaches

June 2010 – Real Estate Statistics for the Miami Beaches

Filed under: Bal Harbour Condos, Buyers of South Florida, Miami Beach Condos, North Bay Village Condos, Seller's of South Florida, South Beach Condos, Sunny Isles Beach Condos

Tags: Tags: Condo Sales, highest sales, Jade Beach, Jade Ocean, Miami Beach Penthouse, Miami Beach Real Estate, Ocean Four, selling prices, September 2012, Setai Penthouse, South Beach condo, Sunny Isles Beach Condos, Sunny Isles real estate, Turnberry Ocean Colony

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The Miami Beach Real Estate RE-Views for July 2012

Miami Beach Condo inventory is fluctuating with what may possibly due to summer months and we now find 10 months of condo inventory for sale. Condo inventory is down 20% (YTD) from July of 2011 and up 2% since review last month. Luxury condo towers such as Jade Ocean, Jade Beach, Ocean Four and Turnberry Ocean Colony are noticing only 3 to 5% condo inventory for sale and to top it off, asking (& receiving) premiums over 2009 & 2010 closed sale comparables. Other luxury towers such as Trump Royale have sold the most desirable floor plans while Trump Tower III, the remaining Trump tower to sell out, holds the final 5-10% developer inventory with the premier 3 bedroom (A model) now hovering $1.7 to $2.5M. Good deals come and good deals go but if your looking to own here, the market has & is shifting back to the sellers side. The outlook should always be long term with the primary reason in purchasing for use & enjoyment.

Selling prices on premier properties are setting new area records for 2012 values with the Setai Penthouse selling at an astonishing $3,463 sp/psf value or $21.5M and Setai #3709 selling at $2,856 PSF or $7.2M. South Beach record setting Apogee reflected the most desirable Miami Beach Penthouse selling at $11.5 Million, while Apogee condo 2103 sale on the top 10 list of 2011 set a sales record for Apogee at $1,775 PSF while in 2012, Apogee #2001 has also just sold for $8.825M or $2,124PSF. The W Hotel Penthouse sold in 2011 for $2,602 PSF, Continuum Penthouse 3 just sold at $3,379 PSF, Continuum PH1 sold for $2,547 PSF and Setai #3609 sold at $2,380 PSF. Miami Beaches most desirable oceanfront condo residence Il Villaggio sold unit #1605 at $1,688 PSF. Bal Harbour’s 2011 record condo sale went to One Bal Harbour #808 which sold at $1,194 PSF, while Sunny Isles Beach shows us the JADE Ocean Skyloft Penthouse condo which sold for $3.5M or $1,020 per square foot.

Of the last 90 days, the top 10 highest sales based on selling price per square foot averaged $1,822.

Miami Beach Real Estate Statistics for the month of JULY.

reflect 2,313 total condos for sale along the Miami-Dade County oceanfront communities of South Beach, Miami Beach, Bal Harbour, North Bay Village and Sunny Isles Beach with condo inventory levels down 20% year to date; this month condo inventory is up 2% over June with what’s now an 10 month supply based on the previous 30-day closed sales:

** South Beach Condos: 942 for sale | 86 Sales in last 30 days | Average Days on Market 128 | Average Buyer Discount 5% | Average PPSF Asking $538 / Sold $506

** Miami Beach Condos: 559 for sale | 74 Sales in last 30 days | Average Days on Market 137 | Average Buyer Discount 5% | Average PPSF Asking $349 / Sold $325

** Bal Harbour Condos: 204 for sale | 10 Sales in last 30 days | Average Days on Market 236 | Average Buyer Discount 6% | Average PPSF Asking $455 / Sold $429

** North Bay Village Condos: 68 for sale | 11 Sales in last 30 days | Average Days on Market 115 | Average Buyer Discount 4% | Average PPSF Asking $163 / Sold $156

** Sunny Isles Beach Condos: 540 for sale | 63 Sales in last 30 days | Average Days on Market 147 | Average Buyer Discount 5% | Average PPSF Asking $360 / Sold $337

Miami Beach | Sunny Isles Real Estate Summary

Miami Beach condo inventory has increased slightly at 2%, sale-price to list-price ratios have maintained an average 5% buyer discount, active days on market reflect ~ 5.10 months to sell while average selling prices have increased 10% year to date. Indicators are still showing good signs for market improvement. With selling price per square foot continually trending upwards, we are in a shifting market to what was once the buyer’s bottom in 2009.

