Turnberry Ocean Colony Sunny Isles Beach | Condo Sales and Trends | January 2017

Turnberry Ocean Colony Sunny Isles Beach

Turnberry Ocean Colony Sunny Isles Beach | Condo Sales and Trends | January 2017

Sunny Isles Beach Luxury Condo Sales & Trends

Sunny Isles Beach condo inventory has decreased 1% since the prior 2016 blog post to 1,377 total condos for sale and 24 closed sales in the last 30 days (57.3 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:

  • January 10th, 2017 – 3 YTD Sales with an average selling price per square foot of $684 PSF (sample too small to determine % change)
  • 2016 – 599 Sales with an average selling price per square foot of $425 PSF (3% 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 830 Sunny Isles Beach condos for sale today.

  • January 10th, 2017 – 2 Sales with an average selling price per square foot of $902 (sample too small to determine % change)
  • 2016 – 221 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 (2016) had an average sale price per square foot of $1,138 and an average asking price per square foot of $1,339 PSF.

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

In 2016, 6 sales occurred from $2.150M to $3.4M. The average selling price per square foot last year was $808 PSF.

Prices today begin at $1.875M (2 Bedroom) and upwards of $5-6M (4 bedroom & penthouse). We have an interesting market ahead of us this year with 30 Turnberry Ocean Colony condos available for sale and UHNWI owner’s who don’t necessarily have to sell. We are reminiscent of 2007 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; 5-10% anticipated price drop. The average asking price per square foot today at $1,069 {$1,122 in 2016} while ‘sold values’ per square foot last year average just $808 PSF.

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 continue into 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 among other factors such as the fundamental law of supply and demand.

Turnberry Ocean Colony North Tower Condo Inventory & Sales

Turnberry Ocean Colony North Tower (16051 Collins Avenue) has 16 condos (12% inventory) for sale ranging in values from $1.899M (Exuma Model) to $6.2M for a 4 Bedroom, Eleuthera residence. The average Turnberry Ocean Colony North tower list price per square foot reflects $1,062 with the average selling price per square foot last year reflecting three sales at $839 PSF at 191 days on market. There have been no sales so far this year in the North Tower.

Turnberry Ocean Colony South Tower Condo Inventory & Sales

Turnberry Ocean Colony South Tower (16047 Collins Avenue) also has 16 residences for sale today (12% inventory) with prices ranging from $1.875M to $5.2M. The average Turnberry Ocean Colony South tower list price per square foot reflects $917 PSF with the average selling price per square foot last year reflecting three sales at $777 PSF at 225 days on market. There have been no sales so far this year in the South Tower.

Selling at Turnberry Ocean Colony

Contact me today for further details on our Marketing Strategy and you’ll find efficient results whether selling or leasing your property. 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. 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 and trends beginning in 2016. I am confident with the next blog post in late 2017 we will see prices at Turnberry Ocean Colony beginning in the low-to-mid $1M’s. In reference to Miami oceanfront real estate, a lull for several years with ample selection and great deals for new buyers ready to negotiate. The strong US Dollar plays an important role along with a development frenzy that has set the stage for inventory to outpace 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 Southeast Florida

I’m a Southeast Florida real estate broker-associate with the leading firm – ONE Sotheby’s International Realty with over 14 years of experience! 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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