As the economy begins showing signs of improvement and consumer confidence is on the rise, Jade Beach and Jade Ocean condos are being previewed heavily, sales are occurring and other cautious consumers want to know where the bottom of this market stands and is NOW the right time to buy? Well besides year end tax incentives and only 2 weeks left in 09, 2010 IS a great time to buy. Sunny Isles Beach condo inventory declined 3% in the last month and 14%year to date. I’ll explore the fine analytics further below and hope to continue educating everyone interested in these amazing uber-modern condo towers known as JADE Beach & JADE Ocean.

JADE Beach Condo Inventory, Sales & Rentals

(http://17001CollinsAvenue.com) JADE Beach developer condos have almost sold out after 1 year of occupancy with the 9 remaining hitting the MLS this month at clearance pricing. There are now 41 (16%) JADE Beach resales ranging in values from $539,000 (Low Floor B1 Model) to an impressive JADE Beach penthouse listing at $4.8M (2 Story Jade Beach Trophy Penthouse). 4 JADE Beach condo sales have been reported on the MLS with values from $468k (B1 Model) to $1.385M (E Model) or about $478 per square foot! This seems to be the established pricing trend for Jade Beach. The average JADE Beach list price per square foot is reflecting $631 PSF down 8% from March’s hopeful highs with the average selling price per square foot reflecting $442 at 99 days on market plus a 90% sale to list price ratio.

Jade Beach Rentals have been in demand especially with season among us reflecting 27 recent Jade Beach condos ranging in rented values from $2,000 (B1 deal) to $5,500 (#3107) which was a great deal for the tenants (see JADE Beach 3107 here). 3 Jade Beach rentals are currently under contract with asking prices ranging from $2,500 (#1606) to $5,300 (#3402) while 22 rentals remain active ranging in asking prices from $3,200 (07 line as B2 models) to $9,900 (#4001). It would have benefited some seller’s to lease their Jade condo residences over the season as demand appeared to be greater than last year for the oceanfront coastline of Sunny Isles Beach.

JADE Ocean Condo Inventory, Sales & Rentals

(http://17121CollinsAvenue.com) JADE Ocean is still early into the corrections all new condo towers must undergo with County records reflecting 62 (UP 23% since last month) recorded deeds or 25% sold. Jade Beach took 1 year to accomplish what it has and were now on month 5 of JADE Ocean acquiring the TCO. Nothing much new to report since few condos have been relisted. There are 4 Jade Ocean condo resales today with a high price on a stellar 2 story Jade Penthouse listed last month at $2.7M with just under 3,200 Interior square feet, 3 bedrooms and 3.5 baths. There are only 2 (C 2′s) in the building and no others comparable in Sunny Isles Beach. I expect it to sell close to asking price in the next 6 months. With an average asking price per square foot of ~$762 for the building, I can’t see paying an extra Million for something similar & obtainable at JADE Beach but time will soon tell us.. This is the critical curve separating value differences between each tower that will be dissected over the next year while sales statistics show us the facts. 

JADE Ocean was sold out on a higher price point offering clear advantages and now noting a needed adjustments to what IS market value as speculators argue these values with Fortune, the FDIC-Starwood to prices they should be closing at (lender appraisals are coming in short). One thing is for sure, the developer is 110% confident in their product and relentless on the contract values standing firm on negotiations. 

There are 8 JADE Ocean rentals listed (via MLS) and the prices are ranging from $3,400 (B1 model) to $8,000 for a 4 bedroom (E model). Nothing has rented yet but I’m certain there will soon be rentals pending & deals happening as the demand is high. A B1 was reported to have rented on a 2 year lease for $2,800. Could JADE Ocean be a superior building worth paying 30% more? We’ll soon find out.. Sunny Isles Beach condo inventory is trending downward consistently each month by 2 to 4%with 1,123 condos for sale and 41 closing in the last 30 days (27.3 month supply).

