MIAMI, FL -- Despite hundreds of unsold units remaining from the South Florida boom, developers are proposing the construction of at least three oceanfront condo towers for the barrier island city of Sunny Isles Beach in Northeast Miami-Dade County, according to a new report from CondoVultures.com.
Developers of all three proposed towers have approached the city of Sunny Isles Beach with their respective plans, the city's attorney Hans Ottinot (top right photo) said.
Each of the proposed projects - with a combined 524 units - is currently categorized as “planned,” "under construction," or "planned / active" on the city of Sunny Isles Beach's "Existing & Planned Developments" list, according to a February 2011 report posted on the city’s website as of Nov. 3.
At the current 2011 sales pace of nearly 45 new condo transactions per month, the unsold developer units in Sunny Isles Beach would be absorbed by the end of 2012, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide To Sunny Isles Beach™.
Given the shrinking inventory of developer units from the real estate boom, Sunny Isles Beach is poised to follow the emerging South Florida trend of new condo construction as 13 towers with nearly 3,500 units are already being proposed for the tricounty region of Miami-Dade, Broward, and Palm Beach as of Oct. 31, 2011, according to the CondoVultures.com Preconstruction Condo Projects list.
"We expect the ultra-luxury Regalia condo tower - proposed as one unit per floor - to be one of the first new Sunny Isles Beach project to launch presales since the crash," said Peter Zalewski (top left photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"Once the presales formally begin, the industry will be closely monitoring the Regalia project as the location - oceanfront next to the exclusive enclave of Golden Beach - and the pricing - starting at more than $1,000 per square foot - make the proposed 42-story tower an interesting test case for the Sunny Isles Beach market."
Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.
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