Edition #6 of the 2010 Sunny Isles Condo Index

I’ll be reviewing the latest  trends & comparing the luxury oceanfront market from the 3Q 2009 Sunny Isles Condo Index to today’s updated 3Q 2010 Sunny Isles Condo Index including premier oceanfront towers such as Turnberry Ocean Colony, Acqualina, JADE Ocean, JADE Beach, Trump Palace, Trump Royale, Ocean Four, Sayan, Trump Towers, Pinnacle & Millennium. I’ve excluded condo hotel properties from this research including the Trump International Beach Resort, Merenas Resort, Ocean Point and Sole.

Sunny Isles Beach Condo Index (3Q 2010)

As of July 14th, we are noting 1,089 total condos for sale in Sunny Isles Beach down 15% from the July 2009 Condo Index. So far in 2010, there have been 391 total closed sales (Figures are derived from the South Florida Regional Multiple Listing Service on July 14th, 2010) this year. In the last 90 days, 176 condos have sold averaging $256 per square foot with a 93% Sale to List Price Ratio and 164 days on market. In the same 90 day period of July 14th 2009, there had been 163 condos sold averaging $225 per square foot (Sold values up 12% YTD) with a 90% Sale to List Price Ratio and 168 days on market. What will be analyzed more specifically in this post are luxury oceanfront condo building statistics & new trends for the most desirable luxury towers along the coastline of Sunny Isles Beach.