Sunny Isles Beach selling prices (Average SP$ per square foot) increased 5% since June stats (17% Increase in Selling Values YTD), Bal Harbour decreased 2% since June and decreased 11% YTD, South Beach condo sale prices increased 10% since June and increased 18% YTD. Miami Beach average sales figures show us an increase since June of 7% with 14% YTD while North Bay Village reflects a decrease of 4% since June and an increase of 21% YTD. For the month, Miami Beach (REO) Bank Owned foreclosures made up only 3% of our inventory and have sold at 105% sale to list while Miami Beach short sales made up 5% of our condo inventory and sold at 96% sale to list. 79% of all closed sales over the last 30 days were cash transactions!

Miami’s warm climate and diverse population makes it a very desirable location and the market shift has been noted as trends move in favor of a new market. Many buyers are in to enjoy the great values of Miami Beach luxury condos averaging only $349 per square foot in asking values compared to other Countries and metro areas much higher. There remains a vast amount of buying opportunity along Miami-Dade County Beaches with most importantly enjoyment for years to come. For more information on oceanfront locations, luxury buildings, condos for sale or statistics & trends simply email, find me on ‘Live Chat’ or call me toll free at 1.888.383.7326.

For detailed monthly Miami Beach condo statistics emailed each month, sign up for the e-Newsletter on the right side – ‘Join Our Mailing List’

June 2012 – Real Estate Statistics for the Miami Beaches

Februaury 2012 – Real Estate Statistics for the Miami Beaches

July 2011 – Real Estate Statistics for the Miami Beaches

May 2011 – Real Estate Statistics for the Miami Beaches

March 2011 - Real Estate Statistics for the Miami Beaches

February 2011 – Real Estate Statistics for the Miami Beaches

November 2010 – Real Estate Statistics for the Miami Beaches

October 2010 – Real Estate Stats for the Miami Beaches

September 2010 - Real Estate Statistics for the Miami Beaches

June 2010 – Real Estate Statistics for the Miami Beaches

Filed under: Bal Harbour Condos, Buyers of South Florida, Luxury Residential Market, Miami Beach Condos, North Bay Village Condos, South Beach Condos

Tags: Tags: Apogee, Condo Sales, Il Villaggio, Jade Beach, Jade Ocean, July Newsletter, Miami Beach Penthouse, Miami Beach Real Estate, Ocean Four, statistics, Sunny Isles Beach Condos, Turnberry Ocean Colony

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The Miami Beach Real Estate RE-Views for June 2012

The Miami ‘Beach’ Markets bottom was found in 2009. Miami’s real estate market is shifting rapidly from a buyers market to a sellers market with 7.95 months of remaining inventory. I’ve explored, researched and made offers for a few clients now in Downtown Miami & Brickell with similar stats and trends happening. Similar to the Miami-Dade county beaches, the premier oceanfront properties are moving quickly. Both foreign & domestic buyers are reading all the positive news on the most desirable Miami locations and upswing while taking assertive action with cash.

In review of trends & stats I find inventory way down and prices up. Condo inventory is decreasing consistently as mentioned above with just under 8 months of condo inventory for sale. Condo inventory is down 25% (YTD) from June of 2011 and another 8% since I ran the figures back in March. Luxury condo towers such as Jade Ocean, Jade Beach, Ocean Four and Turnberry Ocean Colony are noticing only 3 to 5 condos for sale on the most desirable floor plans and to top it off, asking (& receiving) 25%+ premiums over 2009 & 2010 closed sale comparables. Other luxury towers such as Trump Royale have sold the most desirable floor plans while Trump Tower III, the remaining Trump tower to sell out, holds the final 10% developer inventory with the premier 3 bedroom (A model) now hovering $1.7 to $2M. Good deals come and good deals go but if your looking to own here, the market has & is shifting back to the sellers side.

