I’ll be reviewing & comparing the luxury oceanfront market from the 1Q 2009 Sunny Isles Condo Index to today’s updated 1Q 2010 Sunny Isles Condo Index including premier oceanfront towers such as Turnberry Ocean Colony, Acqualina, JADE Beach, Trump Palace, Trump Royale, Ocean 4, Sayan, Ocean One, Two & Three, Pinnacle & Millennium and now including JADE Ocean. I’ve excluded condo hotel properties from this study including the Trump International Beach Resort, Le Meridian (now known as Merenas Resort), Ocean Point and Sole.
Sunny Isles Beach (1Q 2010) Condo Index…
As of January 25th, we are noting 1,055 total condos for sale in Sunny Isles Beach down 17% from July 2009 and 28% from this time last year. So far, there have been 27 total closed sales (ALL figures are derived from the Multiple Listing Service MLS on JAN 25th, 2010) this year. What will be analyzed in this post are statistics & trends for the most desirable luxury towers along the coast 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 Collins Avenue | 17 of 247 or 7%| Ave List Price $2.186M | Ave PPSF $775
JADE Beach (99% Closed as per County records) - 17001 Collins Avenue | 41 of 248 or 17%| Ave List Price $1.439M | Ave PPSF $642
JADE Ocean- (80 rec. deeds per County records) – 17121 Collins Avenue | 4 of 250 or 2% | Ave List Price $2.107M | Ave PPSF $765
Trump Palace – 18101 Collins Avenue | 29 of 275 or 11%| Ave List Price $1.329M | Ave PPSF $629
Trump Royale – 18201 Collins Avenue | 19 of 384 or 5%| Ave list Price $1.124M | Ave PPSF $565
Trump Tower I- 16001 Collins Avenue | 29 of 271 or 11%| Ave List Price $1.135M | Ave PPSF $487
Trump Tower II – 15901 Collins Avenue | 9 of 271 w/Developer units remaining | Ave List Price $927k | Ave PPSF $433
Trump Tower III – 15850 Collins Avenue | No MLS records
Sayan- 16275 Collins Avenue | 22 of 88 or 25%| Ave List Price $1.211M | Ave PPSF $572
Ocean Four – 17201 Collins Avenue | 40 of 281 or 14%| Ave List Price $997k | Ave PPSF $508
Ocean Three – 18911 Collins Avenue | 28 of 215 or 13%| Ave List Price $1.142M | Ave PPSF $459
Ocean Two – 19111 Collins Avenue | 19 of 254 or 7%| Ave List Price $1.096M | Ave PPSF $479
Ocean One – 19333 Collins Avenue | 8 of 241 or 3%| Ave List Price $728K | Ave PPSF $330
Millennium – 18671 Collins Avenue | 6 of 120 or 5%| Ave List Price $1.015M | Ave PPSF $446
Pinnacle – 17555 Collins Avenue | 45 of 244 or 18%| Ave List Price $960k | Ave PPSF $494
La Perla- 16699 Collins Avenue | 39 of 326 or 12%| Ave List Price $654k| Ave PPSF $430
Ave. Price Per Square Foot on Condos SOLD within the last 6 months, Sale Price to List and # Days On Market
Acqualina- 17875 Collins Avenue | 4 Closed Sales at $673 PSF (7% increase in PPSF since 1Q 2009) | 88% SP/LP | 247 DOM
JADE Beach- 17001 Collins Avenue | 2 Closed Sales at $427 PSF | 89% SP/LP | 89 DOM
JADE Ocean- 17121 Collins Avenue | Released (TCO) June 2009 with No Closed MLS resales
Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 8 Closed Sales at $679 PSF (22% increase in PPSF since 1Q 2009) | 86% SP/LP | 143 DOM
Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 7 Closed Sales at $499 PSF (26% decrease in PPSF since 1Q 2009) | 90% SP/LP | 195 DOM
Trump Palace- 18101 Collins Avenue | 3Closed Sales at $450 PSF (19% decrease in PPSF since 1Q 2009)| 86% SP/LP | 162 DOM
Trump Royale – 18201 Collins Avenue | 3 Closed Sales at $451 PSF | 95% SP/LP | 111 DOM
Trump Tower I- 16001 Collins Avenue | 2 Closed Sales at $386 PSF | 78% SP/LP | 493 DOM
Trump Tower II – 15901 Collins Avenue | No Closed MLS Sales
Trump Tower III – 15850 Collins Avenue | No Closed MLS Sales
Sayan- 16275 Collins Avenue | 0 Closed Sale at $N/A | only 1 resale last year at $308 PSF | 86% SP/LP | 84 DOM
Ocean Four – 17201 Collins Avenue | 15 Closed Sales at $367 PSF (5% decrease in PPSF since 1Q 2009) | 94% SP/LP | 228 DOM
Ocean Three – 18911 Collins Avenue | 2 Closed Sales at $353 PSF | 94% SP/LP | 316 DOM
Ocean Two – 19111 Collins Avenue | 7 Closed Sales at $384 PSF | 91% SP/LP | 175 DOM
Ocean One – 19333 Collins Avenue | 3 Closed Sales at $291 PSF | 86% SP/LP | 288 DOM
Millennium – 18671 Collins Avenue | 3 Closed Sales at $336 PSF | 81% SP/LP | 101 DOM
