Posted: 23 Nov 2015 07:41 AM PST
JADE Beach, JADE Ocean, JADE Signature Condo Sales, Statistics & Inventory | November 2015
Sunny Isles Beach Luxury Condo Sales & Statistics
Prices are still increasing in our local market but at a slower pace as we see in the most recent Sunny Isles Condo Index. Since the last JADE update in January, we find select inventory appreciating in value and new construction stepping in with values beginning at $1,350 to $2,000 per square foot. Sunny Isles Beach condo inventory has increased to 1,046 total condos for sale and 158 closed sales in the last 90 days averaging $454 per square foot. Last year 354 Sunny Isles oceanfront condos sold over $500,000 USD through our MLS database with an average selling price per square foot of $684. As of November 2015, 258 Sunny Isles Beach condos have sold over $500k with an average sale price per square foot at $713 SP$/PSF. In a contrast comparison of luxury oceanfront condos on Collins Avenue and priced over $1M, we see 384 condos for sale today with 155 closed sales this year averaging a sales price per square foot of $848 and selling at 92% of list price.
If we take the top 10 luxury condo sales from the last 90 days, we find an average sales price per square foot of $1,356 and an average asking price per square foot of $1,455 psf reflecting an average 7% discount for new buyers shopping for luxury real estate in Sunny Isles Beach.
These Top 10 Sunny Isles Beach luxury condo sales were found at:
Oceanfront real estate market values are noting considerable price gains over these last 7 years and what the future holds going into 2016, only time will tell. With new projects released this year, preconstruction and existing condo developments, Sunny Isles Beach condo inventory is increasing while sale to list price ratios are averaging 92% and with 145 days on the market. With new construction (Jade Signature) on the South side of Jade Beach and on the North side (MUSE) of Jade Ocean, the 01 and 08 line values have been stagnant. While short term concerns have many alarmed, smart long term buyers will see past the noise and towards the future of Sunny Isles as values could climb much higher with time, as long as the Ocean & City views are not completely obstructed. The 'new views' will be considered East & West alone as the urban transformation allows no other option.
JADE Sunny Isles Condos Trends & Sales 2015
JADE Beach Condo Inventory, Sales & Rentals
JADE Beach (17001 Collins Avenue) has a total of 27 (11% inventory) JADE Beach condos ranging in values from $980,000 (B1 Model) to $10M for a completely remodeled 4 bedroom. The 3-Story JADE Beach penthouse 'Sky Lofts' have sold and are no longer available on the open market.
JADE Beach condos have been in demand given the most desirable location, luxury & value with a lifestyle experienced only in Miami. The average JADE Beach list price per square foot is reflecting $1,247 psf (Up .05% from January Stats) with the 90-day average selling price per square foot reflecting $1,306 at 281 days on market and an 95% sale to list price ratio (5% average buyer discount). JADE Beach condo sales for 2015 reflect only ‘9’ resales from $800,000 (B1 Model at $928 psf) to $7.550M (Penthouse 4905 at $920 per square foot). This year's average selling price per square foot reflects $1,075 at 148 days on market and an 93% sale to list price ratio. $1,378 per square foot ($1,190 in 2014) was the record high this year.
In November, there are 15 JADE Beach condos for rent ranging in asking prices from $4,200 (B1 model) to $15,000 (4BR, E Model). This year, 17 Jade Beach condos rented, ranging in rented values from $3,500 (B1 Model) to $13,500 (E Model).
JADE Ocean Condo Inventory, Sales & Rentals
JADE Ocean (17121 Collins Avenue) stands strong among the elite luxury condo towers of Sunny Isles Beach with what remains to be, solid demand. JADE Ocean has 28 condo resales available today with a few spectacular Jade Ocean Penthouse properties and "sky lofts" listed from $5.876M to $7.2M. Interiors on these Penthouse units range from 4-5 Bedrooms and from 4,303 to over 5,000 square feet. There are only 2 mirrored image 'Sky Lofts' (per Model) in each JADE building and few other penthouses quite comparable in Sunny Isles Beach. The asking prices at Jade Ocean condos begin with B1 & B2 models from $1,060,000 to $1.659M.
