Edition #9: October 2012 Sunny Isles Condo Index

We’ll be reviewing the latest  trends and comparing the luxury oceanfront market from the 1Q 2012 Condo Index to today’s updated 4Q 2012 Sunny Isles Condo Index including premier oceanfront condo 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  Trump International Beach Resort, Merenas Resort, Ocean Point and Sole on the Ocean. What will be analyzed more specifically in this post are luxury oceanfront condo buildings, statistics & new 2012 trends for the most desirable luxury towers along the coastline of Sunny Isles Beach.

Sunny Isles Beach Condo Index (4Q 2012)

As of October 23rd, we are noting 554 total condos for sale in Sunny Isles Beach down 19% from the January 2012 Condo Index. In the last 30 days, there have been 66 total closed sales. In the last 90 days, 297 condos have sold averaging $354 per square foot with a 98% Sale to List Price Ratio and 123 days on market. In the same 90 day period of January 2012, there had been 212 condos sold averaging $264 per square foot (Sold values Up 11% over January 2012) with a 94% Sale to List Price Ratio and 163 days on market.

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

•  Acqualina- 17875 – 17885 Collins Avenue | 9 of 247 or 4% | Ave List Price $2.385M | Ave PPSF $1049
• JADE Beach – 17001 Collins Avenue | 17 of 248 or 7% | Ave List Price $2.398M | Ave PPSF $960
• JADE Ocean – 17121 Collins Avenue | 11 of 250 or 4% | Ave List Price $3.977M | Ave PPSF $1,240
• Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 8 of 130 or 6% | Ave List Price $2.875M | Ave PPSF $1036
• Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 8 of 130 or 6% | Ave List Price $4.235M | Ave PPSF $1113
• Trump Palace – 18101 Collins Avenue | 12 of 275 or 4% | Ave List Price $2.082M | Ave PPSF $958
• Trump Royale – 18201 Collins Avenue | 14 of 384 or 4%| Ave list Price $1.488M | Ave PPSF $803
• Trump Tower I – 16001 Collins Avenue | 17 of 271 or 6% | Ave List Price $1.591M | Ave PPSF $664
• Trump Tower II – 15901 Collins Avenue | 12 of 271 or 4% | Ave List Price $1.491M | Ave PPSF $670
• Trump Tower III – 15811 Collins Avenue| 13 of 271 or 5% | Ave List Price $1.366M | Ave PPSF $685
• Sayan- 16275 Collins Avenue | 5 of 88 or 6% | Ave List Price $1.034M | Ave PPSF $648
• Ocean Four – 17201 Collins Avenue | 9 of 281 or 3% | Ave List Price $1.160M | Ave PPSF $584
• Ocean Three – 18911 Collins Avenue | 5 of 215 or 2% | Ave List Price $1.358M | Ave PPSF $542
• Ocean Two – 19111 Collins Avenue | 8 of 254 or 3% | Ave List Price $1.272M | Ave PPSF $546
• Ocean One – 19333 Collins Avenue | 5 of 241 or 2% | Ave List Price $996k | Ave PPSF $478
• Millennium – 18671 Collins Avenue | 3 of 120 or 3% | Ave List Price $1.781M | Ave PPSF $623
• Pinnacle – 17555 Collins Avenue | 11 of 244 or 5% | Ave List Price $1.392M | Ave PPSF $627
• La Perla- 16699 Collins Avenue | 15 of 326 or 5% | Ave List Price $767k | Ave PPSF $510

Ave. Price Per Square Foot on Condos SOLD within the last 6 months, Sale Price to List and # Days On Market