Sunny Isles Beach Luxury Condo Sales & Statistics

This year 594 Sunny Isles Beach condos have sold via MLS database with an average sale price per square foot at $233. In a contrast comparison of luxury oceanfront condos specific to Collins Avenue, we see  627 condos for sale with 58 closed sales in the last 90 days. This year 219 oceanfront condos have sold via MLS with an average selling price per square foot of $377. If we take only the top 10% of 2009 condo sales we find an average sales price per square foot of $601 and an average asking price per square foot of $695 reflecting an average 12% discount for new buyers in this market. Looking at the 58 closed sales from the last 90 days, we see statistics changing (market improvement?!) relaying a 91% sale to list price ratio or 9% dicount. Irrelevant statistics to some but I find it interesting…

The top Sunny Isles Beach condo sales of November and the first half of December were at Acqualina with #3003 selling at $3.1M ($702 SPSF), and #1405 at $1.2M ($542 SPSF).  The final luxury condo sales were at Ocean Four & Ocean Two selling at $1.130M ($374 SPSF) & $850k ($395 SPSF) respectively.

Have a Happy Holiday Season and the final business goal of 2010 is to complete the new http://TurnberryOceanColonySunnyIsles.com website mirroring the value added services & reporting you find here at http://JadeCondosSunnyIsles.com coming soon… What else would you like to see reported here on the JADE Blog? Leave a comment and let me know what’s on you mind pertaining to Jade Condos Sunny Isles.

The truth is in the numbers 1.888.383.7326 or direct 786.273.7326.

JADE Ocean Condos for Sale | JADE Beach Condos for Sale & Rent

Jade Condos Oceanside

 What’s happening with Jade Beach & Jade Ocean during November and what does this new season hold in store..? How’s the overall Sunny Isles Beach real estate market doing and what’s available for sale & rent today at JADE? There is a huge demand for seasonal rentals as the economy begins signs of improvement and consumer confidence is on the rise. Jade Beach and Jade Ocean are being previewed heavily, sales ARE occurring and other cautious consumers want to know where the bottom of this market stands and is NOW the right time to buy.

JADE Beach Condo Sales & Rentals

JADE Beach developer condos have almost sold out after 1 year of occupancy. There are 30 (12%) JADE Beach resales ranging in values from $539,000 (Low Floor B1 Model) to a stellar JADE Beach penthouse listing at $4.8M (2 Story Jade Beach Trophy Penthouse). 4 JADE Beach condo sales have been reported on the MLS with values from $468k (B1 Model) to $1.385M (E Model) or about $478 per square foot! A new pricing trend and precedence has been established. The average JADE Beach list price per square foot is reflecting $634 PSF down 7% from March’s hopeful highs with the average selling price per square foot reflecting $442 at 99 days on market and 90% sale to list price ratios. 

Jade Beach Rentals are in demand especially with season among us reflecting 21 recent Jade Beach condos ranging in rented values from $2,000 (B1 deal) to $5,000 (#3105, #3605 & #905). Over 4 Jade Beach rentals are currently under contract with asking prices ranging from $2,500 (#1606) to $14,000 (#3608) while 25 rentals remain active ranging in asking prices from $2,500 (06 line as B1 models) to $9,900 (#4001). We should see A LOT more rentals turn over within the next few months.

JADE Ocean Condo Sales & Rentals

JADE Ocean is still early on into the closings (48recorded deeds) to report since few condos have been relisted and too few listing agents seem to know how to implement the correct building address (17121 Collins Avenue) and or photos of which building is which. In doing a cross check using the development search of “Jade Ocean” there are still only 5 condos for sale with a high price on a high E line unit but they’ve now removed the Steven G interior design promotion possibly moving to an inferior designer. With an asking price (we’re all watching closely) at $2.475M reduced $520,000 from the original $2.995M (~$770 PSF), I can’t see paying an extra Million for something similar obtainable at Jade Beach but time will tell. This is the critical curve that will be dissected over the next year as Jade Ocean was sold out on a higher price point and now noting drastic adjustments to what IS market value as speculators argue market values with Fortune & the FDIC to prices they should be closing at. One thing is for sure, the seller is 110% confident in their product and relentless on the values standing firm on negotiations. 

