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MIAMI, FL -- 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 first quarter pace in
nine years, according to a new report from CondoVultures.com.
Developers sold less than 35 new units for nearly $20.3
million in Sunny Isles Beach between January and March of 2013 compared to
nearly 65 units for $56.8 million in the first quarter of 2012 and nearly 70
units for $67.8 million in the first quarter of 2011, according to an analysis
of Miami-Dade County records.
Compare this to the same January-through-March period of the
five previous years when developers sold anywhere from 100 units to 540 units,
respectively, between 2005 and 2009. In the first quarter of 2004 as the
previous South Florida construction boom was gaining momentum, developers
transacted - and recorded with Miami-Dade County - less than a dozen new condo
unit sales for about $5.9 million, according to the report.
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| Peter Zalewski |
"The Sunny Isles Beach condo market is highly
competitive right now as unsold developer inventory from the last boom, newly
proposed towers, and condo resales are all competing for buyers," said Peter
Zalewski, a principal with the Greater Downtown Miami-based real estate
consultancy Condo Vultures® LLC.
"It remains unclear whether developer condo sales of
boom-era units are slowing as a direct result of the wave of new projects being
proposed for Sunny Isles Beach. The unanswered question going forward is
whether buyers will prefer to purchase units built during the last condo boom
that started in 2003 instead of new units being proposed during this latest
construction boom."
For a complete copy of the company’s news release, please
contact:
Condo Vultures® LLC
225 Midtown Building
225 NE 34th St.,
Suite 209B,
Downtown Miami, Florida, 33137.
800-750-0517.
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