The Real Deal Miami

Post-boom, Sunny Isles developers left with glut of unsold units

February 15, 2010 02:58PM

Developers failed to sell nearly a quarter of the 6,300 new condo units that
sprouted up on Sunny Isles Beach during the building boom, according to a new report from Condo Vultures, leaving them with 1,500 unsold units still on their books.
Of the 27 new buildings that went up between 2003 and 2010 in the city, eight have sold out and eight
have sold 90 percent of their units. However, only one building among
the remaining 11 has sold over 60 percent of its units, and three have
sold between 50 and 59 percent. Another three have sold less than a third of
their units and the last four new towers have not closed on a single unit. The
average sale on Sunny Isles Beach came out at about $712,000, or $350
a square foot for the seven-year period. [Condo Vultures]