There are now 5 Jade Ocean rentals listed (via MLS) and the prices are ranging from $3,400 (B1 model) to $8,000 for a high floor 4 bedroom (E model). Nothing has rented yet but I am certain there are pending deals happening this month as the demand is high. A B1 was reported to have rented on a 2 year lease for $2,800. Could it be a superior building worth paying 30% more? We’ll soon find out.. Sunny Isles Beach condo inventory is trending downward consistently each month by 2 to 4% with 1,152 condos for sale and 37 closing in the last 30 days (31 month supply). 

Sunny Isles Beach Luxury Condo Sales Statistics

This year 526 Sunny Isles Beach condos have sold via MLS database with an average sale price per square foot at $230. In a contrast comparison of luxury oceanfront condos specific to Collins Avenue, we see  654 condos for sale with 17 closing in the last 30 days. This year 197 oceanfront condos have sold via MLS. If we take only the top 10% of 2009 sales we find an average sales price per square foot of $618 and an average asking price per square foot of $719. Irrelevant statistics to some but I find it interesting…

The top Sunny Isles Beach condo sales of October and the first of November were at Acqualina with PH4506 selling at $4.999M ($778 PSF), Trump Palace #1009 selling at $2.875M ($710 PSF) and lastly Turnberry Ocean Colony which sold bargain priced inventory like #3004 at $2M ($536PSF)!  The final luxury condo sale was at Jade Beach climbing the charts on the $1.385M ($431 PSF) & $1.370M ($493PSF) sale!

The truth is in the numbers 1.888.383.7326 or direct 786.273.7326.

JADE Ocean Condos for Sale | JADE Beach Condos for Sale & Rent

What’s new & happening in this month of October? Where are sales today at JADE Beach & JADE Ocean? What’s up with the FDIC, Starwood and Jade Ocean uncertainties? Who’s buying today and are there any JADE Penthouses left? How’s the overall Sunny Isles Beach real estate market? We’ll be exploring these questions and the monthly statistics for Jade Condos Sunny Isles.

JADE Beach & JADE Ocean Condo Sales, STATS & Trends

Well, it’s official in Starwood Capital Group acquiring Corus bank assets in which Starwood has a 40% stake created by the FDIC to hold the assets of failed Corus bank, including thousands of South Florida condos. The FDIC is keeping the other 60% stake in the non performing construction loans and real estate assets that have unpaid principal balances of about $4.5 billion. Only 1 South Florida project was in good standing with Corus bank and I would guess it to be Jade Ocean.

The South Florida projects with loans in the hands of the FDIC now include Jade Ocean Condominiums in Sunny Isles Beach, Paramount Bay in Miami, Trump International Hotel & Tower in Fort Lauderdale and the Edge Condominium in West Palm Beach. - SF Business Journal

FDIC is holding the strongest hand! JADE Ocean condos are of very little concern in this matter and a small piece in this real estate asset pie as the development is 99.9% completed, TCO in place and speculators are lined up closing weekly along with new buyers coming through each day showing serious interest. I do know of one friend who was scheduled to close and the FDIC stalled it asking to review the file and final negotiations although as per the representative at JADE Condos, closings are being scheduled each week and all but a few trophy Jade Ocean Penthouse condos remain from $4 to $7M.

JADE Beach Condo Sales & Rentals

Jade Beach developer condos have almost sold out after 1 year of occupancy. There are 35 (14%) JADE Beach resales ranging in values from $539,000 (Low Floor B Model) to a new penthouse listing at $4.8M (2 Story Jade Beach Trophy Penthouse). 3 JADE Beach condo sales have been reported on the MLS with values from $468k (B1 Model) to $1.385M (E Model) or about $478 per square foot! A new pricing trend and precedence has been established. The average JADE Beach list price per square foot is reflecting $636 PSF down 8% from March’s hopeful highs.