Pinnacle – 17555 Collins Avenue | 6 Closed Sales at $351 PSF | 97% SP/LP | 234 DOM
La Perla- 16699 Collins Avenue | 15 Closed Sales at $354 PSF (2% decrease in PPSF since 1Q 2009) | 91% SP/LP | 127 DOM
Sunny Isles Beach Condo Index Summary
Sunny Isles Beach inventory is decreasing month over month while property values have also dropped considerably causing more sales to occur. The majority of oceanfront towers now have healthy inventory figures as shown above with anything less 15%. Each building tells a different story and the bottom line is you cannot go wrong in 2010 with oceanfront real estate as long as you & the family will use it and enjoy it for at least the next 2 years.
Sellers, are you attempting to sell with little communication on values, marketing & progress…? Call me for a personalized market report for your condo and let’s get started today. Buyer’s ready for a great buy? Call or email for the very best deals along Sunny Isles Beach, Bal Harbour & South Beach. The buyer advantage is still selection & leverage but we are again seeing multiple cash offers driving up values again on the lower end residential market. As inventory decreases I believe prices will start to show favor for stabilization if it hasn’t already.. If you’d like to receive local Miami Beach FL real estate news via blog postings & updates, you can easily be notified by RSS feed (see upper right column) or by email above each time a new posting occurs. Visit JADECondosSunnyIsles.com website & Blog relaying great information on JADE Beach & JADE Ocean and the brand new TurnberryOceanColonySunnyIsles.com website & blog! The truth is in the numbers 1.888.383.7326 and I welcome your knowledge, comments & feedback here. South Beach to Sunny Isles Real Estate Sales & Marketing.
Happy New Year friends and this will be post #1 of 2010. Here’s a shocking new thought for 2010… Just because it sold for that price in 2008 & 2009, does it mean you can buy it for that price today? It seems to be happening again and again as inventory decreases.. Will there be a tough time understanding & coping just opposite to the seller reluctancy seen in 2007 as the Miami Beach real estate market came to a standstill?
The buying window of opportunity in “catching the bottom” may be leaving in 2010. My 2010 forecast will be coming in the next few posts as I discuss market stats, trends and the direction this year could go in as relay that NOW is the time to find the bottom of South Beach to Sunny Isles Beach. Sale to List Price Ratio have jumped from 88% to 92%.
On the flipside, we will always find opportunities so if you wait this year to watch I am certain you can find the “deal.” Some buildings are already seeing appreciation. Space 01 for example went up 23% in the last 90 days! 11 Island Avenue has gone up 13% in the last 6 months. Roney Palace is on the direction up and more (FNMA Financing now Approved) to come..
Many would consider condo deals to be under ie) $250k but from $150 to $5.5M, here are my top choices for January 2010 in which I expect sales to occur within the next 60-90 days. I have previewed the majority with customers and these have been the top choices.. these links are LIVE so we’ll all soon find out once the Status changes from Active to Pending to Closed.
2009 Trophy Property Sales from South Beach to Sunny Isles Beach.
Amazing to see 199 (733 for sale today) luxury condo sales over$1M for the YTD MLS (Multiple Listing Service) records covering the Miami Dade oceanfront communities of Sunny Isles Beach, Bal Harbour, Surfside, Miami Beach & South Beach. Over $4M there were 11 sales, $6M there were 6 and $8M there was 1 luxury condo sales in 2009.
With 871 total YTD 2009 sales, South Beach had 93 closed sales over $1M. South Beach set the area records with high sales at Continuum (PH-1) selling at $9.9M, Il Villaggio (PH 6&7) selling at $7M and Murano at Portofino (3801) selling at $7.450M
Continuum PH-1 – LP$/SF=$2,027 SP$/SF=$1,342, DOM 562, Closed 05/15
One Bal Harbour had 16 sales alone over $1M with a record high for Bal Harbour real estate at $5.2M along with The Palace & Bellini right behind selling at $2.6M & $2.3M respectively.
