Jade Beach, Jade Ocean, and Jade Signature Condo Sales & Stats | JUNE 2017
Sunny Isles Beach Condo Sales & Statistics
Sunny Isles Beach condo inventory today reflects 1,449 total condos for sale and 158 closed sales in the last 90 days with a median sale price value of $299 per square foot. 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 seven years spanning from 2009 to 2015 and now in 2017, we find ample supply and limited demand in what’s currently a strong buyer’s market. In addition to the residential condo market shifting 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 which have temporarily impacted values. While short-term concerns have some alarmed, smart long term buyers see past the noise towards the future of Sunny Isles Beach. Values will again climb with time, but for now, the market is in favor of the buyer.
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 values beginning at $1,250 and as high as $3,800 per square foot. Last year, 220 Sunny Isles oceanfront condos sold (over $500,000) through our MLS database with an average sale price per square foot of $667 and at 93.1 percent of list price. As of JUNE 2017, 93 Sunny Isles Beach condos have sold (over $500,000) with an average sale price per square foot at $674 SP$/PSF ~ 1% appreciation.
In a contrast comparison of luxury oceanfront condos on Collins Avenue and priced over $1M, we see 515 condos for sale today averaging $1,061 per square foot with an average list price of $3.396M. Reviewing the top 10 luxury condos sold within the last 90 days, we find an average sold price per square foot of $1,147 and an average asking price per square foot of $1,382 PSF.
The ‘Top 10’ Sunny Isles Beach Luxury Condo Sales:
- Porsche Design Tower | Penthouse 5601 set a record selling at $25M or just over $1,300 PSF
- Regalia | 2 sales reflecting $1,777 & $1,405 PSF
- Mansions at Acqualina | 5 Sales at $1,096, $1,035, $1,204, $1,096, and $896 PSF – these were SUPER deals and a savvy buyer who bought 3 of the 5 units.
- Jade Ocean | #4401 Sold at $4.4M or $941 PSF
- Trump Towers | 1 sale at $871 PSF
JADE Beach Condo Inventory, Sales & Rentals
JADE Beach (17001 Collins Avenue) has 34 (14% inventory) resales available today ranging from $849,000 (B1 Model) to $9.5M for a combined ‘Sky Villa’ (Two D2 model). The 3-Story ‘Sky Loft Penthouses’ both sold in 2015. JADE Beach condos offer the most desirable location plus solid value when seeking the oceanfront lifestyle experienced only in Miami.
- The average JADE Beach list price per square foot reflects $1,096 ($1,211 PSF in AUG 2016).
- There are 34 resales from $849,000 (B1 Model) to $9.5M (Combined D2 Models).
- JADE Beach condos sold in 2017 reflect just 2 sales at $886 and $789 PSF averaging 120 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 was $1,055 PSF in 2016, $1,378 PSF in 2015, and $1,190 PSF in 2014.
As of JUNE 2017, there are 28 JADE Beach condos for rent ranging in asking prices from $2,950 (B1 model) to $15,500 (E Model). This year, 8 Jade Beach condos rented, ranging in values from $3,000 (B1 Model) to $7,000 (E Model). Last year, 21 Jade Beach condos rented, ranging in values from $3,000 (B1 Model) to $10,500 (E Model).
JADE Ocean Condo Inventory, Sales & Rentals
JADE Ocean (17121 Collins Avenue) still 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 $5.150M to $8.985M. Interiors on these Penthouse units range from 4 to 6 Bedrooms and from 3,866 to over 6,500 square feet. There are only 2 mirrored image ‘Sky Lofts’ (per Model) in each JADE building, and only a few penthouses can compare along Sunny Isles Beach.
Today’s resale prices at Jade Ocean begin with B1 & B2 floor plans from $965,000 to $1.195M 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 $1,361 ($1,275 PSF in AUG 2016).
- There are 46 resales from $965,000 (B1 Model) to $8.985M (Penthouse #4608).
- In the last 90 days, 4 sales occurred from $1.250M to $4.4M (B2 & E Models).
- JADE Ocean condos sold in 2017 reflect 5 sales at a median sale price per square foot of $1,110 PSF averaging 133 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 37 JADE Ocean rentals listed in JUNE 2017 with prices ranging from $4,200 for a furnished B1 Model to $32,000 for a 2-Story furnished D2 Model. This year 5 condos rented ranging in values from $3,800 (furnished B1 model) to $11,500 (furnished A Model).
(16901 Collins Avenue) JADE Signature is on its way to completion in 2017 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 future demand we’ll soon see at Jade Signature.
“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 are over $1,400 per square foot – The 1 bedroom units have sold (with a waiting list) while only larger 3 to 5 bedroom options 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.
Over 15 Years Experience – I’m a Southeast 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 and their propensity for perfection. Since 2002, I’ve been active in the Southeast Florida market with experience that rarely disappoints. No hassle. No pressure. Just honest advice.
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