Sunny Isles Beach Luxury Condo Sales & Statistics

A lot has changed with our local market since the last JADE update in 4Q 2011 as the premier inventory escalates in value. Sunny Isles Beach condo inventory has decreased to 557 total condos for sale and 70 closed sales in the last 30 days (7.9 month supply). Last year 184 oceanfront condos over $500,000 sold via MLS with an average selling price per square foot of $447. So far in 2012, 126 Sunny Isles Beach condos have sold via MLS database with an average sale price per square foot at $513 per square foot. In a contrast comparison of luxury oceanfront condos specific to Collins Avenue and over $500k, we see 399 condos for sale with 124 closed sales so far this year averaging a selling price per square foot of $515 psf and selling at 94% of list price.

If we take the top 10 of 2012 luxury condo sales, we find an average sales price per square foot of $789 (down from $815 previous post or 3%) and an average asking price per square foot of $869psf reflecting an average 10% discount for new buyers in the Sunny Isles Beach luxury real estate market. The top 10 Sunny Isles Beach luxury condo sales from the last 90 days were found at JADE Ocean with 1 sales reflecting $992psf along with Jade Beach reflecting a sales at $841 per square foot. Turnberry Ocean Colony had 5 sales at $965, $870, $819, $859 and $793 per square foot while Ocean Three had two sales at $442 psf and $456 per square foot.

What are the latest sales, happenings & the very best condo deals at JADE Ocean & JADE Beach Miami in June 2012? Sunny Isles Beach condo inventory has decreased 32% year to date while sale to list price ratios are averaging 93% for the prior month of May. I'll explore the fine analytics below and continue educating everyone interested in these most desirable oceanfront condo towers known as JADE Beach & JADE Ocean. On to the June 2012 JADE Condo details…

JADE Beach Condo Inventory, Sales & Rentals

(17001CollinsAvenue.com) We now have 20 (8% inventory) JADE Beach resales ranging in values from $745,000 (B1 Model) to an impressive 3-Story JADE Beach penthouse 'Sky Loft' reduced and now priced at $9.9M (I-line Penthouse Floor Plan). The average JADE Beach list price per square foot is reflecting $747 psf (Up 14% from August 2011) with the 90 day average selling price per square foot reflecting $748 at 205 days on market and an 91% sale to list price ratio (9% average buyer discount). JADE Beach condo sales on the MLS reflect 10 resales in 2012 from $580k (B1 Model at $535psf) to $2.2M (E Model at $841 per square foot) setting the record high in JADE Beach resale values.

In June, there are 9 JADE Beach condos for rent ranging in asking prices from $3,300 (B2 model) to $36,000 (Jade Beach Penthouse). JADE Beach condo rentals have been in demand given the most desirable location and experiencing the JADE Beach lifestyle. Year to date, 8 Jade Beach condos have rented, ranging in rented values from $2,700 (B1 deals) to $7,500 (E Model).

JADE Ocean Condo Inventory, Sales & Rentals

(17121CollinsAvenue.com) JADE Ocean has 16 condo resales today with the high prices on two spectacular 2-Story Jade Ocean Penthouse "sky lofts" listed $10.950M & $9.50M with over 6,500 square feet and 5 bedrooms along with a slightly smaller luxury JADE penthouse priced at $4.1M with just over 3,700 total square feet, 3 bedrooms and 3 baths.. There are only 2 mirrored image Sky Lofts per Model in the JADE buildings and few other penthouses comparable in Sunny Isles Beach. The lowest priced resales today begin with B-2 models priced from $899,000. JADE Ocean's average asking price per square foot is at $1,120 ($886 psf in August 2011) and today's buyers are finding the D & E Models most attractive with very limited inventory setting new record highs over $2.2M. Year to date, 6 sales have occurred from $899k to $2.999M. Unit #4403 sold at $3.5M in May setting a new record high at $1,019 per square foot for Sunny Isles Beach real estate. The averages show the selling price per square foot at JADE Ocean reflecting $889 while selling at 94% of list after 237 days on market.

There are 10 JADE Ocean rentals listed in June and the prices are ranging from $3,790 (#2603) to $16,500 for an optionally furnished 4 bedroom. Year to date, there have been 5 rented condos ranging in values from $4,000 (B1 model) to a beautiful D Model rented at $8,300.