• Acqualina- 17885 Collins Avenue | 12 Closed Sales at $844 PSF (2% increase in PPSF since 1Q 2012) | 95% SP/LP | 310 DOM
• JADE Beach- 17001 Collins Avenue | 19 Closed Sales at $762 PSF (24% increase in PPSF since 1Q 2012) | 93% SP/LP | 231 DOM
• JADE Ocean- 17121 Collins Avenue | 9 Closed Sales at $840 PSF (14% increase in PPSF since 1Q 2012) | 91% SP/LP | 156 DOM
• Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 4 Closed Sales at $876 PSF (18% increase in PPSF since 1Q 2012) | 91% SP/LP | 168 DOM
• Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 3 Closed Sales at $798 PSF (12% increase in PPSF since 1Q 2012) | 97% SP/LP | 107  DOM
• Trump Palace – 18101 Collins Avenue | 11 Closed Sales at $595 PSF (13% increase in PPSF since 1Q 2012) | 97% SP/LP | 343 DOM
• Trump Royale – 18201 Collins Avenue | 6 Closed Sales at $572 PSF (13% increase in PPSF since 1Q 2012) | 95% SP/LP | 100 DOM
• Trump Tower I – 16001 Collins Avenue | 16 Closed Sales at $533 PSF (same% in PPSF since 1Q 2012) | 94% SP/LP | 214 DOM
• Trump Tower II – 15901 Collins Avenue | 10 Closed Sales at $534 PSF (18% increase in PPSF since 1Q 2012) | 101% SP/LP | 185 DOM
• Trump Tower III – 15811 Collins Avenue | 2 Closed Sales at $546 PSF (NEW Results) | 95% SP/LP | 35 DOM
• Sayan- 16275 Collins Avenue | 5 Closed Sales at $444 PSF (27% increase in PPSF since 1Q 2012) | 104% SP/LP | 125 DOM
• Ocean Four – 17201 Collins Avenue | 19 Closed Sales at $499 PSF (18% increase in PPSF since 1Q 2012) | 96% SP/LP | 231 DOM
• Ocean Three – 18911 Collins Avenue | 9 Closed Sales at $429 PSF (10% increase in PPSF since 1Q 2012) | 88% SP/LP | 168 DOM
• Ocean Two – 19111 Collins Avenue | 8 Closed Sales at $494 PSF (19% increase in PPSF since 1Q 2012) | 95% SP/LP | 122 DOM
• Ocean One – 19333 Collins Avenue | 7 Closed Sales at $375 PSF (20% increase in PPSF since 1Q 2012) | 92% SP/LP | 75 DOM
• Millennium – 18671 Collins Avenue | 4 Closed Sales at $441 PSF (10% decrease in PPSF since 1Q 2012) | 96% SP/LP | 249 DOM
• Pinnacle – 17555 Collins Avenue | 8 Closed Sales at $526 PSF (23% increase in PPSF since 1Q 2012) | 94% SP/LP | 152 DOM
• La Perla- 16699 Collins Avenue | 21 Closed Sales at $440 PSF (18% increase in PPSF since 1Q 2012) | 97% SP/LP | 111 DOM

Sunny Isles Beach Condo Index Summary

Sunny Isles Beach condo inventory is way down hovering 554 total condos for sale while property values have increased considerably (16% PSF Average). The average buyer discounts have decreased along with the number of days on the market it takes to sell a condominium. These oceanfront condo towers now have very healthy inventory figures as shown above in blue with less than an average 4% available. Each building & property will tell a different story on sales and trends while the bottom line is that the Sunny Isles Beach condo market has shown major signs of improvement (since 2009) on oceanfront real estate. It’s still an awesome time to buy Miami Beach real estate as long as you and the family will enjoy the property for years to come. Miami Dade County Beaches are in big demand and a very desirable place to call home.

Buyers ready for an oceanfront 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 pricing and leverage but we are consistently seeing multiple cash offers and dwindling inventory which are driving up values as we noted the 16% gain from earlier this year. As this new year comes to an end and inventory continues to decrease, I believe prices will show in favor for continued improvement and a fast transition back to a sellers market.

Selling or Leasing Your Condo? Now is the Time! Call or email me now for a personalized market report and global marketing plan surely to gain proper exposure for your condominium. Let’s start marketing today at 1. 888.383.7326 or direct 1. 305.978.7704.

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 the ultimate 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!

(Figures are derived from the South Florida Regional Multiple Listing Service October 2012)

Edition #8 of the January 2012 Sunny Isles Condo Index

We’ll be reviewing the latest  trends and comparing the luxury oceanfront market from the 1Q 2011 Condo Index to today’s updated 1Q 2012 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  Trump International Beach Resort, Merenas Resort, Ocean Point and Sole on the Ocean.

