For this article we have performed an extensive analysis to summarize information on all buildings and communities in Sunny Isles Beach, Florida, one of the most popular cities in South Florida. We have dived deep into real estate data to identify communities where inventory is low, and it is a good time to sell, and we also highlighted building where there is a high inventory, and it is a good time to shop.
In the first part of the article, you will find a brief overview of the city, and review of single family and townhome communities, then you will learn about all condo buildings in the city starting with older communities constructed in 70s and finishing with building constructed in the last few years.
Sunny Isles Beach is an ocean-front town in Northeast part of Miami-Dade County in South Florida. The city is located about equal distance from Miami, and Fort Lauderdale. The total area of the city is just about 1.4 square miles (3.7 square km). Despite its relatively small area, population of Sunny Isles Beach is about 22,000. Sunny Isles Beach is also known as Little Moscow due to high population of Russian-speaking community.
The area belongs to Miami Dade County Public school districts. All residents are zoned to Norman S. Edelcup/Sunny Isles Beach K-8 for elementary and K-8. Residents who want a standard comprehensive middle school instead of a K-8 may choose to enroll at Highland Oaks Middle School. Senior High School for Sunny Isles Beach is Alonzo and Tracy Mourning Senior High Biscayne Bay Campus. We published a video about public schools in South Florida and if you are interested, please follow the link
Let’s start first with overall statistics on the real estate inventory in Sunny Isles Beach. Overall, there are almost 20,000 parcels in the city, which include commercial and residential properties. If we discard commercial and vacant parcels of land, we will have 19,374 residential units. Among them, only 369 properties are single family homes, and the rest are units in residential condo buildings, almost 17 thousand units, as well as about 2 thousand units in condo hotels.
Now, let’s see what is happening at city level – here we combined all properties together, just grouped by the following categories – blue bars are Single family homes (there are not too many of them), light green – residential condo units, and dark green are units in condo hotels. Light brown color is pending listings, and red bars are listings closed in that week. And the red line is average asking price.
So, if we look at the most recent week. There were 46 homes listed for sale, 1079 condo units, and 91 units in condo hotels. At the same time, 378 properties were in under contract, and 13 units were sold during the last week, according to MLS data. The average asking price is about $2 Million dollars.
Now let’s analyze this chart – first, as we see that average asking price went up by more than 50% in the last year. In the summer of 2020, the average asking price was about 1.3 million dollars. we want to note here that this is a very misleading observation. It does not mean that the prices went up by 50%. Indeed, we all know that there is a shortage of affordable properties, and as result, expensive luxury properties skew average prices towards higher numbers.
Next, we see that the inventory went down from 27 hundred units in the middle of the last year to just about 12 hundred units, so it went down by more than 50%. It looks that the inventory has stabilized during the summer. Again, we want to note here that we are looking at city-wide level.
Overall, yes, the inventory is stable at its lowest level in years, however, and you will see it further in the video, there will be communities where inventory is going up, there will be communities, where inventory is still going down, and there will be even communities that do not have any properties for sale today.
Let’s start first with single family homes. The oldest structure in Sunny Isles beach today is a single-family home located in Atlantic Isles. Here is its picture from Google Maps, and you can barely see the small structure behind palm trees. Atlantic Isles is one of the oldest communities in South Florida. There are still 11 homes on the island that were built before 1950.
One structure is even included in the list of historically designated properties. The mansion is located at the end of the island, and it even has a garage for a boat. It was constructed in 1936 and is currently owned by the former mayor of Sunny Isles Beach. The houses are very expensive on this island, the cheapest ones will start at 3 million dollars. The most expensive house is listed at 11.5 million – it is a modern 7000 sq ft mansion that was built in 2005.
The other area of single-family homes in Sunny Isles Beach is Golden Shores. The oldest homes here were built in 1950s, but also there are homes built in the last few years. You can buy a non-waterfront older home for slightly more than 1 million. A waterfront home here will cost you at least 2 million dollars, with most expensive modern homes will go as high as 10 million dollars.
And the last community for single family homes in Sunny Isles Beach is Golden Gate Estates and Marina in Sunny Isles Beach. This is a gated community built in late 90s – It has its own marina, and some of the homes are waterfront. The cheapest home here today is offered at $2 million dollars.
Now, let’s see what is happening with inventory in these communities. Different colors here represent size of the property – most of the properties will have 3 or more bedrooms. And blue color here is for the newly constructed properties. In Atlantic Sores the inventory has always been low. The average asking price went up from 4 million dollars up to 7 million dollars.
In Golden Shores, the inventory went from 24 units at the beginning of the year down to just 6 units as of the last week. Average asking price went up from 1.3 million dollars to 2.5 million dollars. In Golden Gate Estates and Marina, inventory also dropped from 10 units at the beginning of the year, down to just 4 units as of the last week. Average asking price went up from 1.7 million dollars to 2.3 million dollars. Also, the actual sales are represented by red dots on this chart.
