SoFlo Intel Report GREAT BUYS IN SOUTH FLORIDA’S POPULAR NEIGHBORHOODS | SUNNY ISLES EDITION
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Welcome to SoFlo Intel Report. Related ISG’s submarket snapshot of the best buys in South Florida’s best neighborhoods. Each edition, we’ll dive into factors and projects that makes these neighborhoods so popular. This edition we’ll focus on one of South Florida’s hottest condo market, Sunny Isles.
Sunny Isles Absorption Analysis for New Condos built since 2012
TOTAL UNSOLD DEVELOPER UNITS
600
517
500
409
400
304
300
197
200
100
0
Jan 2018
Jan 2019
Jan 2020
Mar 2021
2,218
Total Units Released since 2012
Source: Developer Onsite Sales Offices, Developer Sales Reports and Broker Contacts
CURRENT CYCLE
Sunny Isles Future Deliveries for Traditional Condos Traditional Condos are defined as Condos with no short-term rentals
5
Estates at Acqualina North Tower
4
3
2
Estates at Acqualina South Tower
1
Aurora
2
1
0
2021
*Projected
2022
0
0
0
0
2023
2024
2025*
2026*
Sunny Isles Resale Snapshot for condos built since 2012 TOTAL ACTIVE LISTINGS
600
T O TA L A C T I V E L I S T I N G S
500
488
26.89%
Real Estate Rule of Thumb
402
22.15%
400
10% or more of inventory = Buyers market 10% or less of inventory = Seller’s market BUYERS MARKET
304
16.75%
300
200
100
Mar 2019
Source: MLS
Mar 2020
Mar 2021
Sunny Isles New Condo Resales 2019 - 2021 SOLD RESALES
41
2021
JAN - MAR 60% of 2020 Sales
Jan-Dec
31
2019 Jan-Dec 0
Source: MLS
45% more Sales than 2019
69
2020
10
20
30
40
50
60
70
80
90
100
At Current Sales Pace, Sunny Isles MLS Resales looking to surpass 2020 by May
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