My focus this month will be on Sunny Isles Beach. Conveniently located a few miles north of South Beach,
Sunny Isles Beach was incorporated as a municipality in 1997 and today is known as the "Florida's Riviera," the most desirable and sought-after neighborhood. Among its greatest assets is having one of the best beaches in the world.
Community amenities include the highly-rated public school "Norman S. Edelcup" K-8, seven public parks, houses of worship, restaurants, and easy access to Miami Airport, Ft Lauderdale Airport, and Port of Miami.
Sunny Isles is close to the Internationally-known Shoppings of Bal-Harbour and Aventura Mall.
Sunny Isles Beach is better known for its ultra-luxury oceanfront condominiums. We have a fine collection of luxurious waterfront residential estates with private marinas only a few miles from Haulover Inlet and our white sand beaches on the Intracoastal Waterways.
And the convenient location has been a magnet for families since the mid-1930s. Sunny Isles Beach has 27 single-family homes listed for sale on September 30, 2015, ranging in price from $829,000 to $5 million. However, current listings represent only 25% of the number of properties available for sale five years ago.
From January 1, 2015, to September 30, 2015, there were 15 sales, with prices ranging from $650,000 to $2,200,000. As a result, sunny Isles has under a year's supply of remaining inventory, considered by industry observers to be close to a healthy market within six to nine months.
Breaking down the Sunny Isles Beach Condominium market, there are currently 443 Apartments
There have been 609 sales in the last nine months, representing 4.52% of all Miami-Dade sales.
Between $1,000,000 and $2,000,000, there are currently 183 Condos for sale in Sunny Isles Beach, representing 18 % of all condominium inventory. Corresponding sale numbers in this range are also quite strong.
In the last nine months, there have been 87 sales, representing 16.93 % of all Miami-Dade closed transactions.
The remaining 38% of the inventory, priced from $2,000,000 to $40,000,000, has had 55 sales in the last nine months and is currently 188 units available for sale. While the months of inventory of $2,000,000+ Condos are higher than both of the other groups.
The remaining 38% of the inventory, priced from $2,000,000 to $40,000,000, has had 55 sales in the last nine months and is currently 188 units available for sale. While the months of inventory of $2,000,000+ Condos are higher than both of the other groups.
This is not uncommon for the luxury real estate market, where condos and homes generally remain on the market longer.
It will be necessary during 2016 to watch the number of sales in the highest price range, along with the number of new listings, as ideally, the months of supply should be a little lower.
It will be necessary during 2016 to watch the number of sales in the highest price range, along with the number of new listings, as ideally, the months of supply should be a little lower.
And with fall and winter around the corner, traditionally the luxury market's busiest selling seasons, we expect an uptick in sales over the next six months.
Whether you are interested in a specific location or the Miami-Dade area generally, I hope you will appreciate my periodic perspectives on the residential Waterfront Homes and Luxury Condominiums market conditions in South Florida.
Whether you are interested in a specific location or the Miami-Dade area generally, I hope you will appreciate my periodic perspectives on the residential Waterfront Homes and Luxury Condominiums market conditions in South Florida.
I look forward to keeping you further informed.
Gladis Henriquez – Real Estate Agent – Optimar International Realty – 305.281.8653 – Sunny Isles Beach, FL 33160
