By Sunny Isles Real Estate Expert on March 14th, 2011
have started to sell again. This city saw tremendous development during the real estate boom of the 2000s. When the bubble burst, the inventory on the market spiked but, today, those properties are selling fast once again. Properties such as Turnberry Ocean Colony in Sunny Isles Beach provide a good example of how the market has turned.
Since 2008, the number of resale properties in the south Florida area has decreased by over 40,000 units. While the crash of 2008 may have made the real estate market shaky for a while, it seems well on its way to recovery. Turnberry Ocean Colony has been among the leaders in this new resurgence of real estate sales, with the value of properties per square foot reaching impressive levels. The highest figure for a property sold at Ocean Colony during the first three quarters of 2010 was a staggering $1,459 per square foot. The luxury property market, it would seem, has found new life.
If you’re considering listing a property at Turnberry Ocean Colony, 2011 seems like a promising time to do it. Among luxury properties, the average price per square foot in the condo market was over $600. Over 400 luxury condominium properties sold during the first three quarters of 2010, making for a market that is rapidly heating up. The activities of investors show that confidence in the growth of the upscale market is increasing.
A large number of condominium properties have been snatched up by developers. Of course, property developers take into account all the figures when they decide whether to place their money into a particular market or not. In Sunny Isles Beach, property owners have been able to get over 90% of what they’re asking for their properties on the average during 2010. This means that, if it’s time for you to put your property on the market, it’s also a good time to call a realtor.
is among the most affluent of the luxury condominium properties in the area. The properties at this condominium development routinely fetch well over $1 million. Sunny Isles Beach is also popular with buyers all over the world, this means that it’s necessary to have a firm that knows how to get maximum exposure for your property, even worldwide. If you’re not sure whether or not you want to list yet, consider some of the performance in the Florida real estate market.
After the Miami real estate market crash of 2008
a huge number of homes came on the market, partially due to foreclosures. This, of course, flooded the market with homes more than it already was. Over the past couple of years, several factors have reduced the inventory. Less skittish buyers, combined with those bargain hunting among foreclosed properties, started the markets moving again. While bank foreclosures continued to put many properties on the market, that trend reversed with the revelations that banks had performed many irregular foreclosures and that homeowner’s rights may have been violated. Homes aren’t as widely available as they were even a year ago and, with the market becoming more confident at other levels, the luxury market began to pick up, as well.
For those who own a Turnberry Ocean Condo
properties are an even more rarified market. During the last quarter of 2010, there were approximately 30 properties for sale at Turnberry Ocean Colony. There are a total of 260 properties at the condominium property, making it apparent just how small the inventory is. The average price per square foot at this property was just over $860 per square foot in that same quarter. In 2009, the price per square foot averaged $538 at this property. By 2010, the price had recovered to $640 per square foot, moving back into the price range in 2007. There were a total of 9 properties sold at Turnberry Ocean Colony by the last quarter of 2010. The least amount of money fetched per square foot was $447. With such a high average currently being commanded by these properties, there’s obviously a motivation to sell among many owners who have luxury properties.
For properties such as those located at Turnberry Colony on the ocean, it’s imperative that the listing reflects the value and the luxury inherent for the buyer. A good realtor will understand what draws people to areas such as Sunny Isles Beach only if they have extensive experience in the area. Finding such a realtor will make it much easier to move property, whether the market is up or down. Currently, the market is starting to favor sellers and there is good reason to consider turning a profit on your condominium property if you happen to own one in southern Florida, in Turnberry Ocean Colony or at another development.