Selling prices on premier properties are setting new area records for 2012 values with the Setai Penthouse selling at an astonishing $3,463 sp/psf value or $21.5M and Setai #3709 selling at $2,856 PSF or $7.2M. South Beach record setting Apogee reflected the most desirable Miami Beach Penthouse selling at $11.5 Million, while Apogee condo 2103 sale on the top 10 list of 2011 set a sales record for Apogee at $1,775 PSF while in 2012, Apogee #2001 has also just sold for $8.825M or $2,124PSF. The W Hotel Penthouse sold in 2011 for $2,602 PSF, Continuum PH1 sold for $2,547 PSF and Setai #3609 sold at $2,380 PSF. Miami Beaches most desirable oceanfront condo residence Il Villaggio sold unit #1605 at $1,688 PSF. Bal Harbours 2011 record condo sale went to One Bal Harbour #808 which sold at $1,194 PSF, while Sunny Isles Beach shows us the JADE Ocean Skyloft Penthouse condo which sold for $3.5M or $1,020 per square foot. Of the last 90 days, the top 10 highest sales based on selling price per square feet averaged $2,131.

Miami Beach Real Estate Statistics for the month of JUNE.

reflect 2,267 total condos for sale along the Miami-Dade County oceanfront communities of South Beach, Miami Beach, Bal Harbour, North Bay Village and Sunny Isles Beach with condo inventory levels down 25% year to date; this month condo inventory is down 8% over March with what’s now an 7.9 month supply based on the previous 30-day closed sales:

** South Beach Condos: 890 for sale | 113 Sales in last 30 days | Average Days on Market 131 | Average Buyer Discount 5% | Average PPSF Asking $489 / Sold $457

** Miami Beach Condos: 544 for sale | 80 Sales in last 30 days | Average Days on Market 139 | Average Buyer Discount 5% | Average PPSF Asking $325 / Sold $303

** Bal Harbour Condos: 211 for sale | 10 Sales in last 30 days | Average Days on Market 199 | Average Buyer Discount 8% | Average PPSF Asking $485 / Sold $439

** North Bay Village Condos: 65 for sale | 12 Sales in last 30 days | Average Days on Market 123 | Average Buyer Discount 2% | Average PPSF Asking $169 / Sold $162

** Sunny Isles Beach Condos: 557 for sale | 70 Sales in last 30 days | Average Days on Market 153 | Average Buyer Discount 7% | Average PPSF Asking $341 / Sold $315

Miami Beach | Sunny Isles Real Estate Summary

Miami Beach condo inventory continues decreasing month over month, sale-price to list-price ratios have maintained an average 5% buyer discount, active days on market reflect ~ 4.9 months to sell while average selling prices have increased 9% year to date. All indicators prove to be good signs for market improvement. With selling price per square foot trending upwards, we are in a shifting market to what was the buyer’s bottom in 2009.

Sunny Isles Beach selling prices (Average SP$ per square foot) increased 10% since March stats (10% Increase in Selling Values YTD), Bal Harbour increased 17% since March and decreased 6% YTD, South Beach condo sale prices increased 5% since March and increased 8% YTD. Miami Beach average sales figures show us an increase since March of 1% with 14% YTD while North Bay Village reflects a increase of 16% since March and an increase of 25% YTD. For the month, Miami Beach (REO) Bank Owned foreclosures made up only 3% of our inventory and have sold at 105% sale to list while Miami Beach short sales made up 4% of our condo inventory and sold at 95% sale to list. 80% of all closed sales over the last 30 days were cash transactions!

Miami’s warm climate and diverse population makes it a very desirable location and the market shift has been noted as trends move in favor of a new market. Many buyers are in to enjoy the great values of Miami Beach luxury condos averaging only $362 per square foot in asking values compared to other Countries and metro areas much higher. There remains a vast amount of buying opportunity along Miami-Dade County Beaches with most importantly enjoyment for years to come. For more information on oceanfront locations, luxury buildings, condos for sale or statistics & trends simply email, find me on ‘Live Chat’ or call me toll free at 1.888.383.7326.

For detailed monthly Miami Beach condo statistics emailed each month, sign up for the e-Newsletter on the right side – ‘Join Our Mailing List’

Februaury 2012 – Real Estate Statistics for the Miami Beaches

July 2011 – Real Estate Statistics for the Miami Beaches

May 2011 – Real Estate Statistics for the Miami Beaches

March 2011 - Real Estate Statistics for the Miami Beaches

February 2011 – Real Estate Statistics for the Miami Beaches

November 2010 – Real Estate Statistics for the Miami Beaches

October 2010 – Real Estate Stats for the Miami Beaches

September 2010 - Real Estate Statistics for the Miami Beaches

June 2010 – Real Estate Statistics for the Miami Beaches

Filed under: Buyers of South Florida, Seller's of South Florida

Tags: Tags: condo inventory, Il Villaggio, Jade Beach, Jade Ocean, Miami Beach Condos, Miami Beach luxury condos, Miami Beach Penthouse, Miami's real estate market, Ocean Four, selling prices, Sunny Isles Beach, Sunny Isles Beach Condos, top 10 highest sales, Trump Royale, Turnberry Ocean Colony

