Turnberry Ocean Colony Sunny Isles Beach Condo Sales & Trends | June 2017

Turnberry Ocean Colony Sunny Isles Beach South and North Towers

Turnberry Ocean Colony Sunny Isles Beach Condo Sales & Trends | June 2017

Sunny Isles Beach Luxury Condo Sales & Trends

Sunny Isles Beach condominium inventory has increased 5% since the prior blog post in January to 1,453 total condos for sale and 41 closed sales in the last 30 days (35 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:

  • June 19th, 2017 – 282 YTD Sales with an average selling price per square foot of $402 PSF (5% Decrease)
  • 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 693 Sunny Isles Beach condos for sale today.

  • June 19th, 2017 – 78 YTD Sales with an average selling price per square foot of $733 (9% Increase)
  • 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 condos sold 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. YTD 2017, the average sale price per square foot of $1,340 and an average asking price per square foot of $1,596 PSF as new ultra-luxurious towers such as Porsche & Chateau begin to grace our skyline as resale opportunities.

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

In 2016, 6 sales occurred from $2.150M to $3.4M while the average selling price per square foot last year was $808 PSF. YTD 2017, just 2 sales have occurred from $1.850M to $3.6M while the average selling price per square foot this year is $929 PSF.

Prices today begin at $1.995M (2 Bedroom) and upwards of $9.5M (4 bedroom & penthouse). We have an interesting market remaining this year with 32 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 a continued slowdown in sales for the remainder of 2017 with a 10% anticipated price drop. The asking price per square foot today averages $1,054 {$1,122 in 2016} while sale price values per square foot this year average $929 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 Sunny Isles Beach condo 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 noted. 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 17 condos (13% inventory) for sale ranging in values from $2.050M (Exuma Model) to $6.2M for a 4 Bedroom, Eleuthera residence. The average Turnberry Ocean Colony North tower list price per square foot reflects $1,068 with the average selling price per square foot from the last 6 months reflecting two sales at $853 PSF at 169 days on market.

Turnberry Ocean Colony South Tower Condo Inventory & Sales

Turnberry Ocean Colony South Tower (16047 Collins Avenue) has 15 residences for sale today (12% inventory) with prices ranging from $1.995M to $9.5M. The average Turnberry Ocean Colony South tower list price per square foot reflects $1,036 PSF with the average selling price per square foot from the last 6 months reflecting ONE sale at $1,034 PSF at 303 days on market.

Selling at Turnberry Ocean Colony

Contact me today for details on our marketing plan & strategy where you’ll find a step by step process in marketing to the right customers whether selling or leasing your properties. When hiring someone to sell or lease your Turnberry Ocean Colony condo, look for a solid strategy with a strong global reach and intimate local market knowledge. Miami luxury real estate pertaining to new condo development is anticipating the release of another 11,000+ condos within the next 2 years so please buckle up for a bumpy ride. Demand and supply are not at all balanced and as we see above, Turnberry Ocean Colony is no exception. This premier development noted a $1,200+ PSF price point in 2015, which is today approximately 20% less in values.

ONE Sotheby’s International Realty + Ashton Coleman, P.A. offer a brokerage powerhouse certain to showcase your properties to the world and to the right buyers. I released this additional resource to the Sunny Isles Beach condo collection in February 2010 with the Turnberry Ocean Colony Sunny Isles website & blog to simply replicate the valuable information I provide at JADE Condos Sunny Isles.

A multitude of other Southeast Florida websites are found below and once listed, where your properties will also be featured – contact me here.

Buying Turnberry Ocean Colony

I’m a Southeast Florida real estate specialist. Since 2002 I’ve marketed and sold premier real estate 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 price values and ongoing trends of a solid buyer’s market which began in 2016. In reference to Miami oceanfront real estate, we may very well see a continued slow period for several more years with ample selection and super deals for buyers ready and sellers willing to negotiate. The strong U.S. Dollar plays an important role in our current condo market along with the new development cycle that has set the stage for inventory to outpace the demand. The advantage of today’s market is the excellent selection to cherry pick great deals and you do have leverage today with considerable discounts along Sunny Isles Beach. We find motivated condominium sellers in Miami-Dade County here with prices discounted.

Access available properties for sale, for rent, videos & sales statistics at this Turnberry Ocean Colony condo website positioned at the forefront of Miami’s luxury oceanfront condominiums. The original Sunny Isles Beach condo resource MiamiDreamRealty.com showcases luxury Southeast Florida listings 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.

Thank you for your time spent reading my research!

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Luxury Real Estate in Southeast Florida

Over 15 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, prestige, vast global reach and their propensity for perfection. Since 2002, I’ve been active in the Southeast Florida market with experience that rarely disappoints. No hassle. No pressure. Just honest advice.

The Miami Beach Real Estate Blog is an awesome online database for Southeast Florida real estate information. Contact me for the perfect properties 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. 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 great 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 by signing up to the Monthly VIP Buyer Alert. Explore new listings, property information & buying options on Miami condo developmentsgated communitieswaterfront homesluxury townhomes, impressive Miami Penthouses plus so much more.

Luxury Condos, Penthouses, & Waterfront Homes:

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