Sunny Isles Beach Condos

Sunny Isles Beach Luxury Oceanfront Condo Market Index 1Q 2010

by on Jan.25, 2010, under Buyers of South Florida, Condos and Development, F.A.Q., Investments, Seller's of South Florida, Sunny Isles Beach Condos

Sunny Isles Beach Condo Index Edition #5 of the 2010 Sunny Isles Condo Index

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
  • Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 12 of 130 or 9%| Ave List Price $2.598M | Ave PPSF $799
  • Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 17 of 130 or 13%| Ave List Price $2.274M | Ave PPSF $747
  • 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 | 3 Closed 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.

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Top 10 Real Estate Condo Deals from 2010 – Sunny Isles to South Beach

by on Jan.10, 2010, under Buyers of South Florida, Condos and Development, Deal of the Month, Investments, Miami Beach Condos, North Bay Village Condos, South Beach Condos, Sunny Isles Beach Condos

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.

Preview Daily Updates on Miami Beach | Sunny Isles Condo Deals & Repos

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Art is What You Make It for Sunny Isles Real Estate Developer

by on Nov.19, 2009, under Community Information, Condos and Development, Miscellaneous, Sunny Isles Beach Condos

Photo by Alexia Fodere

Photo by Alexia Fodere

Say you’ve just purchased a prime piece of Sunny Isles Beach real estate. Now, let’s also say you have a spot in your gorgeous new luxury condo that just cries out for a big piece of art. You know, the kind that makes a real statement about who you are and what you’re all about.

What do you do?

Do you wander down to your local gallery in search of the ideal painting or sculpture to compliment your décor?

Do you perhaps commission a local artist to create something just for you?

You could.

Or you could have your car mounted on your wall.

That’s exactly what Trump Palace resident Gil Dezer, whose company also happened to develop the building, has done.

The thing is, 34-year-old Dezer really, really loves Porches. He owns eight of them. But apparently, his 1950 Porsche Spyder 550 is a lot more fun to look at than it is to drive. In fact, it’s so much fun to look at; he considers it a work of art.

So when he was told his new, 8,000 square foot condo needed a piece of art, Dezer knew he already had just the thing to fit the bill.

Of course, hanging a car on your wall isn’t like hanging any other work of art. You can’t just hammer a couple of nails in and try to balance it on a side-view mirror. And as you might imagine, they don’t make heavy duty picture hooks strong enough to support a motor vehicle – even a two seater!

Luckily, Dezer was already in the right business to get this particular job done. He commissioned a local construction company, Coastal Construction, for the job. And while it took six months of planning, engineering and even a crane, the actual job only took a few hours.

And Dezer now has a Porsche hanging over his front door.

Who knows what might be hiding behind (or over) the doors of Miami’s other luxury condos and homes? We’ll keep you posted…

by Lisa Canfield

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St. Tropez Sunny Isles Beach Property Tour

by on Nov.10, 2009, under Buyers of South Florida, Community Information, Condos and Development, Investments, Sunny Isles Beach Condos

St. Tropez Sunny Isles Beach

I had a spur of the moment urge to preview St. Tropez Condos in Sunny Isles this weekend and was overly impressed with not only the grounds but the pricing and confidence the developer has in them. Only 18 to 20 condos remain in each building (of 80 units per tower) with a select few having special developer default pricing. The price points range from $315 to $400+ per square foot and the majority of condos are 1,670 square feet. Spanning the Intracoastal waterway (600 lineal feet) along the final stretch before the Atlantic Ocean meets Sunny Isles Beach Boulevard, St. Tropez is definitely a building to appreciate. Below are a few of my favorite photographs from the tour.

St. Tropez Pool Deck
St. Tropez Pool Deck

St. Tropez Versace Room
St. Tropez Versace Room

St. Tropez Media Library

St. Tropez Media Library

St. Tropez Front Entryway

St. Tropez Front Entryway

Model Living Area

Model Living Area

St. Tropez Kitchen

St. Tropez Kitchen

As you can see (more photos here on Flickr) it’s an amazing property by one of the most financially stable developers J. Milton & Associates who brought us Sayan, Pinnacle, King David and with C.O. in place, has so much to offer with with this new 3 tower complex. The location is awesome offering a Mediterranean shopping area with upscale dining, shopping meccas and the new City of Sunny Isles Towne Center worth Millions. The amenities include a Versace inspired clubhouse, state of the art gymnasium and featuring an oversized sauna and steam room plus an outdoor relaxation area complete with an enclave of sun beds and gardens. Call me for additional information or to preview the residences at 1.888.383.7326!

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Sunny Isles Beach Luxury Condo Sales & Deals of Q4

by on Oct.22, 2009, under Buyers of South Florida, Condos and Development, Investments, Luxury Residential Market, Sunny Isles Beach Condos

Sunny Isles Beach Oceanfront

Sunny Isles Beach Oceanfront

What’s happening in Sunny Isles Beach and where are these great deals? With 225 luxury condos priced over $1M, where would one begin? In looking at new construction from 2005 and on the inventory falls to 175 with ZERO bank owned and surprisingly only 5 short sales. I’m going to begin looking at the lowest possible price per square foot and start with $500 in which we see the inventory drop to TWENTY! In continuing to weed out the bad from the good, I’ll eliminate 3 at Oceanika Villas which hasn’t even broke ground yet leaving 17 top potentials.

Sunny Isles Beach Condo Deals Here

Price Bands of # of condos for sale in Sunny Isles Beach

>$250 – 366

$250 – $499k – 283

$500 – $749k – 167

$750 – $999k – 131

$1M -$1.999M – 176

$2M -$2.999M – 31

$3M -$3.999M – 11

$4M -$4.999M – 6

$5M -$5.999M – 2

Total – 1,173

What’s happening in the luxury tier of closed condo sales of Sunny Isles Real Estate? As of the last 90 days, 13 luxury oceanfront condos have sold in the price ranges of $1M to $4.999M. Interesting to note that only 1 of 13 closed above $2M showing where real buyers are prepared to go financially given the current market. Leading the pack was Acqualina with the record high sale and a staggering 37% discount off list price ($7.9M). Additional highlights show Turnberry Ocean Colony leading with the highest number of condos closed at 7. Ocean Four, Jade Beach, Trump Tower I, Trump Palace fall in line respectively. Average selling price per square foot is $499. Average days on market at 177 and the average Sale to List Price is at 89%.

Price Bands of # of condos SOLD (last 90 days) in Sunny Isles Beach

>$249 – 87

$250 – $499 – 26

$500 – $749k – 14

$750 – $999k – 11

$1M – $1.999M – 11

$2M – $2.999M – 1

$3M – $3.999M – 0

$4M – $4.999M – 1

$5M – $5.999M – 0

Total - 151

Sunny Isles Beach Condos For Sale vs. Sold

Sunny Isles Beach Condos For Sale vs. Sold

Sunny Isles Beach Months of Inventory

Sunny Isles Beach Months of Inventory

These graphs show the inventory trends and closed sales moving in the right direction for recovery. If these graph trends stay relative we could begin to see solid stabilization next year. The inventory still reflects a 25 month supply so there are great buying opportunities as seller’s still have strong competition and duration concerns when liquidity in selling is a must. Inventory has dropped from 41 months to 25 months, while closed sales have doubled over this time last year! In summary, still a good inventory selection with trends showing favor to “local” market improvement… we’re looking good Sunny Isles!~ Want more information on Sunny Isles Beach condos for sale or have insights & opinions, leave a comment below for the readers to see.

Your link to what’s new & happening along the Miami Dade County beaches 1.888.383.7326.
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Last 5 Infamous Miami Beach | Sunny Isles Distressed Developments

by on Sep.03, 2009, under Condos and Development, Miami Beach Condos, South Beach Condos, Sunny Isles Beach Condos

Well here it is friends… The first post in a long time and I’ve been waiting on something worthy. The same old, same old gets to be tired plus with summertime here and business actually increasing, I’ve been less inclined to write. I did start the Miami Beach Photo Blog last month and will be posting the very best of real estate photography for all to see.