With 623 total YTD 2009 sales, Sunny Isles Beach had 49 closed sales over $1M and a record high sale over $4M which was Acqualina (PH4506) selling at $4.999M, Trump Palace selling at $2.875M and Turnberry Ocean Colony which sold at $2.1M.
Acqualina PH4506 – LP$/SF=$1,231 SP$/SF=$779, DOM 40, Closed 09/02
New studies by Yahoo Travel show that Miami is the number one tourist destination and the number one holiday destination in the world.
The study focused on consumer interest and activity and found that Miami came in second only to Las Vegas as a tourist destination.
Cancun was number three, and Miami beat out Orlando and all its theme parks; it came in at number eight.
Tourists say they love the beaches, the food, the cultural flair, and of course the amazing weather of the Miami area. There aren’t many places the US where you can wear flip flops shorts and a t shirt outside in December.
And if you sometimes get annoyed by the influx of slow driving tourists, remember that tourism is Miami’s number one industry, providing jobs and hotel taxes.
Though tourists are flocking here in high numbers despite the bad economy, room rates in hotels have dropped, meaning less tax dollars for South Florida.
If you’re dreaming of a White Christmas, okay. Maybe a Miami Beach holiday isn’t exactly your thing. But if you’re looking for a holiday packed with fun, excitement and things to do – with the added bonus of gorgeous, sunny weather – the Miami Beach area has everything you’re looking for, and more. So read on for just a taste of what’s on tap for this holiday season.
If you’re a traditionalist (or a ballet lover), no holiday season is complete without taking in a performance of “The Nutcracker.” Well, the Miami area has not one, not two, but a whopping FOUR places to experience the annual favorite. Check it out downtown, at the Gusman Center for the Performing Arts OR the Adrienne Arsht Center for the Performing Arts, in North Miami Beach at the Julius Littman Performing Arts Theater, or in Little Havana at the Miami-Date County Auditorium.
For something a little more – alternative – to the traditional Christmas concert, Miami’s Gay Men’s Chorus will present the humorously-titled “You Bet Your Brass” at Temple Emmanu-El, Miami Beach. Since it’s taking place at a temple, I can only assume it will have a little celebration for the Hanukkah celebrant as well!
Of course, if you really, absolutely must have that “winter wonderland” experience during the holidays, don’t miss Winter Nights & Lights at Key Biscayne’s Miami Seaquarium. This annual event, which runs through the New Year, gives Miami residents the sense that they are far, far away, in a place that’s cold. Like North Dakota.
Of course, for most of us, experiencing a warm, sunny, Miami Beach Christmas is one of the main reasons we invested in Miami Beach real estate in the first place! So deck the halls of your luxury condos and homes and get ready to celebrate another beautiful holiday in the sun with your family and friends.
After all, that’s what the holiday season is all about.
Once you buy that piece of pricey Miami Beach real estate, you need to decorate it. Which is why this year’s eighth annual Art Basel Miami Beach, held at the revamped Miami Beach Convention Center, was an essential stop for those with bare walls, those who love art, and those who just wanted to check out some really cool and beautiful things — along with celebrities like superagent Mike Ovitz and movie star Val Kilmer.
The mood at the VIP opening was decidedly bright, with attention actually focused on the art instead of the economy (unlike last year’s post Wall Street crash event). Several pricey pieces sold. In fact, opening night guests were more intimidated by the width of the aisles at the convention center and the amount of walking necessary to get from booth to booth than they were by the prices.
Artists represented at the event ran the gamut, from top artists like James Rosenquist and Guillermo Kuitca (who has a current retrospective at the Miami Art Museum), to those known for a different kind of artistic talent, like “Rambo” and “Rocky” star Sylvester Stallone. Apparently, he is a very accomplished oil painter. Who knew? Top galleries from around the country were on hand showcasing their top talent, and many were pleased with the results of the show.
Of course, not all the works exhibited fell under the heading of “serious artwork.” Unless you consider a chubby tree made of silver pipes, or a beach umbrella festooned with Christmas decorations, or a bunch of silver chains arranged to spell the word “Prozac,” serious art.
There’s always room for the wild and wacky at Art Basel, including the Chinese artist who has changed his name to MadeIn. As in “Made in China.”
Or, if one if his pieces winds up hanging in the wall of one of Miami’s luxury condos and homes, “Made in Miami.” You never know.