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The Miami Beach Real Estate RE-Views for February 2012

Miami’s real estate market is shifting from a strong buyers market to a neutral market. I’ve had the opportunity to explore, research and make offers for a particular client in Downtown Miami and Brickell. Similar to the beaches, the select properties are moving quickly and while the offers were lower (15-20% off list), we’ve been outbid time & time again. Both foreign & domestic buyers are reading all the positive news on the most desirable Miami locations and taking action with cash.

Speaking of condo inventory, we see it decreasing consistently showing us a 33% (YTD) drop from February of 2011 and another 2% over the prior month. Luxury condo towers such as Jade Ocean, Jade Beach, Ocean Four and Turnberry Ocean Colony are noticing only 3 to 5 condos for sale on the most desirable floor plans and to top it off, asking 25%+ premiums over 2009 & 2010 closed sale comparables. Other luxury towers such as Trump Royale have sold the most desirable floor plans while Trump Tower III, the remaining Trump tower to sell out, holds the final 10% developer inventory with the premier 3 bedroom (A model) hovering $1.8 to $2M.

Besides uptick indicators mentioned above & below, selling prices on premier properties are setting new area records for 2012 values with the Setai Penthouse selling at a mind blowing $3,463 sp/psf value or $21.5M. South Beach record setting Apogee reflected the most desirable Miami Beach Penthouse selling at $11.5 Million, while Apogee condo 2103 sale on the top 10 list of 2011 set a sales record for Apogee at $1,775 per square foot. The W Hotel Penthouse sold in 2011 for $2,602 PSF, Continuum PH1 sold for $2,547 PSF and Setai #3609 sold at $2,380 PSF. Miami Beaches most desirable oceanfront condo residence Il Villaggio sold unit 1605 at $1,688 PSF. Bal Harbours 2011 record condo sale went to One Bal Harbour 808 which sold at $1,194 PSF, while Sunny Isles Beach shows us the JADE Ocean Skyloft Penthouse condo which sold for $3.5M or $1,020 per square foot.

Miami Beach Real Estate Statistics for the month of FEBRUARY

reflect 2,648 total condos for sale along the Miami-Dade County oceanfront communities of South Beach, Miami Beach, Bal Harbour, North Bay Village and Sunny Isles Beach with condo inventory levels down 33% year to date; this month condo inventory is down 2% over last with what’s now an 12.9 month supply based on the previous 30-day closed sales:

** South Beach Condos: 996 for sale | 82 Sales in last 30 days | Average Days on Market 127 | Average Buyer Discount 5% | Average PPSF Asking $474 / Sold $443

** Miami Beach Condos: 647 for sale | 52 Sales in last 30 days | Average Days on Market 122 | Average Buyer Discount 5% | Average PPSF Asking $447 / Sold $408

** Bal Harbour Condos: 193 for sale | 8 Sales in last 30 days | Average Days on Market 186 | Average Buyer Discount 8% | Average PPSF Asking $458 / Sold $418

** North Bay Village Condos: 94 for sale | 10 Sales in last 30 days | Average Days on Market 140 | Average Buyer Discount +2% over list | Average PPSF Asking $126 / Sold $127

** Sunny Isles Beach Condos: 718 for sale | 53 Sales in last 30 days | Average Days on Market 149 | Average Buyer Discount 6% | Average PPSF Asking $278 / Sold $261

Miami Beach | Sunny Isles Real Estate Summary

Miami Beach condo inventory continues decreasing month over month, sale-price to list-price ratios have maintained an average 5% buyer discount, active days on market reflect ~ 4.8 months to sell while average selling prices have increased 2% for the month and 19% year to date. All indicators prove to be good signs for market improvement. With selling price per square foot trending upwards, we are in a shifting market to what was the buyer’s bottom in 2009.

