Sunny Isles Beach Sales & Statistics

Sunny Isles Beach condo inventory today reflects 1,606 total condos for sale and 148 closed sales in the last 90 days with a median sale price value of $307 per square foot. With excessive inventory available along the coastline, condo prices continue both setting area records but also a continued decline 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 today at the early part of 2020, we find ample supply with limited demand in this strong buyer’s market. For instance, dividing 46 condo sales over the last 30 days into our inventory of 1,606, we find a 35-month supply whereas a healthy market is 6 to 9 months of inventory.

New developments and Sunny Isles Beach resale inventory have been on the rise, especially within the high-end market segment at $3M+. In addition to the residential condo market shifting since 2016 in favor of buyers, we’ve also witnessed the gorgeous new luxury developments such as Jade Signature, MUSE, Armani Casa Residences, Ritz-Carlton Sunny Isles, and soon to be Turnberry Ocean Club, and Estates at Acqualina. New construction has taken over Collins Avenue this year with the $3M+ oceanfront (resales) having a median list price value of $1,409 psf and as high as $4,155 per square foot.

Sunny Isles Beach Condo Inventory $3M+ 5-Year History

In 2018, 242 Sunny Isles oceanfront condos sold (over $500,000) with an average sale price per square foot of $600 and at 91% of list price. During these initial two months of 2020, there have been 39 Sunny Isles Beach condos sold (over $500,000) with an average sale price per square foot at $600 psf (SP$/PSF). Of those 39 condo sales, it has taken the seller 195 days to sell and yet still at 91% of list price.

In a similar comparison of luxury oceanfront condos on Collins Avenue and available over $5M, we see 82 condos for sale today averaging $1,733 per square foot with an average list price of $8.950m.

Sold Condos priced $5M+ noted 8 sales in 2019 with the Median sale price value at $1,732 psf. Of the eight sales, the Jade Signature Penthouse set a new area record as we will see below.

Values will climb again with time & inventory absorbtion, but for now, the market is in strong favor of the buyer with exceptional values noted. Buyer’s may cherry pick this year for great properties & unique opportunities for Miami’s coastal real estate.

JADE Beach Condos

JADE Beach (17001 Collins Avenue) has ongoing construction as concrete restoration resumes to the East side of the building this year with an anticipated timeline of approximately another year to complete. With this Jade Beach restoration, we’ve experienced ongoing construction debris & noise nuisances which have impacted values both for rent and resale. The major short-term concerns are the East side terraces and swimming pool completely closed off with a blue translucent film covering the glass and limiting the desirable ocean views. The Westside is reopened with the small pool and west side terraces available again for use. This construction has created a major damper on renting as tenants simply don’t have the mental capacity and patience to deal with concrete restoration, limited views and the inability to use their terrace and pool.

It will be interesting to see rental values continuing throughout 2020 as we are now seeing limited inventory for rent as cautious consumers choose to rent before ownership. While short-term concerns have many alarmed, savvy buyers with a long-term outlook see past the noise and towards the future upside of Jade Beach and Sunny Isles Beach. Jade Beach will continue to reign as the leading tower for location combined with value and many are leasing long-term to lock in today’s great value.

Jade Beach today has 27 resales (11% inventory) available today ranging from $739,000 (B1 Model) to $3.3M for #4608 (E model). The most impressive 3-Story Penthouses each sold back in 2015. Jade Beach condos offer one of the most attractive Collins Avenue locations plus excellent value when seeking the oceanfront lifestyle experienced only in Miami.

Jade Beach Condos for Sale | Condos for Rent

• The average JADE Beach list price per square foot reflects $946.
• There are 27 resales from $739,000 (B1 Model) to $3.3M (E Model).
• 2020 (YTD), 3 resales occurred with a median sale price per square foot of $797 psf and 142 days on market.
• In 2019, 9 resales occurred with a median sale price per square foot of $764 psf and 210 days on market.
• JADE Beach condos sold in 2018 reflect 10 sales at a median sale price value of $818 psf and 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.
• The record high sale price per square foot value of 2019 is $872, 2018 at $1,003, 2017 at $1,014 PSF — $1,129 PSF in 2016, $1,378 PSF in 2015, and $1,190 PSF in 2014.

