According to a report from Condo Vultures, in the second quarter of 2010 there were 111 new Sunny Isles condos sold, reducing unsold developers inventory to 20 percent. The Sunny Isles condos sold for a total of $102.2 million in buildings that have been constructed in the area since 2003. That is an average of $475 per square foot.
According to the report, based on Miami-Dade County records, out of nearly 6,350 new Sunny Isles condos developed in the last seven years, less than 1,300 developers units now remain unsold or are still under construction.
In the first half of 2010 in the South Beach neighborhood, 48 new Miami Beach condos sold for $72.8 million, or $1,365 per square foot. According to a recent Condo Vultures Market Intelligence Report these transactions occurred in luxury Miami Beach condo buildings including the W South Beach, the Continuum North Tower and the Mondrian.
When comparing that to the 215 Sunny Isles condos that sold for nearly $205 million, or $491 per square foot, it is clear that buyers were being driven to Sunny Isles because of the much lower prices compared to South Beach.
Call MLR Realty at:1-305-673-3303 to get a consultation with a Realtor that specializes in Sunny Isles condos or other Miami real estate for sale and for lease.
Contributed by MLR Realty