Retail addicts around the world know the Bal Harbour Shops as one of the greatest destinations in the world — a true Shopper’s Paradise.
Now, truly dedicated shoppers are about to be presented with an opportunity to have this world-class shopping destination…as their neighbor.
Located directly across the street from the shops on Collins Avenue, the St. Regis Bal Harbour Resort will offer the ultimate home base for dedicated shoppers and luxury lovers.
Developed by Starwood Hotels & Resorts, the St. Regis Bal Harbour Resort is located right on the ocean (for those times when you want to concentrate on pursuits other than shopping) at the northern tip of Bal Harbour. It will be made up of three separate, 27-story towers, each housing ultra-luxurious one, two, three and four-bedroom residences complete with huge balconies, floor-to-ceiling windows and amazing views of the Atlantic and the bay.
The 268 residences will share the space with 37 condo-hotel suites, 183 hotel rooms and 24 fractional suites.
Because mundane tasks like grocery shopping, driving and housekeeping take away from valuable shopping time, the St. Regis will offer its lucky residents the same amenities as hotel guests, including grocery shopping service, room service, housekeeping, a chauffeur and more. There’s also a health spa, several swimming pools, sculptures, water features, lush gardens and more.
No wonder these luxury condos and homes start at a cool $1.9 million!
Modern technology will be featured throughout the resort, including a state-of-the-art air conditioning system that uses chilled water instead of heat pumps to cool the air.
It all adds up to a shopaholic’s dream home. But you can’t put one on your AmEx card just yet. While top off of the final tower is just around the corner, construction isn’t scheduled for completion until 2011.
Thanksgiving has come and gone. Across the United States, trees twinkling with lights and jolly, waving Santas dot the landscape. The days are getting shorter, the weather is getting colder. It’s difficult not to notice that the Christmas season is in full swing.
Believe it or not, the same is true here in sunny South Florida. Okay, so we may not experience frosty mornings or watch the sun go down at 4pm (not that we would want to!), but we have our own unmistakable sign that the holiday season is here.
I’m talking, of course, about the return of the Snowbirds.
The Snowbirds’ annual migration south is greeted with mixed emotions by those who view their piece of Miami Beach real estate is their primary place of residence.
Suddenly, the beaches are a lot more crowded – and often with pasty, pale looking people with nary a tan line to be found. There may be a wait to get in to your favorite nightspot – the same place where you could just wander in on a whim last July. And as for the traffic – it’s like the number of cars on the street suddenly quadruples.
Even for party-happy South Floridians, staying in and ordering a pizza might look like a more viable option than a night on the town.
But as once-empty luxury condos and homes across the Miami Beach area fill up once again, not everyone is suffering. For local businesses all over town, this truly is the season to be jolly – especially since it lasts until next spring. The Snowbirds are what keep our South Florida economy humming. And for that, we all hope that they never face extinction.
So if you happen to be a Snowbird, let me personally welcome you back for another warm and toasty winter enjoying our beaches and nightspots. Who knows? With Aventura real estate and Bal Harbour real estate prices so low – along with the rest of our beautiful beach cities — you might buy in and decide to stay year round!
Happy Holiday as we enter the day before thanksgiving with excitement & amazement both how much food we can stuff ourselves with plus the unfolding of the new year. Rounding off the final weeks of 2009, I am Very Thankful for all of you and my direct clients that have made this business thrive in a market that many would claim is quite challenging. So much will be unfolded in January with 2 new web sites and 2 new blogs surely to add value, substance and knowledge to the local Miami Beach real estate market. I end this week before leaving to see family with a blog post “deal of the month” that is under the radar because of it’s asking price yet will be a stellar beach pad (or should I say loft) for the savvy buyer. If you would like to see a new deal posted each month like this one, please comment below and let us know. Any questions pertaining, I’m easy to reach at 786.273.7326.
Welcome to Bay View Loft 206
Located in Miami Beach at 2000 Bay Drive right off the Kennedy Causeway as you enter East into the Miami Beach welcome sign. The loft complex is comprised of only 22, 2 story lofts with the vast majority facing out to the direct bay offering unobstructed bay views and the Grand View Palace Marina across the waterway. As of September, the association was financially healthy with a reserve fund in tact and a very low maintenance fee of only $435 monthly. It is unfortunately an owner occupied short sale so will take 3 to 7 months before possession occurs but for the patient buyer, should show great returns over the years. The rental income is $2,000 month and $2,500 for a seasonal lease (permitted at 3 month intervals).
©2009 All rights Reserved. 
Edition #5 of the 2010 Sunny Isles Condo Index
