JADE Beach, JADE Ocean, JADE Signature | August 2016 | Condo Sales, Statistics, Inventory
Sunny Isles Beach Condo Sales & Statistics
Sunny Isles Beach condo inventory has increased to 1,382 total condos for sale and 136 closed sales in the last 90 days averaging $424 per square foot.
Prices are dropping in our local market but the market has shifted as we find in the most recent Sunny Isles Condo Index. Oceanfront real estate market values noticed considerable price gains over the seven years spanning from 2009 to 2015 and now in 2016, we find a strong buyer’s market with prices declining. With new construction (Jade Signature) on the South side of Jade Beach and on the North side (MUSE) of Jade Ocean, the 01 and 08 lines have also decreased in value. While short-term market concerns have some alarmed, smart long term buyers, see past the noise and towards the future of Sunny Isles Beach. Values will again climb with time, but for now, the market is in favor for the buyer. Sunny Isles Beach condo inventory is on the rise. New construction has taken over Collins Avenue with values beginning at $1,250 and as high as $2,500 per square foot.
Last year 292 Sunny Isles oceanfront condos sold (over $500,000) through our MLS database with an average selling price per square foot of $707 and at 93.5 percent of list price. As of August 2016, 135 Sunny Isles Beach condos have sold (over $500,000) with an average sale price per square foot at $670 SP$/PSF – down 6% from $712 SP$/PSF from APR this year.
In a contrast comparison of luxury oceanfront condos on Collins Avenue and priced over $1M, we see 559 condos for sale today with 77 closed sales this year averaging a sales price per square foot of $765 and selling at 88% of list price.
Reviewing the top 10 luxury condo sales from the last 90 days, we find an average sales price per square foot of $969 and an average asking price per square foot of $1,085 PSF.
The Top 10 Sunny Isles Beach luxury condo sales:
- Regalia | 1 sales reflecting $1,646 PSF
- JADE Ocean | 1 sales reflecting $1203 PSF
- JADE Beach | 1 sales at $837 PSF
- Trump Royale | 2 sales at $862 & $828 PSF
- Trump Palace | 2 sales at $986 & $1,108 PSF
- Trump Towers | 2 sales at $776 & $741 PSF
- Pinnacle | 1 sale at $699 PSF
JADE Beach Condo Inventory, Sales & Rentals
JADE Beach (17001 Collins Avenue) has 22 (9% inventory) JADE Beach condo resales ranging from $898,000 (B1 Model) to $6.250M for a modern ‘Sky Villa’ (D2 model). The 3-Story JADE Beach penthouse ‘Sky Loft Penthouses’ have sold in 2015 and are no longer listed for sale on the open market.
JADE Beach condos have been in demand given the most desirable location & value with an oceanfront lifestyle experienced only in Miami. The average JADE Beach list price per square foot is down to $1,211 ($1,274 PSF in APR). The 90-day average selling price per square foot shows two sales at $837 and $914 PSF at 470 days on market. JADE Beach condo sales in 2016 reflect 8 resales from $875,000 (B1 Model) to $3.240M (E Model).
This year’s median selling price per square foot reflects $950 at 241 days on market. The record high sale price value this year is $1,055 PSF, $1,378 PSF in 2015 and $1,190 PSF in 2014.
In April, there are 20 JADE Beach condos for rent ranging in asking prices from $3,850 (1BR, B1 model) to $15,900 (D Model). This year, 15 Jade Beach condos rented, ranging in values from $3,500 (B1 Model) to $10,500 (E Model).
JADE Ocean Condo Inventory, Sales & Rentals
JADE Ocean (17121 Collins Avenue) stands among the elite luxury condo towers of Sunny Isles Beach. JADE Ocean has 28 condo resales available today with a few spectacular Jade Ocean Penthouse properties and “sky lofts” listed from $4.5M to $6.495M. Interiors on these Penthouse units range from 4-5 Bedrooms and from 4,303 to over 5,000 square feet. There are only 2 mirrored image ‘Sky Lofts’ (per Model) in each JADE building, and very few penthouses compare in Sunny Isles Beach.
Today’s resale prices at Jade Ocean begin with B1 & B2 models from $990,000 to $1.199M respectively.
JADE Ocean’s average asking price per square foot is at $1,275 ($1,344 in April) and buyers today are finding the selection most attractive. In the last 90 days, two sales have occurred from $1.250M to $4.650M (B2 & D Models). The record high sale price was in 2015 selling over $1,400 per square foot. This year, seven sales occurred with the average selling price per square foot $1,032 at 240 days on market. Last year’s record high sale went to $1,513 per square foot ($1,397 in 2014) while this year, we see $1,267 PSF as we enter a very strong buyer’s market.
There are 27 JADE Ocean rentals listed in August with prices ranging from $4,250 (B1 Model) to $32,000 for a beautifully furnished Jade Ocean Penthouse. This year 11 condos rented ranging in values from $3,300 (B1 model) to an D Model renting at $12,000 unfurnished.
While some prefer JADE Beach as a place to call home, JADE Ocean condos have sold at a higher price point offering clear advantages to many.
(16901 Collins Avenue) JADE Signature is on its way in 2017 in combining luxury + function + lifestyle in Sunny Isles Beach. Jade Signature will offer incredible floor plans and desirable open outdoor living environments. Construction is ongoing with the crews working full force on the progress of the final addition to the JADE Sunny Isles Condo Trio. Jade Signature Condos are spacious, functional and well, new. I am bullish on the success and demand at Jade Signature!
Today’s prices are over $1,350 per square foot – All one bedrooms have sold (waiting list to buy) while only larger 3+ bedrooms remain. Today, approximately 90% of the JADE Signature project has been sold. To inquire about buying a new condo in JADE Signature, contact me for available pricing by inquiring below.
List Your Property with Ashton Coleman
I provide outstanding exposure with global marketing and a tech-savvy style like no other. Market knowledge goes a long way and customers want to know today’s real estate climate in Sunny Isles Beach. I have a proven track record in Southeast Florida, and I’m available to market your JADE property effectively here on the JADE Condos authority site plus many other websites you’ll find below.
I’m a Miami area real estate specialist with over 14 years of experience. Besides personal marketing, I offer the prestige & reputation of ONE Sotheby’s International Realty with global exposure and marketing channels that are beyond the extraordinary. For further details on a superior marketing strategy and results whether selling or leasing your property, reach out today and let’s begin!
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