2010 May | Turnberry Ocean Colony Sunny Isles Blog

*Price points at Ocean Colony dropped approximately 20% in 2009 and sold as low as $970,000 (record low) last year setting a new spark for buyer interest & new sales in 2010. Prices today begin at $1.390M (2 Bedroom) and looking towards a fast turnaround with ‘12‘ recent pending contracts and 3 closed sales from $1.8M to $2.550M in the last 90 days! I believe Turnberry Ocean Colony South & North Towers will have a strong 2010 finish having noted the market bottom in 2009 with 27 closed sales averaging only $581 psf at steep buyer discounts. We should note prices rising this year with the average asking price per square foot today at $814. We’ll soon see the facts & truth in numbers reported here on all condo sales, statistics & trends for Turnberry Ocean Colony Sunny Isles Beach. I’ll explore the fine analytics below educating everyone interested in these traditional luxury towers of Sunny Isles Beach. On to the Ocean Colony details..

Turnberry Ocean Colony North Condo Inventory, Sales & Rentals

(http://16051CollinsAvenue.com) Turnberry Ocean Colony North Tower now has 8 (6% inventory) resales ranging in values from $1.439M (02 Exuma Model) to $3.950M for a 5 Bedroom/5.5 bath, 33rd floor condo residence. The average Turnberry Ocean Colony North tower list price per square foot reflects $863 with the average selling price per square foot from the last 6 months reflecting $849psf at 103 days on market plus an averaged 84% sale to list price ratio (16% buyer discount).

Turnberry Ocean Colony North condo sales from the last 90 days report only 1 sale on the MLS on the Abaco model (#901) selling at $1.8M ($649psf) with 10 pending sales as buyers take advantage of discounted pricing and a renewed confidence in the Miami residential market.

Turnberry Ocean Colony North tower rentals had 1 condo rented in the last 6 months at $7,700 for an unfurnished Abaco model (3 BR). There are only 4 Ocean Colony North residences ranging in asking values from $6,700 (2BR Exuma Model) to $28,000 (Penthouse #3702).

Turnberry Ocean Colony South Condo Inventory, Sales & Rentals

(http://16047CollinsAvenue.com) Turnberry Ocean Colony South Tower is interesting to watch with 16 (12% inventory) condos for sale averaging $778per square foot with the high price on a Eleuthera model asking $4.295M and the low on an Exuma model priced at $1.390M (17th floor). In the last 90 days, 2 sales have occurred in the South Tower at a bargain price of $1.830M ($660psf) on condo #3101 while #2903, a 5BR, just sold at $2.550M ($733psf). 2 condo residences are pending sale reflecting asking values of $1.550M (#2801 Abaco Steal!) and $1.895M on #2201.

There are 6 Turnberry Ocean Colony South rentals listed with asking prices ranging from $5,750 (furnished 2 bedroom) and upward to $10,000 for a 3 bedroom Abaco model. Residence #2304 is still pending rental at $11,000 and the most recent rental was an unfurnished 5 bedroom renting at $8,000.

Sunny Isles Beach Luxury Condo Sales & Statistics

Sunny Isles Beach condo inventory is hovering 1,060 condos for sale and 64 closing in the last 30 days (16.5 month supply). So far in 2010, 277 Sunny Isles Beach condos have sold with an average sale price per square foot at $244. In a contrast comparison specific to luxury oceanfront condos on Collins Avenue (over $500k), we see 412 condos for sale with 64 closed sales so far this year averaging a selling price per square foot of $423 psf and selling at 90% of list price. Last year 162 oceanfront condos over $500k sold with an average selling price per square foot of $422.

If we take the top 10 luxury condo sales of the previous 90 day period, we find an average selling price per square foot of $566 and an average asking price per square foot of $618 reflecting an average 8% discount for new buyers (92% SP/LP%) in today’s Sunny Isles Beach condo market. 3 of the 10 highest closed sales were at Turnberry Ocean Colony. The other top Sunny Isles Beach condo sales were found at JADE Beach #4501 selling at $2M ($645psf), Ocean One #2510 selling at $1.450M ($453psf), JADE Beach #3308 selling at $1.420M ($442psf), Acqualina #704 at $1.299M ($638psf) and Trump Palace #3901 selling at $1.270M ($593psf).

Now you have access to new monthly updates, videos & statistics geared towards the gorgeous oceanfront towers of Turnberry Ocean Colony which many people prefer. In March, the original MiamiDreamRealty.com was revamped showcasing the entire Miami Dade Beaches luxury MLS listings for ease & immediate information for your knowledge. I’m adding an upgraded MLS search here at TurnberryOceanColonySunnyIsles.com this week! What else would you like to see reported here on the TOC Blog? Leave a comment and let me know what’s on your mind pertaining to Turnberry Ocean Colony Condos of Sunny Isles Beach.