Lower prices help sell 100 condos in Sunny Isles Beach

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Developers in cut approximately $70 per square foot on their units in
Sunny Isles Beach, leading to sale of 100 condos in the first quarter
of 2010, according to a white paper by Condo Vultures. The average
selling price was $508 per square foot, the report said. There were 27
new condo buildings in the city from 2003 to 2010, and around 78
percent of the units had been sold through the first quarter of this
year. Ten of the buildings are completely sold out. Peter Zalewski,
principal at Condo Vultures, said there was a continuing trend of
developers discounting their prices enough to attract all-cash buyers. TRD

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