JADE Ocean & JADE Beach interior differences are not so significant other than kitchen counter finishes (Granite vs. Quartz) along with the amount of glass encompassing the walls throughout. Other amenity differences are uncovered through photos & videos here with blog research showing us true market values. New monthly sales statistics show us the latest sales, facts & trends so stay tuned to this JADE Blog and authority site. JADE Ocean condos were sold out on a significantly higher price point offering clear advantages in amenities & South Florida lifestyle. Sunny Isles Beach oceanfront market values are noting considerable price gains as inventory continually decreases while sale prices increase. JADE Ocean stands among the elite luxury condo towers of Sunny Isles Beach with a great International demand.

Ready to Sell or Lease Your Property at JADE

In Miami, it's not so much the brokerage name recognition but instead more so dependent on the agent or Realtor® you choose to expose your luxury property properly. When hiring someone to sell or lease your JADE condo, look for strong global marketing with local market knowledge and a proven track record with luxury condos along Sunny Isles Beach. I'm available to get started and accepting new JADE Condo listings to market globally right here on the JADE website & blog plus my many other websites such as MiamiDreamRealty.com. For further details on a superior marketing plan and efficient results whether selling or leasing your oceanfront condo visit the 5 Step Marketing Plan today.

In 2010, I released a new addition to the Sunny Isles Beach condo collection with TurnberryOceanColonySunnyIsles.com website to replicate the success I've had with the JADECondosSunnyIsles.com authority website. Price points at Turnberry Ocean Colony dropped approximately 20% in 2009 alone and have shown us sales as low as $1M in 2009 while sale prices today have increased 44% and noting the market turnaround. Here you'll also find new updates, videos & monthly statistics at the Turnberry Ocean Colony blog. The original MiamiDreamRealty.com is a top performer showcasing the entire luxury Southeast Florida MLS listing database (500+ customers daily) while the JADE Ocean, JADE Beach & Turnberry Ocean Colony MLS database access have also been revamped with most accurate condo listings for anyone looking to buy or rent. Leave a comment and let me know your thoughts regarding JADE Beach & JADE Ocean Sunny Isles or any other luxury condo tower along the Miami Dade County coastline.

When you set out to buy a house, an important question that comes to mind is, old or new?  An old house might need repairs, upgrades, and maintenance, but a new house comes with its own set of issues. You might have to pay significantly more for a new house than an old house. You will end up buying a cookie cutter beige box mostly when opt for new, but an older single family house will be unique. What do you prefer?

Today we will look at two properties, one in Northwood, and one in Woodbury. One of them is thirty-three years old, and the other is around four years old. One of them is a single family residence with its own pool in the backyard, and other is a detached condominium.

 

88 Twin Gales, Irvine CA 92620

Listing Price: $739,000

Beds: 3

Baths: 2.75

Sq. Ft.: 1,964

$/Sq. Ft.: $376

Property Type: Residential

Condominium Style: Two Level, Other

Year Built: 2008

Community: Woodbury

Builders Tract Name: Stonetree

Builders Tract Code: WDST

Builders Name: John Laing Homes

Builders Model Code: 1

 

Monthly expenses:

HOA Dues: $263/month ($158+$105)

Property Tax ( 1.0595%):  $7,830 Annually

Mello Roos: $4,052 Annually

Monthly Property Tax+ Mello Roos: $990

Monthly Mortgage (30 YR Fixed, 3.75%): $2,738

Monthly Fixed Expenses: $3,991

 

16 Bragg, Irvine, CA 92620

 

Listing Price: $750,000

Beds: 4

Baths: 2

Sq. Ft.: 1,897

$/Sq. Ft.: $395

Lot Size: 7,480 Sq. Ft.

Property Type: Residential, Single Family

Style: One Level, Cottage

View: Pool, Trees/Woods

Year Built: 1978

Community: Northwood

Builders Tract Name: Shadow Run

Builders Tract Code: SR

Builders Model Code: B

 

Monthly expenses:

HOA Dues: $0 (No HOA)

Property Tax ( 1.0038%):  $7528 Annually

Mello Roos: $172 Annually

Monthly Property Tax+ Mello Roos: $642

Monthly Mortgage (30 YR Fixed, 3.75%): $2,779

 

Monthly Fixed Expenses: $3,421

 

 

My opinion:

 Both the properties have good Irvine schools. Both the properties have the required granite and wood upgrades. Both floor plans are without any major flaws. But 16 Bragg is a Single Family Residence with a 7500 SF lot. 88 Twin Gables is a Detached Condominium with a tiny backyard.  16 Bragg has a pool in the backyard, but 88 Twin Gables uses a community pool. 16 Bragg has no HOA dues, but 88 Twin Gables has $263/ month in dues. 16 Bragg has very low Mello Roos, but 88 Twin Gables has significantly higher Mello Roos.

