Sunny Isles Beach; Sales & Statistics
Sunny Isles Beach condo inventory today reflects 1,683 total condos for sale and 147 closed sales in the last 90 days with a median sale price value of $309 per square foot. With excessive inventory available along the coastline, condo prices continued to declined this year.
Oceanfront residential market values noticed considerable price gains over the eight years spanning from 2009 to 2016. From early 2016 to today at the end of 2019, we find ample supply with limited demand in this strong buyer’s market. For instance, dividing 49 condo sales over the last 30 days into our inventory of 1,683, we find a 34-month supply whereas a healthy market is 6 to 9 months of inventory.
New developments and Sunny Isles Beach resale inventory have been on the rise, especially within the high-end market segment at $3M+. In addition to the residential condo market shifting since 2016 in favor of buyers, we’ve also witnessed the gorgeous new luxury developments such as JADE Signature, MUSE, Armani/Casa Residences, and what will soon be Ritz-Carlton Sunny Isles, Turnberry Ocean Club, and Estates at Acqualina. New construction has taken over Collins Avenue this year with the $3M+ oceanfront (resales) having a median list price value of $1,181 psf and as high as $2,015 per square foot.
Sunny Isles Beach Condo Inventory $3M+ 5-Year History
In 2018, 242 Sunny Isles oceanfront condos sold (over $500,000) with an average sale price per square foot of $600 and at 91% of list price. Ending 2019 (YTD), there have been 253 Sunny Isles Beach condos sold (over $500,000) with an average sale price per square foot at $630 psf (SP$/PSF) or a 5% appreciation year over year. Of those 253 condo sales, it has taken the seller 206 days to sell.
In a similar comparison of luxury oceanfront condos on Collins Avenue and available over $5M, we see 89 condos for sale today averaging $1,716 per square foot with an average list price of $8.385m.
Sold Condos priced $5M+ noted 8 sales in 2019 with the Median sale price value at $1,732 psf. Of the eight sales, the Jade Signature Penthouse set a new area record as we will see below.
Values will climb again with time & inventory absorbtion, but for now, the market is in strong favor of the buyer with exceptional values noted. Buyer’s may cherry pick into 2020 for unique properties & opportunity.
JADE Beach (17001 Collins Avenue) has ongoing construction as concrete restoration resumes to the East side of the building next 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 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 and patience 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 2020 as very low values have been noted for both rentals and resales. 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 will continue to reign as the leading tower for location combined with value.
Jade Beach today has 32 resales (13% inventory) available today ranging from $749,000 (B1 Model) to $5.5M for a ‘Sky Villa’ (Two D2 models combined). The most impressive 3-Story ‘Jade Beach Penthouses’ each sold back 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 $957.
- There are 32 resales from $749,000 (B1 Model) to $5.5M (Combined D2 Models).
- In 2019 (YTD), 9 resales occurred with a median sale price per square foot of $764 psf and 210 days on market.
- JADE Beach condos sold in 2018 reflect 10 sales at a median sale price value of $818 psf and 178 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 per square foot value of 2019 is $872, 2018 at $1,003, 2017 at $1,014 PSF — $1,129 PSF in 2016, $1,378 PSF in 2015, and $1,190 PSF in 2014.
As of DEC. 2019, there are 10 JADE Beach condos for rent ranging in asking prices from $4,000 (B1 model) to $14,500 (D2 Model). In 2019 (YTD), 23 Jade Beach condos have rented, ranging in values from $3,000 (B1 Model) to $14,500 (C Model).
JADE Ocean (17121 Collins Avenue) stands among the elite luxury condo towers of Sunny Isles Beach.
JADE Ocean has 49 (20% inventory) condo resales available today with a few extraordinary penthouses. Interiors on these JADE Penthouse condos range from 4 to 5 Bedrooms and from 4,300 to over 6,518 square feet. There are only 2 mirrored image ‘Sky Loft Penthouse’ in each JADE Condo building, and very 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 & 6 bedroom options as high as $11.750M.
While some prefer JADE Beach as a place to call home, JADE Ocean condos have consistently sold & leased at higher price points offering clear advantages to many.
- The average JADE Ocean list price per square foot is $1,129 psf.
- There are 47 resales from $795,000 (B1 Model) to $11.750M (#4803).
- In 2019 (YTD), 12 sales have occurred with a median sale price per square foot of $839 psf and 324 days on market.
- In 2018, 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 of 2019 is $1,009 psf, in 2018, $1,169 PSF in 2017, $1,267 PSF in 2016, $1,513 PSF in 2015, and $1,397 PSF in 2014.of 2019 is $812,
There are 17 JADE Ocean rentals listed in DEC. 2019 with prices ranging from $4,150 for a B1 Model to $23,000 for a beautifully furnished (2-Story) D2 Model. In 2019 (YTD), 24 condos have rented ranging in values from $3,600 (Furnished B1 model) to $23,500 (Furnished D2 Model).
JADE Signature (16901 Collins Avenue) was completed early in 2018 and it’s an amazing addition to the JADE trio and the new construction lineup along Sunny Isles Beach. Jade Signature offers spacious floor plans and expansive outdoor living environments – with the completion and closings far behind us, there are many resales listed with excellent opportunities. The discounts and deals are apparent now post-delivery as true market values are apparent from multiple price reductions and lack of results in selling. On the flipside of continued discounts, a turn-key Jade Signature Penthouse #5503 sold this year at $18.5M ($2,015 psf) setting the area record for an existing Sunny Isles Beach condominium.
Similar to Porsche Design Tower, Jade Signature will continue to show exceptional value for Florida’s Riviera. Why? A healthy building is considered less than 10% – today Jade Signature has 58 units or 30% available with many owners becoming landlords. My information isn’t always easy to digest but I’m honest as to the market expectations and given an analytical approach combined with experience and intuition, 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 2018-2020.
Jade Signature Condos are quite spacious and I am extremely bullish on the long-term success and future demand.
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 new, spacious, and beautiful!
- Finish the interior, rent the condo, and ride out this strong buyer’s market – your losses will likely have tax advantages with profit on resales noted by 2022.
- Try to be the best-priced unit in your tier as the 2019 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 $1,395 psf.
- My forecast for upcoming 2020 resale values is approximately $1,200+.
- Although the trophy PH sale set an area record this year, this will not be the case on the majority of resale units as prices continue a decline.
- There have been 8 sales noted this year (via MLS) on #PH5503 selling at $2,015 psf setting a new area record at $18.5M.
- The other 7 sales had a median sale price value at $1,244 psf and 340 days on market.
Jade Signature active rentals consist of 11 options ranging in values from $6,250 (1 BR+Den) upwards to $29,500 for a 3 to 5 Bedroom. In 2019 (YTD), 20 condos have rented from $4,300 (1 BR) to $18,000 (4 BR) with a median Rent Price Value of $4.13 psf.
Contact me here to discuss a strategy whether buying, selling, or leasing for an optimal game plan this new year.
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