Sunny Isles Beach Luxury Condo Sales & Statistics – 2013
Sunny Isles Beach condo inventory has increased 10% since the prior 2012 blog post to 617 total condos for sale and 58 closed sales in the last 30 days (10.6 month supply). In 2012, 1,052 Sunny Isles Beach condos sold (via MLS database) with an average sale price per square foot at $329 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 12%. Now as of October 2013, we see 746 closed sales with an average selling price per square foot of $385 for an average increase of 15%!
In a contrast comparison of luxury oceanfront condos specific to Collins Avenue and over $500k, we see 267 condos for sale today with 265 closed sales this year averaging a selling price per square foot of $620 psf and selling at 94% of list price. If we take the top 10 of 2013 luxury condo sales, we find an average sales price per square foot of $1,125 and an average asking price per square foot of $1,270 psf reflecting an average 11% discount for new buyers in the Sunny Isles Beach luxury real estate market. In 2012, 356 (249 Sales in 2011) oceanfront condos over $500k sold with an average selling price per square foot of $543 ($520 sp$/psf in 2011 & $420 sp$/sf in 2010).
The Top 10 Sunny Isles Beach luxury condo sales from the last 90 days were found at Turnberry Ocean Colony having 1 sale at $901 per square foot. JADE Ocean had 5 sales at $921, $1138, $1138, $1112, and $1008 psf. Acqualina had 2 sales at ‘$1,824 psf’ and $1126 psf setting a ‘new area sale record’ along with Trump Palace having a sale at $1286 psf.
On to Turnberry ocean Colony…
Turnberry Ocean Colony Condo Sales & Trends | Market Summary for 2013
Price points at Turnberry Ocean Colony in 2012 showed 12 total sales as low as $1,658M with a record high of $3.357M. 2009 set a record low for Turnberry Ocean Colony of $970k while 2011 has had the highest sale at $4.9M. Prices today begin at $2.349M (2 Bedroom) and upwards of $8.999M (4 bedroom). 2011 year was considered the turnaround year for the local Sunny Isles Beach real estate market and notably T.O.C. values have done quite well as we looked at aggressive prices and strong sales to match.
In 2013 there are 3 recent pending contracts with 14 closed sales ranging from $1.740M (2 bedroom) to $3.7M (4 bedroom). Turnberry Ocean Colony South & North Towers will remain a strong contender for years to come even among new construction having noted the market bottom in 2009 with 26 closed sales averaging only $581 psf at steep buyer discounts. We should see continued appreciation in both North & South Tower with the average asking price per square foot today at $984 ($1,051 in 2012, $972 psf in 2011 and $864 in 2010) while sale price per square foot averages show us $907 PSF.
Turnberry Ocean Colony North Tower Condo Inventory, Sales & Rentals
(16051CollinsAvenue.com) Turnberry Ocean Colony North Tower resales have 9 condos (7% inventory) for sale ranging in values from $2.349M (02 Exuma Model) to $4.3M for a 5 Bedroom/4.5 bath, 23th floor Eleuthera condo residence beautifully remodeled from head to toe! The average Turnberry Ocean Colony North tower list price per square foot reflects $1,121 with the average selling price per square foot from the last 6 months reflecting $897 psf at 171 days on market plus an averaged 94% sale to list price ratio (6% buyer discount).
Turnberry Ocean Colony North condo sales from the last 90 days show us 3 resales including an Abaco floor plan (#1001) selling at $2.750M or $991 psf along with 2 Exuma models (#802 & #1402) selling at $1.850M ($828psf) and $1.760M ($784psf). We see 2 pending condo sales with asking prices from $1.975M to $2.6M as buyers continue grabbing premier luxury real estate along the Miami Beaches. With a large International demand, central location for major airports, strong confidence and a seller’s market, Miami has become a safe haven for many.
There are only 3 Turnberry Ocean Colony North condos for rent in October asking $10,900 (2BR Exuma Model), $17,900 (5 BR) and $20,000 (5 BR) all of which are Furnished. Turnberry Ocean Colony North tower had just 1 condo rented this year renting at $8,000 on a furnished Exuma model.
Turnberry Ocean Colony South Tower Condo Inventory, Sales & Rentals
(16047CollinsAvenue.com) Turnberry Ocean Colony South Tower resales reflect 3 condo residences (2% inventory) with the high price on a Grand Cayman Penthouse model asking $8.999M and the buildings low on an Exuma model priced at $2.650M (5th floor). The average Turnberry Ocean Colony South tower list price per square foot reflects $1,228 with the average selling price per square foot from the last 6 months reflecting $789 psf at 181 days on market plus an averaged 93% sale to list price ratio (7% buyer discount). Turnberry Ocean Colony South condo sales from this year report 6 sales ranging from $1.740M ($775 psf) and $3.7M ($1,063 psf) on an Eleuthera Model.
One Ocean Colony South Tower condo residences is pending sale today with an asking price of $3.760M (Eleuthera #904). There are 4 Turnberry Ocean Colony South Tower rentals listed in October with asking prices ranging from $10,750 (unfurnished Exuma 2 bedroom) to $17,900 (partially furnished Grand Cayman 4 bedroom).
In Miami, results are very dependent on the broker or Realtor® you decide to hire to service, show and sell 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 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 have shown us increasing sale prices since 2010 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 this Turnberry Ocean Colony condo website & blog geared towards these exquisite oceanfront towers which are preferable by many.
Ready to Buy at Turnberry Ocean Colony?
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 and shows each new luxury property listed today. You’ll also find excellent local Sunny Isles Beach 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 or any other luxury condo tower along the Miami Dade County coastline. Enjoy and thank you for visiting! Call today 1.888.383.7326.