Sunny Isles Real Estate Market Forecast | Miami Real Estate Market Predictions for 2023

Welcome to our Sunny Isles real estate market forecast. The Sunny Isles condo market is one of the two markets in which we see the highest uptick in inventory – the other is Brickell. We believe this increase in inventory is caused by a growing divide between overzealous sellers asking for ‘peak’ prices against a backdrop of the now cautious buyer. The market is one of Miami’s most volatile and elastic markets, as it is one of the most investor-driven and second homeowner markets in Miami. Some condos continue to do well, while others are showing clear signs of fracturing. Continue reading for our five main observations as well as sellers’ and buyers’ advice.

Sunny Isles Real Estate Market Forecast | Miami Real Estate Market Predictions for 2023

What will happen to the Sunny Isles condo market in 2023? Our 2023 Miami real estate forecast will give you the insights to make the best decisions

Comparing the Sunny Isles Condo Market to other Miami Condo Markets

Sunny Isles Real Estate Market Forecast | Miami Real Estate Market Predictions for 2023

The Sunny Isles Beach Condo Market Per Price Range

5 Observations for our Sunny Isles Real Estate Market Forecast

  •  The best buildings in Sunny Isles (Ritz CarltonTurnberry Ocean CubJade Signature, Mansions and Estates at Acqualinaare still seeing a high number of sales with peak or near peak prices per sqft. The Ritz Carlton is the bestselling condo, with six sales in the first quarter of 2023.
  • The Ultra Luxury market of $10M+ seems to be taking a pause. At the end of Q1 2023, we have 25 active listings and no sales.
  • Over the past 90 days of Q1 2023, we have observed 138 expired listings and 160 sales. It is worth noting that the number of expired listings is almost identical to that one year ago in 2022. However, during that period, there were significantly more sales, with 385 transactions taking place over 90 days. That is almost triple what we have seen in 2023. Our observation for the expired listings was mainly due to excessively high prices. Four properties are listed at over $3,000 per square foot and 12 are listed at over $2,000 per square foot. Interestingly, some units that sold for $4 million in 2021 were recently resold in Q4 of 2022 for double ($8m) without any upgrades or modifications. This we believe has led to some sellers believing they can systemically follow suit. The difference between those units, which sold at double price, was often the exceptional nature of the unit and does not apply to more generic product. This mindless and ego driven approach to copy the record in the neighborhood can only lead to disappointment AND correction.
  • We are seeing a high amount of overpriced or very high priced properties. 70 Listings are priced over $2,000 per SqFt, and 17 are priced over $3,000 per SqFt, which might lead to an elevated number of days on market, high expiration rates and a high inventory. It appears some owners and/or realtors are lacking of clear optics. We are experiencing a slow down in sales and the market has not seen a significant increase in demand – quite the opposite.
  • The rental market – There are a total of 20 properties that rented or are pending rentals over $20,000 per month in Q1 of 2023, yet there are currently nearly four times that amount available for rent at or around $20,000 per month or more. In most cases these luxury rentals are taking many months to rent and rarely (if ever) hit the asking price. For investors it is important to share the facts that typically rental numbers being achieved in Sunny Isles are also not coming close to the kind of rental numbers we are seeing in the primary markets of Coconut Grove or Coral Gables. We typically like to see $6000 per month of income for every $1m of asset value. So a property with a value of $4m should be getting close to $24,000 per month.

Advice for Sellers

Given the current slowdown, it is evident that the market conditions have changed significantly from what they were in 2021. The peak has passed, and buyers are becoming more cautious about overpaying. Therefore, if you are a serious seller, it is imperative to list your property with an experienced agent who can provide expert guidance on pricing to avoid prolonged time on the market. In times when the market is shifting towards becoming a buyer’s market, it is crucial to select a listing agent with a broad international reach.

For those Sunny Isles unit owners who are investors and own properties to draw income, it is important to recognize that the income your unit may be drawing now does not come close to the unit value and that selling now may be a good time for two reasons: 1) The prices can start to come down 2) There are other Miami neighborhoods where investments provide higher returns with lower carry costs and better insulation from not just downward prices but actually continuous increase in prices!

Advice for Buyers

As a buyer, it is crucial to recognize market trends and patterns. You should stay informed about new construction and resale properties and evaluate what is available to you. When considering the Sunny Isles condo market, be mindful that it is currently softer than the beach market. Avoid overpaying for condos that do not offer value. Only a handful of condos offer excellent value, such as the Ritz Carlton, Turnberry Ocean Club, Jade Signature, and the Acqualinas. Therefore, exercise caution and do your due diligence before making a purchase decision. As always, please call us for a more granular conversation!


These are the most commonly asked Google Real Estate Related questions

What are "Good Quality" Condos?

With good quality condos we mean well-finished condos with good floor plans, that have performed well over time.

So see the economic performance of the different Sunny Isles condos for sale please use our Condo Geeks Software or call 305.508.0899

Condo Geeks


What are the best new construction projects in Sunny Isles?

Sunny Isles only offers two new condos:

St Regis Sunny Isles

St Regis Sunny Isles

The Bentley Residences

Bentley Residences Miami

For all new construction condos in Miami please visit:

New Construction Condos in Miami – Independent reviews

Where can I follow the latest Sunny Isles real estate trends

We offer a brand new Miami real estate trends page where we will regularly update the latest trends per Miami Neighborhood:

Miami Real Estate Trends


For all our analytics we are agents driving some very unique and advanced tech. We Provide a granular and custom experience that empower our clients with the insight and tools to understand the most complex behaviors of any local markets.

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David Siddons

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