Sunny Isles Beach Condo Index (1Q 2012)

As of January 2nd, we are noting 688 total condos for sale in Sunny Isles Beach down 19% from the May 2011 Condo Index.

In the prior 30 days, there have been 62 total closed sales. In the last 90 days, 212 condos have sold averaging $264 per square foot with a 94% Sale to List Price Ratio and 163 days on market. In the same 90 day period of January 2nd 2011, there had been 207 condos sold averaging $221 per square foot (Sold values UP 16% over January 2011) with a 93% Sale to List Price Ratio and 123 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 – 17885 Collins Avenue | 16 of 247 or 6%| Ave List Price $2.257M | Ave PPSF $880
• JADE Beach – 17001 Collins Avenue | 19 of 248 or 8% | Ave List Price $2.645M | Ave PPSF $828
• JADE Ocean (Sold Out 2011) – 17121 Collins Avenue | 11 of 250 or 4% | Ave List Price $2.785M | Ave PPSF $1,081
• Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 7 of 130 or 5% | Ave List Price $2.802M | Ave PPSF $931
• Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 10 of 130 or 8% | Ave List Price $2.734M | Ave PPSF $932
• Trump Palace – 18101 Collins Avenue | 20 of 275 or 7% | Ave List Price $1.611M | Ave PPSF $738
• Trump Royale – 18201 Collins Avenue | 12 of 384 or 3%| Ave list Price $1.186M | Ave PPSF $619
• Trump Tower I – 16001 Collins Avenue | 28 of 271 or 10% | Ave List Price $1.285M | Ave PPSF $571
• Trump Tower II – 15901 Collins Avenue | 12 of 271 or 4% | Ave List Price $1.322M | Ave PPSF $583
• Trump Tower III – 15850 Collins Avenue | Developer Inventory Now Selling
• Sayan- 16275 Collins Avenue | 13 of 88 or 15% | Ave List Price $968k | Ave PPSF $533
• Ocean Four – 17201 Collins Avenue | 18 of 281 or 7% | Ave List Price $913k | Ave PPSF $509
• Ocean Three – 18911 Collins Avenue | 17 of 215 or 8% | Ave List Price $1.413M | Ave PPSF $473
• Ocean Two – 19111 Collins Avenue | 8 of 254 or 3% | Ave List Price $1.070M | Ave PPSF $472
• Ocean One – 19333 Collins Avenue | 5 of 241 or 2% | Ave List Price $956k | Ave PPSF $412
• Millennium – 18671 Collins Avenue | 6 of 120 or 5% | Ave List Price $1.223M | Ave PPSF $578
• Pinnacle – 17555 Collins Avenue | 11 of 244 or 5% | Ave List Price $1.164M | Ave PPSF $554
• La Perla- 16699 Collins Avenue | 17 of 326 or 5% | Ave List Price $700k | Ave PPSF $482

Ave. Price Per Square Foot on Condos SOLD within the last 6 months, Sale Price to List and # Days On Market

