Sunny Isles Beach Luxury Condo Sales & Statistics – 2012
Sunny Isles Beach condo inventory has decreased 37% since the prior March 2011 blog post to 557 total condos for sale and 70 closed sales in the last 30 days (7.9 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 while in 2011, 1,051 Sales occurred at an average sale price per square foot at $258 per square foot for an average increase of 9%. Now as of June 2012, we see 462 closed sales with an average selling price per square foot of $317 for an average increase of 19%!
In a contrast comparison of luxury oceanfront condos specific to Collins Avenue and over $500k, we see 240 condos for sale today with 153 closed sales in 2012 averaging a selling price per square foot of $520 psf and selling at 94% of list price. If we take the top 10 of 2012 luxury condo sales, we find an average sales price per square foot of $875 and an average asking price per square foot of $970 psf reflecting an average 9.5% discount for new buyers in the Sunny Isles Beach luxury real estate market. In 2011, 249 (161 Sales in 2010) oceanfront condos over $500k sold (Stats via MLS) with an average selling price per square foot of $520 ($420 sp/psf in 2010).
The top 10 Sunny Isles Beach luxury condo sales from the last 90 days were found at Turnberry Ocean Colony having 2 sales at $859 & $857 per square foot. JADE Beach had 3 sales at $898, $876 and $688 psf. Acqualina had 2 sales at $969 psf and $927 psf along with Ocean Three having 2 sales at $456 & $444 psf. The other sale was at Oceania Island selling a Penthouse for just under $3M or $621 psf. Sunny Isles Beach condo inventory has decreased 25% year to date while sale to list price ratios are averaging 93% for the prior month of May. I’ll explore the fine analytics below and continue educating everyone interested in Turnberry Ocean Colony South & Ocean Colony North Towers.
Turnberry Ocean Colony Condo Sales & Trends | Market Summary for 2012
Price points at Turnberry Ocean Colony in 2011 showed 15 total sales as low as $1,210,000 with a record high of $4.9M. 2009 set a record low for Turnberry Ocean Colony of $970k while 2011 had the highest sale at $4.9M. Prices today begin at $1.899M (2 Bedroom) and upwards of $9M (4 bedroom). Last year was considered the turnaround for the local Sunny Isles Beach market and notably T.O.C. values as we looked at aggressive prices and strong sales to match. In 2012 there are 3 recent pending contracts with 9 closed sales ranging from $1.658M (2 bedroom) to $3.357M (3 bedroom). Turnberry Ocean Colony South & North Towers will still have a strong year ahead having noted the market bottom in 2009 with 26 closed sales averaging only $581 psf at steep buyer discounts. We should notice continued appreciation this year with the average asking price per square foot today at $1,051 ($972 psf in 2011 and $864 in 2010).
Turnberry Ocean Colony North Tower Condo Inventory, Sales & Rentals
(16051CollinsAvenue.com) Turnberry Ocean Colony North Tower resales have 6 (5% inventory) condos for sale ranging in values from $1.899M (02 Exuma Model) to $4.5M for a 4 Bedroom/5.5 bath, 25th floor Eleuthera condo residence. The average Turnberry Ocean Colony North tower list price per square foot reflects $984 with the average selling price per square foot from the last 6 months reflecting $836 psf at 121 days on market plus an averaged 92% sale to list price ratio (8% buyer discount). Turnberry Ocean Colony North condo sales from the last 90 days report 2 resales including an Abaco Penthouse floor plan (#PH3501) selling at $2.380M or $859 psf along with a Eleuthera model (#1204) selling at $3.2M or $857 psf. We see 2 pending condo sales with asking prices from $1.845M to $3.650M as buyers continue grabbing premier luxury real estate along Miami Beach. With a large International demand, central location and renewed confidence, Miami has become a safe haven for many.
There are only 2 Turnberry Ocean Colony North for rent in June ranging in asking values from $8,200 to $8,500 (both 2BR Exuma Model). Turnberry Ocean Colony North tower rentals had just 1 condo rented in the last 6 months renting at $7,000 on a furnished Exuma model.
Turnberry Ocean Colony South Tower Condo Inventory, Sales & Rentals
(16047CollinsAvenue.com) Turnberry Ocean Colony South Tower resales reflect 9 (7% inventory) condo residences with the high price on a Grand Cayman Penthouse model asking $9M and the buildings low on an Exuma model priced at $1.950M (32nd floor). The average Turnberry Ocean Colony South tower list price per square foot reflects $1,096 with the average selling price per square foot from the last 6 months reflecting $836 psf at 348 days on market plus an averaged 95% sale to list price ratio (5% buyer discount). Turnberry Ocean Colony South condo sales from the last 90 days report 2 sales ranging from $1.658M ($739 psf) and $1.775M ($791 psf) both on an Exuma model.
One Ocean Colony South Tower condo residences is pending sale today with an asking price of $1.799M (Exuma #602). There are 5 Turnberry Ocean Colony South Tower rentals listed in June with asking prices ranging from $11,000 (unfurnished Abaco 3 bedroom) to $17,900 (furnished Grand Cayman 4 bedroom).
Ready to Sell or Lease at Turnberry Ocean Colony?
In Miami, it’s not the brokerage firm name recognition 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 intimate local market knowledge and a proven track record & reputation selling luxury condos along Sunny Isles Beach. I’m available to get started and accepting new listings to market globally here on this website and on other luxury condo websites such as MiamiDreamRealty.com. Visit me today for further details on a very powerful 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 success I had with the JADE Condos Sunny Isles authority website. Price points at Turnberry Ocean Colony dropped approximately 20% in 2009 and have shown us ever increasing sales beginning in the HIGH-$1M’s and noting steady upswing with a renewed buyer confidence in Miami Beach oceanfront real estate. Now you have access to all the properties for sale & rent, new condo updates, videos & sales statistics at the Turnberry Ocean Colony condo blog geared towards these exquisite oceanfront towers which are preferred by many.
Ready to Buy at Turnberry Ocean Colony?
The original Sunny Isles Beach condo resource showcases 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! Call today 1.888.383.7326.