The Real Deal Miami

Unsold condo inventory drops to 400 units in Sunny Isles Beach

August 02, 2012 03:45PM

There are around 400 condominium units that remain unsold from the boom years, according to a new report from Condo Vultures. In the second quarter of 2012, developers unloaded 70 units totaling $39 million in sales, meaning just six percent of the 6,300 units built in the city since 2003 are unsold. And with inventory dwindling, developers are now planning at least six new condo towers in Sunny Isles Beach. “Developers right now are focused on acquiring developable land, launching presales and ultimately constructing the next generation of new condo towers in Sunny Isles Beach,” said Peter Zalewski, founder of Condo Vultures. — Alexander Britell