Select the search type
  • Site
  • Web
Search
Register   |  Login   |  Contact Us | About Us | Site Map
Become A Fan On The Condo Vultures Facebook PageFollow Us On The Condo Vultures Twitter PageWatch All Our Video Content on the Condo Vultures Youtube PagePeter Zalewski of Condo Vultures Linked InTake Our News To Go. Condo Vultures RSS Feeds. Society of Professional Journalists investigative reporters and editors
Return to Condo Vultures front page

250 New Condo Units Unsold In Sunny Isles Beach Market As Of Q2 2013
250 New Condo Units Unsold In Sunny Isles Beach Market As Of Q2 2013
Published on 8/10/2013 4:10:00 PM

Bookmark and Share


As Sunny Isles Beach developers proceed with plans for nearly 1,200 proposed condos, sales of unsold developer units created during the last construction boom in this barrier island city in Northeast Miami-Dade County transacted in 2013 at their slowest second quarter pace in nine years, according to a new report from CondoVultures.com

Developers sold less than 35 new units for nearly $18.7 million in Sunny Isles Beach between April and June of 2013 compared to nearly 70 units for $39 million in the second quarter of 2012 and about 150 units for $140.2 million in the second quarter of 2011, according to an analysis of Miami-Dade County records.

Compare this to the same April-through-June period of the six previous years when developers sold anywhere from about 35 units to nearly 445 units, respectively, between 2005 and 2010. In the second quarter of 2004 as the previous South Florida construction boom was gaining momentum, developers transacted - and recorded with Miami-Dade County - less than 30 new condo unit sales for about $13.5 million, according to the report.

"Condo buyers in Sunny Isles Beach are increasingly considering resales and preconstruction projects rather than unsold developer inventory from the last South Florida real estate boom," said Peter Zalewski, a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC. "As a result of the current activity, developers with unsold units from the last boom could be faced with two more years of sales until the last of the boom-era condos are ultimately sold. The unanswered question going forward is whether developers will decide to hold steady with their prices or possibly become more open to negotiating in hopes of selling out their projects."

CondoVultures.com has been profiling condo trends in the second quarter of 2013 in the 10 largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties since the week of July 15, 2013.

The Condo Vultures® Market Intelligence Report™ is scheduled to publish a 10-part weekly series that analyzes the markets of Greater Downtown MiamiSouth BeachBal Harbour / Surfside / Bay Harbor IslandsSunny Isles BeachAventuraHollywood / Hallandale BeachDowntown Fort Lauderdale and the BeachPompano BeachBoca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.

As of June 30, 2013, about 250 condo units - representing less than four percent of the more than 6,300 units created since 2003 - are unsold in Sunny Isles Beach from the last South Florida boom-and-bust cycle, according to the report.

At the slower sales velocity of the second quarter of 2013, Sunny Isles Beach is now on pace to sell out in the first half of 2015 at a time when many of the newly proposed condo towers - such as the 400 Sunny IslesChateau BeachJade SignatureMansions at AcqualinaPorsche Design TowerRegaliaParque Towers, and Unique - are slated to be under construction or already completed, according to the Preconstruction Condo Projects Database™.

As of August 8, 2013, nearly 300 Sunny Isles Beach condo units - created since 2003 - are on the resale market at an average asking price of more than $760 per square foot, according to an analysis by the licensed Florida real estate brokerage CVR Realty™.  

In the second quarter of 2013, buyers purchased about 110 units - created since 2003 - on the resale market at an average price of nearly $600 per square foot in Sunny Isles Beach, according to data from the Florida Realtors association.

On the rental front, about 225 units created during the condo boom are available for lease at a median asking price of more than $3.40 per square foot per month as of August 8, 2013, according to the report. 

In the second quarter of 2013, renters leased more than 65 units created during the condo boom at a median price of nearly $2.35 per square foot per month between April and June of 2013, according to the data. 

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 6,100 new unit sales for more than $4.37 billion - an average of more than $440 per square foot - in Sunny Isles Beach between 2003 and the second quarter of 2013, according to the report. 

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.

Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports to stay informed on the latest market trends and to find out about our various Condo Vultures® Seminars. Looking for a property at a deep discount? Take a peek at the Vultures Database™ or view our Video Library. Looking for bulk projects direct from developers or lenders? Visit the Condo Vultures® Bulk Deals Database™. Our new books, the Official Condo Buyers Guide to Miami™Official Condo Buyers Guide To South Beach™Official Condo Buyers Guide to Sunny Isles Beach™Official Condo Buyers Guide to Downtown Fort Lauderdale and the Beach™Official Condo Buyers Guide to Hollywood / Hallandale Beach™Official Condo Buyers Guide to Downtown West Palm Beach™, and Official Condo Buyers Guide to Boca Raton / Deerfield Beach™, are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.

© Copyright 2013. Condo Vultures® LLC. All Rights Reserved.  


print
User Comments
User comments have temporarily been disabled. This service will return shortly. Sorry for the inconvenience.
CVR Realty - South Florida's Condo Experts
Condo Vultures® Realty - Distressed Property Experts
© Copyright 2014. Condo Vultures® LLC. All Rights Reserved.
Condo Vultures® LLC | 425 NE 22nd St. | Suite 409 | Miami | FL | 33137 | Phone: 800-750-0517 | Fax: 888-688-3415