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

• Acqualina- 17875 Collins Avenue | 9 of 247 or 4%| Ave List Price $2.581M | Ave PPSF $832
• JADE Beach – 17001 Collins Avenue | 40 of 248 or 16%| Ave List Price $1.367M | Ave PPSF $636
• JADE Ocean – (190 rec. deeds per County records) – 17121 Collins Avenue | 9 of 250 w/Developer units remaining | Ave List Price $1.935M | Ave PPSF $744
• Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 8 of 130 or 6%| Ave List Price $2.526M | Ave PPSF $812
• Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 17 of 130 or 13%| Ave List Price $2.3M | Ave PPSF $765
• Trump Palace – 18101 Collins Avenue | 32 of 275 or 12%| Ave List Price $1.170M | Ave PPSF $595
• Trump Royale – 18201 Collins Avenue | 20 of 384 or 5%| Ave list Price $1.018M | Ave PPSF $538
• Trump Tower I- 16001 Collins Avenue | 23 of 271 or 8%| Ave List Price $1.217M | Ave PPSF $524
• Trump Tower II – 15901 Collins Avenue | 7 of 271 w/Developer units remaining | Ave List Price $1.062M | Ave PPSF $459
• Trump Tower III – 15850 Collins Avenue | Not Yet Released to Public
• Sayan- 16275 Collins Avenue | 22 of 88 or 25%| Ave List Price $1.075M | Ave PPSF $538
• Ocean Four – 17201 Collins Avenue | 45 of 281 or 16%| Ave List Price $922k | Ave PPSF $468
• Ocean Three – 18911 Collins Avenue | 27 of 215 or 13%| Ave List Price $1.110M | Ave PPSF $449
• Ocean Two – 19111 Collins Avenue | 20 of 254 or 8%| Ave List Price $1.071M | Ave PPSF $460
• Ocean One – 19333 Collins Avenue | 8 of 241 or 3%| Ave List Price $862K | Ave PPSF $368
• Millennium – 18671 Collins Avenue | 6 of 120 or 5%| Ave List Price $1.082M | Ave PPSF $498
• Pinnacle – 17555 Collins Avenue | 28 of 244 or 11%| Ave List Price $984k | Ave PPSF $484
• La Perla- 16699 Collins Avenue | 39 of 326 or 12%| Ave List Price $614k| 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 | 4 Closed Sales at $677 PSF (1% increase in PPSF since 3Q 2009) | 86% SP/LP | 426  DOM
• JADE Beach- 17001 Collins Avenue | 5 Closed Sales at $427 PSF (14% increase in PPSF since 3Q 2009) | 86% SP/LP | 196 DOM
• JADE Ocean- 17121 Collins Avenue | Released (TCO) June 2009 with No Closed MLS resales
• Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 5 Closed Sales at $679 PSF (23% decrease in PPSF since 3Q 2009) | 92% SP/LP | 291 DOM
• Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 3 Closed Sales at $648 PSF (23% increase in PPSF since 3Q 2009) | 95% SP/LP | 207  DOM
• Trump Palace- 18101 Collins Avenue | 8 Closed Sales at $490 PSF (8% increase in PPSF since 3Q 2009)| 90% SP/LP | 118 DOM
• Trump Royale – 18201 Collins Avenue | 6 Closed Sales at $496 PSF (9% increase in PPSF since 3Q 2009) | 91% SP/LP | 227 DOM
• Trump Tower I- 16001 Collins Avenue | 4 Closed Sales at $399 PSF (3% increase in PPSF since 3Q 2009) | 86% SP/LP | 206 DOM
• Trump Tower II – 15901 Collins Avenue | 3 Closed Sales at $385 PSF | 87% SP/LP | 174 DOM
• Trump Tower III – 15850 Collins Avenue | No Closed MLS Sales
• Sayan- 16275 Collins Avenue | 5 Closed Sale at $331 PSF | only 1 resale last year at $308 PSF | 92% SP/LP | 416 DOM
• Ocean Four – 17201 Collins Avenue | 9 Closed Sales at $365 PSF (1% decrease in PPSF since 3Q 2009) | 100% SP/LP | 128 DOM
• Ocean Three – 18911 Collins Avenue | 7 Closed Sales at $343 PSF (3% decrease in PPSF since 3Q 2009) | 91% SP/LP | 109 DOM
• Ocean Two – 19111 Collins Avenue | 8 Closed Sales at $415 PSF (7% increase in PPSF since 3Q 2009) | 87% SP/LP | 128 DOM
• Ocean One – 19333 Collins Avenue | 5 Closed Sales at $322 PSF (10% increase in PPSF since 3Q 2009) | 90% SP/LP | 193 DOM
• Millennium – 18671 Collins Avenue | 3 Closed Sales at $464 PSF (28% increase in PPSF since 3Q 2009) | 95% SP/LP | 157 DOM
• Pinnacle – 17555 Collins Avenue | 6 Closed Sales at $373 PSF (6% increase in PPSF since 3Q 2009) | 81% SP/LP | 540 DOM
• La Perla- 16699 Collins Avenue | 13 Closed Sales at $331 PSF (6% decrease in PPSF since 3Q 2009) | 92% SP/LP | 102 DOM

Sunny Isles Beach Condo Index Summary

Sunny Isles Beach condo inventory is down hovering 1,000+ total condos for sale while property values have increased considerably as International & domestic buyers note the deals. The majority of oceanfront condo towers now have healthy inventory figures as shown above in blue with anything less 15% available for sale. Each building tells a different story and the bottom line is this Sunny Isles Beach condo market showing significant signs of improvement on oceanfront real estate. It’s time to buy Miami Beaches as long as you & the family will use it and enjoy it for at least the next 3+ years.

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

Buyer’s ready for a great property? Call or email for the very best condo deals along Sunny Isles Beach, Bal Harbour, North Bay Village, Miami Beach & South Beach. The buyer advantage is still selection & leverage but we are consistently seeing multiple cash offers driving up values as we noted the 12% gain over a year ago today. The low-end residential condo market is accelerating with 60% of condo sales under $250k. As this year progresses and inventory continues to decrease, I believe prices will show in favor for continued improvement.

If you’d like to receive local Miami Beach FL real estate news via these valuable blog posts, you can easily be notified by RSS feed (see upper right column) or by email each time a new real estate news post occurs. Visit JADE Condos Sunny Isles website & JADE Condo Blog relaying great information on JADE Beach & JADE Ocean along with Turnberry Ocean Colony Sunny Isles website & Ocean Colony Condo Blog for intimate luxury condo knowledge! The truth is in the numbers 1.888.383.7326 and I welcome your knowledge, opinions, comments & feedback.

