Turnberry Ocean Colony Sunny Isles Beach | Condo Sales and Trends | August 2016

Turnberry Ocean Colony Sunny Isles Beach Miami South Tower

Turnberry Ocean Colony Sunny Isles Beach | Condo Sales and Trends | August 2016

Sunny Isles Beach Luxury Condo Sales & Trends

Sunny Isles Beach condo inventory has increased 4% since the prior 2016 blog post to 1,387 total condos for sale and 44 closed sales in the last 30 days (31.5 month supply). A healthy market is 6 to 9 months or less so to call this a strong buyer’s market is an understatement.

Sold via MLXChange database:

  • August 14th, 2016 – 372 YTD Sales with an average selling price per square foot of $436 PSF (1% Decrease)
  • 2015 – 793 Sales with an average sale price per square foot at $440 PSF (2% Increase)
  • 2014 – 918 Sales with an average sale price per square foot at $433 PSF (11% Increase)
  • 2013 – 1,006 Sales with an average sale price per square foot at $387 PSF (15% Increase)
  • 2012 – 1,051 Sales with an average sale price per square foot of $329 PSF (22% Increase)
  • 2011 – 1,066 Sales occurred at an average sale price per square foot at $258 PSF

In a contrast comparison of luxury oceanfront condos specific to Collins Avenue and over $500,000, we see 643 Sunny Isles Beach condos for sale today.

  • August 14th, 2016 – 140 Sales with an average selling price per square foot of $668 (6% Decrease)
  • 2015 – 292 Sales with an average selling price per square foot of $707 (1% Increase)
  • 2014 – 331 Sales with an average selling price per square foot of $703 (12% Increase)
  • 2013 – 387 Sales with an average selling price per square foot of $616 (13% Increase)
  • 2012 – 365 Sales with an average selling price per square foot of $535 (5% Increase)
  • 2011 – 250 Sales with an average selling price per square foot of $506 (13% Increase)
  • 2010 – 184 Sales with an average selling price per square foot of $440

The top 10 luxury condo sales last year (2015) have an average sale price per square foot of $1,207 and an average asking price per square foot of $1,382 PSF. This year (2016), the top 10 condo sales have an average sale price per square foot of $1,062.

Turnberry Ocean ColonyTurnberry Ocean Colony Condo Sales & Trends | Market Summary

In 2015, 11 sales occurred from $2M to $5.6M. The average selling price per square foot last year was $969 PSF.

Prices today begin at $2.139M (2 Bedroom) and upwards of $9.499M (4 bedroom penthouse). We have an interesting market ahead of us with 28 Turnberry Ocean Colony condos available for sale and UHNWI owner’s who don’t necessarily have to sell. We are reminiscent of 2006 when there was a tug of war found for seller’s aiming high and patient buyer’s looking for great deals. We should see continued depreciation in both North & South Towers going forward into 2017; 2-7% anticipated price drop. The average asking price per square foot today at $1,122 {$1,186 in 2015} while ‘sold values’ per square foot this year average just $910 PSF – Only ONE (#504) has Sold.

2009 set a record low sale value for Turnberry Ocean Colony ($970k) while 2015 had the highest sale at $5.6M. 2011 was considered the turnaround year for the local Sunny Isles Beach market and notably, T.O.C. values did considerably well. Turnberry Ocean Colony South & North Towers will remain a strong contender for years to come yet we enter a new Miami market cycle with a most certain slowdown moving forward. The strong US dollar has the International buyer sitting on the fence and simply watching our markets.

Turnberry Ocean Colony North Tower Condo Inventory & Sales

Turnberry Ocean Colony North Tower (16051 Collins Avenue) has 14 condos (10.7% inventory) for sale ranging in values from $2.139M (Exuma Model) to $6.2M for a 4 Bedroom, Eleuthera residence. The average Turnberry Ocean Colony North tower list price per square foot reflects $1,123. with the average selling price per square foot for the year reflecting the single 5th-floor sale at $910 PSF at 393 days on market. The sale to list price ratio was 88% (12% buyer discount).

Turnberry Ocean Colony South Tower Condo Inventory & Sales

Turnberry Ocean Colony South Tower (16047 Collins Avenue) also has 14 residences for sale today (10.7% inventory) with prices ranging from $2.150M to $9.499M. The average Turnberry Ocean Colony South tower list price per square foot reflects $1,122 PSF. There have been no sales this year in the South Tower.

Selling at Turnberry Ocean Colony?

When hiring someone to sell or lease your Turnberry Ocean Colony condo, look for a solid strategy for a twelve-month marketing plan with strong global reach and an intimate local market knowledge. Contact me today for further details on our Marketing Strategy and you’ll find efficient results whether selling or leasing your property. Miami luxury real estate (new development) is in the process of releasing another 11,000+ condos within the next 2 to 3 years so buckle up for a bumpy ride. Demand and supply are not balanced and as we see above, Turnberry Ocean Colony is no exception.

I released this addition to the Sunny Isles Beach condo collection in Feb. 2010 with the Turnberry Ocean Colony Sunny Isles website & blog to replicate the information I promote with JADE Condos Sunny Isles. For an extraordinary International marketing presence, choose ONE Sotheby’s International Realty and Ashton Coleman. This brokerage powerhouse along with my personal marketing plan is certain to showcase your Turnberry property to the world and to the right buyers.

Buying Turnberry Ocean Colony?

I’m a Southeast Florida real estate specialist. Since 2002 I’ve sold & marketed my backyard and playground from Sunny Isles Beach to South Beach along with Aventura to Coral Gables. Price points at Turnberry Ocean Colony have shown us a turnaround in sale prices now in 2016. I am confident with the next blog post in early 2017 we will see prices at Turnberry Ocean Colony beginning in the high $1M’s and in reference to Miami oceanfront real estate, a lull for several years with ample selection and great deals. The strong US Dollar plays an important role while a development frenzy sets the stage for inventory to rise outpacing the demand. There is no right or wrong time to buy when buying correctly but you do have great leverage today with considerable discounts along the coastline as we see here.

Access all properties for sale & rent, new condo updates, videos & sales statistics at this Turnberry Ocean Colony condo website positioned at the forefront of luxury oceanfront condominiums. The original Sunny Isles Beach condo resource MiamiDreamRealty.com showcases the entire luxury Southeast Florida MLS listing database while the Turnberry Ocean Colony property database accesses the MLS directly to show each new luxury property as they are listed. You’ll also find excellent Sunny Isles Beach condo index statistics at the Miami Beach Real Estate Blog.

Luxury Real Estate in Southeast Florida

Over 14 Years Experience! I’m a Southeast Florida real estate broker-associate with the leading firm – ONE Sotheby’s International Realty. Why Sotheby’s? Because of the brand heritage, global reach and their propensity for perfection. Since 2002, I’ve been active in the Southeast Florida market with experience that rarely disappoints. Whether you’re looking for the latest in waterfront estates, condo resales, land for development, corporate relocation, market trends, off-market properties, new construction, bulk sales, or just plain good deals, I’ll have it customized and ready for you.

Gain fast access to the latest in real estate trends, new listings, preferred developments, important news updates, sales & statistics below. Explore new listings, property information & buying options on new Miami construction and developments, gated communitieswaterfront homesluxury townhomesMiami Penthouses plus so much more. Find your perfect property along Miami BeachSunny Isles BeachAventuraBal HarbourSurfsideNorth Bay Village and South Beach. I also cover the most desirable areas of Fort LauderdaleKey BiscayneCoconut GroveCoral Gables and Bay Harbour Islands.

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