Monday, August 2, 2010

37 New Condos Sell Per Month In Sunny Isles Beach In 2nd Quarter


MIAMI, FL--Buyers acquired 111 new condo units in Sunny Isles Beach in the second quarter of 2010, and in the process reduced the unsold developer inventory to 20 percent, according to a new Condo Vultures® White Paper™.

Buyers paid $102.2 million, or $475 per square foot, for 215,100 square feet of livable space in six new towers that have been built since 2003, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Sunny Isles Beach™.

Less than 1,300 new developer units now remain unsold out of nearly 6,350 units developed - or still under construction - in Sunny Isles Beach in the last seven years, according to the report based on Miami-Dade County records.

"At this current pace of about 110 new condo sales per quarter, Sunny Isles Beach's new inventory could all be sold in a year or so even though there is no financing available," said Peter Zalewski,(lower right photo)  a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "It goes without saying that Sunny Isles Beach has state-of-the-art condo product with attractive designs and oceanfront locations. That being said, a major reason for Sunny Isles Beach's success is the high prices still being achieved for new condos in South Beach."

Contact:  Peter Zalewski of Condo Vultures®,  800-750-0517 or by email at peter@condovultures.com.

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