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

Good news regarding Miami real estate.

Statistic for the month reflect 4,263 total condos for sale along the oceanfront communities of South Beach to Sunny Isles, down 19% over this time last year:

South Beach Condos – 1,590 for sale | 85 Sales in last 30 days | Average Days on Market 141 | Average Buyer Discount 6% | Average PPSF Asking $385/Sold $349

Miami Beach Condos – 1,159 for sale | 58 Sales in last 30 days | Average Days on Market 143 | Average Buyer Discount 3% | Average PPSF Asking $312/Sold $285

Bal Harbour Condos – 224 for sale | 3 Sales in last 30 days | Average Days on Market 132 | Average Buyer Discount 10% | Average PPSF Asking $511/Sold $445

North Bay Village Condos – 238 for sale | 14 Sales in last 30 days | Average Days on Market 98 | Average Buyer Discount 2% | Average PPSF Asking $135/Sold $129

Sunny Isles Beach Condos – 1,052 for sale | 46 Sales in last 30 days | Average Days on Market 140 | Average Buyer Discount 8% | Average PPSF Asking $276/Sold $245

Video is related to Downtown Miami which is also improving in condo sales; see Lucas Lechuga’s MiamiCondoInvestments.com for Downtown & Brickell results. For more information along the Miami beaches call me toll free at 1.888.383.7326.

South Beach Condo Sales -Pricing Band Analysis

So far this year there have been 486 condo sales out of 1,566 total South Beach condos (1st to 23rd Street). Last year there were 927 total condo sales. What we’ll be examining here are the number of real buyers given certain pricing bands from January 1st 2010 to June 2nd 2010; while to the right, in (brackets), are the number of real buyers since January 1st 2009. It is used to help determine optimal pricing for sellers and where the “real” buyers exist in the local market of South Beach Real Estate.

$249k less – 225 (642)

$250-$399k – 136 (308)

$400-$499k – 29 (104)

$500-$599k – 19 (68)

$600-$699k – 12 (49)

$700-$799k- 5 (18)

$800-$899k – 5 (20)

$900-$999k – 2 (19)

$1M-$1.299M – 15 (45)

$1.3M-$1.499M – 10 (21)

$1.5M-$1.799M – 8 (26)

$1.8M-$1.999M – 1 (6)

$2M-$2.299M – 1 (6)

$2.3M-$2.5M – 1 (4)

$2.5M-$3M – 6 (14)

$3M – $5M – 9 (25)

$5M+ – 2 (10)

Are you trying to sell your South Beach luxury condo?

Contact me with ease and let’s go over the tried & true marketing plan with great results in getting your condo sold! 1.888.383.7326 ** All figures derived from the Regional MLS (Multiple Listing Service) on June 2nd, 2010.

Golden Beach Single Family Homes – Trends & Stats 2010 Q1

Golden Beach Single Family Homes are limited along the ocean & bay and today’s inventory show us an excellent selection with 62 homes on the market in this small community ranging from $579k to $27,500,000 while there are only 39 on the water for sale ranging in values from $1.7M & up. In review of waterfront homes of Golden Beach, we see 2 homes under contract today ranging from $1.375,555M to $3.2M. What we see in these attachments below are what appears to be the local market values of Golden Beach peaking in 2007 with the average list price per square foot at $1,635 psf with a selling price per square foot of $1,222 and boasting the lowest number of days to sell at 297. As of 2009, the average selling price per square foot was only $625 psf for a 62% decrease in selling values since the peak and a 41% decrease over 2008! Preview the very best Golden Beach homes for sale in 2010.

