Sunny Isles Beach Luxury Condo Sales & Statistics
Sunny Isles Beach condo inventory increased last month to 1,127 total condos for sale and 46 closed sales in the last 30 days (24.5 month supply). So far in 2010, 451 Sunny Isles Beach condos have sold via MLS database with an average sale price per square foot at $241 per square foot. In a contrast comparison of luxury oceanfront condos specific to Collins Avenue and over $500k, we see 490 condos for sale with 121 closed sales so far this year averaging a selling price per square foot of $422 psf and selling at 89% of list price. If we take the top 10% of 2010 luxury condo sales, we find an average sales price per square foot of $652 and an average asking price per square foot of $755 psf reflecting an average 13% 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 10 Sunny Isles Beach luxury condo sales from the last 90 days were found at Acqualina with 2 sales reflecting $784 & $714 per square foot. Turnberry Ocean Colony had 6 sales at $733, $643, $625, $605, $551 & $704 per square foot. JADE Beach #4501 sold at $2M ($645 SP/SF) setting a new record ‘resale’ high..
What are the latest happenings & the very best condo deals at JADE Ocean & JADE Beach Miami in August 2010? Sunny Isles Beach condo inventory has decreased 11% year to date while sale to list price ratios are averaging 94% for the month of July. I’ll explore the fine analytics below and continue educating everyone interested in these modern oceanfront condo towers known as JADE Beach & JADE Ocean. On to the August 2010 JADE Condo details…
(17001CollinsAvenue.com) Fortune has sold out of their remaining inventory as of 2010 1Q after almost two years of occupancy and we now have 42 (17% inventory) JADE Beach resales ranging in values from $499,000 (Low Floor B1 Model) to an impressive JADE Beach penthouse ‘Sky Loft’ resale priced at $11.4M (3 Story Jade Beach I line Penthouse). The average JADE Beach list price per square foot is reflecting $646 psf (Down 3% from June) with the average selling price per square foot reflecting $476 at 160 days on market and an 88% sale to list price ratio (12% average buyer discount). 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 inquiries have not ceased on the only JADE Beach short sale #1104D which is still pending short sale approval. I expect #1104 to eventually 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 9+ months!
JADE Beach condo rentals have been in demand as new residents test the local market & JADE Beach lifestyle. To date, 50 Jade Beach condos have rented, ranging in rented values from $2,000 (B1 deals) to $7,000 (#1708); 3 Jade Beach rentals are currently under contract with prices ranging from $2,800 (#1603) to $14,000 (#3608) Note; the owner’s representative at Affinity Realty Group needs to change the status on #3608 as it’s been pending for months now. There are 22 JADE Beach condos for rent ranging in asking prices from $2,850 (03 line as B1 model) to $9,000 (#4005 as D model).
(17121CollinsAvenue.com) JADE Ocean has remaining developer inventory with price points hovering in the $600+’s psf. I believe these to be reasonable market values given the uber luxury product with new County records now reflecting 110 recorded deeds or 44% sold. Please Note: there are more sales than this as Miami Dade County takes forever to record new deeds. Jade Beach took almost 2 years to accomplish a sell out and we’re now entering the 13th month of JADE Ocean acquiring its Certificate of Occupancy. There are 13 Jade Ocean condo resales today with the high price on a spectacular 2 Story Jade Ocean Penthouse “sky loft” listed $5.495M with over 5,000 square feet and 4 bedrooms along with a slightly smaller luxury JADE penthouse priced at $3M with just over 3,700 total square feet, 3 bedrooms and 3.5 baths.. There are only 2 mirrored image Sky Lofts per Model in the JADE buildings and few other penthouses comparable in Sunny Isles Beach. The lowest priced resale today is a B2 model priced at $975k which is 33% over JADE Beach (B2 model) asking values. JADE Ocean’s average asking price per square foot is at ~$757 ($743 psf in June) and today’s buyers are finding the developer inventory most attractive in the $600’s per square foot. Differences in JADE Ocean & JADE Beach will be dissected through photos & video this year while the frequent research shows us true market values with new monthly sales statistics show us the latest sales, facts & trends so please stay tuned.
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 and sales increase under $250k. Talk of sold 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 hoping to increase 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 with an enormous International demand.
There are 13 JADE Ocean rentals listed via MLS and the prices are ranging from $3,500 (#1203) to $7,100 for a 3 bedroom (A model). There have been 9 rented condos ranging in values from $2,400 (B1 model) to $6,500 (E Model) to be solid starting figures in a superior building. I believe JADE Ocean will have a very strong finish by the end of 2010 and will make notes as each month shows us new figures.
In Miami, it’s not so much the brokerage name recognition as it is in New York but instead more so dependent on the agent or Realtor® you decide to hire to expose your property properly. When hiring someone to sell or lease your JADE condo, look for strong global marketing with local market knowledge and a proven track record selling luxury condos along Sunny Isles Beach. I’m ready to get started and accepting new JADE Condo listings to market globally here and on my many other sites so please visit (5 Step Marketing) me for further details on a superior 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 the JADECondosSunnyIsles.com authority site. Price points at Turnberry Ocean Colony dropped approximately 20% in 2009 alone and have shown us sales as low as $1M last year while prices today begin at $1.390M and noting fast turnaround with 4 condos under contract this month. 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 MLS listing database while the JADE Ocean, JADE Beach & Turnberry Ocean Colony MLS database access has now also been revamped. 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. Enjoy and thank you for visiting!