JADE Condos Sunny Isles Beach | Recent Sales, Stats, and Trends for October 2018
Sunny Isles Beach Sales & Statistics
Sunny Isles Beach condo inventory today reflects 1,676 ⬆ total condos for sale and 143 closed sales in the last 90 days with a median sale price value of $381 per square foot. With excessive inventory available, condo prices have declined in our local market as we find in the most recent Sunny Isles Condo Index. Oceanfront residential market values noticed considerable price gains over the eight years spanning from 2009 to 2016. Now in 2018, we find ample supply with limited demand in this strong buyer’s market.
Not just new developments but Sunny Isles Beach condo resale inventory has been on the rise, especially within the ultra high-end segment at $5M+. In addition to the residential condo market shifting since 2016 in favor of buyers, we’ve also noted the gorgeous new construction on the South side with JADE Signature development and on the North side with MUSE. New construction has taken over Collins Avenue with oceanfront resale values beginning at $828 and as high as $4,155 per square foot.
Last year, 221 Sunny Isles oceanfront condos sold (over $500,000) with an average sale price per square foot of $658 and at 91% of list price. As of OCT 2018, there have been 209 Sunny Isles Beach condos sold (over $500,000) with an average sale price per square foot at $599 SP$/PSF or an ~9% depreciation. Of those 209 sales, it has taken the average seller 186 days to sell. In a similar comparison of luxury oceanfront condos on Collins Avenue and available over $5M, we see 93 condos for sale today averaging $1,792 per square foot with an average list price of $9.921M; Sold Condos priced $5M+ have noted just 6 sales YTD with the Median SP/$ at $1,242 psf. Values will climb again with time, but for now, the market is in strong 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 $845 and an average asking price per square foot of $1,127 PSF.
‘The Top 10’ Sunny Isles Beach Luxury Condo Sales
- Porsche Design Tower (3 Sales) #4405, #4701, #3605 from $701, $1,201, & $1,209 PSF
- Turnberry Ocean Colony Sold #1104 at $843 PSF
- Acqualina Sold #3308 at $913 & $932 PSF
- 400 Sunny Isles Sold #706 & #3701 at $677 PSF
- Jade Beach Sold #3308 at $898 PSF
- Trump Tower II Sold #2401 at $758 PSF
- St. Tropez Sold #PH1 at $593 PSF
JADE Beach Condo Trends
JADE Beach (17001 Collins Avenue) has an ongoing construction issue as concrete restoration resumes to the East side of the building this year with an anticipated timeline of approximately another year to complete. With this Jade Beach restoration, we’ve experienced ongoing construction debris & noise nuisances which have impacted values both for rent and resale. The major short-term concerns are the East side terraces and swimming pool completely closed off with a blue translucent film covering the glass and limiting the desirable ocean views. The Westside is being reopened with the small pool and west side terraces available again for use. This construction has created 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 their terrace and pool. It will be interesting to see rental & resale values continuing throughout next year as great value has been noted for both rentals and sales. While short-term concerns have many alarmed, savvy buyers with a long-term outlook see past the noise and towards the future upside of Jade Beach and Sunny Isles Beach.
Jade Beach today has 40 resales (16% inventory) available today ranging from $799,000 (B1 Model) to $7.5M for a ‘Sky Villa’ (Two D2 models combined). The most impressive 3-Story ‘Sky Loft Penthouses’ both sold in 2015. Jade Beach condos offer one of the most attractive Collins Avenue locations plus excellent value when seeking the oceanfront lifestyle experienced only in Miami.
- The average JADE Beach list price per square foot reflects $988.
- There are 40 resales from $799,000 (B1 Model) to $7.5M (Combined D2 Models).
- JADE Beach condos sold in 2018 reflect 7 sales at a median Sale Price value of $806 PSF and 172 days on market.
- The median selling price per square foot in 2017 (7 total sales) was $877 at 243 days on market.
- The median selling price per square foot in 2016 (8 total sales) was $1,010 at 219 days on market.
- The record high sale price value this year is $1,003, last year at $1,014 PSF and $1,129 PSF in 2016, $1,378 PSF in 2015, and $1,190 PSF in 2014.
As of OCT 2018, there are 23 JADE Beach condos for rent ranging in asking prices from $3,200 (B1 model) to $20,000 (E Model). This year, 28 Jade Beach condos have rented, ranging in values from $2,800 (B1 Model) to $12,000 (E Model).
JADE Ocean Condo Trends
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.” Interiors on these JADE Penthouse condos range from 4 to 5 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 $795,000 with larger 5 bedroom options as high as $7.950M.
While some prefer JADE Beach as a place to call home, JADE Ocean condos have consistently sold (& leased) at a higher price point offering clear advantages to many.
- The average JADE Ocean list price per square foot is $1,161.
- There are 46 resales from $795,000 (B1 Model) to $7.950M (Penthouse #4608).
- Year to date, 5 condos sold from $1.425M to $2.9M (C & E Models) at a median Sale Price value of $958 PSF and 107 days on market
- The median selling price per square foot in 2017 (11 total sales) was $991 PSF at 216 days on market.
- The median selling price per square foot in 2016 was $1,087 at 137 days on market.
- The record high sale price value is $1,167 psf in 2018, $1,169 PSF in 2017, $1,267 PSF in 2016, $1,513 PSF in 2015, and $1,397 PSF in 2014.
There are 24 JADE Ocean rentals listed in OCT 2018 with prices ranging from $4,500 for a B1 Model to $29,900 for a glamorous 2-Story furnished D2 Model. This year 17 condos have rented ranging in values from $3,300 (Unfurnished B1 model) to $9,000 (furnished D Model).
JADE Signature Condo Trends
JADE Signature (16901 Collins Avenue) was completed early this year and I’m excited about this great new addition along Sunny Isles Beach. Jade Signature offers spacious floor plans and desirable open outdoor living environments. With the details, completion, and closings now behind us, there are MANY listed as resale. In all honesty, the discounts and new 2018 deals have begun to show after just a few months as speculators and their representatives begin to learn true market values from lack of results.
Just like Porsche Design Tower, Jade Signature will continue to show awesome value. Why? A healthy building is considered less than 10% – today Jade Signature has 6o units or 31% available with many owners soon becoming landlords. My information is not always easy to digest but most importantly, I am honest and given my analytical approach, quite accurate. With now seventeen years experience brokering South Florida real estate, I’ve gone through the bubble burst of 2006-2009 successfully assisting many pre-construction buyer/speculators to make the right move… rinse & repeat now in 2018.
Jade Signature Condos are quite spacious and I am extremely bullish on the long-term success and future demand. The developer and pre-construction specialists who sold this beautiful development are celebrating. So now… its time to deliver on their promises of profit.
Contact me here to discuss an optimal strategy whether selling or leasing but in order of a successful outcome as a new owner:
- 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 ‘real’ market values – any loss will hopefully be offset by currency conversion.
“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 new pricing has a median list price per square foot of $1,439.
- My forecast for upcoming 2018-2019 resale values is approximately $1,200.
- There has been only 1 resale noted on unit #1805 selling at $1,227 PSF at 38 days on market.
Jade Signature Rentals consist of 11 options ranging in values from $6,000 (1 BR) to $19,900 for a 5 Bedroom. YTD, 6 condos have rented from $7,000 (1 BR) to $15,000 (4 BR).
Contact me here to discuss strategy whether buying, selling, or leasing.
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