This post looks at the last remaining 5 Miami Beach & Sunny Isles developments that broke ground yet didn’t survive the real estate storm from the past 5 years. Only 5?! That’s correct and if I may have missed another development then let me know and I’ll get it added here. I am open minded and would love to hear your thoughts & knowledge as to “the truth” from each of these developments.

Seville

So starting in South Beach, the old Seville tops my list with Ritz Carlton pulling out and removing the sales center, all the signs and from what I gather, completely scratched this condo hotel development which offered fractional ownership.

Seville Hotel Miami Beach

Seville Hotel Miami Beach

JULY 16th 2010 UPDATE:

The Seville Hotel, which was just purchased in a short sale by an affiliate of Courtyard by Marriott, will be getting the Ian Schrager treatment, Marriott has announced. The 12-story hotel in Miami Beach will be the second “Edition” hotel by Marriott, following the opening of an Edition hotel in Honolulu this fall. The renovations are expected to take approximately three years. Schrager helped reinvigorate South Beach when he launched the Delano 15 years ago.

Terra Beachside Villas

The second on the list is Terra Beachside Villas at 6000 Collins Avenue. One of the best known developments to go under. It appears Terra Beachside Villas were getting very close to finishing when it went to a standstill. The big cone eyesore was repainted to a less tacky blue and all the workers seemed to disappear. There were also concerns from the underground parking garage which by the way might double to a swimming pool when it rains (Miami Beach is only 5′ above sea level right).. These will be picked off fast when they hit the market at correct pricing. A great location (besides street traffic) and cool 2 story concept. Accurate pricing is ~$300k by my book.. not the $600k that once was.

Terra Beachside Villas

Terra Beachside VIllas Miami Beach

NoBe Bay

Third on the list is a beautiful building known as NoBe Bay located at 6700 Indian Creek Drive. What happened here?! Sales center is still stationed at the Deauville Hotel Miami Beach yet all stopped months ago as the first few levels of hurricane impact glass began to arrive. This will be a winner soon enough..

NoBe Bay Miami Beach

NoBe Bay on Indian Creek Drive

Regatta 2

Directly beside NoBe Bay is the Regatta 2 development which cleared the land, kept the remaining concrete structure of the old hotel and simply stalled construction. What a complex this will be when it does finally finish. The Regatta is a “nice” building with small floor plans and the combination of the 2 created a cool community environment. Three recent sales in Regatta Indian Creek range from $315 to $450k far less than the $800k that once was.

Distressed Developments Regatta 2

Solis

Last on the list is Solis Sunny Isles Beach. There were a few workers on site so I’m not completely pessimistic on the success however it’s been an eyesore for MONTHS!

Solis Sunny Isles Beach

And that’s all folks! With limited space and high demand it’s only a matter of time before these 5 bounce back into action. For more information please contribute your knowledge here or call me at 1.888.383.7326 or Miami Beach FL Real Estate.

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Lifestyles of the Rich & Famous (Part 5) Ocean One Penthouse

by on Jul.23, 2009, under Buyers of South Florida, Condos and Development, Luxury Residential Market, Sunny Isles Beach Condos

Ocean One Sunny Isles Beach2 Story Penthouse at Ocean One Sunny Isles Beach

Lifestyles of the Rich & Famous (Part 5) brings us to a very desirable 4 bedroom, 5.5 bath Penthouse residence at Ocean One. This extraordinary mansion in the sky offers only the finest appointments, woodwork, marble, cabinetry and fixtures which make this one of a kind beach penthouse a work of art.   This Ocean One Sunny Isles Beach home includes state of the art smart electronics, electric shades, entertainment system, private elevator, three car enclosed electric door garage deeded to the unit, private Russian sauna, steam room, rooftop hot tub and additional spacious roof top garden overlooking Miami, the ocean and Fort Lauderdale.  Partial ocean views from the south terrace while city lights come to life at night!

Ocean One Condo Development is a well established

30 story condominium with large reserve fund, built in 1999 with only 13 condos for sale out of 240 (5% Inventory). The building includes all of the luxury services along the northern coast of Sunny Isles Beach including an amazing salt water swimming pool with fountains, a beachfront restaurant, fitness center & yoga classes. The land parcel is one of the largest stretches of coastline at approximately 800 linear feet with large green areas, a child’s play area, BBQ grills for cookouts and much more including stellar security as you enter the building. Call for a easy showings (qualified buyers) or additional information at 1.888.383.7326, your Sunny Isles Real Estate resource.

Flickr Ocean One Photography

See all Condos for Sale in Ocean One

Ocean One Condos for Rent

Golden Beach, Aventura & Ft. Lauderdale

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Sunny Isles Beach Luxury Oceanfront Condo Market Index 3Q 2009

by on Jul.21, 2009, under Buyers of South Florida, Condos and Development, Investments, Seller's of South Florida, Sunny Isles Beach Condos

Sunny Isles Beach Skyline 2

Edition #4 of the 2009 Sunny Isles Beach Condo Index

I’ll be reviewing & comparing the luxury oceanfront market from the 1Q 2009 Sunny Isles Condo Index to today’s updated 3Q 2009 Sunny Isles Condo Index including premier oceanfront towers such as Turnberry Ocean Colony, Acqualina, JADE Beach, Trump Palace, Trump Royale, Ocean 4 and Sayan with a few older but desirable towers now added such as Ocean One, Two & Three, Pinnacle & Millennium. I’ve excluded condo hotel properties from this study including the Trump International Beach Resort, Le Meridian (M Resort), Ocean Point and Sole.

On to the Sunny Isles (3Q 2009) Condo Index…

As of today we are noting 1,276 total condos for sale in the city of Sunny Isles Beach. This year there have been 303 total closed sales (ALL figures are derived from the Multiple Listing Service MLS on July 20th, 2009). What will be analyzed in this post are statistics and 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 | 35 of 247 or 14%| Ave List Price $2.473M | Ave PPSF $835
JADE Beach (87% Closed as per dev. rep.) - 17001 Collins Avenue | 32 of 248 or 13%| Ave List Price $1.402M | Ave PPSF $667
JADE Ocean- 17121 Collins Avenue | Released July (TCO) 2009 with 3 new MLS records | Ave List Price $2.065M | Ave PPSF $910
Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 21 of 130 or 16%| Ave List Price $2.270M | Ave PPSF $755
Turnberry Ocean Colony South Tower- 16047 Collins Avenue | 28 of 130 or 22%| Ave List Price $2.136M | Ave PPSF $695
Trump Palace- 18101 Collins Avenue | 48 of 275 or 17%| Ave List Price $1.231M | Ave PPSF $627
Trump Royale (45% Closed as per dev. rep.) – 18201 Collins Avenue | 16 of 275 or 6%| Ave list Price $998K | Ave PPSF $573
Trump Tower I- 16001 Collins Avenue | 37 of 271 or 14%| Ave List Price $1.164M | Ave PPSF $516
Trump Tower II – 15901 Collins Avenue | No MLS records
Trump Tower III – 15850 Collins Avenue | No MLS records
Sayan- 16275 Collins Avenue | 21 of 88 or 24%| Ave List Price $1.365M | Ave PPSF $462
Ocean Four – 17201 Collins Avenue | 58 of 281 or 21%| Ave List Price $1.050M | Ave PPSF $486
Ocean Three – 18911 Collins Avenue | 21 of 215 or 10%| Ave List Price $1.2M | Ave PPSF $472
Ocean Two – 19111 Collins Avenue | 20 of 254 or 8%| Ave List Price $1.079M | Ave PPSF $468
Ocean One – 19333 Collins Avenue | 14 of 241 or 6%| Ave List Price $917K | Ave PPSF $393
Millennium – 18671 Collins Avenue | 6 of 120 or 5%| Ave List Price $1.108M | Ave PPSF $501
Pinnacle – 17555 Collins Avenue | 43 of 244 or 18%| Ave List Price $1.151M | Ave PPSF $528
La Perla- 16699 Collins Avenue | 48 of 326 or 15%| Ave List Price $637k| Ave PPSF $422

