Sunny Isles Beach New Developments And How Population Growth Fueled It
What’s the key factor that influences real estate developments? It’s population growth. When an areas’ population is on an upward trend, it makes sense for developers to invest in new construction. That is exactly what happened to Miami, Sunny Isles Beach in particular.
What makes new development in Sunny Isles even more compelling is the abundance of reliable buyers. These are buyers that don’t worry about their mortgages and have plenty of options with the property, not just resale.
New Developments Pre-Construction Projects 2017
It may be true that 2016 wasn’t a great year for real estate in Miami, but it wasn’t a particularly terrible one as well.
In fact, data shows that even though sales performed sluggishly throughout the year, prices for Sunny Isles properties remained at their current levels. One would think that poor sales would lead to a significant drop in real estate prices, but it hasn’t. Especially not in Sunny Isles.
There may be a few reasons behind this phenomenon, but the one that stands out the most was the political change. This brought forth a wait-and-see attitude among prospective buyers.
Experts believe that now the political turmoil is mostly over and the nation is steadily settling down politically, more buyers will be willing to make investments in Miami and take a closer look at Sunny Isles new developments.
Abundance of Pre-Construction Condominiums in Sunny Isles Florida
One of the signs of investor trust is the significant amount of pre-construction condos in Sunny Isles Beach Florida such as the Porsche Design Tower which we previewed here:
Besides investor confidence, a pre-construction condos have sprouted up almost everywhere for one reason. Miami’s current procedures of banks toward providing loans to construction development companies.
When in the past, Miami banks were lenient in terms of providing these loans, they’ve decided to hold the reigns more tightly. Today, banks will unlikely release loans until the construction has been at least 50% purchased.
But instead of looking at it with a negative eye, condo buyers should see the positive side of such a move. Sunny Isles construction developers are scrambling for funding, thus creating an incentive for higher quality developments to lure in prospective buyers.
Is It a Good Time to Be Searching for Sunny Isles New Developments for Sale?
Despite the slow sales and challenging developer situations, it’s important to understand that prices have not gotten cheaper. If anything, prices have even increased. This can only be a testament of the trust investors have in Sunny Isles and the Miami area.
Experts believe that with calmer seas in the country’s political arena, sales are bound to improve in Sunny Isles.
If you’re thinking of investing part of your portfolio into Miami real estate, then whether you invest in single homes or condominium units, statistics show that it will be a worthy investment.
If you examine the situation carefully, prices for Miami condos have continuously gone up even during hard times. How much more do you think those prices will increase once new sales figures go in the black?
Nobody can really say whether you should make the investment or not, but if you look at the Sunny Isles Beach statistics with Sunny Isles New Developments, then it would definitely be a good time to at least look a little bit more closely at the market.
If you are looking for a new condo in Miami, check out our new construction listings in Sunny Isles.