Hot Sunny Isles Beach Market Rebounding with Mass Condo Construction
Mar 18, 2013 March 18, 2013
Several developers have plans in the works to bring almost 1,200 new condos to the 40-block of oceanfront real estate surrounded by the towns Golden Beach, Haulover Beach Park, and Biscayne Bay. As South Florida eases into a real estate boom following the 2007 housing-market crash, a number of Florida-based and international property developers are planning to bring at least 10 towers of waterfront residences to Sunny Isles Beach. Some of the projects already planned or under construction include the 35-story Chateau Beach, the 55-story Jade Signature, and the 57-story Porsche Design Tower Residences. Combined, the new developments will introduce 439 condo units into the local market
Sunny Isles Beach development is part of an even greater expansion throughout South Florida where there are currently proposals for over 100 condo towers in the markets of Miami-Dade, Broward, and Palm Beach counties. Indeed, well under 2,900 new units remain in inventory within South Florida’s largest coastal markets which host almost 49,000 combined units. As of the New Year, just over 300 new developer units remained unsold in the Sunny Isles Beach market, with 26 projects, encompassing nearly 6,350 units, created since 2003.
As Sunny Isles Beach’s condo inventory rapidly dries up, developers are rushing to propose new projects such as the 43-story Regalia, the 46-story Mansions at Acqualina, and the twin condo towers of the proposed 400 Sunny Isles project to expand the existing St. Tropez on the Bay project. As a new development era dawns in South Florida, Sunny Isles Beach property continues to be a hot commodity for developers as inventory is expected to become depleted by 2014.