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 $744 PPSF (16% increase since 1Q 2009) | 92% SP/LP | 350  DOM
JADE Beach- 17001 Collins Avenue | No Closed MLS Sales | Developer Sales are happening in the mid to high $400′s PSF
JADE Ocean- 17121 Collins Avenue | Released (TCO) June 2009 with No Closed MLS Sales
Turnberry Ocean Colony North Tower- 16051 Collins Avenue | 3 Closed Sales at $549 PSF (4% increase since 1Q 2009) | 86% SP/LP | 402 DOM
Turnberry Ocean Colony South Tower- 16047 Collins Avenue | 3 Closed Sales at $517 PSF (23% decrease since 1Q 2009) | 81% SP/LP | 268  DOM
Trump Palace- 18101 Collins Avenue | 11 Closed Sales at $511 PSF (8% decrease since 1Q 2009)| 89% SP/LP | 137 DOM
Trump Royale – 18201 Collins Avenue | No Closed MLS Sales -Developer Defaults currently selling.
Trump Tower I- 16001 Collins Avenue | No Closed MLS Sales -Developer Defaults currently selling.
Trump Tower II – 15901 Collins Avenue | No Closed MLS Sales
Trump Tower III – 15850 Collins Avenue | No Closed MLS Sales
Sayan- 16275 Collins Avenue | 1 Closed Sale at $308 PSF (21% decrease since 1Q 2009) | 86% SP/LP | 84 DOM
Ocean Four – 17201 Collins Avenue | 1 Closed Sales at $305 PSF (21% decrease since 1Q 2009) | 97% SP/LP | 37 DOM
La Perla- 16699 Collins Avenue | 11Closed Sales at $348 PSF (3% decrease since 1Q 2009) | 93% SP/LP | 216 DOM
Ocean Three – 18911 Collins Avenue | 4 Closed Sales at $371 PSF | 87% SP/LP | 388 DOM
Ocean Two – 19111 Collins Avenue | 8 Closed Sales at $398 PSF | 89% SP/LP | 127 DOM
Ocean One – 19333 Collins Avenue | 3 Closed Sales at $375 PSF | 81% SP/LP | 158 DOM
Millennium – 18671 Collins Avenue | 2 Closed Sales at $394 PSF | 84% SP/LP | 466 DOM
Pinnacle – 17555 Collins Avenue | 5 Closed Sales at $391 PSF | 89% SP/LP | 414 DOM

Sunny Isles Condo Index Summary

Sunny Isles Beach Condo Inventory has gone down 13% since February with Acqualina leading the pack in “selling” price per square foot and a surprising 16% increase over February sales figures. Trump Palace still leads the rest as the best in healthy sales figures with 11 condos trading via MLS at an average of only 137 days on market to sell with La Perla right behind. Turnberry Ocean Colony South Tower took a dive in selling values down 23% since February with speculators selling low and moving on. Turnberry Ocean Colony is still one of the most desirable full service buildings with prices now beginning at $1M for a finished residence ($447 PSF). It’s interesting to note the older “established” buildings such as Ocean One, Two & Three having healthy inventory levels. The truth is in the numbers 1.888.383.7326 and I welcome your knowledge, comments & feedback here.
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Luxury Condo Sales of Sunny Isles Beach

by on May.20, 2009, under Buyers of South Florida, Condos and Development, Luxury Residential Market, Seller's of South Florida, Sunny Isles Beach Condos

Trump PalaceLuxury Condo Sales of Sunny Isles Beach (YTD 2009)

In review of what’s closed in the upper tier sales of Sunny Isles Beach luxury condos, we find 16 sales this year in Sunny Isles Beach over $900,000.  Closed Sale prices range from $925k (Ocean One) to the record sale of $1.980M. The luxury buildings relaying these sales include Acqualina, Turnberry Ocean Colony (both N & S), Trump Palace, Millennium, Ocean Two & Ocean One. Closed Sale Averages reflect a Selling Price Per Square Foot at $524, Average Days On Market at 307, Average List Price Per Square Foot at $605 and Average Sale to List Price Ratios at 86.46%. Interesting to note this time last year (5.20.08) there had been 47 closed sales for a 66% decrease in sales volume.

The record high sale goes to unit #2703 at Turnberry Ocean Colony (decorator ready) which was an exceptional price compared to the 2007 & 2008 values. At only $569SPSF the buyer bought right on the Martinique Model. Last year these units were selling from $2.1M to $2.6M, while in 2007 they were selling for $2.5M to $2.750M. Today there are 3 pending sales in Turnberry Ocean Colony. In 2007, the Martinique (03 line) was selling at $761PSF for a 25% depreciation over the last 2 years. Turnberry Ocean Colony is very traditional in design and has superior features such as the community restaurant, the enormous fitness center & Spa plus the limosine service and complimentary valet for your guests.

Second in line for Sunny Isles Beach high closed sales of 09 was found at Trump Palace PH#5507 and sold at an extraordinary price of $1.582,700 after 61 days on the market. This translates to $579PSF not including the unique rooftop terrace (915SF) with a spiral staircase. Trump Palace has 3 luxury sales so far this year ranging from $1.150-$1.2M ($531 PSF & $554 PSF on 06 line) to $1.583M (PH). This 06 line sold for an average price per square foot of $572 in 2008 and $630PSF in 2007 for a 2 year depreciation of 14% (specific to the 06 line with 2 sold in 2008 and 2 sold in 2007). Trump Palace offers the best value in my opinion with a gated entryway, 4 pools and full access to the resort amenities next door. Trump Palace also relays the healthiest turnover rate with fewest days on market in Sunny Isles Beach. The building is well established, friendly and financially stable.

Poolside at Acqualina Third & final review of highest sales this year were the 2 closed sales at Acqualina which sold at $1.450M ($714PSF on 03 line)  & $1.550M ($689PSF on 05 line). Last year these 03 line units were selling from $1.250M to $1.320M, while in 2007 these 03 line units were selling from $1.275M to $1.365M. The 05 line were selling in 2008 from $1.250M to $1.450M, while in 2007 the 05line units were selling from $1.360M to $1.5M. We see a surprising appreciation in Acqualina {based on the 2 highest closed sales} of 2009 reflecting a 9% increase over 2007 values. There are 3 condos currently pending sale today in Acqualina. High $600′s are a good reference point for future owners of Jade Ocean. True, the Jade Ocean development is uber-modern in design and superior in some aspects while Acqualina is very contemporary in design and has additional superior features including the resort amenities, restaurant and spa. However in an apples to oranges comparison, it’s still a fruit and both developments, including Turnberry Ocean Colony, offer superior residences dependant on personal preferences.

So where are the best buys today in Sunny Isles Beach?

Strictly based on new towers under $600PSF, we find oceanfront condos that I believe are the few positioned to sell as ‘NON’-Short Sales…Review Sunny Isles Beach Condos:  Luxury Oceanfront Condos Here

The truth is in the numbers, 1.888.383.7326. Let me know of any future posts you’d like to see here.

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Sunny Isles Beach Luxury Condo Investment Analysis May09

by on May.04, 2009, under Buyers of South Florida, Seller's of South Florida, Sunny Isles Beach Condos

Trump Palace Sunny IslesIn review of the top condo deals in Sunny Isles Beach today, here are the selected buys..

