While some 1,200 new condos have been proposed for Sunny Isles Beach, sales are slowing at the barrier island city, according to a new Condo Vultures report.
In the first quarter, developers sold 35 units for $20.3 million compared to 70 units for $67.8 million during the same period in 2011, Miami-Dade County records show.
New construction could eclipse existing inventory, leaving already standing units shelved, according to Condo Vultures principal Peter Zalewski.
“It remains unclear whether developer condo sales of boom-era units are slowing as a direct result of the wave of new projects being proposed for Sunny Isles Beach,” he wrote.
“The unanswered question.. is whether buyers will prefer to purchase units built during the last condo boom…instead of new units.”
Some 280 condo units – about four percent of the more than 6,400 units built in Sunny Isles Beach during South Florida’s last boom-and-bust cycle, from 2003 to 2008 – remain unsold, the report said. [condovultures.com] –Emily Schmall