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)

Hello friends and only 5 days until 2012! As KT would say, I am a ‘Realtor first and a blogger second’ so please forgive the delay in posting new local information. What we’re reviewing below is the Miami Beach condo sales & trends for 2011 compared to prior years. I plan on doing an updated Sunny Isles Beach condo index soon so stay tuned!

Miami Beach Condo Sales vs. Selling Price Per Square Foot (SP$/SF):

• 2011 – 4,067 Sold at $315 SP/SF (UP 10% YTD)
• 2010 – 3,220 Sold at $282 SP/SF (Down 3% YTD)
• 2009 – 2,515 Sold at $290 SP/SF (Down 30% YTD)
• 2008 – 2,100 Sold at $415 SP/SF (Down 7% YTD)
• 2007 – 1,922 Sold at $448 SP/SF

Available condo inventory today rests at 2,819 with 248 sales last month for an 11 month supply.

All figures derived from the South Florida MLS (Multiple Listing Service) including Miami Beach, South Beach, Bal Harbour, North Bay Village and Sunny Isles Beach.

The summer time buyer mentality is that Miami Beach real estate sales slow and although a steady confidence builds, the month of August proved it to be so…

Statistics for the month reflect 4,514 total condos for sale along the oceanfront communities of South Beach, Miami Beach, Bal Harbour, North Bay Village and Sunny Isles Beach and down 8% over this time last year; up 1% over last month:

** South Beach Condos: 1,673 for sale | 60 Sales in last 30 days | Average Days on Market 145 | Average Buyer Discount 7% | Average PPSF Asking $371/Sold $333

** Miami Beach Condos: 1,229 for sale | 46 Sales in last 30 days | Average Days on Market 127 | Average Buyer Discount 7% | Average PPSF Asking $285/Sold $259

** Bal Harbour Condos: 225 for sale | 11 Sales in last 30 days | Average Days on Market 161 | Average Buyer Discount 10% | Average PPSF Asking $384/Sold $341

** North Bay Village Condos: 243 for sale | 17 Sales in last 30 days | Average Days on Market 102 | Average Buyer Discount 5% | Average PPSF Asking $139/Sold $129

** Sunny Isles Beach Condos: 1,144 for sale | 37 Sales in last 30 days | Average Days on Market 159 | Average Buyer Discount 5% | Average PPSF Asking $256/Sold $235

This video on the Today Show caused many web visitors to try and search for Miami Beach and South Beach Florida condo opportunities under $50,000, only to be greatly disappointed. Whether it be the lack of true condo inventory under $100k, quality of property, the taxes or the monthly fees, most were a bit mislead on the vast opportunity along Miami-Dade County Beaches. For more information on oceanfront locations, buildings or statistics simply write, find me on Live Chat or call me toll free at 1.888.383.7326.

June 2010 – Real Estate Statistics for the Miami Beaches

Visit msnbc.com for breaking news, world news, and news about the economy

Happy New Year friends and this will be post #1 of 2010. Here’s a shocking new thought for 2010… Just because it sold for that price in 2008 & 2009, does it mean you can buy it for that price today? It seems to be happening again and again as inventory decreases.. Will there be a tough time understanding & coping just opposite to the seller reluctancy seen in 2007 as the Miami Beach real estate market came to a standstill?

The buying window of opportunity in “catching the bottom” may be leaving in 2010. My 2010 forecast will be coming in the next few posts as I discuss market stats, trends and the direction this year could go in as relay that NOW is the time to find the bottom of South Beach to Sunny Isles Beach. Sale to List Price Ratio have jumped from 88% to 92%.

On the flipside, we will always find opportunities so if you wait this year to watch I am certain you can find the “deal.” Some buildings are already seeing appreciation. Space 01 for example went up 23% in the last 90 days! 11 Island Avenue has gone up 13% in the last 6 months. Roney Palace is on the direction up and more (FNMA Financing now Approved) to come..

Many would consider condo deals to be under ie) $250k but from $150 to $5.5M, here are my top choices for January 2010 in which I expect sales to occur within the next 60-90 days. I have previewed the majority with customers and these have been the top choices.. these links are LIVE so we’ll all soon find out once the Status changes from Active to Pending to Closed.

