Wednesday, May 4, 2011
The unsold inventory remains even after buyers purchased 69 units for nearly $68 million between January and March of 2011 - the peak of South Florida's winter tourism season, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Sunny Isles Beach™.
As encouraging as the first quarter of 2011 new condo sales velocity appears for developers, the transaction pace is down compared to previous years despite little change in the price per square foot.
In first quarter of 2010, buyers purchased 105 sales for $102 million. A year earlier during the same time span in 2009, buyers purchased 105 sales for $110 million, according to the report based on an analysis of Miami-Dade County records.
"Sunny Isles Beach is proving to be an anomaly when compared to other Miami-Dade County condo markets with an overhang of new inventory," said Peter Zalewski (lower left photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"In Greater Downtown Miami and the South Beach neighborhood of Miami Beach, the sales velocity is closely tied to the average transaction price per square foot. In Sunny Isles Beach, the average sales price per square foot has remained relatively steady yet the number of transactions has decreased by more than one-third."
Beginning the week of April 18, the Condo Vultures® Market Intelligence Report™ began publishing a seven-part series every Wednesday analyzing new condo sales trends in Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at firstname.lastname@example.org.