July 24, 2012
According to the Miami Herald, six luxury condo towers are being developed in Sunny Isles, and about 530 luxury units will be built along Collins Avenue in the near future. Developers have purchased four additional luxury condo sites in Sunny Isle Beach. An investment group recently purchased a loan for a partially completed condo tower approved for 134 luxury condo units and 140 hotel rooms. All in all this will increase Sunny Isles condos by about 1200 units.
In order to avoid the condo boom and bust of 2007 lenders are unwilling to finance developers for condo construction projects. Developers are now forced to use their own money as well as payments from contracted buyers for construction projects. In many cases, developers are requiring around 80 percent of the purchase price to be paid in increments over time and construction milestones, according to the Miami Herald. In developers favor is the influx of foreign cash buyers.
Sunny Isles Beach was created 15-years ago to accommodate international buyer’s demand for luxury oceanfront condos. This picturesque beach town attracts about a million vacationers every year. The area offers visitors water sports, sailing, shopping, fine dining and much more.
Developers have cancelled a 300-plus unit luxury boutique project in Sunny Isles Beach to develop luxury oceanfront condos. Developers think it will be easier to sell luxury condos to affluent buyers with cash than market 300 units to middle-class boutique owners who will most likely need financing that will be difficult if not impossible to get.
Here are a Few of the New and Existing Luxury Oceanfront Towers on Sunny Isles Beach
Full Story: The Miami Herald
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