• #1 $199k – Indian Creek Club Marina #6F (Short Sale)
• #2 $299k – Bay View Loft #206 (Approved Short Sale)
• #3 $439k - Roney Palace #1539
• #4 $445k – Oceania V #1852 (Corporate Owned)
• #5 $480k - La Perla #3406 (Approved Short Sale)
• #6 $649k – Trump Palace PH5103
• #7 $1.350M – Trump Palace #4902
• #8 $1.399M – Ocean Four #1101
• #9 $3.690M – Jade Ocean D2 (Flow Through only 1 of 2) Penthouse
• #10 $5.395M - Il Villaggio #1405

Preview Daily Updates on Miami Beach | Sunny Isles Condo Deals & Repos

461 Ocean Boulevard

Rich and Famous Flock to Golden Beach.

Celebrities such as Bill Gates, Ricky Martin, Benjamin Rose, Paul Newman are just a few of the many past and present rich and famous residents of Golden Beach. Let’s not forget that famous Eric Clapton album and photo of 461 Ocean Boulevard, which was named after the Golden Beach house located at that address.

In fact, people from all over the world flock to Golden Beach, known not only for its luxury real estate and opulent life style, as well as its pristine sandy beaches with turquoise crystal clear waters, but also for the security and seclusion this community has to offer.

Did you know that Golden Beach has the largest police force of all the surrounding communities? Boy do they do a great job monitoring the streets and main road running through Golden Beach, Collins Avenue (also known as State Road A1A and Beachfront Avenue). This stretch of Collins Avenue does not even have sidewalks. If you want access to the beach, you need an invitation from a Golden Beach resident. There is no high rise construction or commercial development even permitted within the town limits.

Golden Beach is bounded by the Atlantic Ocean to the East, the Intracoastal Waterway to the West, and the coastal cities of Hallandale Beach on the North and Sunny Isles Beach to the South. Just a short drive to Miami or Ft. Lauderdale as well.

Located next to Golden Beach, you will find the famous Shoppes of Bal Harbour and some of the finest area dining, cultural centers and sports venues. You will also find the historic beach pavilion, three parks and much more. Golden Beach real estate consists of some of the most exclusive, upscale oceanfront luxury properties in the area as well as Intracoastal and dry lot homes. Prices are hefty starting in the million range up to $18,000,000+.

If you are looking for the life of luxury, then Golden Beach real estate, Bal Harbour real estate,  Sunny Isles Beach real estate, Miami Beach real estate and South Beach real estate are some of the best places to start. Golden Beach is centrally located and convenient to local area local airports. Only 18 miles from Miami International Airport and 15 miles from Ft. Lauderdale International and the Everglades.

Call for further information on the Golden Beach residential oceanfront community! 1.888.383.7326

What’s happening in Sunny Isles Beach and where are these great deals? With 225 luxury condos priced over $1M, where would one begin? In looking at new construction from 2005 and on the inventory falls to 175 with ZERO bank owned and surprisingly only 5 short sales. I’m going to begin looking at the lowest possible price per square foot and start with $500 in which we see the inventory drop to TWENTY! In continuing to weed out the bad from the good, I’ll eliminate 3 at Oceanika Villas which hasn’t even broke ground yet leaving 17 top potentials.

Sunny Isles Beach Condo Deals Here

Price Bands of # of condos for sale in Sunny Isles Beach

>$250 – 366

$250 – $499k – 283

$500 – $749k – 167

$750 – $999k – 131

$1M -$1.999M – 176

$2M -$2.999M – 31

$3M -$3.999M – 11

$4M -$4.999M – 6

$5M -$5.999M – 2

Total – 1,173

What’s happening in the luxury tier of closed condo sales of Sunny Isles Real Estate? As of the last 90 days, 13 luxury oceanfront condos have sold in the price ranges of $1M to $4.999M. Interesting to note that only 1 of 13 closed above $2M showing where real buyers are prepared to go financially given the current market. Leading the pack was Acqualina with the record high sale and a staggering 37% discount off list price ($7.9M). Additional highlights show Turnberry Ocean Colony leading with the highest number of condos closed at 7. Ocean Four, Jade Beach, Trump Tower I, Trump Palace fall in line respectively. Average selling price per square foot is $499. Average days on market at 177 and the average Sale to List Price is at 89%.

