South Florida’s Next Condo Boom – Sunny Isles Beach
According to the Miami Herald, Sunny Isles Beach, a city created only 15 years ago on a stretch of beach that was dominated by theme-oriented boutique hotels built in the 1950s, is emerging as the epicenter of South Florida’s next condo boom.
Developers are proceeding with at least six condo towers with at least 530 luxury units to be constructed in a community that stretches less than 40 blocks along Collins Avenue. The number of proposed new condo towers in Sunny Isles Beach is expected to increase in the upcoming months as developers have recently purchased an additional four condo sites.
Unlike the last South Florida condo boom, lenders are not yet willing to finance condo construction projects, thereby forcing developers to build using their own money combined with payments from contracted buyers.
The city of Sunny Isles Beach could see its total number of condos increase by more than 1,200 units with the latest boom.
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