Turnberry Ocean Colony Sunny Isles Beach Condo Sales, Stats & Trends for January 2011

Sunny Isles Beach Luxury Condo Sales & Statistics – 2010 Recap

Sunny Isles Beach condo inventory has decreased 2% over the prior month to 1,101 total condos for sale and 47 closed sales in the last 30 days (23.4 month supply). In 2010, 777 Sunny Isles Beach condos sold via MLS database with an average sale price per square foot at $234 per square foot. In a contrast comparison of luxury oceanfront condos specific to Collins Avenue and over $500k, we see 441 condos for sale with 178 closed sales averaging a selling price per square foot of $443 psf and selling at 90.3% of list price. If we take the top 10% of 2010 luxury condo sales, we find an average sales price per square foot of $690 and an average asking price per square foot of $782 psf reflecting an average 12% discount for new buyers in the Sunny Isles Beach luxury real estate market. In 2009, 161 oceanfront condos over $500k sold via MLS with an average selling price per square foot of $420. The top 10 Sunny Isles Beach luxury condo sales from the last 90 days were found at Turnberry Ocean Colony having 2 sales at $723 & $685 per square foot. Acqualina had 5 sales selling at $764, $731, $745, $702 & $667 psf. JADE Ocean sold a D model at $690 psf while JADE Beach sold an E model at $420 psf. Trump Tower II sold the one & only 6th floor A model with 2200 sf of terrace space at $570 per square foot..

Sunny Isles Beach condo inventory has increased 3% year to date while sale to list price ratios are averaging 92% for the prior month of December. I’ll explore the fine analytics below and continue educating everyone interested in Turnberry Ocean Colony South & Ocean Colony North Towers. On to the January Ocean Colony Condo details…

Turnberry Ocean Colony Condo Sales & Trends | Market Summary for 2009 & 2010

Price points at Turnberry Ocean Colony in 2010 show 16 total sales as low as $1,010,000 with a record high of $2.550M. 2009 set a record low for Turnberry Ocean Colony of $970k and had the high sale capped at $2.3M while 26 total condos sold. Prices today begin at $1.390M (2 Bedroom) and upwards of $6M looking towards a turnaround on building values with 6 recent pending contracts and 2 closed sales from $2.385M to $2.7M in the last 90 days. I believe Turnberry Ocean Colony South & North Towers will have a strong year ahead of it having noted the market bottom in 2009 with 26 closed sales averaging only $581 psf at steep buyer discounts. We should notice prices rising this year with the average asking price per square foot today at $864.

Turnberry Ocean Colony North Tower Condo Inventory, Sales & Rentals

(http://16051CollinsAvenue.com) Turnberry Ocean Colony North Tower resales now have 12 (9% inventory) condos for sale ranging in values from $1.469M (02 Exuma Model) to $3.950M for a 5 Bedroom/5.5 bath, 33rd floor Martinique condo residence. The average Turnberry Ocean Colony North tower list price per square foot reflects $896 ($890 in June) with the average selling price per square foot from the last 6 months reflecting $615 psf at 514 days on market plus an averaged 87% sale to list price ratio (13% buyer discount).

Turnberry Ocean Colony North condo sales from the last 90 days report only 1 resale of a Martinique floor plan (#2503) selling at $2.385M or $685 psf. We see 5 pending condo sales with asking prices from $1.350M to $3.650M as buyers continue taking advantage of discounted pricing and a renewed confidence in the Miami Beach residential condo market. With a large International demand, Miami has become a financial safe haven for many buyers.

There are 7 Turnberry Ocean Colony North for rent in January ranging in asking values from $7,100 (2BR Exuma Model) to $24,000 for residence #PH3702. Turnberry Ocean Colony North tower rentals had 3 condos rented in the last 6 months reflecting rented values at $8,000 on an Exuma, $10,000 for an Abaco model and $18,500 for a Martinique, each of which were furnished & turn key ready.

Turnberry Ocean Colony South Tower Condo Inventory, Sales & Rentals

(http://16047CollinsAvenue.com) Turnberry Ocean Colony South Tower resales reflect 16 (12% inventory) condo residences with the high price on a Grand Cayman model asking $5.950M and the building low on an Exuma model priced at $1.390M (4th floor). The average Turnberry Ocean Colony South tower list price per square foot reflects $841 with the average selling price per square foot from the last 6 months reflecting $718 psf at 232 days on market plus an averaged 90% sale to list price ratio (10% buyer discount).

Turnberry Ocean Colony South condo sales from the last 90 days report 3 sales ranging from $2.1M ($758 psf) on an Abaco model, $2.7M on a Eleuthera and $2.550M on a Penthouse Eleuthera. One Ocean Colony South Tower condo residence is pending sale today with an asking price of $3.850M.

There are 2 Turnberry Ocean Colony South Tower rentals listed in January with asking prices ranging from $9,000 (furnished 3 bedroom) and $9,555 for a 4 bedroom Martinique model. Residence #2304 has been pending for months at $11,000 and will hopefully be updated by the listing agent soon. The most recent rental was a furnished turn key 6 bedroom renting at $14,000 in November 2010.

Ready to Market Your Property at Turnberry Ocean Colony..

In Miami, it’s not the brokerage name recognition as it is in other Cities & Countries but instead more so dependent on the agent or Realtor® you decide to hire to market, expose, promote, show and sell or lease your property. When hiring someone to sell or lease your Ocean Colony condo, look for strong global marketing with local market knowledge and a proven track record & reputation selling luxury condos along Sunny Isles Beach. I’m ready to get started and accepting new Ocean Colony Condo listings to market globally here and on other luxury condo websites such as MiamiDreamRealty.com. Please stop by and visit me for further details on a superior marketing plan (5 Step Marketing) and efficient results whether selling or leasing your oceanfront condo.

In February 2010, I released a new addition to the Sunny Isles Beach condo collection with the Turnberry Ocean Colony Sunny Isles website to replicate the fun & success I had with the JADE Condos Sunny Isles authority website. Price points at Turnberry Ocean Colony dropped approximately 20% in 2009 alone and have shown us sales as low as $1.1M last year while prices today begin at $1.390M and noting steady turnaround with a renewed buyer confidence in Miami Beach oceanfront real estate. Now you have access to all the properties for sale & rent, new monthly condo updates, videos & sales statistics at the Turnberry Ocean Colony condo blog geared towards these exquisite oceanfront towers which are preferred by many. The original Sunny Isles Beach condo resource was revamped showcasing the entire luxury Southeast Florida MLS listing database while JADE Ocean, JADE Beach & Turnberry Ocean Colony MLS database access will also show you each new luxury property at your fingertips. You’ll also find excellent local statistics at the Miami Beach Real Estate Blog.

Feel free to leave a comment and let me know what’s on your mind regarding Turnberry Ocean Colony Towers on Sunny Isles Beach or any other luxury condo tower along the Miami Dade County coastline. Enjoy and thank you for visiting! 1.888.383.7326

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