  • Trump Palace ~ 18101 COLLINS AV # 1403
  • Paid $310k in 03/2006
  • On Market Since 11/2008 Orig. $750k
  • Taxes (2008) $7,357 (Homestead)
  • Maintenance $939 (x12) $11,268
  • Rental Income $3000 (x12) $36,000
  • Rental Service Fee $3000
  • TOTAL = $21,625 (costs) – $36,000 = $14,375 (2% ROI)
  • 18101 Collins Ave # 4208
  • Paid $1.040M on 3/2008
  • On Market Since 04/2009 Orig. $1.299M
  • Taxes (2008) $19,985.89
  • Maint $1,426 (x12) $17,112
  • Rental Income $4250 (x12) $51,000
  • Rental Service Fee $4250
  • TOTAL = $41,347.89 (costs) – $51,000 = $9,652 (1% ROI)
  • 18101 Collins Avenue #PH5202
  • Paid $850k in 08/2006
  • On Market Since 08/2008 Orig. $1.3M
  • Taxes (2008) $16,372
  • Maint $1,020 (x12) $12,240
  • Rental Income $3,250 (x12) $39,000
  • Rental Service Fee $3,250
  • TOTAL = $31,862 (costs) – $39,000 = $7,138 (1% ROI)
  • 18101 Collins Avenue #1406
  • Paid $650k on 12/2006
  • On Market Since 08/2008 Orig. $650k
  • Taxes (2008) $8,596
  • Maint $881 (x12) $10,572
  • Rental Income $2,250 (x12) $27,000
  • Rental Service Fee $2,250
  • TOTAL = $21,418 (costs) – $27,000 = $5,582 (1% ROI)
  • Turnberry Ocean Colony ~ 16051 Collins Avenue #2602
  • Paid $984,400 on 06/2006
  • On Market Since 3/2009 Orig. $1.395M
  • Taxes (2008) $20,130
  • Maint $2,500 (x12) $30,000
  • Rental Income $5,500 (x12) $66,000
  • Rental Service Fee $5,500
  • TOTAL = $55,630 (costs) – $66,000 = $10,370 (1% ROI)
  • Discrepancies, Questions, Inquiries? Call..  1.888.383.7326 or Ashton@MiamiDreamRealty.com

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    Sunny Isles Beach known as Florida's Riviera, Shines as a Top Destination

    by on Apr.30, 2009, under Buyers of South Florida, Community Information, Condos and Development, Sunny Isles Beach Condos

    Sunny Isles Beach Florida's Riviera

    Sunny Isles Beach Florida's Riviera

    The City of Sunny Isles has flourished in recent years as new Sunny Isles real estate projects have aided in the renaissance including Trump’s 6 towers, Turnberry Ocean Colony, Acqualina, Jade Ocean, Jade Beach, Ocean Four, III, II, I, Sayan, Pinnacle, La Perla and many others evolving since the late 90′s. Luxury oceanfront condos and luxury resorts span the entire coastline now while in recent years, this desirable location has seen an increase in European, Latin American, Canada and Russian visitors and residents, as well as younger residents with an upscale living environment. Sunny Isles Beach offers everything from beautiful sandy beaches and world class resorts & spas to great shopping and dining. Visitors and residents enjoy the best of both worlds having traditional conveniences and the friendliness of a small town, with the sophistication & perks of a major metro area plus the fun of being right on the beach. Today, Sunny Isles Beach is a top travel destination in the U.S. offering both luxury resort vacations as well as affordable family vacations. Local residents and tourists alike can hop over the William Lehman Causeway to discover one of the Nations top grossing shopping destinations, the Aventura Mall or drive 10 minutes south into Bal Harbour for a taste of premier shopping boutiques including Saks, Chanel, Escada, Prada, Hermes, Christian Dior, Giorgio Armani and many more at the Bal Harbour Shops. Great restaurants in Sunny Isles are abundant with Neomi’s at the Trump Beach Resort, Kitchen 305 at Newport Hotel, The Pelican at the Pier (oceanfront at 166th Street), Lotus (Russian!), San Telmo (Argentinian!), La Terrazza (Italian!) and sooo many others. Come visit Miami for a temporary vacation stay or look to find a great condo deal now being acquired for new savvy buyers looking to call Sunny Isles Beach home.

    Click here to explore Sunny Isles Beach condos or call toll free 1.888.383.7326 for related information.

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    Sunny Isles Beach & Miami Beach Luxury Condo Anlaysis within the price band of $500,000 to $1.2M

    by on Apr.18, 2009, under Buyers of South Florida, Condos and Development, Miami Beach Condos, Sunny Isles Beach Condos

    Sunny Isles & Miami Beach Luxury Condo Anlaysis within the price band of $500,000 to $1.2M.

    jade condos sunny isles beach header image
    In my opinion, these are the most attractive condos priced well along the ocean in April within this price band from $500k to $1.2M.

    All estimates are based on asking prices with market average sale to list price at 88%. Rental service fees were not included (tax deductible expense) and range from 10% gross to 1 month rental income.

    Tax estimates are derived from Miami Dade County Tax Estimate website here. Year 1 tax estimates are prorated on current owners tax amount due and reassessed on year 2 based on area sales+sale price.

    All rental values are my best valuation based on recent comparable rentals a conservative estimate. Rental income can vary on building, season, competition and these figures are my best estimate for a rental occurring under the average days on market.

    Figures derived from MLS (SEF Multiple Listing Service) and IMAPP Database with final estimates assuming there is no mortgage on the property. Click on the property link for more information.

    SqFt Liv Area: 2107 /PPSF $567
    No County recordings – new
    List Price $1.195M
    Maintenance $1,080+
    Taxes $22,615/12= $1,885/mo
    Total Monthly Costs $2,965
    Rental Value $4,500
    ROI 2%
    SqFt Liv Area:2600 /PPSF $381
    County Assessed Value $1.074M
    Paid $1.580M in 2007
    Price Difference -37%
    List Price $990,000
    Maintenance $1,804
    Taxes $18,735/12= $1,561/mo
    Total Monthly Costs $3,365
    Rental Value $4,500
    ROI 1%
    SqFt Liv Area: 2107 /PPSF $506
    County Assessed Value $976,910
    Paid $700k in 2003
    Price Difference to List +34%
    List Price $1.065M
    Maintenance $1,505
    Taxes $20,157/12= $1,680/mo
    Total Monthly Costs $3,185
    Rental Value $4,900
    ROI 2%
    SqFt Liv Area: 1600 /PPSF $481
    County Assessed Value $857,470
    Paid $850k in 2006
    Price Difference to List -10%
    List Price $769,000
    Maintenance $1,020
    Taxes $14,553/12= $1,213/mo
    Total Monthly Costs $2,233
    Rental Value $3,900
    ROI 3%
    SqFt Liv Area: 1600 /PPSF $481
    County Assessed Value $848,930
    Paid $850k in 2006
    Price Difference to List -10%
    List Price $769,000
    Maintenance $1,020
    Taxes $14,553/12= $1,213/mo
    Total Monthly Costs $2,233
    Rental Value $3,900
    ROI 3%
    SqFt Liv Area: 2435 /PPSF $409
    County Assessed Value $1.047M
    Paid $1.4M in 2007
    Price Difference to List -29%
    List Price $995,000
    Maintenance $1,650
    Taxes $18,830/12= $1,569/mo
    Total Monthly Costs $3,219
    Rental Value $4,250
    ROI 1%
    SqFt Liv Area: 1600 /PPSF $600
    *KW listing -owner upgrades of $300k
    List Price $960,000
    Maintenance $1,016
    Taxes $18,167/12= $1,514/mo
    Total Monthly Costs $2,530
    Rental Value $4,000
    ROI 2%
    SqFt Liv Area: 1179 /PPSF $559
    County Assessed Value $568,700
    Paid $691,492 in 2007
    Price Difference to List -5%
    List Price $659,000
    Maintenance $1,780
    Taxes $12,471/12= $1,039/mo
    Total Monthly Costs $2,819
    Rental Value $4,000
    ROI 2%
    SqFt Liv Area: 1602 /PPSF $468
    County Assessed Value $638,830
    Paid $610k in 2006
    Price Difference to List +19%
    List Price $749,000
    Maintenance $757
    Taxes $14,171/12= $1,181/mo
    Total Monthly Costs $1,938
    Rental Value $2,750
    ROI 1%
    SqFt Liv Area: 2235 /PPSF $534
    County Assessed Value $1.338M
    Paid $1.2M in 2008
    Price Difference to List 0%
    List Price $1,200,000
    Maintenance $1,600
    Taxes $22,709/12= $1,892/mo
    Total Monthly Costs $3,492
    Rental Value $5,500
    ROI 2%
    SqFt Liv Area: 1183 /PPSF $465
    County Assessed Value $547,300
    Paid $700k in 2005
    Price Difference to List -21%
    List Price $550,000
    Maintenance $800
    Taxes $10,408/12= $867/mo
    Total Monthly Costs $1,667
    Rental Value $2,300
    ROI 1%
    SqFt Liv Area: 1447 /PPSF $413
    County Assessed Value $349,347
    Paid $635,000 in 2005
    Price Difference to List -6%
    List Price $597,000
    Maintenance $700
    Taxes $11,298/12= $942
    Total Monthly Costs $1,642
    Rental Value $2,100
    ROI 1%
    Relay your thoughts, comments, or opinions below for the readers to review.
    For more information call Ashton Coleman at  1.888.383.7326