Sunny Isles Beach selling prices (Average SP$ per square foot) decreased 1% over the prior month (11% Increase in Selling Values YTD), Bal Harbour decreased 8% for the month and increased 5% YTD, South Beach condo sale prices increased 7% for the month and increased 16% YTD. Miami Beach average sales figures show us an increase for the month of 10% with 46% YTD while North Bay Village reflects a decrease of 7% for the month and an increase of 6% YTD. For the prior month, Miami Beach (REO) Bank Owned foreclosures made up only 1% of our inventory and have sold at 102% sale to list while Miami Beach short sales made up 6% of our condo inventory and sold at 96% sale to list. 82% of all closed sales last month were cash transactions! Miami’s warm climate and diverse population makes it a very desirable location and the market shift has been noted as trends move in favor of a new balanced market. Many buyers are in to enjoy the great values of Miami Beach luxury condos and to explore what remains to be a vast amount of buying opportunity along Miami-Dade County Beaches with most importantly enjoyment for years to come.

For more information on oceanfront locations, luxury buildings, condos for sale or statistics & trends simply email, find me on ‘Live Chat’ or call me toll free at 1.888.383.7326.

For detailed monthly Miami Beach condo statistics emailed each month, sign up for the e-Newsletter on the right side – ‘Join Our Mailing List’

July 2011 – Real Estate Statistics for the Miami Beaches

May 2011 – Real Estate Statistics for the Miami Beaches

March 2011 - Real Estate Statistics for the Miami Beaches

February 2011 – Real Estate Statistics for the Miami Beaches

November 2010 – Real Estate Statistics for the Miami Beaches

October 2010 – Real Estate Stats for the Miami Beaches

September 2010 - Real Estate Statistics for the Miami Beaches

June 2010 – Real Estate Statistics for the Miami Beaches

Filed under: Buyers of South Florida, Seller's of South Florida

Tags: Tags: Bal Harbour Condos, Il Villaggio, Jade Ocean, Miami Beach Penthouse, Miami Beach Real Estate, Miami Beach short sales, Real Estate Statistics, South Beach condo, Sunny Isles real estate, Trump Royale, Turnberry Ocean Colony

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A History of ‘Top 10′ Miami Beach Condo Trophy Sales

Hi friends,

Let’s locate and analyze the top ten Miami Beach luxury condo sales from 2007 to 2011 including the average selling price per square foot in the luxury tier for the year.

2007 (Average Price Per Square Foot = $1,243) -

1. 1500 Ocean Drive #T8 Sold at $12M ($1005 psf)
2. Fisher Island #7263 Sold at $9M ($1320 psf)
3. Fisher Island #7192 Sold at $8.9M ($na psf)
4. Icon South Beach #PH2 Sold at $7M ($876 psf)
5. Fisher Island #7142 Sold at $8.3M ($1181 psf)
6. Continuum #2803 Sold at $6.5M ($1361 psf)
7. Portofino Tower #4003 Sold at $6.472M ($1505 psf)
8. Fontainebleau II #PH3702 Sold at $6.4M ($1488 psf)
9. Fisher Island #7415 Sold at $7M ($1400 psf)
10. Fisher Island #7782 Sold at $6.5M ($1053 psf)

2008 (Average Price Per Square Foot = $1,333) -

1. Fisher Island #7274 Sold at $12.360M ($1389 psf)
2. Fisher Island #7111 Sold at $7.2M ($1429 psf)
3. Fisher Island #7453 Sold at $11.2M ($1383 psf)
4. Fisher Island #7191 Sold at $8M ($1356 psf)
5. Fisher Island #5031/2 Sold at $5.6M ($820 psf)
6. Continuum #1606/7 Sold at $6.025M ($1376 psf)
7. Apogee #2004 Sold at $7.3M ($1757 psf)
8. Setai #PH VC Sold at $6M ($1680 psf)
9. Bath Club #Villa 4 Sold at $6.7M ($1175 psf)
10. Bath Club #Villa 6 Sold at $5.5M ($967 psf)

