100 new condos were sold in Sunny Isles Beach during the first four months of the year. This information, available on the Internet in the Condo Buyers Guide to Sunny Isles, allows to conclude a few aspects on the Sunny Isles market.
The first conclussion is that the quantity of sales -100 new condos- made up for the low prices in the city of sun and sea. In comparison with South Beach’s numbers, Sunny Isles sold 100 new condos, yes, but at great 12 percent discounts in a year-to-year comparison. The average sqware foot price was down around $70 from 2009 Q1 levels, when it was at $578. Now, average prices of $508 was the reason why buyers rushed to buy condos built in the area since 2003, leaving Sunny Isles a sales level of $3.4 billion for new units.
Although South Beach good sales levels, what is to point out about this area is that in some of its most appealing buildings prices were well above the $1,000 floor, with average sq. ft. prices of $1,350. SoBe’s condos have managed to maintain value, as we wrote in previous entries in this blog, becoming appealing investments for those who can wait for middle and long-term revenues; also, we most bare in mind that SoBe’s neighborhood profile is different from Sunny Isles Beach. Sunny Isles has been steadily developing for 13 years now, and represents the second largest new condos concentration after Greater Downtown Miami, but its approach is a resort-style condo with amenities thought specially for seasons travelers. Sunny Isles Beach big concentration of 18,000 condo units is markedly located along Collins Avenue, featuring unobstructed views of the Atlantic Ocean.
South Beach neighborhood, as we all know, is more focused in ultra-luxury high profile sales. It is an area traditionally known by its well-acknowledged neighbors, and by being the place where the urban latest trends meet in one place, leaving the profile of the average luxury winter traveler for the well-planned Sunny Isles Beach at North, and its resort condos.
Precisely, these northern luxury full-amenities condos with the resort approach and the great oceanviews, sum up to be 27 large projects built since 2003. From the 6,300 units built ever since, 10 projects are 100 percent sold, while another six are 90 percent out, and four left are at least 50 percent sold; least sold projects are another three of them, with about 23-43 percent sold. These figures sum up to be 78 percent of the total 6,300.
These numbers may change rapidly, specially after the Trump Tower III ultra-luxury project is already oficially becoming a condominium available for individual sales. We will be looking forward to read another report on Sunny Isles Beach and South Beach areas to further analyse the behavior of the market.
By Antonio Bendek
0 comments:
Post a Comment