• As of 2009 – 9 Golden Beach Home Sales & Sold Statistics
• 2008 – 5 Golden Beach Home Sales & Sold Statistics
• 2007 – 5 Golden Beach Home Sales & Sold Statistics
• 2006 – 9 Golden Beach Home Sales & Sold Statistics
• 8 Golden Beach homes expected to sell in 2010.

I’ll report again on the local Golden Beach real estate market changes in 6 months so stay posted if you have an interest in this premier location… contact me for more information 1.888.383.7326!

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.

2009 Trophy Property Sales from South Beach to Sunny Isles Beach.

Amazing to see 199 (733 for sale today) luxury condo sales over $1M for the YTD MLS (Multiple Listing Service) records covering the Miami Dade oceanfront communities of Sunny Isles Beach, Bal Harbour, Surfside, Miami Beach & South Beach. Over $4M there were 11 sales, $6M there were 6 and $8M there was 1 luxury condo sales in 2009.

South Beach Luxury Condo Sales

With 871 total YTD 2009 sales, South Beach had 93 closed sales over $1M. South Beach set the area records with high sales at Continuum (PH-1) selling at $9.9M, Il Villaggio (PH 6&7) selling at $7M and Murano at Portofino (3801) selling at $7.450M

Continuum PH-1 – LP$/SF=$2,027 SP$/SF=$1,342, DOM 562, Closed 05/15

Il Villaggio PH 6&7 – LP$/SF=$2,438 SP$/SF=$1,228, DOM 107, Closed 02/12

Murano at Portofino – LP$/SF=$2,508 SP$/SF=$1,557, DOM 714, Closed 01/21

Bal Harbour Luxury Condo Sales

One Bal Harbour had 16 sales alone over $1M with a record high for Bal Harbour real estate at $5.2M along with The Palace & Bellini right behind selling at $2.6M & $2.3M respectively.

One Bal Harbour 2008 – LP$/SF=$1,196 SP$/SF=$987, DOM 182, Closed 09/29

The Palace at Bal Harbour 15F – LP$/SF=$799 SP$/SF=$705, DOM 266, Closed 10/08

Bellini 1601 – LP$/SF=$654 SP$/SF=$602, DOM 75, Closed 02/13

Sunny Isles Beach Luxury Condo Sales

With 623 total YTD 2009 sales, Sunny Isles Beach had 49 closed sales over $1M and a record high sale over $4M which was Acqualina (PH4506) selling at $4.999M, Trump Palace selling at $2.875M and Turnberry Ocean Colony which sold at $2.1M.

Acqualina PH4506 – LP$/SF=$1,231 SP$/SF=$779, DOM 40, Closed 09/02

Trump Palace 1009 – LP$/SF=$862 SP$/SF=$710, DOM 106, Closed 07/10

Turnberry Ocean Colony 2604 – LP$/SF=$629 SP$/SF=$562, DOM 582, Closed 10/13

(continue reading…)

New Tax Credits for Home Buyers

Some good news for a change! Congress approved the extension of the $8,000 federal first-time home buyer tax credit, and President Obama signed the law into effect on November 9, 2009. The tax credit was supposed to expire December 1, 2009, and has now been extended through April 30, 2010.

Even better, there has been an addition to the law allowing existing homeowners who want to move up or down to another home to receive a tax credit in the sum of $6,500.00, so long as they have owned and lived in their previous home for five consecutive years out of the last eight years.

Whether you are looking for Miami Beach real estate, South Beach real estate, Sunny Isles Beach real estate, Bal Harbour real estate or Golden Beach real estate, you should take advantage of these great tax credits, the current low interest rates and affordable prices these communities have to offer.  Those of who have been sitting patiently on the sideline waiting, you no longer have any reasons to delay the purchase of your Miami Beach and surrounding area luxury condos and homes.
Here are some highlights of the new tax credit law:

First Time Home Buyer Credit

• First time home buyers who purchase a home on or after January 1, 2009 and before April 30, 2010, are eligible to receive an $8,000 tax credit. If your purchase and sales contract is signed on April 30, 2010, and you complete your transaction by June 30, 2010, you will qualify for the credit.

