By Sunny Isles Real Estate Expert on May 20th, 2013
All indicators are pointing to Sunny Isles Beach condos as the new epicenter of the up-and-coming condo boom. Situated in Northeast Miami-Dade County, the beautiful barrier island city is home to amazing amenities, and is within easy driving distance of every activity and location in southeast Florida.
Speculators and investors from all over the world, but especially from Latin America, are moving into the city of Sunny Isles Beach to sweep up the incredible real estate deals in the condo market.
Developers in the area are quickly working to meet the high demands and low supply of the condominium market. This tiny barrier island has been slated for six new condominium towers with high-end luxury units already available for sale. In addition to that, there are numerous proposed preconstruction condos in Sunny Isles Beach.
The Tiny Barrier Island Called Miami Beach
Condominium developers see the advantage of supplying the top condos for sale in Sunny Isles. This tiny barrier island city was developed less than two decades ago. It covers a portion of the beach that was once dominated by old theme-styled hotels that were constructed nearly seven decades ago. This opened up oceanfront property has been able to fulfill the ferocious unending demand for high-end luxury condo units in South Florida, by real estate buyers from all corners of the globe, in countries with strong currencies.
A Booming Miami Condo Market
Miami offers the luxury of a booming condo market, unlike other areas of the country. Since the burst in the bubble of the real estate market back in 2007, and the slowly recovering economy, lenders are still positioning themselves as un-eager to finance the construction of condo projects. This forces developers to construct the condominiums with their own money, combined with outside investors.
Likewise, the purchase of these high-end luxury units are in large part made by outside investors from foreign lands, that have the riches necessary to take advantage of a growing economy in southeast Florida.
Many developers are taking unusual steps to reduce their potential vulnerability in a fluctuating real estate market. They are requiring the buyer to place a deposit, often as high as 80% of the total purchase price, to acquire the property. These developers are allowing the deposit to be paid in pre-determined increments set to benchmarks or milestones in the construction process.
One of the main advantages of these newly constructed condo towers have over a traditional condominium is that they are constructing the properties with low density and uber-luxurious amenities including car elevators on many of the high-priced units.
Their decision to go this route is based on the ability to quickly sell 100 or so luxury condominiums to extremely wealthy individuals eager to pay cash, rather than looking to slowly sell 300 condos to middle-class real estate buyers that will need to finance their property.
With a high interested wealth of purchasers, the top condos for sale in Sunny Isles are sure to go fast.