Which Sunny Isles Beach Condo Projects Have The Most Units Listed For Resale?
A review of the statistics identifies the condo projects that have the greatest number of units on the market during the South Florida Winter Buying Season.
Join the Miami Condo Market Investment Club™ to see the comprehensive list of the Top 10 condo projects based on most total unit resales in Sunny Isles Beach
Sunny Isles Beach is in a buyers market with nearly 15 months of condo supply listed for sale during the South Florida Winter Season.
Given the amount of inventory - six months of supply is considered equilibrium - on the market, we analyzed the condo projects with the greatest number of units listed for resale in the barrier island city sandwiched between the Atlantic Ocean west to Biscayne Bay, and stretching from Haulover Park north to the Golden Beach town limits.
This nearly three-mile long city is comprised of a variety of condo product ranging from dated midrise buildings constructed some 50 years ago to state-of-the-art glass towers designed by internationally acclaimed architects.
It is worth noting, buyers purchased an average of about 62 units per month in 2023 for a total of nearly 750 units at a price tag of more than $1 billion between January and December, according to a recent report.
The average transaction price for a Sunny Isles Beach condo was about $688 per square foot in 2023, according to the stats.
By comparison, the average asking price for the more than 930 Sunny Isles Beach condos on the market is about $917 per square foot, according to the stats.
For the more than 350 units listed for sale in one of the Top 10 condo projects, the average asking price is more than $1,250 per square foot, according to the report.
(Please note, there are 11 condo projects on the list given a tie in the number of units listed for resale.)
The highest average asking price for a condo project on the Top 10 list was the Ritz-Carlton Residences at nearly $2,200 per square foot.
The Top 10 condo project with the lowest average asking price was the Winston Towers 100 Condo at about $355 per square foot.
It is worth noting, five of the condo projects on the Top 10 list are located on beachfront sites that front the Atlantic Ocean.
In addition, seven of the condos projects on the Top 10 list were built in or before 1975. A pair of the projects on the Top 10 list were built within the last five years, according to the report.
To assist with better understanding the market, CondoVultures.com has analyzed the condo resale listings to provide a ranking of the 10 most active buildings based on total units listed.
The rankings are not proportional and ignore the total number of units in a project. Price, quality and amenities are also not factored into the rankings.
The purpose of the rankings is to show where owners are increasing attempting to sell their units.
For some buyers, they want a building with a lot resale activity as it suggests a certain quality of life and an increased probability for resales in the future. For other buyers, a building with a lot of resale activity suggests more research may be necessary.
This list 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 ranking the Top 10 condo projects with the greatest number of listings 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 address for the projects.
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.
If you want the reports emailed to you, just sign up for the Miami Condo Market Intelligence Report With Peter Zalewski™ newsletter at: PeterZalewski.substack.com
Additionally, we encourage you to check out our video and audio podcasts.
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
Copyright © 2024 Condo Vultures®, LLC. All Rights Reserved.