Buyers achieved an average discount of 14 percent off of the original asking price for Sunny Isles Beach's priciest luxury condo resales in South Florida to transact in the second quarter of 2012.
Between April and June of 2012, buyers - in unrelated transactions - paid a combined $27.2 million - an average of more than $745 per square foot - for the 10 priciest luxury condo resales in Sunny Isles Beach, which stretches from Haulover Beach Park north to the town of Golden Beach, and the Atlantic Ocean west to the Intracoastal Waterway.
Prior to the transactions, these luxury condo units were originally put on the resale market for a combined $31.7 million for an average of more than $870 per square foot, according to an analysis based on Florida Realtors association data.
This is a ranking of Sunny Isles Beach's 10 priciest condo resales - with a minimum asking price of $1 million - to transact between April and June of 2012. Please note the rankings are based on the resale price, and the discounts are based on the original asking price.
RANK PROJECT AREA BEDS RESALE PRICE DISCOUNT 1 Jade Beach Sunny Isles Beach 5 $4,600,000 -23% 2 Ocean Three Sunny Isles Beach 4 $3,333,000 -15% 3 Turnberry Ocean Colony Sunny Isles Beach 4 $3,200,000 -9% 4 Acqualina Ocean Residences Sunny Isles Beach 4 $2,650,000 -9% 5 Oceania V Sunny Isles Beach 4 $2,625,000 -25% 6 Acqualina Ocean Residences Sunny Isles Beach 4 $2,550,000 -8% 7 Turnberry Ocean Colony Sunny Isles Beach 3 $2,380,000 -8% 8 Jade Beach Sunny Isles Beach 4 $2,135,000 -7% 9 Trump Tower II Sunny Isles Beach 3 $1,890,000 -18% 10 Trump Tower III Sunny Isles Beach 3 $1,825,000 -6%
As of July 30, 2012, more than two dozen condo resales - with a minimum asking price of $1 million - are under contract in Sunny Isles Beach waiting to transaction at a median asking price of about $660 per square foot, according to the data.
More than 125 additional luxury condo resales - with a minimum asking price of at least $1 million - are actively available on the market in Sunny Isles Beach at a median asking price of more than $760 per square foot, according to the data.
As the number of South Beach luxury condo resales increased, the median resale price for a luxury unit - with a minimum asking price of at least $1 million - increased by one percent to about $568 per square foot in the second quarter of 2012 compared to the same April through June period in 2011 when the median transaction amount was less than $562 per square foot, according to the report.
The completed luxury condo resales do not reflect any deals that that may have been transacted without being marketed on the Multiple Listing Service.
It is important to note there are various stages to a residential real estate transaction in South Florida.
A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government.
As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.