As of March 2020, there are 15 JADE Beach condos for rent ranging in asking prices from $3,700 (B1 model) to $14,500 (D2 Model). In 2019, 24 Jade Beach condos have rented, ranging in values from $3,000 (B1 Model) to $14,500 (D Model).

JADE Ocean Condos

JADE Ocean (17121 Collins Avenue) stands among the elite luxury condo towers of Sunny Isles Beach.

JADE Ocean has 42 (17% inventory) condo resales available today with a few extraordinary penthouses. Interiors on these JADE Penthouse condos range from 4 to 5 Bedrooms and from 5,134 to over 8,332 square feet. There are only 2 mirrored image ‘Sky Loft Penthouse’ in each JADE Condo building, and very 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 $765,000 with larger 5 bedroom options as high as $10.9M.

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.

Jade Ocean Condos for Sale | Condos for Rent

• The average JADE Ocean list price per square foot is $1,111 psf.
• There are 42 resales from $765,000 (B1 Model) to $10.9M (#4803).
• 2020 YTD, 3 resales occurred with a median sale price per square foot of $951 psf and 255 days on market.
• In 2019, 12 sales occurred with a median sale price per square foot of $839 psf 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.
• The record high sale price value of 2019 is $1,009 psf, in 2018, $1,169 PSF in 2017,  $1,267 PSF in 2016, $1,513 PSF in 2015, and $1,397 PSF in 2014.

There are 18 JADE Ocean rentals listed in MAR 2020 with prices ranging from $4,150 for a B1 Model to $23,000 for a beautifully furnished (2-Story) D2 Model. In 2019, 25 condos rented ranging in values from $3,600 (Furnished B1 model) to $23,500 (Furnished D2 Model).

JADE Signature Condos

JADE Signature (16901 Collins Avenue) was completed early in 2018 and it’s an amazing addition to the JADE trio and the new construction lineup along Sunny Isles Beach. Jade Signature offers spacious floor plans and expansive outdoor living environments – with the completion and closings far behind us, there are many resales listed with excellent opportunities. The discounts and deals are apparent now post-delivery as true market values are apparent from multiple price reductions and lack of results in selling. On the flipside of continued discounts, a turn-key Jade Signature Penthouse #5503 sold in 2019 at $18.5M ($2,015 psf) setting the area record 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 53 units or 27% available with many owners becoming landlords. My information isn’t always easy to digest but I’m honest as to the market expectations and given an analytical approach combined with experience and intuition, quite accurate. With seventeen years experience brokering South Florida real estate, I’ve gone through the bubble burst of 2006-2009 successfully assisting many pre-construction speculators to make the right move… rinse & repeat now in 2018-2020.

Jade Signature Condos are quite spacious and I am extremely bullish on the long-term success and future demand. Contact me here to discuss an optimal strategy whether selling or leasing but in order of a successful outcome as a new owner:

1. Enjoy the condo, it is new, spacious, and beautiful!
2. Finish the interior, rent the condo, and ride out this strong buyer’s market – your losses will likely have tax advantages with profit on resales noted by 2022.
3. Try to be the best-priced unit in your tier as the 2020 condo market dictates ‘real’ market values – any loss will hopefully be offset by currency conversion.

“We sold $51 million worth of units in the first quarter. The building, which launched sales in 2013, is “95% or 96% sold out.” – Carlos Defortuna

Jade Signature Condos for Sale | Condos for Rent

• Today’s new pricing has a median list price per square foot of $1,425 psf.
• My forecast for this years resale values is approximately $1,100 to $1,200+ depending on decorator ready or turn-key.
• Although the trophy PH sale set an area record this year, this will not be the case on the majority of resale units as prices continue a decline.
• 2020 (YTD), 3 resales occurred with a median sale price per square foot of $1,089 psf and 269 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 $1,226 psf and 307 days on market.

Jade Signature active rentals consist of 12 options ranging in values from $5,900 (1 BR+Den) upwards to $25,000 for a 5 Bedroom. In 2019, 20 condos rented from $4,300 (1 BR) to $18,000 (4 BR) with a median Rent Price Value of $4.13 psf.

Contact me here to discuss a strategy whether buying, selling, or leasing for an optimal game plan this new year.

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The post JADE Condos Sales and Trends | March 2020 appeared first on JADE Condos Sunny Isles Beach Blog.