New Condo Sales Near $4 Billion In Sunny Isles From Boom Years

MIAMI, FL--The South Florida condo boom has generated nearly $4 billion in developer sales of newly created units in the barrier island city of Sunny Isles Beach as of June 30, 2011, according to a new report from CondoVultures.com.

Between 2003 and the second quarter of 2011, developers have sold more than 5,500 condos in the Northeast Miami-Dade County city of Sunny Isles Beach for a total of $3.96 billion, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide To Sunny Isles Beach™.

Despite the sales velocity, more than 850 condos still remain unsold in Sunny Isles Beach as of the end of the second quarter of 2011, according to an analysis of Miami-Dade County records.

"The South Florida condo boom changed the landscape of Sunny Isles Beach forever," said Peter Zalewski (middle right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "Sometime in the third quarter of 2011, developer sales should surpass $4 billion in transactions to move the Sunny Isles Beach market that much closer to selling out the massive amount of inventory created during the most recent go-go period of condo construction in South Florida.

”Once the developer inventory overhang is finally absorbed, the Sunny Isles Beach market will enter a new phase in its maturation process."

CondoVultures.com is scheduled to profile the latest condo trends in the second quarter of 2011 in the seven largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties.

 

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com.