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    Miami Beach Condo REO (Bank Owned) vs. Short Sale Inventory Q1 2009

    by on Mar.29, 2009, under Buyers of South Florida, Miami Beach Condos, South Beach Condos, Sunny Isles Beach Condos

    Miami Dade Beaches mapIn researching Miami Beach condo inventory Q109

    including the Dade County entities of South Beach, Miami Beach, North Bay Village, Surfside, Bal Harbour and Sunny Isles Beach we have an inventory on March 29th 2009 at 6,073 total condos.

    Out of those, how many would you guess are REO (Real Estate Bank Owned)?….  only 109 condos along the Dade County beaches or 2%. How many are short sales…? Miami Dade beaches short sales reflect 1,131 or 19% of total condo inventory. These figures are derived from the South East Florida MLS (Multiple Listing Service).

    MLS STATS show the Average REO (Real Estate Owned) List price at $294,389 ~ Ave. per square foot cost at $226PSF “asking” and average square footage at 1,072 SF.

    These are the Best 20 MIAMI BEACH BANK OWNED DEALS.

    I assure you I know local inventory and relay the very best… {REO Miami Beach Bank Owned Condos Here} Click on any photo to enlarge. Feel free to post a comment with insights or questions pertaining… You will see ‘Pending’ in the upper left corner as these desirable condos soon go under contract! First Time Home Buyers are taking advantage of the new affordable selection plus $8,000 tax credit while Miami Beach Investors Note 2 to 5% ROI when owned outright. 1.888.383.7326

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    Trump Palace Sunny Isles Beach Penthouse Goes In 10 Days

    by on Mar.27, 2009, under Buyers of South Florida, Condos and Development, Luxury Residential Market, Seller's of South Florida, Sunny Isles Beach Condos

    Trump Palace Penthouse #5507 just sold in an unsurprising 10 days. This Trump Palace gem has a 915 Square Foot Terrace for that special “unique factor” required for a fast sale in today’s market. Another special unique factor is the spiral staircase leading to the private Master Bedroom and entertainment terrace with rooftop jacuzzi.  The asking price was set at $1.925M for a 3 bedroom, 4.5 bath  or $705 per square foot ($527 PSF including the terraces).

    Trump Palace PH Entertainment Terrace

    Trump Palace PH Entertainment Terrace

    Trump Palace Penthouse 5507 Terrace

    Trump Palace PH 5507 Interior Living

    Trump Palace PH5507 Master Bedroom

    Trump Palace Penthouse Views South

    Trump Palace Penthouse Views South

    An amazing price considering it was sold in 2007 at $2.8M!

    BUYER UPDATE: #TS5505 is also a 2-story and is listed here for $1.890M, purchased in 2007 for $2.750M, this one’s sure to sell soon.. It was just listed (Exclusive Waterfront) on March 14th!!

    Trump Palace condos were built in 2006 and is one of the more desireable developments found on Sunny Isles Beach today.  Great features of the Trump Palace condo development are the gated entryway with stellar security, resident privacy yet with access to the Trump Int’l Beach Resort next door, a private lap swimming pool, tennis courts,  child care facilities, restaurant and bars along with other luxury services found within this three tower development. Average days on the market from the last 90 days has dropped to only 63 DOM with an increase in inventory reflecting a high 21% of 275 total Trump Palace condos.. excellent deals are being made with 1 bedrooms as low as $400k! Other average sold values from the last 90 days reflect $510PSF with a $606PSF asking price. 2 bedroom deals are to be had with a turn key 2 Bedroom (1,600 SqFt) #1005 hovering the ocean here. Other great Trump Palace condos for sale can be found on MiamiDreamRealty.com along with other great Sunny Isles Beach real estate. 1.888.383.7326

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    Sunny Isles Beach Luxury Oceanfront Condo Market Index 1Q 2009

    by on Feb.24, 2009, under Buyers of South Florida, Community Information, Condos and Development, Seller's of South Florida, Sunny Isles Beach Condos

    Sunny Isles Beach skyline

    Edition #3 of the 2009 Sunny Isles Beach Condo Index. We will be comparing the luxury oceanfront market from the 1st Quarter Sunny Isles Condo Index to today’s updated 1Q 2009 Sunny Isles Condo Index including premier luxury towers such as Turnberry Ocean Colony, Acqualina, JADE Beach, Trump Palace, Trump Royale, Trump Towers I, II & III, Ocean 4, Sayan and a few select others. For various reasons, I’ve left out excluded other great residential oceanfront towers from this Index such as Ocean III, Ocean II, Pinnacle, Millennium and the oceanfront condo hotel properties including the Trump International Resort, Le Meridian (M Resort) and the newest Sonesta Sole.

    I believe it best to analyze the local entities instead of feeding into the media’s fear of the National real estate market or even the reports on Miami Dade County. WHY? When you check the temperature outside, do you look at the National temperature or do you look at YOUR local temperature? That’s right and same with local real estate markets… not even Miami in general but instead, it’s dependant on the Sunny Isles Beach “Local Market” and this is what I relay herein the Miami Beach Real Estate Blog so check back often for new condo updates in the entities of Bal Harbour, North Bay Village, Miami Beach & SoBe. Last year was a record year for business with luxury sales in Trump Palace (4806) and Turnberry Ocean Colony (2401), an invitation to the Million Dollar Guild (CLHMS) and the creation of JadeCondosSunnyIsles.com. Miami Dade seems to have set the National trend of a downward real estate market back in 4Q 2005 and we are now in the 4th year of a depreciating market seeing approximately 35 to 40% depreciated real estate values and in some buildings more. On the flipside, total entity inventory is decreasing month over month slowly since early 2008 (although in insignificant numbers).

    On to the Sunny Isles 1Q 2009 Condo Index… As of today we are noting 1,469 total condos for sale in Sunny Isles Beach. This year, there have been 52 total closed sales (ALL figures are derived from the Multiple Listing Service MLS on February 24th, 2009). What we will be analyzed in this post are statistics and trends for the most desirable luxury towers along Sunny Isles Beaches.

