The Real Deal Miami

Sunny Isles thrives in tough marke

July 08, 2010 02:45PM

The real estate market in the Sunny Isles Beach community in South Florida is flourishing, though at a deep discount, the New York Post reported. The 813-unit Trump Tower complex on Collins Avenue has sold more than $100 million in condos this year, with $60 million of the deals closed. Further north on Collins Avenue, the Jade Ocean development has sold about 10 units per month this year, of their 256-unit building, 55 percent of which has closed. Those buildings are just two examples of several local developments being sold in Miami at floor-level prices. The Trump building is selling at $450 per square foot, down from close to $1,000 before the economic downturn, and the Jade is going for $625 per square foot, when it once got $840. Sunny Isles‘ successful sales can be attributed partly to its surroundings; neighboring Golden Beach is home to multi-million dollar mansions, while Bal Harbour and Aventura’s malls and golf courses are attracting strong buyers. [Post]