• The IRS definition of first-time home buyer is a buyer who has not owned a principal residence during a three year period prior to their purchase.

• The tax credit does not have to be repaid.

• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

• The tax credit applies only to homes priced at $800,000 or less that are primary residences. No investment properties or second homes qualify.

• For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.

• For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

Long-Time Residences/ Same Residences  (Move Up/ Down) Buyers

• Buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

• The tax credit does not have to be repaid.

• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.

• The tax credit applies only to homes priced at $800,000 or less that are primary residences. No investment or second homes are eligible.

• The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. If your purchase and sales contract is signed on April 30, 2010, and you complete your transaction by June 30, 2010, you also will qualify for the credit.

• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

In order to avoid fraud, the IRS will require a copy of the HUD-1 closing statement from all buyers.

Military Buyers

If a Military member is deployed outside of the United States for a minimum of 90 days between December 31, 2008 and May 1, 2010, the tax credit is extended on purchases to on or before April 30, 2011.  If a purchase and sale contract is signed on April 30, 2011, the transaction must close on or before June 30, 2011 in order to qualify for the tax credit.

The new law is expected to further boost and help strengthen our recovering real estate market because it is beneficial to buyers, sellers and the entire real estate industry.

Thank you Coldwell!

Let’s Go!

Miami Beach Green Real Estate

California and the west coast are not the only green conscious areas. Miami Beach and surrounding area homeowners are just as energy conscious. They recycle, conserve water and energy.  Here are some energy tips that can help you make your home more green:

• Save up to a third of your energy bill by purchasing EnergyStar Appliances.
• Insulate the attic and walls to prevent heat from coming in, thus making a huge difference on your power bill.

• Install programmable thermostats which automatically adjust your home’s temperature whether you are home or away. Keep your thermostat at 78 degrees.  Clean and maintain your air filters every 90 days. It can increase air conditioner efficiency by 5 to 15 percent.  Here in South Florida you don’t need to worry to worry about your heating bills like the people in the Northeast or Midwest.
• Install ceiling fans and cut down on your air conditioning use. In the Florida winter months, you can get by with using your ceiling fans and keeping your windows open so you can enjoy the fresh air.
• Use green cleaning products. Look for cleaners in large containers or bulk packages, and buy concentrates, which use less water. Look for products packaged in post-consumer recycled plastic or cardboard.
• Heat your pool with a solar cover or blanket. Use natural alternatives to pool cleaning chemicals as well.
• Use light paint colors outside. They will keep your home cooler inside. Look for low or no VOC paint. VOCs create ground-level ozone pollution and carry potential health risks
• Recycle your grass by leaving clippings on the lawn when mowing. The clipping recycle and you save water use and fertilizer and waste disposal removal costs as well.

• Use caulking and weather stripping to prevent your air conditioning from escaping and moisture from coming in your home. Moisture is a big problem here in South Florida causing mold and other problems.
• You can also save costs on your energy bill by doing your laundry and running your dishwasher on off peak hours between midnight and 6:00 a.m. Wash your clothes with cold water. Clean the lint filter in the dryer after each use.
• Cut down on your water consumption with low flow toilets and showerheads and recirculation systems in your hot water heaters.  Turn the water off when you are brushing your teeth.  You will save at least two gallons of water.
• Repair any plumbing leaks immediately.
• Install a drinking water filter under your kitchen sink. This way you don’t have to buy bottled water, and you can save the environment by cutting down the use of plastics.
• You would be surprised on how much of a savings installing insulated and impact resistant windows can make.  Insulated windows help with noise as well.
• Install compact fluorescent light bulbs. They produce less heat and are more efficient.

• Plant leafy trees on the south and west side of your home to add shade.
• Use an electric lawn mower instead of gas.

Visitors and area residents appreciate the beautiful eco friendly environment that Miami Beach real estate, Sunny Isles Beach real estate, South Beach real estate and Bal Harbour real estate each have to offer. With miles and miles of expansive beachfront property consisting of luxury condos and homes, Miami Beach and the surrounding area residents are conscious of preserving its extraordinary habitats and surroundings while enjoying the South Florida lifestyle.

