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!

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.

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.

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

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.

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)