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.

This one of a kind Penthouse has to be showcased on the MiamiBeachRealEstateBlog.us. Within a boutique high rise known as Sayan, are only 88 luxury condos. Sayan Condos are located at 16275 Collins Avenue in Sunny Isles Beach. Sayan is known for the second largest interior waterfall in the United States with a beautiful Asian décor similar to The Setai in South Beach.

There is an upper level private terrace of over 900 square feet for entertaining your guests with an outdoor Jacuzzi tub and excellent views of Downtown Miami and Biscayne Bay. A Duravit Jacuzzi tub is also found in the master bathroom with an open rain shower again, with single hand inlayed tile, adjacent to the tub. The views from each room are a perfect 10 as you’re surrounded by the pleasures of the Atlantic Ocean & Biscayne Bay. If you’re in the market for an intimate and private luxury penthouse on the ocean then schedule a private showing on this special condo. It will be one of the most desired residences of Sunny Isles real estate with an optional (recommended) Steven G interior design package. The build out is currently underway and should be ready in the next few months. Call today for an appointment at 1.888-383.7326 and press extension 7..

Sunny Isles Beach, FL  - Sayan Condominium Interiors by Steven G opens a 5.5 million dollar, 5,000 sq ft Penthouse Model this weekend for J. Milton & Associates.  “The model will take your breath away” says Steven G, “it is truly an amazing Penthouse with Asian touches, just what today’s hi end buyer’s desire.  I have no doubt this unit will be sold furnished within 30 days! Imported Italian glass tiles and the most unique woods are used throughout the Penthouse.

Recently, an article by Andres Amerikaner of the Miami Herald was written highlighting my favorite city, Sunny Isles. Here are some highlights…

The surge in Sunny Isles real estate has led to an unexpected distinction as it’s shed the run down image of the past to a touristic resurgence of the future. Trip Advisor, the largest travel community online, has ranked Sunny Isles as the top emerging destination in the country for 2008. The company spokesman said this is based on changes in search activity and postings. ‘

“They are the up and coming destinations,” Ferencsik said. “It’s about emerging destinations, more so than it is the hottest or most popular destination.” Brooke Ferencsik of TripAdvisor

The City of Sunny Isles struggled with its image prior to being incorporated in 1997. With dilapidated motels lining Collins Avenue since the 1940’s, the City of Sunny Isles more than welcomes this new recognition as a tourist attraction and wonderful place to live. Now Collins is lined with Luxury Oceanfront Condos in Sunny Isles and Condo Hotels in Sunny Isles such as Acqualina, Jade Ocean, Turnberry Ocean Colony, Le Meridian M Resort and Trump International Sonesta Beach Resort. Donald Trump sees the future value of prime locations such as Sunny Isles and has now built 6 luxury high rise developments with the Trump name on each. The newest tower known as Trump Tower I has begun closings and the deals are to be had! Trump Tower II and Trump Royale will soon follow in third and fourth quarter 2008.

The Sunny Isles attraction is multifaceted. It’s close to the Miami and Fort Lauderdale airports and a short cab ride from the nightlife and restaurants of South Beach real estate. There’s enough variety in each oceanfront hotel, from the flashy to the cheap, to fit any traveler’s budget when coming to Sunny Isles. The white beaches, normally populated by a majority of snowbirds and International travelers, are low key and very family friendly. Shopping at the newly expanding Aventura Mall is a short trip over the William Lehman Causeway into the City of Aventura (approximately 5 minutes). Then there’s the quaint restaurants serving quality ethnic fare such as my favorite Russian or Argentine cuisine which populate the Sunny Isles strip malls. High end spas and food delivery services are easily available as the money has poured into this prime area of investment. Despite the fast paced development of the last decade, the city has kept a homey feel with a small post office, a diffusion of tiny stores, great public parks, the infamous boardwalk off 169^th (Newport Beach Hotel) serving some of the best fish sandwiches and a tight knit community which follows the demand.

Ibis Romero of the Sunny Isles Beach Resort Association has been working diligently to make this city what it is today by promoting Sunny Isles to travel agents and tour operators. The Global reach is in full effect with Latin Americans from Argentina, Brazil and Chile, and Europeans from France, England, Germany and Italy form the core of the city’s international visitors, Romero said. These days, French streams from under umbrellas staked on the beach, sometimes more often than Spanish or Russian, two of the largest immigrant communities in the city. ‘It’s buzzing louder every day,” she said. “They’re comparing us to Hawaii.”