As you see in these charts, inventory behaves differently in the local communities, and it is different from overall inventory levels in Sunny Isles Beach. As we saw on the first chart, at citywide level, inventory is stable, but in some communities, inventories are dropping. What does it mean? It means that there will be some communities where inventory is going up. Let’s try to find the communities where inventory is growing.
So, up to this point we reviewed all single-family communities. Now, let’s look at the condo buildings. We will start with older building, built prior to 1980. From here, we will cover only large or significant communities. Coastal Towers were constructed in 1965 and they have 421 units. Condo hotels Marco Polo and Newport were constructed in 1966. Marco polo has 421 units, and Newport has 246 units.
Twin Arlen House buildings were built in 1968 and 1969 with 312 units in each building. Also, a smaller garden-style complex Salem House was built in 1969. It has 104 units. The total number of units constructed before 1970 is 2,348.
Now, let’s see what was built in the 70s. Winston Towers is complex with 7 buildings – the complex was built in phases. The first building Winston 100 was built in 1971, and the last two buildings 600 and 700 were built in early 80s. Each building has about 400 residential condo units. Ocean View complex has 3 buildings: Building A and B and Building Ocean Reserve. They were built in early 70s, and each has about 400 units.
Avila complex has 4 separate building – there were all constructed in 1972 and they have 90 units in each building. Avila South is separate building with 196 units, and it was built in 1973. Arlen house East building was constructed in 1975 – this is the largest building in Sunny Isles Beach with almost 600 units.
Plaza of Americas complex was built in 1979 and has more than 800 units across 4 separate buildings. And finally, Poinciana Island community was built in 1980 – it has 190 waterfront townhomes and condo units. We recorded a separate video about Poinciana Island community and link you can find in the description.
We skipped here a few smaller condo buildings like Caribbean Breeze, Fairview, Marbella, as well as oceanfront Tropicana Building – they all have less than 100 units. More than 7000 were built in Sunny Isles Beach in the 70s.
First, which communities have the lowest inventories, and they keep dropping? First, surprisingly, we can see Marco Polo. Although this is very aging condo hotel, and units are very popular among investors. Many people buy hotel studios to use them as vacation homes and rent them when they are not used by the owner. The inventory dropped from 80+ units at the beginning of the year down to just 18 units as of the last week. The average asking price went from 120K to 190K.
The second community with very low inventory is Poinciana Island. This is very popular community of waterfront townhomes and multi-level condo units. Because of pandemic many people now prefer this type of property because they offer recreational space and comfortable work-from-home environment. The inventory went down from typical 20 units down to just 5 units as of last week. The average asking price is hovering around 1 million dollars vs. 700,000 a year ago. Again, we recorded a video about Poinciana Island.
Low inventory is a great opportunity for property owners to sell their properties quicky for a higher price. But as we mentioned, not all communities experience healthy seller conditions. Here is chart for one of Winston towers – as you see, in May, inventory there was extremely low for the building – only 2 units were listed for sale. In summer the inventory started building up and now it is at 12 properties – the highest level in almost a year.
Note, that the situation is different from one building to another even within the same community. Here we are intentionally not sharing the building which is experiencing build-up in the inventory – we encourage you to reach out to a licensed realtor and she or he can help you to get the information for your building.
Now, let’s look at the building built in 90s. 90s started with major redevelopment of ocean front in Sunny Isles Beach. Buildings Oceania 1, 2 and 3 were built between 1990 and 1993. Each building has about 180 units. Florida Ocean Club was built in 1995 with 105 units. Sands Pointe was built in 1996 with 226 units. Pinnacle building was built in 1998 with 242 units. In the last year of the century, two building were delivered: Millennium building with 127 units, and Ocean 1 building with 241 units.
There were also a few buildings constructed west of Collins Avenue. Oceania 4 was built in 1995 on a private island – the building has 178 units and has its own marina on the island. Also a few other smaller boutique buildings were also built in the center part of Sunny Isles Beach. Most have French names; we suspect they were built to target snowbirds and retirees from Canada or may be by developer with French background. Around 2000 in total were built in the 90s.
Now, let’s look at the inventory. Which building has the lowest inventory, which means conditions favorable for selling properties? Overall, almost all buildings experience low inventory in 1990 segment. Oceania 4 building stands out – as of last week, there is only 1 property currently listed on market, and inventory went down in 1 year from 18 units down to just 1 property.
But if we look at another building in the community – for example Oceania 3 – here, inventory is also low, however, the lowest inventory of just 1 unit was in May, and now we can see that the inventory is growing, and currently at 6 units.
Another property which recently rebounded from no inventory to growing inventory is Sand Point Ocean Beach Club condo – Just a few months ago there were no units available on the market, and now, 6 separate units are listed. Also, the average asking price did not change much in the last 12 months and is currently at 1.25 million dollars for a 2- or 3-bedroom condo.
