It has been a has been a while since there has been a closed sale on beautiful Sunset Islands in Miami Beach; 18 months to be exact since June of 2007. Before then, there was only one sale on all four Sunset Islands in the 18 months prior (1400 W 28 St, $11.6M). Not for the lack of homes on the market because there were plenty and not for the lack of a great location because the Sunset Islands are in a fabulous location close to everything that makes South Beach great.
It seemed that the prices had moved up quite rapidly on the islands during the boom years between 2001-2005 and had reached a peak. In June 2007, the seller’s started to realize that they had to begin reducing their prices a bit and deals started to happen, which is much the case for all real estate today. Low and behold, one after another, homes have started to sell in this supposed “down market”. Two homes have closed (2121 Lake Ave, $4.250M and 1617 W 22 St, $4.750M) on Sunset Island #4, another, 2120 Bay Ave will be closing at the end of this month. The best deal on the Sunset Islands is the home at 1440 W 23 St . This home is in foreclosure and will be a great deal.
The other available homes on the market on the Sunset Islands include: