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 #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

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.

In keeping up with the latest blog postings for Miami Dade County, I came across Lucas Lechuga’s excellent blog posting on ‘Brickell Condo Index’ and in reviewing his comments, realize we really do need this for the oceanfront communities of Miami Dade. So here is the first Sunny Isles Beach Condo Index showing stats and trends for the most desirable luxury towers along the ocean. This data was collected from the Multiple Listing Service (Live MLS Here) on May 3rd, 2008.

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

• Acqualina – 17875 Collins Avenue I (26 of 247 or 11% active) I $2.375M I $759 psf
• Jade Beach – 17001 Collins Avenue I (7 of 255 or 3% active) I $1.724M I $874 psf
• La Perla – 16699 Collins Avenue I (55 of 326 or 17% active) I $655K I $447.44 psf
• M Resort – 18683 Collins Avenue I (35 of 210 or 17% active) I $581K I $518 psf
• Ocean Four – 17201 Collins Avenue I (93 of 281 or 33% active) I $1.108M I $536 psf
• Ocean Three – 18911 Collins Avenue I (28 of 215 or 13% active) I $1.344M I $531 psf
• Ocean Two – 19111 Collins Avenue I (23 of 254 or 9% active) I $1.117M I $494 psf
• Pinnacle – 17555 Collins Avenue I (62 of 244 or 25%) I $1.101M I $576 psf
• Sayan – 16275 Collins Avenue I (26 of 88 or 30% active) I $1.201M I $570 psf
• Trump Int’l Beach Resort – 18001 Collins Avenue I (83 of 374 or 22% active I $400K I $579 psf
• Trump Palace – 18101 Collins Avenue I (51 of 275 or 19% active) I $1.234M I $664 psf
• Trump Tower I – 16001 Collins Avenue I (30 of 271 or 11% active) I $1.389M I $579 psf
• Turnberry Ocean Colony North – 16051 Collins Ave I (31 of 130 or 24% active) I $2.661M I $814 psf
• Turnberry Ocean Colony South – 16047 Collins Ave I (29 of 130 or 22% active) I $2.332M I $780 psf

(continue reading…)