Another 14 people, among them Syrians, Iraqis and Pakistanis, were pulled to safety by the Turkish coastguard, the Dogan news agency reported.
Local fishermen heard the desperate boat passengers screaming and rescued them. They were taken to hospital in serious condition, suffering from hypothermia.
The migrants had left the southwestern Turkish resort of Bodrum during the night on board an old vessel which capsized around two nautical miles off Turkey's coast, survivors said.
Some 650,000 migrants, often from Iraq and Syria, have tried to cross the Aegean Sea this year in search of better lives in the European Union.
But an estimated 500, including many children, have died during the often perilous crossing.
A record 500,000 refugees from the four-year-old civil war in Syria have travelled through Turkey then risked their lives at sea to reach Greek islands this year.
Despite the winter conditions and rougher seas, the exodus has continued, albeit at a slower pace.
EU leaders meeting in Brussels on Thursday set an end-of-June deadline to agree on a new border and coastguard force to slow the influx of migrants across the 28-nation bloc's porous external frontiers.
Leaders also urged EU ambassadors to arrange for the rapid delivery of a promised three billion euros ($3.25 billion) in aid for refugees in Turkey in return for its help in stemming the flow.