    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 | 29 of 247 or 12% | Ave List Price $2.470M | Ave PPSF $805
    • JADE Beach- 17001 Collins Avenue | 26 of 248 or 10% | Ave List Price $1.428M | Ave PPSF $700
    • JADE Ocean- 17121 Collins Avenue | Released 1Q 2009 with No MLS records
    • Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 24 of 130 or 18%| Ave List Price $2.185M | Ave PPSF $734
    • Turnberry Ocean Colony South Tower- 16047 Collins Avenue | 32 of 130 or 25% | Ave List Price $2.234M | Ave PPSF $749
    • Trump Palace- 18101 Collins Avenue | 54 of 275 or 20% | Ave List Price $1.188M | Ave PPSF $635
    • Trump Royale (Just Released NOV08) – 18201 Collins Avenue | 15 of 275 or 5% | Ave list Price $782,700 | Ave PPSF $513
    • Trump Tower I- 16001 Collins Avenue | 37 of 271 or 14% | Ave List Price $1.267M | Ave PPSF $524
    • Trump Tower II – 15901 Collins Avenue | 13 of 271 or 5% | Ave List Price $1.296 | Ave PPSF $575
    • Trump Tower III – 15850 Collins Avenue | Released 1Q 2009 with No MLS records
    • Sayan- 16275 Collins Avenue | 20 of 88 or 23% | Ave List Price $983k | Ave PPSF $481
    • Ocean Four – 17201 Collins Avenue | 69 of 281 or 25% | Ave List Price $1.056M | Ave PPSF $512
    • La Perla- 16699 Collins Avenue | 47 of 326 or 14%| Ave List Price $636k| Ave PPSF $412

    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 | 6 Closed Sales at $627 PPSF (6% decrease since 1Q 2008) | 94% SP/LP | 256 DOM
    • JADE Beach- 17001 Collins Avenue | Just Released with No Closed MLS Sales
    • JADE Ocean- 17121 Collins Avenue | Released 1Q 2009 with No Closed MLS Sales
    • Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 4 Closed Sales at $527 PSF (25% decrease since 1Q 2008) | 83% SP/LP | 224 DOM
    • Turnberry Ocean Colony South Tower- 16047 Collins Avenue | 3 Closed Sales at $671 PSF (6% increase since 1Q 2008) | 90% SP/LP | 189 DOM
    • Trump Palace- 18101 Collins Avenue | 12 Closed Sales at $555 PSF (4% increase since 1Q 2008)| 90% SP/LP | 85 DOM
    • Trump Royale – 18201 Collins Avenue | Just Released in NOV08 with No Closed MLS Sales
    • Trump Tower I- 16001 Collins Avenue | 1 Closed Sales at $399 PSF | 98% SP/LP | 127 DOM
    • Trump Tower II – 15901 Collins Avenue | Just Released with No Closed MLS Sales
    • Trump Tower III – 15850 Collins Avenue | Released 1Q 2009 w/No Closed MLS Sales
    • Sayan- 16275 Collins Avenue | 1 Closed Sale at $389 PSF (10% decrease since 1Q 2008) | 78% SP/LP | 220 DOM
    • Ocean Four – 17201 Collins Avenue | 5 Closed Sales at $387 PSF (20% decrease since 1Q 2008) | 93% SP/LP | 184 DOM
    • La Perla- 16699 Collins Avenue | 5 Closed Sales at $360 PSF (13% decrease since 1Q 2008) | 91% SP/LP | 307 DOM

    Executive Summary-

    Taking only the above luxury oceanfront towers into account, we see an average selling price per square foot for Sunny Isles Beach real estate reduced to $489 ($524 1Q) psf “oceanfront” VS. an average asking price of $604 ($603 1Q) psf for a $1 psf increase since 1 Quarter 2008. Simply put, a 7% reduction in selling price per square foot since the previous 1st quarter 2008… we see an average ‘asking’ price per square foot at $604 with a  ‘selling’ price per square foot for Sunny Isles Beach real estate at $489 psf for a $115 psf (19%) difference in selling price from the asking price.

    Average Days On Market is showing an average closing time of 199 DOM or 6.63 months to sell compared to 170 DOM 1st Quarter 2008 or 5.68 months to sell an oceanfront condo for a 1 month increase. In looking at the health of a building we first look at available inventory. I typically relay a healthy inventory level of  less than 15%. We see unhealthy inventory levels in the majority of these new luxury oceanfront towers. Inventory has increased in the premier luxury towers of Sunny Isles including Turnberry Ocean Colony (both N & S Towers), Trump Palace, Sayan and Ocean 4. On a positive note, Trump Palace is still trading a lot of real estate with, in my opinion, the best building for the value (Gated. Established. Resort Access. Location.). Trump Palace also sells the fastest with an average of only 85 days on the market when priced correctly.

    Any questions please ask and I am fallible although I went through MLS numbers over 5 times to confirm. 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. 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 selection & leverage. 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 all new information for JADE Beach & JADE Ocean! Have a great week and call any time toll free 1.888.383.7326 or view new luxury condos here. South Beach to Sunny Isles Real Estate Sales & Marketing.

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    Sunny Isles Beach Real Estate (Condo Market) Snapshot for 2008

    by on Feb.04, 2009, under Buyers of South Florida, Condos and Development, Seller's of South Florida, Sunny Isles Beach Condos

    What happened in 2008 and what might be expected for real estate in 2009…? In 2008, Sunny Isles Real Estate had 1,001 active condos listed on the MLS while 487 condos sold for the entire year. Today, in 2009, there are a total of 1,464 condos for sale in Sunny Isles Beach with 27 closed sales in January 09 and 54 Sunny Isles FL condos currently under contract. I’ll be watching and reporting the stats & trends closely each month to see… these pricing bands differ so please note the gaps.

    SIB Number of Real Buyers 2008

    (continue reading…)

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    Paramount Beach Sunny Isles Condo Site is Now Facing Foreclosure

    by on Jan.06, 2009, under Buyers of South Florida, Community Information, Condos and Development, Sunny Isles Beach Condos

    Paramount Beach

    Paramount Beach

    In the last 6 years, We’ve watched the great majority of new modern towers being completed along Sunny Isles Beach with a few of my favorites including JADE Beach & JADE Ocean Condos, Trump Towers I, II, III, Sayan, Turnberry Ocean Colony, Trump Royale, Trump Palace and the Trump Int’l Beach Resort, and with so many great buildings, only a few along the ocean that have gone belly up. The first being the Da Vinci parcel sale & cancellation and now the unexpected news of Paramount Beach (Not to be confused with Paramount BAY). iStar FM Loans filed a foreclosure lawsuit against the developer a few days before Christmas.

    Reported in the South Florida Business Journal on January 2nd, 2009the Paramount Beach condos beachfront site has a foreclosure filing in Miami Dade County Circuit Court against Boca Raton based Sunny Isles Development Co., a corporation owned by the executives of Royal Palm Homes plus several other investors, which owns the site.

    Sunny Isles Development bought the site for $25 million in 2003 and took out a $32.2 million mortgage with Fremont Investment and Loan, which later assigned much of its portfolio to iStar.

    Daniel Kodsi, CEO of Royal Palm and a partner in the ownership of the Paramount Beach site, said the developer purposefully stopped paying interest on the iStar loan because the lender was being inflexible in offering a renewal. Even after getting an offer for a construction loan, the developers canceled the Paramount Beach project in 2006 because there was too much building in the market, Kodsi said.

    My opinions: They were smart to cease the Paramount Beach project from being erected. They were set to go up just south of the new luxury developments JADE Beach & JADE Ocean Condos (tough competition) but with pre construction pricing starting too late in the game for a sell out. I remember the hype only starting at the very end of the real estate frenzy. They were smart enough to see what was happening along the Miami oceanfront real estate market and decided to hold this premier land parcel.  If the Bal Harbour land parcel is “supposedly” worth $225 Million and closes anywhere within a fraction of the asking price, then this Sunny Isles Beach land will be well worth the long term hold.

