This is very interesting news reported by Condo Vultures. It seems the average rent in Sunny Isles Beach went up 9% in the first quarter of 2012 compared to 2011.
There is now only 6 months inventory of rental units in Sunny Isles. This translates into 400 properties available for rent.
Sales of new condos in Sunny Isles Beach fell by 9% for several reasons….Boom Era inventory decreased….prices for developer units increased and there are 5 more new luxury condo towers being planned.
Watch for information from me about a fantastic new tower called PORSCHE. Different in all ways!!!
OTHER NEWS….SOUTH FLORIDA FORECLOSLURES ARE UP 60%.
THERE WERE 4,122 FORECLOSURES FILED IN SOUTH FLORIDA IN APRIL OF THIS YEAR (according to Condo Vultures). Half 2,025 came in Broward County.
One thing, for sure, our market is moving in all directions. But I see inventories shrinking in AVENTURA. I see prices not only stabilizing but rising especially in communities like GOLDEN POINTE.
RECENT SALES WERE $471k FOR A 1900 sq. ft unit ON THE DRY SIDE AND $800k FOR A 2500 sq.ft.unit ON THE WATERFRONT.!