Developers sold more than 30 new units for nearly $19.3 million - an average of $385 per square foot - in Sunny Isles Beach between October and December of 2012, reducing the unsold boom-era condo inventory to less than five percent of the more than 6,300 units created since 2003 in this market, according to an analysis of Miami-Dade County records.
At the 2012 sales pace, the Sunny Isles Beach could be sold out in the first half of 2014 just as the newly proposed condo towers - such as the 400 Sunny Isles, Chateau Beach, Jade Signature, Mansions at Acqualina, Porsche Design Tower, Regalia, St. Tropez On The Bay IV and V, and Unique - are slated to launch - and in some cases complete - construction, according to the Preconstruction Condo Projects list compiled by the licensed Florida brokerage CVR Realty™.
"Some six years since the South Florida condo crash first began in 2007, the Sunny Isles Beach market is down to its final 300 new developer units from the boom-and-bust cycle that began in 2003, " said Peter Zalewski, a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC. "In anticipation of an eventual sellout of boom-era inventory in the upcoming quarters, developers are already proceeding with plans for at least 10 new towers on various waterfront sites in the barrier island city of Sunny Isles Beach. At least three new condo towers - Chateau Beach, Mansions At Acqualina, and Regalia - are already under construction with the first project scheduled to be completed as early as 2014."
Zalewski is scheduled to discuss residential trends at the 5th Annual State Of The South Florida Condo Market Seminar on Feb. 27, 2013 at the Met 1 condo tower in Greater Downtown Miami. The event is sponsored by The Continental Group, the Miami Association Of Realtors, the Creative Avatar Co, and CVR Realty™.
CondoVultures.com has been profiling condo trends in the fourth quarter of 2012 in the 10 largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties since the week of Jan. 14, 2013.
The Condo Vultures® Market Intelligence Report™ is scheduled to publish a 10-part weekly series that analyzes the markets of Greater Downtown Miami, South Beach, Bal Harbour / Surfside / Bay Harbor Islands, Sunny Isles Beach, Aventura, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Pompano Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
In Sunny Isles Beach, some of the new condo transactions in the fourth quarter of 2012 occurred in the St. Tropez On The Bay project, where more than 15 units traded for nearly $12.9 million, and the Ocean Reserve condo conversion, where nearly five units traded for more than $1.3 million, according to an analysis of Miami-Dade County Property Appraiser Office records.
Sunny Isles Beach is a 40-block stretch from the town of Golden Beach boundary south to Haulover Beach Park, Biscayne Bay east to the Atlantic Ocean. Sunny Isles Beach is divided up into three neighborhoods separated by causeways: North, Central, and South.
Developers created 26 projects with more than 6,300 units in the Sunny Isles Beach market since 2003. Prior to the boom, developers had built nearly 60 projects with nearly 12,000 units in Sunny Isles Beach, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide To Sunny Isles Beach™.
Overall, the South Florida condo boom has generated more than 6,000 new unit sales for more than $4.3 billion - an average of about $440 per square foot - in Sunny Isles Beach between 2003 and 2012, according to the report.
As of Feb. 4, 2013, more than 300 Sunny Isles Beach units - created since 2003 - are on the resale market at a median asking price of more than $615 per square foot, according to an analysis by the licensed Florida real estate brokerage CVR Realty™.
In 2012, buyers purchased more than 375 units - created since 2003 - on the resale market at a median price of about $475 per square foot, according to data from the Florida Realtors association.
On the rental front, nearly 200 units created during the condo boom are available for lease at a median asking price of more than $3.10 per square foot per month as of Feb. 4, 2013, according to the report.
In 2012, renters leased nearly 290 units created during the condo boom at a median price of more than $2.30 per square foot per month between January and December, according to the data.
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.
The CondoVultures.com new condo sales report is based on completed transactions where a deed is recorded and taxes paid as a result of the sale.
Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.
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