Let’s go “green” Miami!

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

Trump Royale North East Views

Hello friends.. I would imagine the famous Miami problogger is doing a stellar business even with the start of the summer months as regular blog postings from my favorite Downtown expert Lechuga have gone from daily to… every so often. I do wonder the state of the Downtown Miami market? I can attest the consumer confidence is much higher along the beaches with fantastic deals from $50k to $10M. I’ve been very busy promoting real estate package deals to my database, selling great properties, listing new buys and leasing with very little time to post. I’ve also had writers block yet have new ideas on great posts to implement soon. Most of my posts include research, statistics, analysis plus my opinions & outlook on the data while I also like to throw in the pretty photos to entice the right brain thinkers. There are a few new trophy properties that I’m looking forward to promoting here soon such as a luxurious 4,000 SqFt. oceanfront townhome  and another distressed sale on a luxurious 4,000 SqFt 2 Story Penthouse property along with a 5 unit package deal with immediate flip potential.

I do believe resort towns such as Miami Beach FL & Sunny Isles Beach attract a more affluent crowd as we have a tremendous amount of wealth here with many “locals” coming for 6 months each year (winter) and staying at their other homes during the rest of the year. Just a decade ago, higher income earners were concentrated in counties with large numbers of financial, real estate and professional jobs. But the Internet & wireless technology, plus the ability to fly in and out of almost any airport in the country have freed the entrepreneur to move where they like in significant numbers. With condo values going down 30% to 50% since 2005, many are now finding awesome oceanfront opportunities for a new life and business operation at a distance. It’s great to bring your clients down here, when you say you’re in South Beach, Miami Beach, Bal Harbour or Sunny Isles Beach and your clients are up north, it’s not too hard to get them to come visit you to see what your offer is. People from all over the globe choose to live here with the average tropical temperature at 80 degrees, orange sunshine, blue skies & green palms. This paradise is topped with an amazing lifestyle offering just about anything the affluent could want from golf, boating, fine dining, arts & entertainment galore. When earning an income significantly above the norm, why not live in the most desirable locations to enjoy life’s successes.

Write in and Speak Your Mind…

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

This question was asked on Trulia real estate search here and answered to my best ability below.

700 credit score but thinking of foreclosure and wondering how long will it take for my credit to recover?

Q: My 1/1,5 condo in NMB Fl was purchased for $137K in 2006 BUT the complex now has units selling for $17K-$24K. We also have about 25% units in foreclsoure and almost 65% of the owners are not paying HOA fees. I am thinking of sending the keys to the bank because the builiding will probably be shut down by the city because the HOA cant pay its monthly bills and it was already sitting on $180K in unpaid HOA fees at the start of 2009 . I hate to see my credit go in the toilet but I cant wrap my brain around holding onto a property that has decreased 85% in value in the last year. I am a responsible person and paying all other bills on time. I was never late with my mortgage payment in the 3 years since I purchased. The bank wont consider lowering the principle which in my opinion would be the TRUE way to help in part save the economy. But that is just my 2 cents which is now valued at -$5 due to depreciation. Thanks for any advice!

A: Whew, that’s a tough call. Where’s the Suze Orman of real estate when a good question like this one pops up!? It seems as though the association/condo board have failed at going after delinquent fees needed to maintain the building. Delinquent payments are very common in all condo buildings yet at this high level of 65%, it a surprise the water is still on. The new Fannie Mae guidelines from January 2009 would not allow financing so it would have to be geared to cash investors yet no investor would take on the liability of covering everyone elses slack with inevitable assessments on the horizon.