 

By buying a single family home with all the upgrades to match a newer Irvine home, I will be saving roughly $570 per month. If I add that as an extra principal payment per month, I will be paying off my mortgage earlier than the scheduled thirty year term.

 

But by buying an older house in an older community, I might spend more on repairs. Also, since there is no HOA, my neighbor might not color his house the shade of beige I am comfortable with. The community is aging, and if not all homeowners are not proactive about maintaining the exterior of their properties, it affects all home prices in the neighborhood.

 

Which one would you buy?

Will the Mello Roos and HOA dues impact your decision?

Does the size of a backyard matter if there are enough parks in the neighborhood within walking distance?

Is it more work to maintain a pool in the backyard than visit the well maintained community pool?

Share your views.

 

 

 

 

 

A Super Sized Find in Turtle Rock Hills

18762 Via San Marco, Irvine CA

The minute you step into this home you are caught by the light.  It is everywhere, streaming through the bay windows, bouncing off the burnished wood floors, flooding the kitchen and the family room.  

 

The light leads the way through a spacious open floor plan flowing around the huge living room that is perfectly positioned in the center of the house to capture the best view of a very private, very large backyard with a steep green hillside.

The French doors and bay windows frame the many views.

Situated on an oversized 10,000 sq. ft. lot, this in many ways, is a super sized property, made even better by its secluded location on the quiet streets of Turtle Rock Hills.

Off to the right, a formal dining area competes with the living room for attention, positioned near French doors opening onto the backyard.  Beyond there is the kitchen, an informal dining area, and the family room, all nicely done and linked with tile and hardwood floors.  

 

 

 

Off to the left, down the hall, the four bedrooms and two baths all fit together, each providing another big helping of natural light.  They offer big bay windows and window seat views of the backyard. The home has new carpets and paint throughout.

The owners have lived here over thirty years and clearly enjoyed their home.  The house is being shown with some furnishings to set the stage.  With the bedrooms, family room and adjoining eating area all open, the viewer can pencil in a variety of options. 

That openness leads to ‘what if’s.’  What if the family room grew bigger? Or that very private backyard acquired a pool or added patio accessories?  What if the bedroom with the wonderful view of the backyard became a library with built in bookcases, or a home office?

This home could be sold as the starting point for a whole new round of innovations or as a welcoming site ready for a new family to move in.  The huge private backyard could acquire a spa, chill pool, barbeque, and added patio accessories, becoming a great entertaining area, flowing perfectly from the line of French doors in the living room.

Up front a new great room could be created from some of the extra driveway space, or be developed from the existing garage with a new garage added.

Either way, there are supersized assets here.  Situated in a quiet spot in Turtle Rock Hills with the oversized lot and a private hill in the back, this house has a great presence

Where it goes from here is the question.

Specifics:

Beds: 4

 Baths: 2

Sq. Ft.: 1,925

$/Sq. Ft.: $571

 HOA Dues: $140/month

 Lot Size: 10,725 Sq. Ft.

Single Family Style:

One Level, Ranch

Central Air

Two Car Garage

Irvine Unified School District

Year Built: 1968

No Mello Roos Tax

Community: Turtle Rock

Limitations:   Competition in this price range might find buyers looking for extra features.  Right next door there is a similar home for sale that offers a salt system pool and spa.   In this price range, a buyer might be looking for more kitchen upgrades, or an enlarged family room.  This might lead to an evaluation of the home, with the buyer’s requirements, and the development potential and cost involved, making the final call. In April this home was listed for a hundred thousand more.

Who will make this property their home? A family needing bedrooms, yard space and excellent schools could opt for this home. A family seeking a floorplan with all of the bedrooms on the main floor might choose this home.  Or, a couple who like to entertain and want to develop the property with even more supersized assets might select this home.