2009 (Average Price Per Square Foot = $1,225) -

1. Continuum #PH 1 Sold at $9.9M ($1343 psf)
2. Il Villaggio #PH 6&7 Sold at $7M ($1228 psf)
3. Murano at Portofino #3801 Sold at $7.450M ($1557 psf)
4. Fisher Island #7712 Sold at $5.457M ($974 psf)
5. Apogee #1104 Sold at $6M ($1444 psf)
6. Apogee #1404 Sold at $6M ($1444 psf)
7. One Bal Harbour #2008 Sold at $5.2M ($987 psf)
8. Apogee #1201 Sold at $5.450M ($1312 psf)
9. Continuum #3804-5 Sold at $6.250M ($1179 psf)
10. Acqualina #PH 4506 Sold at $4.999M ($779 psf)

2010 (Average Price Per Square Foot = $1,651) -

1. Setai #B Sold at $15M ($2416 psf)
2. One Bal Harbour #PH 2108 Sold at $8.7M ($1653 psf)
3. Fontainebleau II #PH North Sold at $9M ($2000 psf)
4. Continuum #1804 Sold at $6.750M ($1622 psf)
5. Fisher Island #7223 Sold at $6.750M ($990 psf)
6. Apogee #904 Sold at $6.550M ($1577 psf)
7. Apogee #1801 Sold at $5.9M ($1420 psf)
8. Apogee #1104 Sold at $5.350M ($1288 psf)
9. W Hotel South Beach #UPH 1 Sold at $6.2M ($2253 psf)
10. Apogee #704 Sold at $5.3M ($1293 psf)

2011 (Average Price Per Square Foot = $1,657) -

1. Setai #PH A Sold at $21.5M ($3463 psf)
2. Apogee #PH A Sold at $11.5M ($1678 psf)
3. Continuum #3604-3 Sold at $10.576M ($1643 psf)
4. Fisher Island #7163 Sold at $8.150M ($1160 psf)
5. Fisher Island #7724 Sold at $7.724M ($1133 psf)
6. Fisher Island #7734 Sold at $7.250M ($1063 psf)
7. Apogee #2101 Sold at $7.5M ($1805 psf)
8. Apogee #1404 Sold at $7.350M ($1769 psf)
9. Continuum #801 Sold at $6.5M ($1226 psf)
10. Apogee #1001 Sold at $6.8M ($1637 psf)

Filed under: Buyers of South Florida, Luxury Residential Market

Tags: Tags: 1500 Ocean Drive, Acqualina, Apogee, Bath Club, Continuum South Tower, Fisher Island, Icon South Beach, Il Villaggio, Miami Beach, Miami Beach luxury condos, Murano at Portofino, One Bal Harbour, Portofino Tower, Setai, South Beach

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Sunny Isles Beach Luxury Oceanfront Condo Market Index 1Q 2012

Edition #8 of the January 2012 Sunny Isles Condo Index

We’ll be reviewing the latest  trends and comparing the luxury oceanfront market from the 1Q 2011 Condo Index to today’s updated 1Q 2012 Sunny Isles Condo Index including premier oceanfront towers such as Turnberry Ocean Colony,Acqualina, JADE Ocean, JADE Beach, Trump Palace, Trump Royale, Ocean Four, Sayan, Trump Towers, Pinnacle & Millennium. I’ve excluded 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 (1Q 2012)

As of January 2nd, we are noting 688 total condos for sale in Sunny Isles Beach down 19% from the May 2011 Condo Index.

In the prior 30 days, there have been 62 total closed sales. In the last 90 days, 212 condos have sold averaging $264 per square foot with a 94% Sale to List Price Ratio and 163 days on market. In the same 90 day period of January 2nd 2011, there had been 207 condos sold averaging $221 per square foot (Sold values UP 16% over January 2011) with a 93% Sale to List Price Ratio and 123 days on market.

What will be analyzed more specifically in this post are luxury oceanfront condo building statistics & new trends for the most desirable luxury towers along the coastline of Sunny Isles Beach.
Percentage Available Inventory, Average List Price & Average Price Per Square Foot for leading luxury condo towers currently listed & Active on the MLS

