Jade Sunny Isles Beach Condos | Sales & Statistics February 2018
Sunny Isles Beach Sales & Statistics
Sunny Isles Beach condo inventory today reflects 1,437 ⬆ total condos for sale and 113 closed sales in the last 90 days with a median sale price value of $335 per square foot. Overall, condo prices have declined in our local market as we find in the most recent Sunny Isles Condo Index. Oceanfront real estate values noticed considerable price gains over the eight years spanning from 2009 to 2016 and now in 2018, we find ample supply with limited demand in this strong a strong buyer’s market.
In addition to the residential condo market shifting since 2016 in favor of buyers, we also note the new construction on the South side of Jade Beach with Jade Signature development and on the North side of Jade Ocean with MUSE. With concrete restoration and building maintenance at both Jade Beach & Ocean Towers, we’ve experienced the ongoing construction debris and noise nuisances for a few years now which have temporarily impacted values both for rent and resale. While short-term concerns have some alarmed, savvy buyers with a long-term outlook see past the noise and towards the future of Sunny Isles Beach.
Not just development but also Sunny Isles Beach condo inventory has been on the rise, especially within the ultra high-end segment. New construction has taken over Collins Avenue with oceanfront resale values beginning at $853 and as high as $3,827 per square foot. Last year, 183 Sunny Isles oceanfront condos sold (over $500,000) with an average sale price per square foot of $706 and at 91 percent of list price. As of FEB 2018, 16 Sunny Isles Beach condos have sold (over $500,000) with an average sale price per square foot at $722 SP$/PSF ~ 2.3% appreciation. Of those 16 sales, it has taken the average seller 230 days to sell.
In a similar comparison of luxury oceanfront condos on Collins Avenue and priced over $1M, we see 514 condos for sale today averaging $1,029 per square foot with an average list price of $3.273M. Values will climb again with time, but for now, the market is strongly in favor of the buyer.
Reviewing The Top 10 luxury condos sold within the last 90 days, we find an average sold price per square foot of just $805 and an average asking price per square foot of $909 PSF.
‘The Top 10’ Sunny Isles Beach Luxury Condo Sales
- Acqualina (3 Sales) at $969, $913, & $859 PSF
- Jade Ocean at $905 PSF
- Trump Palace at $900 PSF
- Turnberry Ocean Colony at $820 PSF
- Millenium Condo at $818 PSF
- Ocean Three at $702 PSF
- Ocean Two at $638 PSF
- Trump Towers at $632 PSF
JADE Beach Condo Inventory, Sales & Rentals
JADE Beach (17001 Collins Avenue) has an ongoing construction issue as concrete restoration resumes to the East side of the building early this year with an anticipated timeline of approximately a full year to complete. The major (short-term) concern is the East side terraces and swimming pool will be completely closed off with a blue translucent film covering the glass and limiting the ocean views. The Westside is to soon be reopened with the small pool and west side terraces available again for use. This is putting a major damper on renting as tenants simply don’t have the mental capacity to deal with concrete restoration, limited views and the inability to use the terrace and pool. It will be quite interesting to see rental & resale values this year.
Jade Beach today has 35 resales (14% inventory) available today ranging from $805,000 (B1 Model) to $8.2M for a ‘Sky Villa’ (Two D2 models combined). The famous 3-Story ‘Sky Loft Penthouses’ both sold in 2015. Jade Beach condos offer the most desirable Collins Avenue location plus excellent value when seeking the oceanfront lifestyle experienced only in Miami.
- The average JADE Beach list price per square foot reflects $1,046 ($1,211 PSF in AUG 2016).
- There are 35 resales from $805,000 (B1 Model) to $8.199M (Combined D2 Models).
- JADE Beach condos sold in 2017 reflect 7 sales at a median sale price value of $877 PSF and 283 days on market.
- The median selling price per square foot in 2016 was $950 at 241 days on market.
- The record high sale price value last year was $1,014 PSF and $1,055 PSF in 2016, $1,378 PSF in 2015, and $1,190 PSF in 2014.
