2024 Sunny Isles Real Estate Market Trends & Forecast Q1-Q3

Dive into the latest Sunny Isles Real Estate Market trends complete with expert advice for buyers and sellers.

Highlights for 2024.

The Sunny Isles market has remained stable compared to last year in terms of inventory, listings, discounts, and days on the market. However, sales prices have increased across all price ranges.

When examining inventory, there is a significant difference between properties under $5M and those above $5M. There have been many sales under $5M, with inventory levels around 5 months. Unlike Surfside, Sunny Isles still offers relatively new condos (less than 20 years old) in the lower price ranges. In contrast, the $5M+ market has over 30 months of inventory, and the $10M+ range saw only 3 sales, despite 35 condos being available.

One reason for slower sales in the $10M+ market is that Sunny Isles doesn’t have the same quality condos as areas along the beach. Additionally, new condo developments have absorbed much of the demand. While projects like Acqualina Estates and Turnberry Ocean Club are impressive, they may not appeal to everyone. Many of the other available condos don’t match the competition, especially at this higher price points. The investor-driven nature of Sunny Isles also makes this market more volatile.

Advice for Buyers, Sellers, and Investors

 

  • Buyers: The market for properties above $5M has high inventory levels, making this a good time to find a better price per SF, without paying the peak prices we have seen in previous years.  However, it’s important to understand the differences between condos and floor plans. Some condos haven’t performed well since their launch, and even high-performing buildings may have less desirable floor plans. Also, be cautious of older condos in this market, as they are becoming less appealing. What may seem like a good deal could turn out to be less favorable. Contact me for more details.
  • For sellers:When pricing your luxury condo, especially if it’s valued at $5M or more, it’s crucial to be realistic. With limited activity in the area, overpricing could deter already cautious buyers. In this softer market, buyers have the upper hand in negotiations. Instead of focusing on listing prices of other condos, look at recent sales within your specific line. The peak has passed, and buyers are no longer willing to pay top prices unless your unit truly stands out. With peak season approaching and several high-end condos being announced, competitive pricing is key.
  • For luxury investorsUltra-luxury condos remain in demand as more affluent families relocate to Miami. If you’re considering new construction, take a look at the brand-new St Regis Sunny Isles, which is now selling its north tower. These hotel-branded condos have consistently outperformed others in the market. Sunny Isles is an investor-driven market, and some condos have proven more successful than others. Notable high performers include the Acqualina towers (Estates and Mansions), Jade Signature, and the Turnberry Ocean Club. There are several condos that have not performed well at all. Please contact me to learn more about which ones I’m talking about.

Commentary on specific transactions and 2025 Predictions

One of the top sales this year was the sale of unit 4405 at Estates at Acqualina for $2,600 per SF and unit 4501 at Turnberry Ocean Club for $2,400 per SF. The Sunny Isles market is largely driven by investors. An oversupply of luxury condos is partly due to sellers listing at unrealistic prices, asking for more than the highest price per square foot achieved in the last 8 months. With high interest rates, this investor-driven market is becoming slightly more bearish. Many investors are choosing to wait for either a market shift or lower rates before making a move.

Click here for the Current Condo Inventory

Show me the Sunny Isles Analytics Page where I can see actual sales and specific price point data. Click on the link or the image below.

Read part 1 of our 2024 Report: Overview and Most Asked Qeuestions
Read part 2 of our 2024 Report: Miami Neighborhood Trends

Schedule Time with David (Via Zoom, Call or in Person)

Schedule time to discuss your personal questions regarding the Sunny Isles Real Estate Market in 2024/2025.

FAQ

These are the most commonly asked Google Real Estate Related questions

1. What are the Current Best New Condos in Miami?

If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023. 

2. What is the best New Construction Condo in Fort Lauderdale?

In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.

3. How can I compare the new luxury construction Condos to the best existing Luxury Condos in Miami? 

Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!

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