By Sunny Isles Real Estate Expert on November 4th, 2011
jumped almost 70% (that’s right seventy percent) when comparing to last year’s 3rd quarter. There were 175 condos sold in Sunny Isles Beach within the 3 month period from July to September for a total of $114 million which is 105 transactions more for the same period last year.
is projected to sell out of new condo inventory in the next 12 to 15 months according to the number of projected transaction reports in the first three quarters of 2011.
Developers Propose Construction Of Four New Condo Towers In Sunny Isles Beach
Recently major real estate development groups have proposed the construction of at least four oceanfront condos in Sunny Isles Beach
Developers of all four proposed towers have approached the city of Sunny Isles Beach with their respective plans, the city’s attorney Hans Ottinot said.
Each of the proposed projects – with a combined 648 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 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.
The new ultra-luxury Regalia condo tower is proposed as one unit per floor and will be one of the first new Sunny Isles Beach project to launch pre-construction sales since the recent downturn in the Florida real estate market. The 42 story Regalia building is projected to start selling at more than $1,000 per square foot which will be a test of the newly improved Sunny Isles Beach real estate market.
The are as many as six additional projects being proposed in Sunny Isles – five condo towers and one townhouse community, all in various stages of planning development and currently categorized as “planned / active,”.
The six new residential projects, as originally proposed, are slated to create more than 450 condo units and townhouses in Sunny Isles Beach, according to the government report.
Overall, the South Florida condo boom has generated nearly $4.1 billion in developer sales of newly created units in Sunny Isles Beach as of Sept. 30, 2011.
Between 2003 and the third quarter of 2011, developers have sold nearly 5,700 condos with more than 9.2 million square feet of space, according to the report.
Sunny Isles Beach is a 40-block stretch from the city of Golden Beach single family homes boundary south to Haulover Beach Park, Biscayne Bay east to the Atlantic Ocean. Sunny Isles Beach is divided up into three neighborhoods separated by causeways: North, Central, and South.
Developers created 27 projects with nearly 6,400 units in the Sunny Isles Beach market since 2003. Prior to the boom, developers had built nearly 60 projects with nearly 12,000 units in Sunny Isles Beach.