Trump-Named Condos Represent 11% Of Resale Listings In Sunny Isles Beach
A review of the statistics shows that oceanfront condos named after former President Donald Trump account for a sizable chunk of Sunny Isles Beach's resale listings.
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Condos donning the name of former President Donald Trump account for about 11.4 percent of all resale listings available for purchase in the barrier island city of Sunny Isles Beach.
Some 107 condos with a Trump name are listed for resale in the nearly three-mile long city that is sandwiched between the Atlantic Ocean and Intracoastal Waterway, and stretching from Haulover Park north to the Golden Beach town limits in Northeast Miami-Dade County.
Overall, about 936 Sunny Isles Beach condos are listed for resale in the final six weeks of the busy South Florida Winter Buying Season that generally concludes at the end of April, according to an analysis by CondoVultures.com.
In 2023, buyers purchased about 75 Trump-named condos for an average sales pace of nearly 6.3 units per month. At the 2023 sales pace, it would take an estimated 17 months to resell all of the Trump-named condos if no additional units were listed for resale.
For context, Sunny Isles Beach is in a buyers market with nearly 15 months of condo supply listed for resale, according to a recent report.
Generally, six months of supply is considered equilibrium. More months of supply indicates a buyers market while less months suggests a sellers market.
To gauge buyer sentiment, industry watchers focus on the Days On Market (DOM) category to better understand how purchasers are proceeding. If buyers are optimistic, the number of days an active listing is on the market should be similar or less than the average period of time for deals to date. If buyers are bearish, the DOM category will typically show active listing sitting on the market longer.
Currently, condo listings in Trump-named condos have been on the market for an average of about 208 days and counting. In 2023, it took about 109 days for a Trump-named unit to transact.
It is worth noting, condo deals can typically take up to 60 days to transact after going under contract.
Sunny Isles Beach is a 27-year-old municipality where the majority of residents live in multifamily buildings. The city’s housing product ranges from dated midrise buildings constructed some 50 years ago to state-of-the-art glass towers designed by internationally acclaimed architects.
The Trump-named units are located in six oceanfront towers with more than 1,840 condos named after the famed N.Y. real estate developer who relocated to Palm Beach county after his four-year term as president.
Trump - the Republican Party’s nominee - is seeking a second four-year term as president in November’s election.
The Trump-named condos are located in a pair of three-tower developments: the Trump Grande in the 18100 block of Collins Ave. and the Trump Towers in the 15900 block of Collins Ave.
The Trump Grande development was completed between 2003 and 2008. The Trump Towers development was completed between 2008 and 2010, according to Miami-Dade County records.
The average asking price for a Trump-named condo is about $1.5 million per unit or about $909 per square foot, according to the report.
By comparison, the average asking price for a Sunny Isles Beach resale condo is nearly $2.4 million per unit or $921 per square foot, according to the report.
In 2023, Trump-named condos traded for an average price of nearly $1.4 million per unit or about $806 per square foot.
In Sunny Isles Beach, the average transaction price for a condo resale was about $1.4 million per unit or $688 per square foot in 2023, according to the stats.
To assist with better understanding the market, CondoVultures.com has analyzed the condo resale listings in Trump-named buildings.
The results of the research are displaced in a chart that was created by CondoVulturesRealty.com using proprietary statistics along with data from the Southeast Florida MLX Matrix, Cranespotters.com, Miami-Dade Property Appraiser’s Website and Miami-Dade Clerk Of The Court.
For those seeking more details, we have created a comprehensive chart detailing the active listings and completed sales in the Trump-named condo projects in Sunny Isles Beach. The chart includes the total number of units listed for resale, the average price per unit, price per square foot and the days on the market.
The chart is available behind the paywall for members of the Miami Condo Market Investment Club™.
We have crunched the statistics for the Year 2023 and have published a series of reports during the last two weeks on CondoVultures.com looking at the winners and losers in Sunny Isles Beach.
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This information is believed to be accurate and complete but cannot be guaranteed or warranted. For more information, please call 305.865.5859 or visit CondoVulturesRealty.com
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