Jade Condos Sunny Isles Beach highlighting new sales and trends for June 2021; including Jade Beach (2007), Jade Ocean (2009), and Jade Signature (2018).
Sunny Isles Beach Sales & Statistics
Sunny Isles Beach condo inventory today reflects 931 total condos for sale and 508 closed sales in the last 90 days with a median sale price value of $409 per square foot. With continual inventory absorption along the Miami-Dade coastline, condo units sold and the prices continue both in setting area records but also a continued increase in median values.
Our Oceanfront residential market values noticed considerable price gains over the eight years spanning from 2009 to 2016. From early 2016 to the later part of 2020, we found ample supply with limited demand in what was then, a strong buyer’s market. For instance, in March of last year, dividing 46 condo sales (30-day sales) into the inventory of 1,606, we had a 35-month supply. Today, we take 169 approximate condo sales each month and divide by the current condo inventory of 931 to find a 5.5-month supply remaining – a healthy market is 6 to 9 months of inventory.
With new developments selling out and Sunny Isles Beach’s resale absorption on the rise, especially within the high-end market segment at $1M to $3M, we find supply low and demand high. In addition to the residential condo market shifting last year in favor of sellers, we’ve also witnessed the gorgeous new luxury developments such as JADE Signature, MUSE, Armani Casa Residences, Ritz-Carlton Sunny Isles, Turnberry Ocean Club, and the soon to be Estates at Acqualina performing VERY well. This new construction has taken over Collins Avenue with a surreal experience driving over the causeways and it’s truly a sight to behold with this new market. The $3M+ condo resales still have over 200 options to choose from with a median list price value of $1,510 psf with a high of $3,330 psf and a low of $732 per square foot.
Sunny Isles Beach Condo Inventory $1M+ 3-Year History
Values may continue to climb this year with all things relative and a continuation of the current inventory absorption. For now and likely the remainder of the year, the market is in strong favor of sellers with exceptional values noted. Buyers above $3M may still cherry-pick for great properties & good opportunities along the coastal communities.
JADE Beach (17001 Collins Avenue) has ongoing construction as concrete restoration resumes to the East side of the building with an anticipated timeline of approximately another year to complete. With this Jade Beach restoration, we’ve previously experienced ongoing construction debris & noise nuisances which have temporarily 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.
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 and exceptional value and many current residents are leasing long-term.
Jade Beach today has 11 resales (4% inventory) available today ranging from $749,900 (B1 Model) to $8.2M for #4905, a most impressive 3-Story Penthouse that rarely comes up for sale. 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 $1,061.
- There are 11 resales from $749,900 (B1 Model) to $8.2M (Penthouse).
- This year 2021 (YTD), 9 resales have occurred with a median sale price per square foot of $792 psf and 93 days on market.
- In 2020, 20 resales occurred with a median sale price per square foot of $778 psf and 145 days on market.
- In 2019, 9 resales occurred with a median sale price per square foot of $764 psf and 210 days on market.
- The median selling price per square foot in 2018 (10 total sales) was $818 psf at 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.
As of June 2021, there are 4 JADE Beach condos for rent ranging in asking prices from $5,000 (B2 model) to $8,700 (D Model). YTD, 8 Jade Beach condos have rented, ranging in values from $3,700 (B1 Model) to $12,000 (E Model).
JADE Ocean (17121 Collins Avenue) stands among the elite luxury condo towers of Sunny Isles Beach.
JADE Ocean has 19 (7% inventory) condo resales available today with a few extraordinary penthouses. Interiors on these JADE Penthouse condos range from 4 to 5 Bedrooms and from 5,134 to over 8,332 square feet. There are only 2 mirrored images known as the ‘Sky Loft Penthouse’ in each Jade Condo building, and 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 $815,000 with larger 5 bedroom options as high as $7.495M.
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 $1,171 psf.
- There are 19 resales from $815,000 (B1 Model) to $7.495M (#4604).
- In 2021 (YTD), 15 resales have occurred with a median sale price per square foot of $915 psf and 127 days on market.
- In 2020, 8 resales occurred with a median sale price per square foot of $854 psf and 187 days on market.
- In 2019, 12 sales 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.
There are 6 JADE Ocean rentals listed in June 2021 with prices ranging from $7,000 for a B2 Model to $23,000 for a beautifully furnished (2-Story) D2 Model. YTD, 13 Jade Beach condos have rented, ranging in values from $4,400 (B1 Model) to $15,000 (2-Story Penthouse).
JADE Signature (16901 Collins Avenue) was completed early in 2018 and it’s an amazing addition to the JADE trio and the epic new construction lineup along Sunny Isles Beach. Jade Signature offers very spacious floor plans and expansive outdoor living areas.
With the completion and closings behind us, there are over 40 resales with excellent opportunities remaining. The discounts and deals are apparent now as true market values are reflected below. A turn-key Jade Signature Penthouse #5503 sold in 2019 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 44 units or 23% available with many pre-construction owners choosing to become landlords.
Jade Signature Condos are desirable and I’m bullish on the continued demand.
“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 $1,583 psf.
- In 2021 (YTD), 11 resales occurred with a median sale price per square foot of $1,179 psf and 82 days on market.
- In 2020, 10 resales occurred with a median sale price per square foot of $1,221 psf and 184 days on market.
- There were 9 sales noted in 2019 (via MLS) with the median sale price per square foot at $1,244 – #PH5503 was included herein and sold at $2,015 psf setting a new area record at $18.5M – these other 8 sales had a median sale price value at $1,226 psf and 307 days on market.
Jade Signature active rentals consist of 7 options ranging in values from $7,950 (1 BR+Den) upwards to $25,000 for a 3 Bedroom. YTD, 10 condos rented from $5,900 (1 BR) to $22,000 (5 BR) with a median rent price value of $4.79 psf.
Contact me here to discuss a strategy whether buying, selling, or leasing for an optimal game plan this year.
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