A Deed in Lieu of foreclosure may be the most viable option although speak to your bank(s) in all honesty on the current circumstances and be sure to negotiate DOWN the deficiency lien. Do not take no for an answer and keep climbing the peon ladder until the manager can help. I say this only because I’m afraid a short sale just won’t fly from lack of a ready willing & able buyer. IF you could find a buyer, then please jump on the short sale option making sure there are no deficiency liens or 1099′s if it’s an investment property. I assume this is your “home.” I also heard an interesting concept yesterday where it MAY be that FICO (credit) scores will be weighted in favor of owners such as yourself who are forced into foreclosure or hand over their properties between the years of let’s say 2005-2009. Meaning less likely to greatly “break” the FICO instead weighted and factored in favor on the years of trouble down the road when you feel it’s time to borrow again. Just an idea that may make sense in the future because of the current circumstances (not a fact but likely).

It’s been a tough battle over the last 4 years for a large majority of owners in similar circumstances as property values tumbled. This building WILL eventually turn around after a financial correction and an efficient condo board is established. Miami Dade residential sales are up 67% over this time last year and 20% over March! Stay positive & strong no matter how bad it gets and remember this simple (& odd) advice from my father when I’ve have hard problems to swallow… “they can’t kill you!”

I am open to more ideas & opinions and my answers can be wrong as a fallible sales associate.. This is only opinions and advice from today’s knowledge/understanding and I welcome any further insights I may be unaware of.

2 Story Tower Suite at the Prestigious Portofino Tower

Lifestyles of the Rich & Famous (Part 4) brings us to a very desirable 2 story home in the sky. This palace residence is #3105 at Portofino Tower South Beach located in SoFi (South of Fifth) at 300 South Pointe Drive and was just reduced by $1M USD this month for a motivated sale, to a new asking price of $4.9M  or $891 PSF.

With a recent purchase price of $5.250M (06/2007), this luxury South Beach condo residence is comprised of 4 large bedrooms and 4.5 baths with just under 5,500 interior square feet and boasting 270 degree views of the Atlantic ocean, Biscayne Bay and stellar South Beach real estate. The private elevator opens directly onto the second floor and into the living areas and kitchen with maids quarters and floor to ceiling windows encompassing all of South Beach. The stairs circle down into the master bedroom suite with his & hers bathrooms and massive closets. This one of a kind trophy property is for the buyer ready to enjoy their lifetime successes.

Portofino Towers South Beach

is the tallest luxury highrise built in 1996 and what a great year it was! Today there are 28 condos for sale (MLS derived) out of ~220 total or 13% as this is a well established “healthy” building with very happy residents. Statistics also show an average asking price per square foot at $895PSF, average selling price per square foot at $627 PSF, average days on market at 68 DOM and a sale to list price ratio at 87%. The average Portofino Tower list price is $2.3M (2,515 SF). Last year there were 10 closed sales at an average selling PPSF at $676 for a 7% depreciation so far. Portofino Tower full featured amenities include 24 hour concierge with valet service, 2 tennis courts, world class spa & fitness center, 2 pools, hot tub, sauna, billiards and community rooms.

Click here to preview all Portofino Tower condos for sale

Portofino Tower Condos for Rent

This is not my listing but worth proper exposure here and I’d appreciate earning your business if this is what suits your real estate desires. For more details or to schedule a showing call 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

Canyon Ranch Miami Beach has opened its doors to the long awaited North tower (6899 Collins Avenue) within this distinguished development. I’ve added some of today’s photographs for you to see the beauty in it…

Here’s the amazing SW View from the 22nd floor. Notice the historic Carillon hotel sign maintained with the Canyon Ranch project. Just below the Downtown skyline is La Gorce Island then the new NoBe on the Bay condos (which seems to have come to a standstill), Aquasol and the King Cole far off to the right.

The Canyon Ranch North tower pool was inviting with a large jacuzzi and beach access & services. There’s far less setback from the other tower and hotel. All amenities are included throughout this health conscience complex

The hallways were bright, elegant and spacious..