In Comparison – The house next door at 18782 Via San Marcos is pending at $1,299,000, offering 4 bedrooms and three baths, a salt pool and spa and waterfall.   Also in Turtle Rock, 5 Morning Glory is listed at $1,199,000.  It is a two level Craftsman with three bedrooms, two baths, and a view. 

 

Date Sold	Address	Zip	Tract	Sold Price	Beds	Sq Ft
Airport Area
5/29/12	2340 Watermarke Pl	92612	Watermarke	$350,000	2	1123
Columbus Grove
5/25/12	63 Juneberry	92606	Kensington Court	$600,000	3	2673
5/29/12	34 Desert Willow	92606	Alexandria	$987,000	5	3168
5/30/12	40 Fringe Tree	92606	Kensington Court	$529,900	3	2200
El Camino Real
5/24/12	6 Fern Cyn	92604	Deerfield Patio	$560,000	3	1899
5/25/12	5182 Royale Ave	92604	The Ranch	$658,000	4	3086
5/28/12	14821 Doncaster Rd	92604	Greentree	$575,000	4	1808
5/30/12	17 Albany	92604	Heritage Park IP	$278,000	2	1100
Northpark
5/29/12	68 Salton 28	92602	San Juan Bautista	$445,000	3	1876
Northwood
5/24/12	180 Garden Gate Ln	92620	Glenneyre at Lanes End	$425,000	2	1050
5/25/12	175 Streamwood	92620	The Springs	$147,000	1	639
5/25/12	443 Ridgeway	92620	Greystone Villas	$517,000	3	1610
5/29/12	23 Alegria	92620	Woodside	$850,000	4	2951
5/30/12	6 Trovita	92620	Canyon Creek	$880,000	5	3033
5/30/12	85 Lakepines 8B	92620	The Lakes	$181,500	1	684
5/30/12	10 Laurelwood	92620	Silverado	$1,060,000	5	2786
Portola Springs
5/25/12	38 Upperbend	92618	Paloma	$590,000	3	2235
Quail Hill
5/24/12	44 Seasons	92603	Casalon	$495,000	3	1600
5/25/12	78 Windchime	92603	Sage	$465,000	2	1200
5/30/12	35 Stepping Stone	92603	Casalon	$452,500	3	1592
Turtle Rock
5/24/12	31 Sarena	92612	Pointe - Turtle Rock	$962,500	3	2328
5/25/12	39 Mirador	92612	Pointe - Turtle Rock	$730,000	2	1830
5/25/12	35 Prairie Grass	92603	Villas of Shady Canyon	$3,500,000	4	4309
5/30/12	25 Needle Grass	92603	Shady Canyon Custom	$6,550,000	6	9923
University Park
5/25/12	3 Iron Bark WAY	92612	Village I	$470,000	3	1741
5/25/12	21 Cypress Tree Ln	92612	Park I (In Village Park)	$700,000	4	2415
5/30/12	34 Redwood Tree Ln	92612	Village III (Village Park)	$659,000	4	2200
University Town Center
5/25/12	31 Wellesley 29	92612	Cambridge Court	$505,000	3	1600
Walnut
5/25/12	14561 Mango Ave	92606	College Park	$600,000	4	1897
Westpark
5/24/12	10 Alexandria	92614	Tierra	$710,000	3	1790
5/24/12	17 Alexandria	92614	Tierra	$685,000	3	1785
5/25/12	35 Abrazo Aisle	92614	Tiempo	$250,000	2	840
5/25/12	3 Ghiberti	92606	Montage	$834,000	4	2200
5/25/12	1 Vetrina	92606	Trieste	$998,000	5	2845
5/26/12	29 Santa Catalina Aisle	92606	Ravenna	$685,000	4	1863
Woodbridge
5/25/12	224 Greenmoor 96	92614	Stonegate	$422,000	3	1368
5/29/12	441 E Yale Loop 40	92614	Garden Estates	$472,000	3	2187
5/30/12	67 Fox Hollow	92614	Somerset	$375,000	3	1320
5/30/12	97 Lakeshore	92604	Arborlake	$650,000	3	2100
Woodbury						v
5/25/12	31 Twiggs	92620	Juliet's Balcony	$1,500,000	5	4500
5/25/12	49 Rising Sun	92620	Portisol	$752,000	5	2270
5/29/12	55 Stowe	92620	Mille Fleurs	$1,142,500	4	3550