    South Beach to Sunny Isles Real Estate Consultant, Micro Economist. If you’re thinking of placing your luxury condo residence on the market, contact me for a marketing overview and pricing band analysis to determine the proper selling price. If you’d like to receive the latest local real estate news via blog postings & updates, you can easily be notified by RSS feed (see upper left column) or by email above every time a new posting occurs. The new JADE Condos Sunny Isles.com is now available! Have a great week and call any time toll free 1.888.383.7326 or view new oceanfront condos here.

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    Sunny Isles Beach Condo Index 4Q 2008

    by on Nov.30, 2008, under Buyers of South Florida, Condos and Development, Luxury Residential Market, Seller's of South Florida, Sunny Isles Beach Condos

    Sunny Isles Beach Pier

    Sunny Isles Beach Pier

    Edition #2 of the 2008 Sunny Isles Beach Condo Index. We will be comparing the luxury oceanfront market from the 1st Quarter Sunny Isles Condo Indexto today’s updated 4Q Sunny Isles Condo Index including premier luxury towers such as Turnberry Ocean Colony, Acqualina, JADE Beach, Trump Palace, Trump Royale, Trump Towers I, II & III, Ocean 4, and a few select others. For various reasons, I’ve left out other great residential oceanfront towers from this Index such as Ocean III, Ocean II, Pinnacle, Millennium and the oceanfront condo hotel properties including the Trump International Resort, Le Meridian (M Resort) and the newest Sonesta Sole.  Sunny Isles Beach

    This year has been exceptionally good for my business with record luxury sales, an invitation to the Million Dollar Guild (CLHMS) and what I believe to be a slow turn around in our “local” market. WHY? Well Miami Dade seems to have set the National trend of a downward real estate market back in 4Q 2005. We are now in the 3rd year of a depreciating market seeing approximately 35 to 40% depreciated real estate values. Inventory has decreased month over month from 2008 (although insignificant numbers). We also expect to set the National trend for a real estate turn around! In the next blog posting I’ll be elaborating a bit more on this potential turn around including the Sunny Isles Beach, Bal Harbour, Miami Beach, North Bay Village real estate and South Beach FL real estate “Micro” Markets which the Media Drive By’s fail to separate each entity from Miami as a whole. From a Miami Beach micro economists view point, we must analyze the local entities instead of feeding into the media’s fear of the National real estate market or even the reports on Miami Dade County. WHY? When you check the temperature outside, do you look at the National temperature or do you look at YOUR local temperature? That’s right and same with local real estate markets… it’s dependant on the Sunny Isles Local Market Conditions and this is what I am relaying herein the Miami Beach Real Estate Blog Posts so check back often.

    On to the Sunny Isles 4Q 2008 Condo Index… As of today we are noting 1560 total condos for sale in Sunny Isles Beach. This year, there have been 481total closed sales (ALL figures are derived from the Multiple Listing Service MLS on November 30th). What we will be analyzing are statistics and trends for the most desirable luxury towers along Sunny Isles Beaches.

    Percentage Available Inventory, Average List Price & Average Price Per Square Foot for leading luxury condo towers currently listed on the MLS.

    • Acqualina- 17875 Collins Avenue | 27 of 247 or 11% | Ave List Price $2.954 | Ave PPSF $847
    • JADE Beach- 17001 Collins Avenue | 22 of 248 or 9% | Ave List Price $1.489 | Ave PPSF $696
    • JADE Ocean- 17121 Collins Avenue | Released 1Q 2009 with No MLS records
    • Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 25 of 130 or 19% | Ave List Price $2.341 | Ave PPSF $785
    • Turnberry Ocean Colony South Tower- 16047 Collins Avenue | 34 of 130 or 26% | Ave List Price $2.261 | Ave PPSF $770
    • Trump Palace- 18101 Collins Avenue | 42 of 275 or 15% | Ave List Price $1.244 | Ave PPSF $683
    • Trump Royale (Just Released) – 18201 Collins Avenue | 2 of 275 or 1% | Ave list Price $854K | Ave PPSF $466
    • Trump Tower I- 16001 Collins Avenue | 34 of 271 or 13% | Ave List Price $1.230 | Ave PPSF $543
    • Trump Tower II – 15901 Collins Avenue | 15 of 271 or 6% | Ave List Price $1.215 | Ave PPSF $568
    • Trump Tower III – 15850 Collins Avenue | Released 1Q 2009 with No MLS records
    • Sayan- 16275 Collins Avenue | 25 of 88 or 28% | Ave List Price $1.210 | Ave PPSF $520
    • Ocean Four – 17201 Collins Avenue | 75 of 281 or 27% | Ave List Price $1.068 | Ave PPSF $518
    • La Perla- 16699 Collins Avenue | 56 of 326 or 17% | Ave List Price $661K | Ave PPSF $435

    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 | 8 Closed Sales at $602 PPSF (10% decrease since 1Q) | 92% SP/LP | 314 DOM
    • JADE Beach – 17001 Collins Avenue | Just Released this month with No Closed Sales
    • JADE Ocean- 17121 Collins Avenue | Released 1Q 2009 with No Closed MLS Sales
    • Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 6 Closed Sales at $637 PSF (9% decrease since 1Q) | 83% SP/LP | 274 DOM
    • Turnberry Ocean Colony South Tower- 16047 Collins Avenue | 4 Closed Sales at $784 PSF (20% INCREASE since 1Q) | 103% SP/LP | 147 DOM
    • Trump Palace- 18101 Collins Avenue | 13 Closed Sales at $537 PSF (1% INCREASE)| 90% SP/LP | 116 DOM
    • Trump Royale – 18201 Collins Avenue | Just Released this month with No Closed Sales
    • Trump Tower I- 16001 Collins Avenue | 2 Closed Sales at $419 PSF | 96.5% SP/LP | 155 DOM
    • Trump Tower II – 15901 Collins Avenue | Just Released with No Closed MLS Sales
    • Trump Tower III – 15850 Collins Avenue | Released 1Q 2009 with No Closed MLS Sales
    • Sayan- 16275 Collins Avenue | 1 Closed Sale at $388 PSF (10% decrease since 1Q) | 77% SP/LP | 220 DOM
    • Ocean Four – 17201 Collins Avenue | 6 Closed Sales at $442 PSF (8% decrease since 1Q) | 91% SP/LP | 232 DOM
    • La Perla- 16699 Collins Avenue | 14 Closed Sales at $403 PSF (2% decrease since 1Q) | 94.9% SP/LP | 190 DOM

    Executive Summary- In looking at the health of a building we first look at available inventory. I typically relay a healthy inventory level of less than 15%. We see a unhealthy inventory levels in Sayan (28%), Ocean 4 (27%) and surprisingly in the South Tower of Turnberry Ocean Colony (26%). On the flipside, Trump Tower I looks somewhat healthy at only 13% inventory available for sale. In contrast to 1Q Sunny Isles Condo Index, we see Turnberry Ocean Colony and Trump Palace increasing in selling price per square foot (Could there have been mortgage fraud at Turnberry Ocean Colony with a recent sale at 130% of list price?). These number’s are skewed… Taking these luxury oceanfront towers into account, we see an average asking price per square foot at $621 with a  selling price per square foot for Sunny Isles Beach real estate at $526.50psf for a $94.50psf difference from the asking price. Average Days On Market is at 206 DOM or 6.87 months to sell compared to 177 DOM or 5.9 months to sell for an increase of 1 month additional selling time.

    • Overall, it appears we are averaging 2.57% depreciation for the year.
    • 85% Sale to List Price Ratios
    • Days On Market DOM has increased from 177 to 206 Days to Sell (14% more marketing time)

    South Beach to Sunny Isles Real Estate Consultant, Micro Economist. If you’d like to receive the latest local real estate news via blog postings & updates, you can easily be notified by RSS feed (see upper left column) or by email above every time a new posting occurs. The new JADE Condos Sunny Isles.com is now available! Have a great week and call any time toll free 1.888.383.7326 or view new condos here.

