Sunny Isles Beach Luxury Condo Sales & Statistics
Sunny Isles Beach condo inventory increased last month to 1,135 total condos for sale and 61 closed sales in the last 30 days (18.6 month supply). So far in 2010, 589 Sunny Isles Beach condos have sold via MLS database with an average sale price per square foot at $257 per square foot. In a contrast comparison of luxury oceanfront condos specific to Collins Avenue and over $500k, we see 461 condos for sale with 140 closed sales so far this year averaging a selling price per square foot of $492 psf and selling at 90% of list price.
If we take the top 10% of 2010 luxury condo sales, we find an average sales price per square foot of $697 and an average asking price per square foot of $796 psf reflecting an average 12% discount for new buyers in the Sunny Isles Beach luxury real estate market. Last year, 161 oceanfront condos sold over $500k (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 5 sales reflecting $837, $731, $713, $613 & $603 per square foot. Turnberry Ocean Colony had 4 sales at $758, $675, $625 & $605 per square foot. JADE Beach #3008 sold at $1.495M ($572 SP/SF) showing another great E-model value..
What are the latest happenings & the very best condo deals at JADE Ocean & JADE Beach Miami in October 2010? Sunny Isles Beach condo inventory has decreased only 3% year to date while sale to list price ratios are up averaging 96% for the month of September. 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 October 2010 JADE Condo details…
(17001CollinsAvenue.com) JADE Beach condos are sold out of Fortune’s developer inventory (2010) after almost two years of occupancy. We now have 40 (16% inventory) JADE Beach condo resales ranging in values from $495,000 (Low Floor B1 Model) to an impressive JADE Beach penthouse ‘Sky Loft’ resale priced at $11.4M (3 Story I-line Penthouse). The average JADE Beach list price per square foot is reflecting $660 psf (Up 2% from August) with the average selling price per square foot reflecting $501 at 186 days on market and an 89% sale to list price ratio (11% average buyer discount). JADE Beach condo sales have been reported on the MLS with 9 resale values in 2010 (YTD) from $565k (B1 Model at $466 psf) to $2M (E Model at $645 per square foot) setting a new record high in resale values. The long awaited JADE Beach short sale #1104D has closed and as expected, #1104D (Jade Beach short sale) took 7 months for approval and was sold over the asking price closing July 30th at $910,000 with D-lines ranging in sold values from $910k (short sale), $990k, $1.150M to $1.4M in 2010.
JADE Beach condo rentals have been in demand as new residents test the local market & JADE Beach lifestyle. To date, 59 Jade Beach condos have rented, ranging in rented values from $2,000 (B1 deals) to $15,000 (#3608); 1 Jade Beach rental is currently under contract with #1707 (B2-model) reflecting an asking price of $2,900. In October, there are 23 JADE Beach condos for rent ranging in asking prices from $2,800 (#2106 as B1 model) to $8,200 (#3208 as E-model).
(17121CollinsAvenue.com) JADE Ocean has great developer inventory with price points hovering in the $600+’s psf. I believe these to be reasonable market values given the uber-luxury condominium tower. Jade Beach took almost 2 years to accomplish a sell out and we’re now entering the 15th month of JADE Ocean acquiring its Certificate of Occupancy. There are 14 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 B-2 model priced at $899,900 which is 28% over JADE Beach (B2 model) asking values. JADE Ocean’s average asking price per square foot is at $779 ($757 psf in September) 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 uncovered through photos & videos this year while the frequent research shows us true market values. New monthly sales statistics show us the latest sales, facts & trends so please stay tuned to this JADE authority site.
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 today’s 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 15 JADE Ocean rentals listed in October and the prices are ranging from $3,000 (#2506) to $38,900 for a 5 bedroom, 2-Story furnished Penthouse. There have been 14 rented condos ranging in values from $2,575 (B1 model) to $6,500 (E Model) to be very solid starting figures in a superior Sunny Isles Beach building. I believe JADE Ocean will have a great finish by the end of 2010 and will make notes as each statistic report 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 websites so please visit (Visit 5 Step Marketing) 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 Turnberry Ocean Colony Sunny Isles.com website to replicate the fun & success I’ve had with the JADE Condos Sunny Isles.com authority site. Price points on condo resales 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 also find new updates, videos & monthly statistics at the Turnberry Ocean Colony blog. The original MiamiDreamRealty.com is a top performer showcasing the entire luxury Southeast Florida MLS listing database while the JADE Ocean, JADE Beach & Turnberry Ocean Colony MLS database access have also been revamped with most accurate condo listings for sale and rent. Leave a comment and let me know your thoughts 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!