JADE Ocean's average asking price per square foot is at $1,421 ($1,444 in January) and today's buyers are finding the larger model floor plans most attractive setting new record highs at $1,513 PSF for the E Model. In the last 90 days, 4 sales have occurred from $2.020M (C Model) to $2.8M (D Model). Penthouse units #4601 & #4604 sold last year at $6.550M & $7.070M setting a new sale price high for JADE Ocean. This year, 13 sales occurred with sale price values from $950,000 to $3.475M. This year's average selling price per square foot reflects $1,269 at 165 days on market and an 94% sale to list price ratio. $1,513 per square foot ($1,397 in 2014) was the record high this year.
There are 22 JADE Ocean rentals listed in November with prices ranging from $4,350 (B1 Model) to $32,000 for a beautifully furnished Jade Ocean Penthouse. This year 11 condos rented ranging in values from $4,200 (B1 model) to an E Model renting at $27,000 furnished.
While some prefer JADE Beach as a place to call home, JADE Ocean condos have sold on a higher price point offering clear advantages to many in amenities, luxury & lifestyle. JADE Ocean vs. JADE Beach interior differences are not significant other than kitchen counter finishes (Granite vs. Quartz), slightly better floor plans along with the amount of glass encompassing the walls throughout. Other amenity differences are shown through photos & videos here.
JADE Signature Condo … coming soon
(16901 Collins Avenue) JADE Signature is on its way combining luxury + function + lifestyle in Sunny Isles Beach. The concerns that owners addressed with both Jade Beach & Jade Ocean have now been confronted & cleared at Jade Signature with incredible floor plans offering desirable open outdoor living environments. Construction is ongoing with the crews working full force in the progress of the final addition to the JADE Sunny Isles Condo Trio.
More to come, but today's prices are over $1,400 per square foot – All 1 bedrooms have sold out (waiting list to buy) while only larger 3+ bedrooms remain. Today, approximately 86% of the JADE Signature project has been sold. To inquire on buying a new condo in JADE Signature, call me for available pricing #305.978.7704 or inquire here Jade Signature Condos for Sale.
List Your Property with Ashton Coleman
It’s time to showcase your property to perfection. I provide strong International exposure with global marketing and an Internet savvy style like no other. Local market knowledge goes a very long way as customers want to know the market conditions in Sunny Isles Beach. I have a proven track record along the Miami Beaches and I'm available to market your JADE property effectively here on the JADE Condos authority website & blog plus my many other websites displayed below. Besides personal marketing, I have the prestige & reputation of ONE Sotheby's International Realty with exposure and marketing channels that are beyond the extraordinary. For further details on a superior marketing strategy and efficient results whether selling or leasing your oceanfront condo, reach out to me today and let's begin.
If you would like to discuss Miami real estate, please call #305.978.7704. I'm a Miami area real estate specialist with over 12 years of experience. Since 2002, I've marketed, sold & serviced Sunny Isles Beach to South Beach along with Aventura to Coral Gables. When you're ready to schedule a meeting with me, contact my office at #888.38.DREAM or simply send me a note here.
In 2010, I released a new addition to the Sunny Isles Beach condo collection with TurnberryOceanColonySunnyIsles.com to replicate the success I've had with the JADECondosSunnyIsles.com authority website. Price points at Turnberry Ocean Colony have increased significantly with an exceptional market turnaround. Here you'll also find new updates, videos & detailed statistics at the Turnberry Ocean Colony blog.
The original MiamiDreamRealty.com is a major performer showcasing the entire luxury Southeast Florida MLS listing database and over 300 Miami condo buildings (500+ customers daily) while the JADE Ocean, JADE Beach & Turnberry Ocean Colony MLS database access contains very accurate JADE Condo listings for anyone looking to buy or rent. Market statistics show us continued appreciation regarding luxury condo sales with trends continuing to show Miami as a strong market going into 2016.
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