• Acqualina- 17875 – 17885 Collins Avenue | 16 of 247 or 6%| Ave List Price $2.257M | Ave PPSF $880
• JADE Beach – 17001 Collins Avenue | 19 of 248 or 8% | Ave List Price $2.645M | Ave PPSF $828
• JADE Ocean (Sold Out 2011) – 17121 Collins Avenue | 11 of 250 or 4% | Ave List Price $2.785M | Ave PPSF $1,081
• Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 7 of 130 or 5% | Ave List Price $2.802M | Ave PPSF $931
• Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 10 of 130 or 8% | Ave List Price $2.734M | Ave PPSF $932
• Trump Palace – 18101 Collins Avenue | 20 of 275 or 7% | Ave List Price $1.611M | Ave PPSF $738
• Trump Royale – 18201 Collins Avenue | 12 of 384 or 3%| Ave list Price $1.186M | Ave PPSF $619
• Trump Tower I – 16001 Collins Avenue | 28 of 271 or 10% | Ave List Price $1.285M | Ave PPSF $571
• Trump Tower II – 15901 Collins Avenue | 12 of 271 or 4% | Ave List Price $1.322M | Ave PPSF $583
• Trump Tower III – 15850 Collins Avenue | Developer Inventory Now Selling
• Sayan- 16275 Collins Avenue | 13 of 88 or 15% | Ave List Price $968k | Ave PPSF $533
• Ocean Four – 17201 Collins Avenue | 18 of 281 or 7% | Ave List Price $913k | Ave PPSF $509
• Ocean Three – 18911 Collins Avenue | 17 of 215 or 8% | Ave List Price $1.413M | Ave PPSF $473
• Ocean Two – 19111 Collins Avenue | 8 of 254 or 3% | Ave List Price $1.070M | Ave PPSF $472
• Ocean One – 19333 Collins Avenue | 5 of 241 or 2% | Ave List Price $956k | Ave PPSF $412
• Millennium – 18671 Collins Avenue | 6 of 120 or 5% | Ave List Price $1.223M | Ave PPSF $578
• Pinnacle – 17555 Collins Avenue | 11 of 244 or 5% | Ave List Price $1.164M | Ave PPSF $554
• La Perla- 16699 Collins Avenue | 17 of 326 or 5% | Ave List Price $700k | Ave PPSF $482

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

• Acqualina- 17885 Collins Avenue | 4 Closed Sales at $823 PSF (12% increase in PPSF since 2Q 2011) | 87% SP/LP | 185 DOM
• JADE Beach- 17001 Collins Avenue | 12 Closed Sales at $582 PSF (11% increase in PPSF since 2Q 2011) | 93% SP/LP | 221 DOM
• JADE Ocean- 17121 Collins Avenue | 3 Closed Sales at $724 PSF (6% increase in PPSF since 2Q 2011) | 84% SP/LP | 276 DOM
• Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 1 Closed Sales at $716 PSF (3% increase in PPSF since 2Q 2011) | 89% SP/LP | 234 DOM
• Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 5 Closed Sales at $700 PSF (5% decrease in PPSF since 2Q 2011) | 88% SP/LP | 406  DOM
• Trump Palace- 18101 Collins Avenue | 6 Closed Sales at $516 PSF (9% increase in PPSF since 2Q 2011) | 94% SP/LP | 310 DOM
• Trump Royale – 18201 Collins Avenue | 11 Closed Sales at $500 PSF (6% increase in PPSF since 2Q 2011) | 95% SP/LP | 181 DOM
• Trump Tower I – 16001 Collins Avenue | 2 Closed Sales at $534 PSF (3% increase in PPSF since 2Q 2011) | 97% SP/LP | 18 DOM
• Trump Tower II – 15901 Collins Avenue | 6 Closed Sales at $438 PSF (13% increase in PPSF since 2Q 2011) | 91% SP/LP | 71 DOM
• Trump Tower III – 15850 Collins Avenue | No Closed MLS Sales & Resales
• Sayan- 16275 Collins Avenue | 5 Closed Sale at $326 PSF (1% decrease in PPSF since 2Q 2011) | 96% SP/LP | 354 DOM
• Ocean Four – 17201 Collins Avenue | 9 Closed Sales at $410 PSF (6% increase in PPSF since 2Q 2011) | 94% SP/LP | 169 DOM
• Ocean Three – 18911 Collins Avenue | 5 Closed Sales at $386 PSF (14% increase in PPSF since 2Q 2011) | 92% SP/LP | 298 DOM
• Ocean Two – 19111 Collins Avenue | 9 Closed Sales at $401 PSF (23% increase in PPSF since 2Q 2011) | 93% SP/LP | 168 DOM
• Ocean One – 19333 Collins Avenue | 3 Closed Sales at $299 PSF (1% decrease in PPSF since 2Q 2011) | 89% SP/LP | 337 DOM
• Millennium – 18671 Collins Avenue | 2 Closed Sales at $489 PSF (18% increase in PPSF since 2Q 2011) | 93% SP/LP | 255 DOM
• Pinnacle – 17555 Collins Avenue | 9 Closed Sales at $405 PSF (5% decrease in PPSF since 2Q 2011) | 93% SP/LP | 358 DOM
• La Perla- 16699 Collins Avenue | 11 Closed Sales at $362 PSF (2% increase in PPSF since 2Q 2011) | 94% SP/LP | 314 DOM

