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More Than 2,665 New Sunny Isles Beach Condo Units In Development Pipeline During This Cycle

Nearly 1,825 New Sunny Isles Beach Condo Units Under Construction Or Recently Completed Since 2011

DOWNTOWN MIAMI (May 19, 2017) - Developers have announced - and continue to proceed with plans for - more than 2,665 new condo units in the Sunny Isles Beach market of South Florida, according to a Condo Vultures® Realty report based on the latest data from consultancy CraneSpotters.com.

Sunny Isles Beach ranks as the fifth most active coastal condo development market in the tricounty region of Miami-Dade, Broward and Palm Beach, representing about 5.6 percent of the nearly 47,750 new South Florida units announced since this current real estate cycle began in 2011, according to the CraneSpotters.com data as of May 15, 2017

It is worth noting, nearly 450 additional units that had originally been planned as new condos in Sunny Isles Beach have since been removed from the CraneSpotters.com statistics based on the respective developers revising their announced strategies.

These revised projects are now being tracked outside of the CraneSpotters.com Preconstruction Condo Projects Database under one of three categories: rental, on hold or canceled.

The decision to revise - or shelve - the original new condo development plans comes at a time when the Sunny Isles Beach market has a 28-month supply of units available for purchase at the start of this year’s South Florida Summer Buying Season, according to a recent CondoVulturesRealty.com report.

A balanced market is generally considered to have about six months of supply. More months of condo supply listed for sale suggests a buyer’s advantage and less months typically indicates a seller’s advantage in the market.

As South Florida progresses through the sixth year of this current real estate cycle, it is unclear if all of the new condo units announced - and still active - in the Sunny Isles Beach area will ultimately be built. 

Currently, the new development pipeline in Sunny Isles Beach breaks down as follows: 

- 122 units proposed or seeking governmental approval;

- 723 units planned or secured governmental approval;

- 1,254 units under construction;

- And 568 units completed since 2011.   

Based on the statistics, the Sunny Isles Beach condo market will increase by at least 1,822 units during this cycle. 

It is unclear if the new condo units - some of which are expected to be available for rent - will impact lease prices in the Sunny Isles Beach market given that an unknown number of new apartment units are also being built in the area.  

CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented condo acquisitions and leases in the tricounty region of Miami-Dade, Broward and Palm Beach. 

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