Price Bands of # of condos SOLD (last 90 days) in Sunny Isles Beach

>$249 – 87

$250 – $499 – 26

$500 – $749k – 14

$750 – $999k – 11

$1M – $1.999M – 11

$2M – $2.999M – 1

$3M – $3.999M – 0

$4M – $4.999M – 1

$5M – $5.999M – 0

Total - 151

Sunny Isles Beach Condos For Sale vs. Sold

Sunny Isles Beach Months of Inventory

These graphs show the inventory trends and closed sales moving in the right direction for recovery. If these graph trends stay relative we could begin to see solid stabilization next year. The inventory still reflects a 25 month supply so there are great buying opportunities as seller’s still have strong competition and duration concerns when liquidity in selling is a must. Inventory has dropped from 41 months to 25 months, while closed sales have doubled over this time last year! In summary, still a good inventory selection with trends showing favor to “local” market improvement… we’re looking good Sunny Isles!~ Want more information on Sunny Isles Beach condos for sale or have insights & opinions, leave a comment below for the readers to see.

New ways are being created to impress tourists and locals with the opening of the Sunny Isles  Beach Visitors Center located in the Sunny Isles Beach Government Center at 18070 Collins Avenue. Staff members will be there to answer questions on what to do, where to eat, shop & party while visiting this popular tourist town. Maps & brochures of all Miami attractions are free to the public with expert local assistance on the ideal hotel or restaurant to suit your needs. Sunny Isles Beach now has over 10 hotels and 20+ restaurants with a world cuisine available. Information is also provided on the local shuttle bus which will span Collins Avenue offering the public free transportation. There are plans in the works which will soon be running a free shuttle into South Beach for additional Miami Beach fun.

The visitors center will also be selling Sunny Isles Beach merchandise including T-shirts, travel clocks, beach towels, and posters of this great city. For rainy days stop in for a cool Sunny Isles Beach umbrella! The visitors center doubles as a welcome center for new residents and a mecca for history fans wanting to learn all they can about Sunny Isles Beach. This new visitors center is open Monday through Saturday from 10-4pm and located on the west side of Collins & 180th Street. For information, call 305.792.1952 or stop in and say hello!

“In partnership with the Greater Miami Convention and Visitors Bureau, the visitor center also sells The Go Miami Card — an all-attractions pass that allows entry into some of Miami’s touristy spots like the Metro Zoo, Miami Seaquarium, Vizcaya and Jungle Island.” - artcle via MiamiHerald

Bal Harbour residents have long advocated for improvements to their beach, which has shrunk to small dunes in some places thanks to natural erosion and several active hurricane seasons.

Bal Harbour real estate is placing a band-aid on its beaches which have seen major erosion in the past few years. Currently the replenishment project is underway with the city dumping money ($8.2 million!) and truck loads of sand to assist prior to the hurricane season in an effort to remedy the problem and prepare for any additional erosion. Congress woman Ileana Ros-Lehtinen has been working diligently with the US Army Corps of Engineers to allow foreign sand to be brought in thus speeding up the re-nourishing process. Last week, one of many Caterpillar trucks hauling beach quality sand from Orlando to Miami Dade began dumping it’s cargo on Bal Harbour’s beach. The sand is being dumped to add height and width to beaches in Bal Harbour, Sunny Isles Beach and Miami Beach. State and county funds are being used for the re-nourishment project, which will cost an estimated $10 million and expected to last six more weeks. The beaches are open to the public except for the immediate areas where dumping is taking place.

Are you a resident concerned on the erosion of Bal Harbour? I’ve noticed Bal Harbour beaches have it the worst out of all Miami Dade Beaches with very little room for additional erosion as you can see in the picture above. An additional concern is seeking quality sand and where this source may be found. Let the readers hear your thoughts and suggestions on the erosion remedy.. Inquiring minds would like to know!

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…

In researching Miami Beach condo inventory Q2 2009

including the Dade County entities of South Beach, Miami Beach, North Bay Village, Surfside, Bal Harbour and Sunny Isles Beach we have an inventory on May 11th 2009 at 5,677 (6,073 from May REO analysis and down 7%) total condos.

Out of those, how many would you guess are REO (Real Estate ‘Bank’ Owned)?….  only 80 (Bank Owned Down 27% from March 109 selection)  along the Dade County beaches or 1%. How many are short sales…? Miami Dade “beaches” short sales reflect 1,068 (Down 6% from May’s short sale selection of 1,131) or 19% of total condo inventory. These figures are derived from the South East Florida MLS (Multiple Listing Service).

MLS STATS show the Average REO (Real Estate Owned) Miami Beach List price is at $287,608 (Down 2% from March figures averaging $294,389) ~ Ave. list price per square foot cost at $260PSF (Up 13% over March $226PSF “asking“ prices) and average square footage at 1,069 SF.