A slick uber modern Canyon Ranch kitchen with Miele & Sub Zero appliances

The lobby was classy and well done with beach accents including shell chandeliers along with modern bamboo style columns and a waterfall

The front entryway had valet with a great big smile and an immediate attention at the front from concierge. An Excellence in service..

Welcome home to Canyon Ranch Living Miami Beach. This great new development plus the addition of MEi Condos add a new dimension to this Miami Beach real estate market. To preview all Canyon Ranch condos for sale click here or Rent for details on updates & availability call me at 1.888.383.7326.

First of all I want to say, it’s not about the agents double ending commission, it’s about the seller’s best interest = Selling.

I’ll give you a topic… High end luxury sales associates & broker’s do not prefer their listings be advertised by other agents. ie) Free additional marketing/property promotions from the real estate community in a strong buyer’s market where every source of promotion helps; “like butter.” Out of 1,550 South East Florida condos over $1M, only 55% of brokers allow advertising on their “exclusive listings.” Out of  90 luxury Miami Beach condos over $5M, 46% allow outside advertising. I’m getting a little vaklempt, talk amongst yourselves.

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…)

Canyon Ranch Miami Beach

News came across the internet via PR Newswire this week relaying unhappy buyers who are now suing the developer of the famous mid-beach Canyon Ranch Living development for alleged deceptive and unfair trade practices in the promotion & sales of condominium units. Apparently, it is not permissible to use the Canyon Ranch name upon the purchase of the new Canyon Ranch residence in Miami Beach. According to the projects website CanyonRanchMiamiBeach.com, Canyon Ranch Living Miami Beach was designed to meet very high quality standards of its destination resorts.

The lawsuit asserts that the Canyon Ranch brand name is temporary at best and that purchasers were induced into purchasing units at the project due to the alleged deception that it was part of the Canyon Ranch brand and family, when in fact, there was nothing more than a phantom management agreement through which Canyon Ranch partially operates the project for a limited term and unit owners are restricted from trading on the Canyon Ranch name. - SOURCE Aaron Resnick www.recovermydeposit.com

The complaint filed by Resnick notes that the developer spent millions of dollars advertising and promoting Canyon Ranch Living Miami Beach to consumers with the expectations of purchasing an exclusive Canyon Ranch unit. The article goes on the mention the developers attorneys refusing to turn over the management contract with Canyon Ranch yet did provide a written statement that the management contract only applies to “spa related services” and is not a “management agreement.”

Hmmm, I was under the impression these are exclusive Canyon Ranch units with the management operation, similar to Canyon Ranch in Arizona, and functioning as a Canyon Ranch Resort. However, in this current real estate market, buyer remorse is abundant with unhappy flippers speculators looking for any way out and seeking legal advice for contract loopholes. I’ve heard mostly great things about the new Canyon Ranch Living Miami Beach development and know the values, location and amenities to be improving. I’d like to hear from other residents or anyone “in the know” on the opinions and facts related to this great new Miami Beach FL real estate development.

Here’s the real estate scoop at Canyon Ranch Miami Beach.

MLS data: 59 condos for sale (ranging $400k – $3.750M) out of ~431 total condos (14% inventory) {+150 Canyon Ranch Hotel Suites} with average asking price per square foot at $788 and average (6 month history) selling price per square foot at $658. It takes 80 days on average for a condo to sell at Canyon Ranch and they’re selling at (sale price to list price ratio) 92.2% of list! There are 2 condos under contract today, each above $1M.

My personal opinion on the 3 best deals at Canyon Ranch Miami Beach

1. 6801 COLLINS # 1604
2. 6801 Collins Avenue # C1217
3. 6801 Collins Av # 1505

Let the readers know what you know!?! If you’re thinking of placing your luxury condo residence on the market, contact me today for a pricing band analysis and marketing overview to determine the proper selling price & let’s get started marketing your condo. Ready to buy? Call me for the very best deals in Sunny Isles & South Beach. 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. Visit JADE Condos Sunny Isles.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 condos here. South Beach to Sunny Isles Real Estate Consultant, Micro Economist.