Sunny Isles Beach Luxury Condo Sales & Statistics – 2011 Recap
Sunny Isles Beach condo inventory has decreased 35% since the prior January 2011 blog post to 718 total condos for sale and 53 closed sales in the last 30 days (13.5 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%.
In a contrast comparison of luxury oceanfront condos specific to Collins Avenue and over $500k, we see 329 condos for sale today with 36 closed sales in 2012 averaging a selling price per square foot of $481 psf and selling at 95% of list price. If we take the top 10 of 2012 luxury condo sales, we find an average sales price per square foot of $777 and an average asking price per square foot of $733 psf reflecting an average 6% 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 $792 & $835 per square foot. Trump Towers I & III each had a sale at $627 and $598 psf. Pinnacle had a sale at $603 psf along with Ocean Four at $431 psf. JADE Ocean sold a D & E model at $780 psf and $$992 psf respectively. JADE Beach also had 2 sales selling a D & E model at $594 psf and $841 psf.
Sunny Isles Beach condo inventory has decreased 33% year to date while sale to list price ratios are averaging 94% for the prior month of January. I’ll explore the fine analytics below and continue educating everyone interested in Turnberry Ocean Colony South & Ocean Colony North Towers. On to the February 2012 Ocean Colony Condo details…
Turnberry Ocean Colony Condo Sales & Trends | Market Summary for 2011 & 2012
Price points at Turnberry Ocean Colony in 2011 show 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 $1.750M (2 Bedroom) and upwards of $5.450M (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 sales to match. Today there are 5 recent pending contracts and 2 closed sales from $1.875M (2 bedroom) to $2.2M (3 bedroom). I believe 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 prices rising this year with the average asking price per square foot today at $972 psf ($864 in 2010).
Turnberry Ocean Colony North Tower Condo Inventory, Sales & Rentals
(16051CollinsAvenue.com) Turnberry Ocean Colony North Tower resales now have 8 (6% inventory) condos for sale ranging in values from $1.750M (02 Exuma Model) to $4.5M for a 3 Bedroom/5.5 bath, 25th floor Eleuthera condo residence. The average Turnberry Ocean Colony North tower list price per square foot reflects $969 with the average selling price per square foot from the last 6 months reflecting $754 psf at 134 days on market plus an averaged 90% sale to list price ratio (10% buyer discount).
Turnberry Ocean Colony North condo sales from the last 90 days report only 1 resale of an Abaco model floor plan (#2701) selling at $2.2M or $793 psf. We see 2 pending condo sales with asking prices from $1.845M to $3.499M as buyers continue grabbing prime real estate along with 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 only 2 Turnberry Ocean Colony North for rent in February ranging in asking values from $7,300 to $8,500 (both 2BR Exuma Model). Turnberry Ocean Colony North tower rentals had 2 condos rented in the last 6 months reflecting rented values at $7,800 on an unfurnished Abaco model and $18,000 for a furnished Martinique model residence.
Turnberry Ocean Colony South Tower Condo Inventory, Sales & Rentals
(16047CollinsAvenue.com) Turnberry Ocean Colony South Tower resales reflect 8 (6% inventory) condo residences with the high price on a Eleuthera Penthouse model asking $5.450M and the building low on an Exuma model priced at $1.799M (7th floor). The average Turnberry Ocean Colony South tower list price per square foot reflects $974 with the average selling price per square foot from the last 6 months reflecting $794 psf at 293 days on market plus an averaged 88% sale to list price ratio (12% buyer discount).
Turnberry Ocean Colony South condo sales from the last 90 days report 2 sales ranging from $1.995M ($835 psf) on an Exuma model, $3,357,250M on a Martinique model. Two Ocean Colony South Tower condo residences are pending sale today with asking prices of $1.699M and $2.995M.
There are 4 Turnberry Ocean Colony South Tower rentals listed in March with asking prices ranging from $6,500 (furnished 2 bedroom), $8k (furnished 2 bedroom), $14,000 (unfurnished 4 bedroom) and $18,000 for a furnished 4 bedroom Martinique model. Residence #3201 has been pending since 11.11.11 at $16,000 and will hopefully be updated on the rented price by the listing agent soon.
Ready to Market Your Property at Turnberry Ocean Colony..
In Miami, it’s not the brokerage firm name recognition as it is in other major 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 intimate 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 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. 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 your day and thank you for visiting! 1.888.383.7326