With all of the excitement comes a price… With all the extra income and development, the city’s tax base climbed from $1.1 billion in 1997 to about $6 billion in 2007. That is the new dilemma faced by the city, which is poised to start going after the big dogs, like Miami Beach FL real estate, in the battle for tourist dollars. ”You know what? Everything grows,” Romero said. “At the same time, I want to keep it our own little secret.”

And to Andres Amerikaner, Thank you for sharing this positive article on Sunny Isles as a landmark destination. Sunny Isles real estate is a well kept secret with very limited space to build and excellent buying opportunities in each luxury oceanfront condo tower along the Atlantic coastlines. I always welcome positive articles, feedback and area information on Sunny Isles. Feel free to add your comments, knowledge and thoughts pertaining to this post and the Sunny Isles you know of.

So what is selling these days in Miami Dade County? Everyone is asking… We will review the sales of Sunny Isles real estate along with Miami Beach FL real estate to see what buyer’s are finding as HOT buys along the ocean..

Sunny Isles oceanfront condos have 6 closed this month worth reviewing. Acqualina, Ocean One, Oceania I, Trump Palace and Turnberry Ocean Colony (2). These selling prices range from $500k (Oceania I) to $2.595M (Turnberry Ocean Colony) and what we see is the sale price to list price ratio ranges from 94% to 81% (both at Turnberry Ocean Colony). The best price per square foot was only $397.26 psf at Oceania I while the highest was $796.51psf at Turnberry Ocean Colony. Much has to do with building age and amenities as Oceania I is from 1990 while Turnberry Ocean Colony is the premier 2008 South Tower. Both Acqualina and Trump Palace sold at $663.39 and 576.37 psf. respectively. What is worth mentioning is the Pending Sales of 2008 are already at 11 which proves a slower holiday season as people travel and families join together. This month each of the above buildings have additional accepted offers but also luxury oceanfront condos including Ocean Two, Ocean Four, Trump Grande, Pinnacle and La Perla. Asking prices ranged from $2.499M to $549k and we will soon see what they’ve sold for. On average, sale price to list price ratios are at 88% for a great 12% off reduced asking prices starting off 2008 right for buyers. Each real estate transaction is different so it’s important to analyze each condo on an independent basis. This real estate blog is only to get an idea of what’s happening in Sunny Isles real estate.

Miami Beach FL oceanfront condos (including South Beach FL real estate) have 9 closed this month worth reviewing. Continuum, Setai (2), Decoplage (2), Roney Palace, The Collins and Fountainebleau II. These selling prices range from $417k (Decoplage) to $2.5M (Continuum) and what we see is sale price to list price ratios ranging from a low 69% (Decoplage) to a high of 101% (Setai Resort). The best price per square foot was only $426.92 psf at The Collins while the highest was $1,500 psf at The Setai Resort. Much has to do with location and building demand & amenities. The Collins is an excellent oceanfront condo conversion in mid beach while the Setai is the sought after and highly desired South Beach Resort. Akoya and Continuum each sold at $581 psf and $1220 psf respectively. The infamous Kevin Tomlinson of EWM sold The Continuum unit after 280 days on the market and saving his customer 16% off the asking price! I’m always inspired by the SoBe Realtor elite and learn a lot when reviewing their sales figures. On average, sale price to list price ratios are at 89% saving today’s buyers 11% off the already greatly reduced asking prices. This month pending sales for Miami Beach FL real estate are very low at only 3 currently under contract (2 at Blue Diamond)! Why is this? My opinion is location vs. selling price per square foot. South Beach is and will always be HOT real estate and in demand. The difference is Sunny Isles real estate sells for a much better price per square foot ($824psf SoBe vs. $569psf SIB) and has a lot to offer new residents with it’s convenience to Aventura, Bal Harbour real estate and both Ft. Lauderdale and Miami International Airports! If it’s the action you desire, I strongly recommend Miami Beach FL real estate yet Sunny Isles real estate is only 20 minutes to all the SoBe excitement. Today’s end users and even investors are penny wise to make smart investment decisions on South East Florida real estate. International Buyer’s are taking advantage of a soft real estate market and the weak dollar offering VERY aggressive prices today on Sunny Isles luxury condos. The new Sunny Isles Millionaires Row is just tremendous with Trump going all out like he did in NYC when the values were down. Trump now has 4 new signature towers finishing this year on into 4Q 2009 along with both Jade Ocean and Jade Beach which I’m super excited about. The selection today for buyers is great but at times may be confusing. The help of a Realtor assisted sale makes the work, time and stress so much less for today’s Southeast Florida Buyers. Contact me to discuss this blog by commenting below or call anytime to talk Miami Beach FL real estate sales.