These are the Best 20 MIAMI BEACH BANK OWNED (REO) DEALS.

I assure you I know local inventory and relay the very best… Miami Beach, Sunny Isles condo deals here {REO Miami Beach Bank Owned Condos Here} Click on any photo to enlarge. Feel free to post a comment with insights or questions pertaining… You will see ‘Pending’ in the upper left corner as these desirable condos soon go under contract fast! First Time Home Buyers are taking advantage of the new affordable selection plus $8,000 tax credit while Miami Beach Investors Note 2% to 5% ROI when owned outright. The truth is in the numbers, 1.888.383.7326.

You go Kris!

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.

Aerial Oceanfront Image

Sky Development who is known for Da Vinci on the Ocean and City Park in Aventura, has just announced the purchase of what may be the last remaining parcel of Atlantic oceanfront land in Sunny Isles Beach. The plans are to build a 300 room full service hotel that had recently been slated for a 69 unit condo tower. Gavin Susman, cheif executive officer of the Aventura based devloper, said the company paid $9.6 M on July 14th, for an .88 of an acre (38,332 Sq Ft.) parcel right on Sunny Isles Beach. Gavin Susman said Sky Development Inc. bought it because of it being such a great deal. The hotel is going to be built in partnership with R.K. Properties which dominates the commercial sector in Miami Beaches. ~ Sky Development

Heard it through the grapevine (Update on JULY 22nd). The oceanfront parcel purchased IS the Da Vinci on the Ocean project. The developer MAY be turning this parcel into a Nikki Beach Club style public beach club… my sources are not 100% but knows inside information as to R.K. Properties and new developments. If this rumor is true, Sunny Isles Beach would get outstanding new attention with this new public beach club. It would be amazing for this area slightly lacking in the “fun factor”. If anyone knows the facts or has additional insights, please advise the readers!

Sunny Isles Beach, Florida

is a two mile stretch of white sandy beaches just 15 minutes north of Miami Beach and 5 minutes from Bal Harbour. In the 1950′s, Frank Sinatra and his cronies played here occassionally ducking out to bet on jai alai and dog races as it was once known as the Vegas of Florida. Now this former Rat Pack playground has come back to life with a fury and is experiencing an exceptional luxury oceanfront condo & condo hotel boom it has ever seen.

With the overcrowding and over hype of South Beach, sun seekers are coming to Sunny Isles as the area is seeing a proliferation of luxury development and high class restaurants. New celebrity residents and European Investors are seeing the great value along the ocean and snapping up shiny condo deals including Terrell Owens of the Dallas Cowboys, according to the New York Times. Here we find the first class services South Beach offers yet a new exclusive location offering additional privacy and a lifestyle of luxury.

• Residents & Buyers + The newest of Oceanfront Condo Portfolio include the Turnberry Ocean Colony, Trump Towers I, II & III, Jade Beach & Jade Ocean, Sayan Condos, Trump Royale and St. Tropez (Bayside). Yes, Trump has been aggressively building seeing the future value as he always does. My favorite Trump quote is… “Don’t wait to buy real estate, buy real estate and wait.”
• Vacationers & Guests + On the Luxury Condo Hotel side, we explore the finest in services at Acqualina (Rosewood Resort), Le Meridian (M Resort), Trump International Beach Resort, Ocean Point (DoubleTree) and Sole on the Ocean offering serenity, rejuvenation & enjoyment.

Acqualina consists of hotel and private condo residences located at 17875 Collins Avenue. Acqualina Hotel is currently the most luxurious condo hotel on the ocean consisting of 97 rooms and starting at $850 night. Acqaulina has attracted hordes of wealthy Brazilians and Russians who arrive in style driving Jaguars, Ferraris and Bentleys. This hotel has ESPA spa which offers Asian elegances with first class pampering.

If the royal treatments put you in the shopping mood, have the chauffeur drive you over to the Bal Harbour shops at 97th and Collins where you’ll soon find the most exclusive open air mall in the country. The Bal Harbour shops have hundreds of designer boutiques to choose from including Gucci, Neiman Marcus, Saks, Yves Saint Laurent and many more.

For dinner there are many great places like Il Mulino (inside Acqualina) or La Vita e’Bella (at The Golden Strand) featuring Italian dishes. Ready for a Miami martini? Head over to Lime Lounge at the Trump International Beach Resort at 18001 Collins where you’ll mingle with a fashionable Miami crowd of locals & celebrities. This Trump Resort like the Acqualina is all about excess as the 32 story resort has groot style swimming pools, air conditioned cabanas and sumptuous rooms.