As of FEB 2018, there are 32 JADE Beach condos for rent ranging in asking prices from $3,500 (B1 model) to $20,000 (E Model). Last year, 18 Jade Beach condos rented, ranging in values from $2,700 (B1 Model) to $14,000 (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 46 (18% inventory) condo resales available today with a few extraordinary penthouses and “Sky Lofts” listed from PH4405 listed at $4.290M to PH4608 listed at $8.375M. Interiors on these JADE Penthouse condos range from 4 to 6 Bedrooms and from 4,300 to over 6,500 square feet. There are only 2 mirrored image ‘Sky Lofts’ (per Model) in each JADE Condo building, and only a few penthouses can compare along Sunny Isles Beach. Today’s resale prices at Jade Ocean begin with 1 bedroom condos (B1&B2 floor plans) from $885,000 to $1.375M respectively.
While some prefer JADE Beach as a place to call home, JADE Ocean condos have consistently sold at a higher price point offering clear advantages to many.
- The average JADE Ocean list price per square foot is $1,178 ($1,275 PSF in AUG 2016).
- There are 46 resales from $885,000 (B1 Model) to $8.375M (Penthouse #4608).
- In the last 90 days, 2 sales occurred from $1.425M to $2.250M (C & E Models).
- JADE Ocean had 11 condo sales last year at a median sale price per square foot of $991 PSF (9% depreciation YOY) averaging 216 days on market.
- The median sold price per square foot in 2016 was $1,087 at 137 days on market.
- The record high sale price value was $1,169 PSF in 2017, $1,267 PSF in 2016, $1,513 PSF in 2015, and $1,397 PSF in 2014.
There are 21 JADE Ocean rentals listed in FEB 2018 with prices ranging from $3,850 for a furnished B1 Model to $32,000 for a 2-Story furnished D2 Model. Last year 29 condos rented ranging in values from $3,500 (furnished B1 model) to $11,500 (furnished A Model).
JADE Signature (16901 Collins Avenue) is ready and complete now in early 2018 and I am quite excited for this great new development in Sunny Isles Beach. Jade Signature offers incredible floor plans and desirable open outdoor living environments. With the crews working full force on completion, I’ve been watching over the last 90 days as the film was removed from the glass and the landscaping installed. Jade Signature is very special!
In all honesty, the discounts and deals will begin to show within a few months upon closing as initial resales become available and speculators learn true market value. Porsche Design Tower had 40 PERCENT as resale available and guess how many sold last year? THREE.
Jade Signature Condos are quite spacious and I am bullish on the long-term success and future demand. Feel free to contact me to discuss strategy but in summary, and in order of a successful outcome as a new owner is to:
- Enjoy the condo. It is beautiful!
- Finish the interior, rent the condo, and ride out this strong buyer’s market. Your losses will likely have tax advantages.
- Try to be the best-priced unit in your tier as the 2018 condo market dictates true market values. Any loss will hopefully be offset by currency conversion.
The developer and pre-construction specialists who sold the tower are beginning to celebrate. So now… its time to deliver on promises.
“We sold $51 million worth of units in the first quarter. The building, which launched sales in 2013, is “95% or 96% sold out.” – Carlos Defortuna
- Today’s prices have a median list price per square foot of $1,689.
- My forecast for upcoming 2018 resales: approximately $1,200.
My information is not always easy to digest but most importantly, I am honest and accurate. Contact me here to discuss strategy whether buying, selling, or leasing.
Whether you’re seeking a stunning Miami Beach penthouse, the ultimate waterfront estate, land for development, off-market & investment opportunities, new construction, bulk condo sales, or relocation assistance, I’ll have it customized and ready for you. Over 16 Years Experience – I’m a South Florida real estate broker-associate with the leading firm, ONE Sotheby’s International Realty. Why Sotheby’s? Because of the brand heritage, prestige, vast global reach in curating luxury goods including premier real estate, and their propensity for perfection. Since 2002, I’ve been active in the South Florida residential & commercial markets with experience and white-glove service that rarely disappoints.
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