Sunny Isles Beach condo inventory today reflects 801 total condos for sale and 313 closed sales in the last 90 days with a median sale price value of $491 per square foot. With continued condo inventory absorption along the Miami-Dade coastline, units sold and the price increases continue both in setting area records but also an increase in median values.
Our Oceanfront residential market values noticed considerable price gains over the eight years spanning from 2009 to 2016. From early 2016 to the later part of 2020, we found ample supply with limited demand in what was then, a strong buyer's market.
With new developments selling out and Sunny Isles Beach's resale absorption on the rise, especially within the baseline of the high-end market segment ($1M to $3M), we find supply low and demand high. In addition to the residential condo market shifting last year in favor of sellers, we've also witnessed the gorgeous luxury developments gracing our coastlines such as JADE Signature,MUSE, Armani Casa Residences, Ritz-Carlton Sunny Isles, Turnberry Ocean Club, and the soon to be Estates at Acqualina performing VERY well. This new construction has taken over Collins Avenue with a surreal experience driving over the causeways and it's truly a sight to behold with this new market. The $3M+ condo resales still have over 188 options to choose from with a median list price value of $1,621psf with a high of $3,584 psf and a low of $732 per square foot.
Sunny Isles Beach Condo Inventory 10-Year History
Values will likely continue to climb next year with all things relative and especially with the International buyers now coming back to Miami. For now and likely the remainder of the year, the market is in favor of sellers with exceptional values noted. Buyers above $3M may still cherry-pick for great properties & good opportunities along the coastal communities of South Florida.
JADE Beach (17001 Collins Avenue) the future upside of Jade Beach is strong as the original oceanfront tower and values to match. Jade Beach will continue to reign as the leading tower for location and exceptional value and many current residents are leasing their units for the long term. Jade Beach today has 9 resales (3% inventory) available today ranging from $1.920m (C Model) to $4.299m for (D2 Model) #4505. Jade Beach condos offer one of the most attractive Collins Avenue locations plus excellent value when seeking the oceanfront lifestyle experienced only in Miami.
The average JADE Beach list price per square foot reflects $1,149psf.
There are 9 resales from $1.920m (C Model) to $4.299m (D2 Model).
This year 2021 (YTD), 25 resales have occurred with a median sale price per square foot of $887psf and 202 days on market.
In 2020, 20 resales occurred with a median sale price per square foot of $778psf and 145 days on market.
In 2019, 9 resales occurred with a median sale price per square foot of $764psf and 210 days on market.
The median selling price per square foot in 2018 (10 total sales) was $818psf at 178 days on market.
The median selling price per square foot in 2017 (7 total sales) was $877 at 243 days on market.
The median selling price per square foot in 2016 (8 total sales) was $1,010 at 219 days on market.
As of November 2021, there are 8JADE Beach condos for rent ranging in asking prices from $4,000 (B1 model) to $18,000 (E Model). YTD, 21 Jade Beach condos have rented, ranging in values from $3,700 (B1 Model) to $15,000 (D2 Model).
JADE Ocean (17121 Collins Avenue) stands among the elite luxury condo towers of Sunny Isles Beach.
JADE Ocean has 17 (7% inventory) condo resales available today with an extraordinary penthouse that should sell soon. Interiors on these JADE Penthouse condos range from 1 to 6 Bedrooms and from 858 to over 5,134 square feet.
There are only 2 mirrored images known as the 'Sky Loft Penthouse' in each Jade Condo building, and few penthouses can compare along Sunny Isles Beach. Today's resale prices at Jade Ocean begin with 1 bedroom condos (B1&B2 floor plans) from $1.190m with larger 5 bedroom options priced at $7.499m.
While some prefer JADE Beach as a place to call home, JADE Ocean condos have consistently sold & leased at higher price points offering clear advantages to many.
The average JADE Ocean list price per square foot is $1,286psf.
There are 17 resales from $1.190m (B1 Model) to $7.499M (#4604).
In 2021 (YTD), 29 resales have occurred with a median sale price per square foot of $937psf and 230 days on market.
In 2020, 8 resales occurred with a median sale price per square foot of $854psf and 187 days on market.
In 2019, 12 sales occurred with a median sale price per square foot of $839psf and 324 days on market.
In 2018, 5 condos sold from $1.425M to $2.9M (C & E Models) at a median Sale Price value of $958 PSF and 107 days on market
The median selling price per square foot in 2017 (11 total sales) was $991 PSF at 216 days on market.
The median selling price per square foot in 2016 was $1,087 at 137 days on market.
There are 8JADE Ocean rentals listed in November 2021 with prices ranging from $6750 for a B1 Model to $25,000 for a beautifully furnished (E Model). YTD, 25 Jade Beach condos have been rented, ranging in values from $4,100 (B1 Model) to $18,000 (E Model).
JADE Signature (16901 Collins Avenue) was completed early in 2018 and it's an amazing addition to the JADE trio and this epic new construction lineup along the Sunny Isles Beach coastline. Jade Signature offers very spacious floor plans and expansive outdoor living areas with a gorgeous architectural design plus amenities to match.
With the completion and closings behind us, there are over 44 Jade Signature condos for sale today with excellent resale opportunities remaining. The discounts and deals are apparent now as true market values are easy to spot. A turn-key Jade Signature Penthouse #5503 sold in 2019 at $18.5M ($2,015 psf) setting the area record back then for an existing Sunny Isles Beach condominium.
Similar to Porsche Design Tower, Jade Signature will continue to show exceptional value for Florida's Riviera. Why? A healthy building is considered less than 10% – today Jade Signature has 44 units or 23% available with many pre-construction owners now landlords.
Today's new pricing has a median list price per square foot of $1,665psf.
In 2021 (YTD), 18 resales occurred with a median sale price per square foot of $1,190psf and 294 days on market.
In 2020, 10 resales occurred with a median sale price per square foot of $1,221psf and 184 days on market.
There were 9 sales noted in 2019 (via MLS) with the median sale price per square foot at $1,244 – #PH5503 was included herein and sold at $2,015 psf setting a new area record at $18.5M – these other 8 sales had a median sale price value at $1,226psf and 307 days on market.
Jade Signature active rentals consist of 4 options ranging in values from $25,000 (3 BR Furnished) upwards to $35,000 for a 4 Bedroom. YTD, 26 condos rented from $5,900 (1 BR) to $32,500 (4 BR Furnished) with a median rent price value of $5.77psf.
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