The next morning start your day walking the peaceful beach at sunrise and looking for that perfect shell. Now that the Rascal House has closed we’ll be patiently waiting for the new Epicure market (coming 2009) where breakfast will dominate Sunny Isles Beach! I continually add to this blog so if you’d like new updates once available, you can be notified by email or by RSS feed (see upper right column) each time a new posting occurs.

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.

Hurray for the new school opening in Sunny Isles Beach this year! Conveniently opening across from Trump Palace and Trump Royale, the school will encompass grades Kindergarten through 8^th grade. Standing 4 stories tall, this will be home to about 1,600 ambitious children and the first public school in Sunny Isles. The City’s Commission Chambers were opened to the excited public with a record number turnout as crowds had to watch from a television outside.

”It’s the biggest turnout that I remember our city having since, I think, the day the city incorporated,” said Mayor Norman Edelcup.

Parents and children asked the most important questions like “Will we have recess?” and “Do we have to go to School?” Answered as a firm Yes,was the new schools new principal Annette Weissman. Formerly the principal at Ojus Elementary spending 8 years there and received an A rating from the state every year during that time. ”My plan is to have Sunny Isles Beach Community School be an A school the first year out,” she said, adding that the school will focus on math, science and technology.

Registration will open in two months so parents get ready! Students from the established school zone will be able to transfer automatically as Highland Oaks, Bay Harbor schools and Ojus qualify. The school also will take in students from Sunny Isles Beach, Golden Beach and North Miami Beach’s Eastern Shores subdivision. Those outside the area can seek a transfer through their current schools, but a spot is not guaranteed. The school will stop taking transfers when it reaches 100 percent capacity. Classroom sizes will be capped at 18 students in grades Kindergarten through 3^rd grades and 20 students in grades 4^th through 8th as mandated by law. Required for your child’s registration is proof of address and immunizations along with the student’s last report card. The school will offer the encompassing curriculum required at all county public schools, including Spanish classes, art and music, a gifted program and many after school opportunities through a joint use agreement with the city’s community center, which has a gymnasium and a baseball field for your children.

“Everything will be functioning by the time the school opens, including a cafeteria, library, media center and a bevy of interactive smart boards,”said project manager Dennis Caserta. ”You will be shocked and surprised by all the extras and the size of the rooms,”said Vice Mayor Lewis Thaler, who took a tour of the building.

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The students will be separated by ages Kindergarten through 1st on the first floor, grades 2 through 3 on the second, 4^th through 5th on the third and 6^ththrough 8th on the fourth floor. A free pre K program will start in August as well and run from 8:30 to 11:30 a.m. Monday through Friday. For an extra fee, kids can stay until 2:30 p.m. The school will initially open as a Kindergarten through 6th. In the fall of 2009, 7th grade will be added. Eighth grade will come the year after. Parents, who eagerly have been awaiting the school for years as the city evolved from a retirement community to a family based environment, clapped approvingly during the meeting and were optimistic about the school’s possibilities. Feel free to add any additional comments you may have regarding this new school in Sunny Isles Beach! Please Call the School Directly at CONTACT NUMBER IS (305) 792-1807

Trump Palace is one of my top choices for luxury living in Sunny Isles Beach. The Trump Palace amenities are private compared to the adjacent Trump International Sonesta (resort condo hotel) yet easily accessed and completely open to residents of either tower including the new Trump Royale. Today we are seeing some of the best deals being purchased for under $1.3M. The 3 bedroom units consist of approximately 2700 square feet and we see 11 sold units or about 1 each month so far this year. The closed sales ranged from $1.350 to $1.750M but with today’s elevated inventory, we see many seller’s who have today positioned theirs at $1.2M and up. These are equipped with state of the art kitchens (Miele, Sub Zero, Grohe), his &hers closets and flow through designs showcasing the best views of both Ocean and Bay. Below we’ll review the trends of 2007. What we see here is approximately 2 to 3 units selling each month at an average price per square foot of $650. My 2008 forecast for Trump Palace is selling prices in the $500′s per square foot with 3 to 4 selling monthly. Today the best deal is unit 4806 (flow through) priced at $1.199M with additional seller contributions.

Call or write for additional information..your comments are appreciated.