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    South Beach & Sunny Isles Beach Condo Pricing Band Sales Analysis

    by on Nov.23, 2008, under Buyers of South Florida, Seller's of South Florida, South Beach Condos, Sunny Isles Beach Condos

    Colony Hotel Ocean Drive

    Colony Hotel Ocean Drive

    Hello friends and I trust you’re having a great weekend! I’m meeting with qualified buyers tomorrow and wanted to show them and YOU where 2008 condo sales are in South Beach and Sunny Isles Beach real estate. If you’d like to comment on these Miami Condo Sales STATS or have any questions coming to mind, send a quick note in the comment box below. There are close to 150 visitors here each day and growing! Derived from the Multiple Listing Service (MLS), we see as of NOVEMBER 22nd…

    SOUTH BEACH REAL ESTATE

    2109 = Total Condos for Sale

    292 = Total Short Sales (14%)

    29= Total Bank Owned REO (1%)

    58 = Pending Sales (Last 30 Days)

     
    South Beach – Real Buyers 30 Days Closed Sales 90 Days Closed Sales 6 Months Closed 12 Months Closed
    $0 – $199,000 14 51 95 157
    200 – 299 9 26 80 170
    300 – 399 5 27 68 142
    400 – 499 3 17 43 83
    500 – 599 3 14 30 65
    600 – 699 0 8 24 44
    700 – 799 0 3 9 19
    800 – 899 0 2 7 13
    900 – 999 1 1 3 6
    *1M – 1.499 (*larger band) 1 *11 *30 *48
    1.5M – 1.999 1 5 15 31
    2M – 2.999 0 3 14 27
    3M – 3.999 0 0 5 11
    4M – 4.999 0 0 3 4
    5M – 5.999 0 0 1 4
    6 – 10M 0 0 3 4
    10M + 0 0 0 0

    Top Closed Sales in 2008 – South Beach Condos Sale Price $ Price Per Square Foot Days On Market
    Apogee 7.3M 1,757 101
    Apogee 5.5M N/A 142
    Continuum 6.025M 1,376 67
    Setai 6M 1,680 154
    Sunny Isles Beach Pier

    Sunny Isles Beach Pier

    Sunny Isles real estate known as “Florida’s Riviera,” is the northern entity of Miami Dade Beaches and has incredible growth potential. Donald Trump has his name on 6 towers and there are height restrictions of just over 50 stories tall allowing aggressive progressive developments. The magnitude of new development has been stellar and the architecture is brilliant. The selling price per square foot in Sunny Isles is significantly more affordable than South Beach Condos however new towers such as JADE Beach & JADE Ocean may change this in the coming years. The location is, what I would consider, more “family oriented” than South Beach. The excitement and cultural events of South Beach are still only a short drive south yet the amazing shopping of Bal Harbour and the Aventura Mall are each a 5 minute drive with the premier oceanfront location.

    SUNNY ISLES BEACH REAL ESTATE

    1534 = Total Condos for Sale

    308 = Total Short Sales (20%)

    18 = Total Bank Owned REO (1%)

    44 = Pending Sales (Last 30 Days)

    Sunny Isles Beach – Real Buyers 30 Day Closed Sales 90 Days Closed Sales 6 Month Closed 12 Month Closed
    $0 – $199,000 13 50 88 119
    200 – 299 6 21 48 99
    300 – 399 4 12 24 55
    400 – 499 2 7 14 33
    500 – 599 1 5 15 34
    600 – 699 0 5 15 28
    700 – 799 2 6 15 32
    800 – 899 0 0 5 15
    900 – 999 0 1 4 12
    *1M – 1.499 (*larger band) 3 *11 *24 *49
    1.5 – 1.999 0 1 2 11
    2M – 2.999 1 2 7 14
    3M+ 0 0 3 4
    Top Closed Sales in 2008 – SIB Sale Price $ Price Per Square Foot Days On Market
    Acqualina 3.751M 718 384
    Trump Palace 3.6M 671 509
    Turnberry Ocean Colony 3.390M 974 30 130% SP/LP WHY?

    South Beach & Sunny Isles Real Estate Consutant, Micro Economist. If you’d like to receive the latest local real estate news via blog postings & updates, you can easily be notified by RSS feed (see upper left column) or by email above every time a new posting occurs. Have a great week and call any time toll free 1.888.383.7326 or view new condos here.

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    Jade Beach & Jade Ocean Sunny Isles Beach Official Website Launch

    by on Nov.17, 2008, under Buyers of South Florida, Condos and Development, Luxury Residential Market, Seller's of South Florida, Sunny Isles Beach Condos

    Jade Beach rober2010 flickr

    Jade Beach rob2010 flickr

    TODAY is the MiamiBeachRealEstateBlog.us 1 YEAR ANNIVERSARY and I’ve got something grand to pronounce & promote… ‘JADECondosSunnyIsles.com’ is set to release this week and will showcase all JADE Sunny Isles Beach Development details including JADE condos for sale, statistics, VIDEO’s and related building information covering this new JADE Condos Sunny Isles Beach Development. It is a new landmark.

    JADE Beach & JADE Ocean condos are the newest luxury towers here to set new records along the Sunny Isles Beaches. Modern and futuristic in design with world famous architect Carlos Ott showcasing his first US masterpiece. Exhibiting waterfalls cascading three to four stories in height from Collins Avenue at each JADE Condos front entryway and brilliant amenities decks with each luxury tower. JADE Beach features a sunrise and sunset pool for sun or shade any time of the day while JADE Ocean boasts a flow through pool echoing underneath this premier tower. JADE Beach & JADE Ocean are both smart buildings with personal controls managing all aspects including lighting, surround sound, concierge, valet, package pickup, child care, dry cleaning and more. Services are stellar including an exclusive Quintessential membership with all purchases at JADE Ocean. Each tower is compromised of approximately 248 total residences and 51 stories in height. All units feature ocean views with the majority being flow through in design and private elevators with fingerprint entry. Among the very best of today’s inventory we see values ranging from $690 per square foot at JADE Beach up to $1100psf at JADE Ocean. Record high AREA sales for Sunny Isles Beach 2008 are in the 800′s per square foot. I do expect JADE Ocean to break records next year upon it’s 1Q release date. It is easily comparable to the magnificent Regent One Bal Harbour (yet without the hotel aspect) which is selling in 2008 as high as $1,184psf, and in my opinion, JADE Ocean will dominate.

    So what’s happening today at JADE Condos? Today there are only 20 JADE Beach luxury residences on the market ranging from 1,085 SqFt. ($749,000) to 3,211 SqFt. ($2.3M). NOTE ‘JADE Beach’ Condo DEAL: There is a low floor B1 Model just over the ocean who’s lucky buyer is looking to sell at an unmatched price from pre, pre construction pricing from the VERY beginning. It is 1,085 (1BR) total square feet and is aiming for a simultaneous close saving everyone money at only $585,000 which includes your closing costs.. There is little time to delay and it’s ready to close at only $539 equivalent pricing of Trump Towers yet at a far superior building!! Also another great deal is found at ‘JADE Ocean’ and is a high floor D line (2438 Sq Ft.) with this owner looking for a simultaneous close (possibly assignable) at a JADE condo deal of $2M equivalent to the 2008 Sold Values  at Turnberry Ocean Colony!

    Jade Beach Floor Plan D

    Jade Beach Floor Plan D

    Call me at 1.888.383.7326 ext 1 for additional information on these deals or the new site [JadeCondosSunnyIsles.com...coming soon!]. I’m seeking new JADE Condo listings so if your interested in selling or renting, let’s speak and interview to get your property on an efficient global marketing plan showing you great results. If you’d like to receive the latest local real estate news via blog postings & updates, you can easily be notified by RSS feed (see upper left column) or by email above every time a new posting occurs. Have a great week and call any time toll free 1.888.383.7326 or view new condos here.

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