Sunny Isles Beach Condo Index Summary

Sunny Isles Beach condo inventory is down hovering 688 total condos for sale while property values have increased considerably (16% YTD) as International & domestic buyers purchase these new 2012 deals. Oceanfront condo towers now have very healthy inventory figures as shown above in blue with all but Sayan showing less than 10% available as condo inventory for sale. Each building & property tells a different story and the bottom line is that the Sunny Isles Beach condo market has shown significant signs of improvement since 2009 on oceanfront real estate. It’s still an excellent time to buy Miami Beach real estate as long as you & the family will use the property and enjoy it for years to come.

Selling or Leasing Your Condo? Are you trying to sell or lease with no solid results, little communication with market value updates, aggressive global marketing & overall progress in meeting the goal… Call or email me now for a personalized market report and global marketing plan surely to gain proper exposure for your condominium. Let’s start today at 1.888.383.7326 or direct 1.305.978.7704.

Buyer’s ready for a great property? Call or email for the very best condo deals along Sunny Isles Beach, Bal Harbour, North Bay Village, Miami Beach & South Beach. The buyer advantage is still selection & leverage but we are consistently seeing multiple cash offers and dwindling inventory which are driving up values as we noted the 16% gain from a year ago today. The low-end residential condo market is accelerating with 60% of condo sales under $250k. As this new year progresses and inventory continues to decrease, I believe prices will show in favor for continued improvement in the transition back to a sellers market. If you’d like to receive local Miami Beach FL real estate news via these valuable blog posts, you can easily be notified by RSS feed (see upper right column) or by email each time a new real estate news post occurs. Visit JADE Condos Sunny Isles website & JADE Condo Blog relaying great information on JADE Beach & JADE Ocean along with Turnberry Ocean Colony Sunny Isles website & Ocean Colony Condo Blog for intimate luxury condo knowledge! The truth is in the numbers 1.888.383.7326 and I welcome your knowledge, opinions, comments & feedback.

Showing You the Very Best from Sunny Isles to South Beach!

(Figures are derived from the South Florida Regional Multiple Listing Service January 2012)

Filed under: Buyers of South Florida, Condos and Development, Luxury Residential Market, Seller's of South Florida, Sunny Isles Beach Condos

Tags: Tags: 2012, Collins Avenue, luxury oceanfront condo, Market Index, Miami Beach Real Estate, Oceanfront real estate, Sunny Isles Beach, Sunny Isles Condo Index

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Miami Beach Condo Sales & Trends – 2011 Year In Review

Hello friends and only 5 days until 2012! As KT would say, I am a ‘Realtor first and a blogger second’ so please forgive the delay in posting new local information. What we’re reviewing below is the Miami Beach condo sales & trends for 2011 compared to prior years. I plan on doing an updated Sunny Isles Beach condo index soon so stay tuned!

Miami Beach Condo Sales vs. Selling Price Per Square Foot (SP$/SF):

• 2011 – 4,067 Sold at $315 SP/SF (UP 10% YTD)
• 2010 – 3,220 Sold at $282 SP/SF (Down 3% YTD)
• 2009 – 2,515 Sold at $290 SP/SF (Down 30% YTD)
• 2008 – 2,100 Sold at $415 SP/SF (Down 7% YTD)
• 2007 – 1,922 Sold at $448 SP/SF

Available condo inventory today rests at 2,819 with 248 sales last month for an 11 month supply.

All figures derived from the South Florida MLS (Multiple Listing Service) including Miami Beach, South Beach, Bal Harbour, North Bay Village and Sunny Isles Beach.

Filed under: Buyers of South Florida, Condos and Development, Miami Beach Condos

Tags: Tags: condo inventory, Miami Beach Condo, Miami Beach Condo Sales, Miami Beach Condo Trends, Miami Beach Real Estate, Sunny Isles Beach

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