• Acqualina- 17885 Collins Avenue | 4 Closed Sales at $823 PSF (12% increase in PPSF since 2Q 2011) | 87% SP/LP | 185 DOM
• JADE Beach- 17001 Collins Avenue | 12 Closed Sales at $582 PSF (11% increase in PPSF since 2Q 2011) | 93% SP/LP | 221 DOM
• JADE Ocean- 17121 Collins Avenue | 3 Closed Sales at $724 PSF (6% increase in PPSF since 2Q 2011) | 84% SP/LP | 276 DOM
• Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 1 Closed Sales at $716 PSF (3% increase in PPSF since 2Q 2011) | 89% SP/LP | 234 DOM
• Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 5 Closed Sales at $700 PSF (5% decrease in PPSF since 2Q 2011) | 88% SP/LP | 406  DOM
• Trump Palace- 18101 Collins Avenue | 6 Closed Sales at $516 PSF (9% increase in PPSF since 2Q 2011) | 94% SP/LP | 310 DOM
• Trump Royale – 18201 Collins Avenue | 11 Closed Sales at $500 PSF (6% increase in PPSF since 2Q 2011) | 95% SP/LP | 181 DOM
• Trump Tower I – 16001 Collins Avenue | 2 Closed Sales at $534 PSF (3% increase in PPSF since 2Q 2011) | 97% SP/LP | 18 DOM
• Trump Tower II – 15901 Collins Avenue | 6 Closed Sales at $438 PSF (13% increase in PPSF since 2Q 2011) | 91% SP/LP | 71 DOM
• Trump Tower III – 15850 Collins Avenue | No Closed MLS Sales & Resales
• Sayan- 16275 Collins Avenue | 5 Closed Sale at $326 PSF (1% decrease in PPSF since 2Q 2011) | 96% SP/LP | 354 DOM
• Ocean Four – 17201 Collins Avenue | 9 Closed Sales at $410 PSF (6% increase in PPSF since 2Q 2011) | 94% SP/LP | 169 DOM
• Ocean Three – 18911 Collins Avenue | 5 Closed Sales at $386 PSF (14% increase in PPSF since 2Q 2011) | 92% SP/LP | 298 DOM
• Ocean Two – 19111 Collins Avenue | 9 Closed Sales at $401 PSF (23% increase in PPSF since 2Q 2011) | 93% SP/LP | 168 DOM
• Ocean One – 19333 Collins Avenue | 3 Closed Sales at $299 PSF (1% decrease in PPSF since 2Q 2011) | 89% SP/LP | 337 DOM
• Millennium – 18671 Collins Avenue | 2 Closed Sales at $489 PSF (18% increase in PPSF since 2Q 2011) | 93% SP/LP | 255 DOM
• Pinnacle – 17555 Collins Avenue | 9 Closed Sales at $405 PSF (5% decrease in PPSF since 2Q 2011) | 93% SP/LP | 358 DOM
• La Perla- 16699 Collins Avenue | 11 Closed Sales at $362 PSF (2% increase in PPSF since 2Q 2011) | 94% SP/LP | 314 DOM

Sunny Isles Beach Condo Index Summary

Sunny Isles Beach condo inventory is down hovering 688 total condos for sale while property values have increased considerably (16% YTD) as International & domestic buyers purchase these new 2012 deals. Oceanfront condo towers now have very healthy inventory figures as shown above in blue with all but Sayan showing less than 10% available as condo inventory for sale. Each building & property tells a different story and the bottom line is that the Sunny Isles Beach condo market has shown significant signs of improvement since 2009 on oceanfront real estate. It’s still an excellent time to buy Miami Beach real estate as long as you & the family will use the property and enjoy it for years to come.

Selling or Leasing Your Condo? Are you trying to sell or lease with no solid results, little communication with market value updates, aggressive global marketing & overall progress in meeting the goal… Call or email me now for a personalized market report and global marketing plan surely to gain proper exposure for your condominium. Let’s start 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 and dwindling inventory which are driving up values as we noted the 16% gain from a year ago today. The low-end residential condo market is accelerating with 60% of condo sales under $250k. As this new year progresses and inventory continues to decrease, I believe prices will show in favor for continued improvement in the transition back to a sellers market. 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!

(Figures are derived from the South Florida Regional Multiple Listing Service January 2012)

Edition #7 of the 2011 Sunny Isles Condo Index

We’ll be reviewing the latest  trends and comparing the luxury oceanfront market from the 3Q 2010 Sunny Isles Condo Index to today’s updated 2Q 2011 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  Trump International Beach Resort, Merenas Resort, Ocean Point and Sole on the Ocean.

Sunny Isles Beach Condo Index (2Q 2011)

