More Condos in the Planning Stages
Sunny Isle Beach has become the leading center for condominium construction in Miami–Dade County. Currently there are six condominium towers under development with more on the way. 450 more units are do for construction along a 40 block corridor of Collins Ave. These are all classified as luxury units, and further development here is anticipated. The six towers underway comprise 15% of the 45 towers that have been proposed in the tri county region comprising South Florida as of July 2012.
Four sites have been approved for residential towers containing 580 condominiums in Sunny Isle Beach. In another development deal, a partially completed project has had its loan bought by an investment group. There are 140 hotel rooms and 134 condominiums in this project which now appears to be back on track. Up to 1200 additional condos could be added in Sunny Isle Beach once all the proposed projects are built out.
Like much of the nation, the real estate market for Miami Beach Real Estate has fallen on hard times in recent years. After years of double digit increases at the start of the century, the market stalled in 2007 and began declining steeply the following year. After suffering through three consecutive years of declining prices, the market finally seems to have stabilized and has registered gains in recent months.
Sales Strong in 2nd Quarter
More than a hundred new condo units were sold in the second quarter in Sunny Isles Beach. This reduces the vacancy rate by over 20%. This is one of the most costly areas in the country for condo space with a rate of $450 per square foot being the median cost. Prices are even higher in nearby South Beach. The Miami Trump Towers in Sunny Isle Beach recently reported that sales there had passed the $100 million mark.
There are currently about 1,000 unsold condominiums in Sunny Isles Beach. Of those built after 2003, more than a third are in projects connected to Donald Trump. Despite the unsold inventory, new projects continue to receive approval and financing.
In the last decade, Sunny Isle Beach has registered over $4 billion in condominium sales. The development has changed the skyline of Sunny Isles Beach from one of low lying housing to clusters of high rise towers filled with luxury condos.
There had been a 9% drop in the sales of condos in Sunny Isles Beach in the first quarter of this year from levels seen in the year before. Sales advanced though in the subsequent quarter. The greatest gains seen of late came in the third quarter of last year when sales jumped 67% over the level seen at the same period of the prior year. It is hoped that a similar process will take place this year. That hoped for outcome would mean another large increase for the upcoming third quarter of 2012. With a real estate recovery in the process of starting, prospects appear bright for such an outcome with any luck.
Investing for a home or condo in Sunny Isles Beach? Allan Kleer is available to help with all Luxury Miami Beach Condos concerns. Call TheKleer Team TODAY @ 305 748 2058!