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

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 Media Library

St. Tropez Front Entryway

Model Living Area

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!

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 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.

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.

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.

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..

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.

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!

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.

2 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

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

Sunny Isles Condo Index Summary

Luxury 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.

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.

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

Discrepancies, Questions, Inquiries? Call..  1.888.383.7326 or Ashton@MiamiDreamRealty.com

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.

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

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.

• JADE Beach Condo #1208 -M1290095

• Sayan Condo #2001 -D1274485

• Trump Palace #PH5202 -M1295143

In 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

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 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

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.

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.

(continue reading…)

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.

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.

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)