As of May 19th, we are noting 852 total condos for sale in Sunny Isles Beach down 22% from the July 2010 Condo Index. So far in 2011, there have been 361 total closed sales (Figures are derived from the South Florida Regional Multiple Listing Service May 2011) this year. In the last 90 days, 177 condos have sold averaging $247 per square foot with a 99% Sale to List Price Ratio and 140 days on market. In the same 90 day period of July 14th 2010, there had been 176 condos sold averaging $256 per square foot (Sold values down 4% over July 2010) with a 93% Sale to List Price Ratio and 164 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- 17885 Collins Avenue | 22 of 247 or 9%| Ave List Price $1.979M | Ave PPSF $862
• JADE Beach – 17001 Collins Avenue | 32 of 248 or 13% | Ave List Price $1.754M | Ave PPSF $722
• JADE Ocean (26 Developer units remain) – 17121 Collins Avenue | 16 of 250 or 6% | Ave List Price $1.731M | Ave PPSF $765
• Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 9 of 130 or 7% | Ave List Price $2.684M | Ave PPSF $857
• Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 14 of 130 or 11% | Ave List Price $2.787M | Ave PPSF $863
• Trump Palace – 18101 Collins Avenue | 21 of 275 or 8% | Ave List Price $1.316M | Ave PPSF $638
• Trump Royale – 18201 Collins Avenue | 18 of 384 or 5%| Ave list Price $1.027M | Ave PPSF $577
• Trump Tower I – 16001 Collins Avenue | 31 of 271 or 11% | Ave List Price $1.179M | Ave PPSF $527
• Trump Tower II – 15901 Collins Avenue | 11 of 271 or 4% | Ave List Price $1.188M | Ave PPSF $520
• Trump Tower III – 15850 Collins Avenue | Developer Inventory Selling
• Sayan- 16275 Collins Avenue | 12 of 88 or 14% | Ave List Price $1.112M | Ave PPSF $489
• Ocean Four – 17201 Collins Avenue | 29 of 281 or 10% | Ave List Price $1.006M | Ave PPSF $504
• Ocean Three – 18911 Collins Avenue | 18 of 215 or 8% | Ave List Price $1.181M | Ave PPSF $458
• Ocean Two – 19111 Collins Avenue | 11 of 254 or 4% | Ave List Price $1.025M | Ave PPSF $456
• Ocean One – 19333 Collins Avenue | 12 of 241 or 5% | Ave List Price $886k | Ave PPSF $395
• Millennium – 18671 Collins Avenue | 2 of 120 or 2% | Ave List Price $1.325M | Ave PPSF $597
• Pinnacle – 17555 Collins Avenue | 13 of 244 or 5% | Ave List Price $1.037M | Ave PPSF $496
• La Perla- 16699 Collins Avenue | 21 of 326 or 6% | Ave List Price $676k | Ave PPSF $434

Ave. Price Per Square Foot on Condos SOLD within the last 6 months, Sale Price to List and # Days On Market

• Acqualina- 17885 Collins Avenue | 17 Closed Sales at $726 PSF (7% increase in PPSF since 3Q 2010) | 93% SP/LP | 145  DOM
• JADE Beach- 17001 Collins Avenue | 9 Closed Sales at $517 PSF (17% increase in PPSF since 3Q 2010) | 89% SP/LP | 215 DOM
• JADE Ocean- 17121 Collins Avenue | 3 Closed Sales at $678 PSF | 91% SP/LP | 203 DOM
• Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 6 Closed Sales at $691 PSF (2% increase in PPSF since 3Q 2010) | 86% SP/LP | 116 DOM
• Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 4 Closed Sales at $735 PSF (22% increase in PPSF since 3Q 2010) | 86% SP/LP | 122  DOM
• Trump Palace- 18101 Collins Avenue | 10 Closed Sales at $467 PSF (5% decrease in PPSF since 3Q 2010) | 89% SP/LP | 92 DOM
• Trump Royale – 18201 Collins Avenue | 5 Closed Sales at $472 PSF (5% decrease in PPSF since 3Q 2010) | 95% SP/LP | 174 DOM
• Trump Tower I – 16001 Collins Avenue | 2 Closed Sales at $518 PSF (23% increase in PPSF since 3Q 2010) | 95% SP/LP | 92 DOM
• Trump Tower II – 15901 Collins Avenue | 1 Closed Sales at $379 PSF | 92% SP/LP | 62 DOM
• Trump Tower III – 15850 Collins Avenue | No Closed MLS Sales
• Sayan- 16275 Collins Avenue | 2 Closed Sale at $328 PSF | (4% increase in PPSF since 3Q 2010) | 103% SP/LP | 341 DOM
• Ocean Four – 17201 Collins Avenue | 12 Closed Sales at $385 PSF (5% increase in PPSF since 3Q 2010) | 92% SP/LP | 179 DOM
• Ocean Three – 18911 Collins Avenue | 8 Closed Sales at $332 PSF (3% decrease in PPSF since 3Q 2010) | 93% SP/LP | 142 DOM
• Ocean Two – 19111 Collins Avenue | 1 Closed Sales at $309 PSF (26% decrease in PPSF since 3Q 2010) | 92% SP/LP | 136 DOM
• Ocean One – 19333 Collins Avenue | 6 Closed Sales at $302 PSF (6% decrease in PPSF since 3Q 2010) | 96% SP/LP | 134 DOM
• Millennium – 18671 Collins Avenue | 2 Closed Sales at $399 PSF (14% decrease in PPSF since 3Q 2010) | 92% SP/LP | 90 DOM
• Pinnacle – 17555 Collins Avenue | 4 Closed Sales at $425 PSF (22% increase in PPSF since 3Q 2010) | 92% SP/LP | 158 DOM
• La Perla- 16699 Collins Avenue | 13 Closed Sales at $355 PSF (7% increase in PPSF since 3Q 2010) | 96% SP/LP | 195 DOM