Now we move to 2000s – It was a time of real estate boom in Sunny Isles Beach – 28 building were constructed in during that period, most of them are ocean-front. Condo-hotel Oceanpoint beach club was built in 2000. It has 166 units, and the building is branded as Hilton DoubleTree hotel. Building Ocean 2, Ocean 4, and Ocean 3 were built between 2001 and 2005. Those were massive building with more than 200 units in each.
Across Collins Avenue, on west side of the city, the following building were built: the last of Oceania Building – Building 5 with 167 units in 2002, Marina Bay Club with 100 units in 2002, Porto Bellagio is complex with 4 separate building and more than 500 units was built in 2003, and boutique King David building with 88 units was built in 2005.
Let’s go back to the ocean side. Condo-hotel M-Resort, or Marenas building with 234 units was built in 2005. La Perla with 326 units was built in 2006, Sayan building with 90 units was built in 2007, and condo-hotel Sole with 165 units was built in 2007.
The first of Trump branded buildings, condo-hotel Trump International with 373 units was built in 2003, next to it, in 2006 Trump Palace with built with 274 units, and in 2008, Trump Royale with 382 units. Trumps 1, 2, and 3 were built in the southern part of Sunny Isles Beach. Each building has 271 units, and there were built between 2008 and 2010.
Acqualina resort building with 248 units was built in 2006. Jade Beach with 249 units was built in 2008, and Jade Ocean with 255 units was built in 2009. Twin towers Turnberry Ocean Colony with 130 and 128 units were built in 2006 and 2007.
And finally, tree towers of St Tropez were built right across Collins Avenue in 2009 and 2010. These 3 building have about 300 unis in total. Overall, more than 5000 units were built between 2000 and 2010.
Let’s look at the inventory – Building King David has extremely low inventory now – it was fluctuating between just 1 and 3 units during the last 2 months. If you are an owner, you should have little problem of selling your condo for a good price. At La Perla building, the inventory is low, but you can see that it is starting to build up and now it is at 15 units, up from just 5 units in June.
And finally, the building with sizable inventory is Acqualina – it is at 19 units, just slightly lower than it was a year ago. The average asking price went up from 2.5 million to 3.5 million dollars, or by 40% in just 1 year. To summarize, as you can see newer buildings with prices below 1 million dollars are all in high demand and building more expensive ocean-front buildings have better inventories levels because not too many buyers can afford expensive condos.
And finally, let’s look at the buildings constructed in the last 10 years. Here, you can notice the trend through the years in Sunny Isles Beach – every year, the buildings become more luxury, more exclusive. Units will have larger square footage, more exclusive amenities, and features. And prices become significantly higher for those units, sometimes reaching tens of millions of dollars.
Ultraluxury Regalia was built in 2014 at the North end of Sunny Isles Beach. The building has just 39 units, and each unit occupies entire floor. Size of each unit is more than 5000 square feet, and the prices start at 8 million dollars.
In 2015 there were built two buildings: ocean-front Mansions at Acqualina with 84 units, and more affordable 400 Sunny Isles Beach with 229 units on the west side of the city. In 2016 we have Porsche tower with 132 units. The building is famous because each unit has car garage on its floor, and there is an elevator to bring cars up to the residence.
Also, in 2016 we had building Chateau with 81 units. Oceanfront Muze was bult in 2018 with 62 units. Armani Casa with 322 units, and Parque Towers with 319 units were built in 2019. And finally, ultraluxury Turnberry Ocean with 143 units, and Ritz Carlton with 204 units were delivered last year, in 2020. Overall, almost 2000 units were delivered in the last 10 years in Sunny Isles Beach.
All these newer building have sizable inventory levels and buyers today have a good variety of different options to pick from, and to negotiate an attractive deal. Here, we just included charts for a few buildings: On top, we have ocean-front Armani Casa and Porsche Tower, and at the bottom we have west-of-Collins buildings Parque Towers and 400 Sunny Isles. As you see all the buildings have good inventory levels, and the average asking price also did not increase much in the last 12 months.
So, to conclude, single family homes and townhouses are in very strong demand and as result with very low inventory. Also, less expensive condos, under 1 million dollars in well-maintained buildings like King David or Oceania IV and V are also in very strong demand. If you an owner of such properties, it is a good time to put a property on the market.
There are also communities where there are many options for buyers. we do not want to call it strong buyer’s market, it is just if you are looking to have a good selection of properties, those are communities to consider today. Several buildings in Winston towers, ocean front Sands Pointe building, also newer building like 400 Sunny Isles, Parque towers, and Porsche tower. As we see many condos in new building are still looking for their buyers, mainly because those are very expensive condos that most buyers are not able to afford.
To compile and present all this information for you, we used our proprietary set of analytics tools that allow us to track inventory levels and prices in all communities. We use big data technology to crunch through the number and to detect any opportunities in the market. Our tools help our buyer to find the best deals on the market and help our sellers to optimally list their property. You can contact us directly if you have any questions about real estate in South Florida.
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