In the month of January, I released this newest addition to the Sunny Isles Beach condo collection with TurnberryOceanColonySunnyIsles.com to replicate the fun & success I’ve had with the JADE Beach & JADE Ocean condos authority site. Price points at TOC have dropped approximately 20% in 2009 alone and sold as low as $970k (record low) last year while prices today begin at $1.270M and looking towards a fast turn around with numerous recent sales in the last 6 months! Now you have access to new monthly updates, videos & statistics geared towards the traditional-styled towers of Turnberry Ocean Colony which many customers prefer. Additionally this month, the original MiamiDreamRealty.com was revamped showcasing the entire Miami Dade Beaches luxury MLS listings for ease & immediate information for your knowledge! I believe Turnberry Ocean Colony South & North will have a strong 2010 having noted the market bottom in 2009 with 26 closed sales averaging only $555 psf at steep buyer discounts. We will soon see the facts & truth here too as I begin reporting each month on all activity statistics & trends for Turnberry Ocean Colony Sunny Isles Beach. I’ll explore the fine analytics below and plan to continue educating everyone interested in these traditional towers of Sunny Isles Beach. On to the Ocean Colony details..
(http://16051CollinsAvenue.com) Turnberry Ocean Colony North Tower now has 13 (10%) resales ranging in values from $1.439,000 (02 Exuma Model) to $3.650M for a 4BR/6.5 bath on the Eleuthera model, 21st floor. Turnberry Ocean Colony North condo sales from the last 90 days reported 2sales on the MLS with Abaco values from $1.5M (Penthouse 3501 Steal!) at only $541 psf to $1.850M at $667 per square foot. The average Turnberry Ocean Colony North list price per square foot is reflecting $782psf with the average selling price per square foot from the last 6 months reflecting $679 psf at 143 days on market plus a low 86% sale to list price ratio (14% buyer discount).
Turnberry Ocean Colony North rentals have had no new pending or rented units from the last 90 days. There are only 7 Turnberry Ocean Colony North residences ranging in asking values from $6,000 (Exuma Model) to $28,000 (Penthouse #3702).
(http://16047CollinsAvenue.com) Turnberry Ocean Colony South is interesting to watch with 17 (13%) condos for sale averaging $788per square foot with the high price on a Eleuthera model asking $4.295M and the low on an Exuma model priced at $1.270M (4th floor). In the last 90 days, 1 sale has occurred in the South Tower at a bargain price of $2.150M ($605psf) while 2contracts are pending from asking values of $1.975M (Abaco) and $2.795M Eleuthera model.
There are 4 Turnberry Ocean Colony South rentals listed (via MLS) and the prices are ranging from $7,500 (high floor Exuma model) to $10,750 for a 4 bedroom 5.5 bath. Two condos are pending rental ranging from $8,750 to $11,000 and the most recent rental was a furnished 4 bedroom renting at $10,500.
Sunny Isles Beach condo inventory is trending downward with 1,033 condos for sale and 32 closing in the last 30 days (32 month supply). So far in 2010, 79 Sunny Isles Beach condos have sold via MLS database with an average sale price per square foot at $228. In a contrast comparison of luxury oceanfront condos specific to Collins Avenue (over $500k), we see 435 condos for sale with 23 closed sales so far this year averaging a selling price per square foot of $394 psf and selling at 91% of list price. Last year 155 oceanfront condos over $500k, sold via MLS with an average selling price per square foot of $434.
If we take only the top 10% of the previous “6 month” luxury condo sales we find an average sales price per square foot of $643 and an average asking price per square foot of $776 reflecting an average 15% discount for new buyers in this market. Interesting note that 5(out of 9) of the highest closed sales were at Turnberry Ocean Colony!
Looking at the 39 closed oceanfront sales from the last 90 days, we see the sale to list price ratio reflecting a 9% discount and selling within 171 days. Irrelevant statistics to some but I find it interesting… The top Sunny Isles Beach condo sales of the last 90 days were at Acqualinawith #PH4501 selling at $4.7M ($740 SP/SF) and Turnberry Ocean Colony South Tower #1203 selling at $2.150M ($606 SP/SF) plus 3 other luxury sales at $694, $667 & $541 per square foot respectively. What else would you like to see reported here on the TOC Blog? Leave a comment and let me know what’s on you mind pertaining to Turnberry Ocean Colony Condos of Sunny Isles Beach. **All data compiled from the SEF MLXChange.
The truth is in the numbers 1.888.383.7326 or direct 786.273.7326.