Sunny Isles Beach Condo Index Summary

Sunny Isles Beach condo inventory is down hovering 852 total condos for sale while property values have increased (10% YTD) considerably as International & domestic buyers purchase these 2011 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 & property 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 an excellent time to buy Miami Beach real estate as long as you & the family will use it and enjoy it for at least the next few years.

Selling or Leasing Your Condo? Are you trying to sell or lease with no results, communication, market value updates, aggressive global marketing & overall progress in meeting the goal.. Call or email for a personalized market report and global marketing plan surely to gain proper exposure for your condominium. Let’s start 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 10% 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.

Miami has a New Vice of bottom fishing for Miami condo bargains. New condo buyers from the U.S. and abroad are descending on Florida to buy condos that have suffered from depreciation along with the excessive inventory, subprime mortgage crisis and credit crunch. Some are searching for investment properties, confident today’s prices will eventually rebound. Others are hunting for vacation or retirement homes along the Atlantic Ocean.

In heavy hit Miami Dade County (Downtown Miami), condos originally costing as much as $1.4 million at the peak of the market now sell in some cases for $840,000, a 40 percent drop while Oceanfront Condos have dropped approximately 25 percent since 2005. Such price drops have people like Bruce and Suzanne Bowen, of San Juan, Puerto Rico, and fishing for deals. The Bowens have visited Miami three times since November to scout for properties, and recently bought a two bedroom, 1,200 square foot unit on a high floor with Biscayne Bay views in Miami’s fashionable Brickell district. Mr. Bowen made his move after prices in the building fell to $290 a square foot from nearly $400 in September.

Now, the couple is looking for a second condo.“We’ve been coming here for 10 or 12 years, and I know how much cheaper it is today,” says Mr. Bowen, a 46 year old banker. “I may miss the bottom by 10 percent or so, but five years from now, that will be irrelevant. The underlying fundamentals are still very strong here.”

Florida is a reflection of what’s happening across the country. As the price of condos which tend to be popular among investors, retirees and second home owners took a dive in many once hot markets, buyers are emerging to grab Miami properties very cheap. They’re finding plenty to choose from and driving hard bargaining power. Because of Florida’s perennial popularity among real estate investors and vacation and retirement home buyers and as young families have migrated there from other states many areas were flooded with great new projects in recent years. Now, amid the downturn, Florida condo sales are sharply down, off an average of 27 percent in 2007 from the year before, says Sean Snaith, an economist at Orlando’s University of Central Florida.Perhaps nowhere is the carnage as well as the opportunities and risks of condo bottom fishing more evident than in Downtown Miami real estate (Dade County), where about 2,391 condos are currently for sale, according to Multiple Listing Service statistics. Cranes line Downtown Miami’s skyline, and though several projects have been cancelled, new condo towers in various stages of completion rise up everywhere. By most estimates, 2,000 to 5,000 more condo units will become available over the next 18 to 24 months. Given that about 400 condos are sold in a typical year in the area, the supply overhang means prices may fall further. The result is apparent on Biscayne Boulevard, where four towers sidle against each other. Though the views, location and materials are all similar, two buildings Marina Blue and Ten Museum Park began construction prior to the hurricanes, and units there are priced today at roughly $400 a square foot. The other two 900 Biscayne Bay and the Marquis began going up after the hurricanes and are priced in the $600 per square foot range.

