Monday, May 13, 2013

Sales Of Developer Units Slow In Sunny Isles Beach, FL As New Condos Proposed





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.

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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