Sunny Isles Beach Luxury Condo Sales & Statistics
Sunny Isles Beach condo inventory held constant last month at 1,052 total condos for sale and 35 closed sales in the last 30 days (30 month supply). So far in 2010, 320 Sunny Isles Beach condos have sold via MLS database with an average sale price per square foot at $240 per square foot. In a contrast comparison of luxury oceanfront condos specific to Collins Avenue and over $500k, we see 450 condos for sale with 75 closed sales so far this year averaging a selling price per square foot of $431 psf (Up 8% over last month) and selling at 89% of list price. If we take only the top 10% of 2010 condo sales, we find an average sales price per square foot of $687 and an average asking price per square foot of $786 psf reflecting an average 12% discount for new buyers in the Sunny Isles Beach luxury real estate market. Last year 161 oceanfront condos over $500k sold via MLS with an average selling price per square foot of $420. The top 8 Sunny Isles Beach luxury condo sales from the last 90 days were found at Acqualina with 5 sales reflecting $740, $785, $589 & $649 per square foot. Turnberry Ocean Colony had 3 sales at $733, $660 & $649 per square foot. JADE Beach #4501 sold at $2M ($645 SP/SF) setting a new record resale high..
What is the latest & greatest at JADE Ocean & JADE Beach Miami in June 2010? Sunny Isles Beach condo inventory has decreased 6% year to date while sale to list price ratios are averaging 93% for the month of May. I’ll explore the fine analytics below and continue educating everyone interested in these new oceanfront condo towers known as JADE Beach & JADE Ocean. On to the June 2010 JADE Condo details…
JADE Beach Condo Inventory, Sales & Rentals
(17001CollinsAvenue.com) Fortune has already sold out their inventory as of 2010 1Q after almost two years of occupancy and we are awaiting the turn over to the condo board. We now have 44 (18% inventory) JADE Beach MLS resales ranging in values from $499,000 (Low Floor B1 Model) to an impressive JADE Beach penthouse listing priced at $11M (2 Story Jade Beach Penthouse). JADE Beach condo sales have been reported on the MLS with 9 resale values from $468k (B1 Model at $468 psf) to $2M (E Model at $645 per square foot) setting a new record high in resale values. The average JADE Beach list price per square foot is reflecting $663 psf (Down 1% from May) with the average selling price per square foot reflecting $476 at 153 days on market and an 88% sale to list price ratio (12% average buyer discount). The inquiries have not ceased on the only JADE Beach short sale #1104D which is still pending short sale approval. I expect #1104 to sell over asking price as $865k may prove to be a “teaser price” with D line values now ranging in sold values from $990k to $1.4M in 2010. This went pending in December and short sales can take an easy 6-9 months!
JADE Beach condo rentals have been in demand as potential buyers test the local market & JADE Beach lifestyle. To date, 42 Jade Beach condos have rented, ranging in rented values from $2,000 (B1 deals) to $7,000 (#1708); 5 Jade Beach rentals are currently under contract with prices ranging from $3,650 (#2602) to $14,000 (#3608); the owner’s representative needs to change the status on #3608 as it’s been pending for months now. There are 24 JADE Beach rentals available ranging in asking prices from $3,000 (02-line as B2 model) to $8,200 (#3208 as E model).
JADE Ocean Condo Inventory, Sales & Rentals
(17121CollinsAvenue.com) JADE Ocean has remaining developer inventory at price points hovering in the $600+’s psf. I do believe this to be market values given the uber luxury product with new County records now reflecting 109 recorded deeds (Up 3% since May) or 44% sold. Please Note: there are more sales than this as Miami Dade County takes awhile to record new deeds. Jade Beach took almost 2 years to accomplish a sell out and we’re now entering the 11th month of JADE Ocean acquiring its Certificate of Occupancy. There are 11 Jade Ocean condo resales today with the high price on a spectacular 2 Story Jade Ocean Penthouse “sky loft” listed November 20th at $2.7M (now priced at $3M) with just over 3,700 total square feet, 3 bedrooms and 3.5 baths.. There are only 2 (C-2’s) in the building and no other penthouses comparable in Sunny Isles Beach other than JADE Beach. The lowest priced resale is a B1 model increased in price from $625k to $684k which is 27% over JADE Beach (B1 model) asking values. JADE Ocean’s average asking price per square foot is at ~$743 ($717 psf in May) and today’s buyers are finding the developer inventory moist attractive in the $600’s per square foot. Differences in JADE Ocean & JADE Beach will be dissected this year showing us true market values while new monthly sales statistics show us the latest sales, facts & trends.
JADE Ocean condos were sold out on a significantly higher price point offering clear advantages in amenities & lifestyle. It seems as though Fortune, the FDIC & Starwood amended the asking prices and adjusted to Sunny Isles Beach oceanfront market values. The residential low end market is noting considerable price gains as inventory decreases. Talk of values going up has been constant across the board along the Miami Dade Beaches… The developer is relaying today’s prices at approximately $600+ psf and increasing prices slowly as sales continue. One thing is for sure, the developer is 100% confident in their product standing firm on current contract negotiations. And why wouldn’t they be firm as JADE Ocean stands among the elite luxury condo towers of Sunny Isles Beach.
There are 18 JADE Ocean rentals listed via MLS and the prices are ranging from $2,575 (#1706) to $7,100 for a 3 bedroom (A model). There have been 7 rented condos ranging in values from $2,400 (B1 model) to $6,500 (E Model) to be solid starting figure in a superior building. I believe JADE Ocean will have a very strong finish by the end of 2010 and we’ll all make notes as each month shows us new figures.
What else would you like to see reported here on the JADE Condo Blog?
Leave a comment and let me know what’s on your mind regarding JADE Beach & JADE Ocean Sunny Isles or any other luxury condo tower along the Miami Dade County coastline. I’m also accepting new JADE Condo listings to market globally here and on my other sites so please visit MiamiDreamRealty.com (5 Step Marketing) for further details on a superior global marketing plan and efficient results whether selling or leasing your oceanfront condo.
In 1Q 2010, I released a new addition to the Sunny Isles Beach condo collection with TurnberryOceanColonySunnyIsles.com website to replicate the fun & success I’ve had with this JADECondosSunnyIsles.com authority site. Price points at Turnberry Ocean Colony had dropped approximately 20% in 2009 alone and have sold as low as $1M last year while prices today begin at $1.390M and noting fast turnaround with 10 condos under contract! Here you’ll find new updates, videos & monthly statistics at the Turnberry Ocean Colony blog. The original MiamiDreamRealty.com was revamped showcasing the entire luxury Southeast Florida Regional MLS listing database while the JADE Ocean, JADE Beach & Turnberry Ocean Colony MLS database access has now also been revamped!
All figures derived from the Southeast Florida Regional MLS service