BAL HARBOUR, FL--More than 24 percent of the 6,300 new condo units built or converted in the barrier island city of Sunny Isles Beach during the South Florida boom years remain in the hands of developers, according to a new report from CondoVultures.com.
Sunny Isles Beach, an oceanfront city east of Aventura in Northeast Miami-Dade County, is home to the second largest concentration of new condos to be built in South Florida during the go-go days of the last real estate boom.
Today, more than 1,500 units remain unsold and still in the hands of the developers, according to the report produced using the newly released Condo Vultures® Official Condo Buyers Guide To Sunny Isles Beach™.
"The Sunny Isles Beach market has experienced many of the same challenges that Greater Downtown Miami - where nearly 23,000 new units were constructed between 2003 and 2010 - is going through," said Peter Zalewski, (bottom right photo) a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC."Much like in Greater Downtown Miami, buyers are willing to purchase today in Sunny Isles Beach but only at the right price. In Greater Downtown Miami, the right price is moving toward $250 per square foot.
Contact: Peter Zalewski of Condo Vultures®, 800-750-0517, email at peter@condovultures.com
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