Although inventories of Miami Beach condos are slowly decreasing, other areas, like Sunny Isles Beach are seeing a tremendous supply of luxury properties waiting to be purchased.
As of this writing, there are 1375 condos for sale on Sunny Isles Beach and 140 pending sales. To say that the builders were over ambitious is an understatement. The overall global recession has eliminated the European buyers and South American market that typically gravitated to this part of town.
In the past, the old inexpensive motels that lined the oceanfront attracted tourists from the north, the south and Europe to enjoy a cheap vacation in the sun. Now, these motels are gone. The gorgeous luxury buildings stand almost empty, waiting for the tide to turn. Tourism is down and the stores on the west side of the street are starting to close down.
It would have been better to have some type of city planning, where properties are mixed, some high end, some not, so that the natural flow of activities can invigorate a city like Sunny Isles Beach. Again, we see a wall of high rises, blocking the ocean from sight. Somehow, we never learn.
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