Another potential hazard for buyers is foreclosures. In some buildings, foreclosures represent as much as half the units, according to Florida’s Office of the Condominium Ombudsman. A high foreclosure rate means special assessments will likely be imposed on unit owners of remaining condos at some point to help pay for common maintenance costs. This will unexpectedly raise your cost of ownership. Moreover, foreclosed properties in South Florida tend to be priced near the mortgage amount. Given the run up in prices before the shakeout, that means foreclosure buyers could pay inflated prices at the auction block. A better approach is to simply wait for banks to reclaim property that doesn’t sell at the auction. You’re more likely to be able to negotiate a better bargain then as it hits the market at great pricing.

One crucial note buyer’s should be aware of are the differences in Miami Downtown vs. the Miami Beaches. With limited space and inventory along the Atlantic Ocean, there are not as many foreclosures as found on the mainland of Miami. Buyers with cash might expect 75 to 80 cents on the dollar on oceanfront condos in Sunny Isles and Miami Beach FL real estate. True, the inventory and selection on the ocean is excellent and there are plenty of deals to be had on oceanfront real estate, yet there is no blood bath found along the Beaches as we see in Downtown Miami. MLS Statistics show 2008 properties selling on average at 90 cents on the dollar. Notice the Bank United’s Black List did not contain one oceanfront property! My perspective is another 18 months of great Miami Oceanfront Deals. Take advantage of today’s low interest rates if you must finance, buy and hold as to time this market perfectly is a roll of the dice. To buy at the bottom and sell at the top is everyone’s desire but also an easy target to miss.

This article originated from the Wall Street Journal and the original article was written by Jeff Opdyke Sunday March 2, 2008. Feel free to add your insights and thoughts to this blog posting and make it a great day.

Where is the bloodbath in Miami Beach FL and Sunny Isles buyers want to know!? Today’s buyers are now placing frequent offers and soon find that seller’s are only accepting 5 to 10% off the asking prices. What about 30 to 40 cents on the dollar? Where are the foreclosures, bank owned and desperate seller’s the media is portraying along our South East Florida Coast. Well I’m here to tell you that the blood bath has already occurred along the Atlantic, there are properties going under contract and demand is on the rise again. A lot has to do with the winter season, weak dollar, and end users wanting a piece of oceanfront and willing to pay market value. I expect a rebound on Oceanfront by 4th quarter yet a continued lag with new inventory like the new Trump Tower I, II & III and Jade Beach & Jade Ocean. Look for great deals coming up!

In the past 2.5 years property inventory went sky high as speculators took a big step back and the media beat up on S.E. Florida real estate. The mortgage market went south with the subprime crisis as seller’s soon noted the smoke & mirrors that they succumbed to… Prices on average dropped 25% since 4th Q 2005 after a strong 2 years at 29% appreciation. The most recent stats show sale price to list price ratio at 95%! The seller’s (the 1% ile) who are aggressively priced to the market are in fact getting offers with Pending sales on the rise in 2008. Trump Palace 4806 is getting an offer each week. Well it’s a steal at $1.199 with new marble floors going in and now we see the serious offers rising from 29% to now 13% requested off the asking…(it’s in line to sell 1Q at full price)! My forecast is a clear separation between the mainland and the oceanfront as Downtown Miami takes a continued tumble. International buyer’s are taking advantage of oceanfront real estate that softened, the weak dollar and tend to move fast with cash offers. We welcome the loving Canadians and Europeans who look for Florida sunshine and the strengthening Loonie and Euro (now 33% off USD). It’s a strong Buyer’s market in Miami Beach FL real estate and Sunny Isles real estate and those that gamble on the market pay today’s market prices and are in it with a positive 3 year + outlook. Let me know what you think and I appreciate your responses and personal opinions.