Jade Beach Rentals are picking up especially with season among us reflecting 14 recent Jade Beach condos ranging in rented values from $2,000 (#1603 & #1107, B1 deal) to $5,000 (#3105 & #905). 4 Jade Beach rentals are currently under contract with asking prices ranging from $2,600 (#1106) to $5,800 (#4104) while 29 rentals remain active ranging in asking prices from $2,500 (06 line as B1 models) to $10,000 (#3608). We should see more rentals turn over within the next few months.

JADE Ocean Condo Sales & Rentals

JADE Ocean is almost too early to report on since few condos have been relisted and too few listing agents seem to know how to implement the correct building address (17121 Collins Ave.) and or photos of which building is which. In doing a cross check using the development search of “Jade Ocean” there appear to be 5 condos for sale with a high price on a high E line unit finished out to perfection. With an asking price we’re watching closely at $2.475M reduced $520,000 from last months $2.995M (~$771 PSF), I can’t see paying an extra Million for something obtainable at Jade Beach. This is the critical curve that will be dissected over the next year as Jade Ocean was sold out on the higher price point and noting drastic adjustments to what IS market value.

There are 2 Jade Ocean rentals listed (via MLS) correctly and the prices are ranging from $3,400 (B1 model) to $5,000 for a high floor 2 bedroom (1600SF) with Den.

Sunny Isles Beach Luxury Condo Sales Statistics

Sunny Isles Beach condo inventory is trending downward consistently each month by 3 to 4% with 1,170 condos for sale and 47 closing in the last 30 days (24.8 month supply). This year 480 Sunny Isles Beach condos have sold via MLS database with an average sale price per square foot at $231. In a contrast comparison of luxury oceanfront condos specific to Collins Avenue, we see  842 condos for sale with 28 closing in the last 30 days. This year 179 oceanfront condos have sold via MLS. If we take only the top 10% of 2009 sales we find an average sales price per square foot of $618 and an average asking price per square foot of $725. Irrelevant statistics to some but I find it interesting…

The top Sunny Isles Beach condo sales of September and the first half of October were at Acqualina with PH4506 selling at $4.999M ($778 PSF), Trump Palace #1009 selling at $2.875M ($710 PSF) and lastly Turnberry Ocean Colony which sold ALOT of bargain priced inventory (16 condos have sold at Turnberry Ocean Colony in the last 30 days)!  The final luxury condo sale was at Jade Beach climbing the charts on the $1.385M ($431 PSF) & $1.2M ($493PSF) sale!

The truth is in the numbers 1.888.383.7326 or direct 786.273.7326.

JADE Ocean Condos for Sale | JADE Beach Condos for Sale & Rent

Jade Beach | Jade Ocean

Jade Beach & Jade Ocean Condos Sales, STATS & Trends

So what’s new & happening in September? Where are the values at today and where are the values headed? I’ll be going over recent sales statistics and trends to try and uncover true values at Jade Beach & Jade Ocean Sunny Isles.

JADE Beach Condos Sales & Rentals

There are 34 (14%) JADE Beach resales ranging in values from $520,000 (Low Floor B Model) to a new penthouse listing at $4.8M (2 Story Jade Beach Trophy Penthouse). 1 Closed Sale is reflective on the MLS (Multiple Listing Service Database) now and it’s unit #4008 (E Model) which sold at $1.385M or about $478 per square foot! Another E unit just sold this month at $1.4M so a new trend and precedence are being established. The average JADE Beach list price per square foot is reflecting $638 PSF down 7% from March highs.

The Jade rentals have been moving along aggressively with 9 recent Jade Beach condos ranging in rented values from $2,000 (#1603 B1 deal) to $4,000 (#2302). 5 Jade Beach rentals are currently under contract with asking prices ranging from $2,250 (#1107) to $5,800 (#4104) while 36 rentals remain active ranging in asking prices from $2,550 (#803) to $10,000 (#3608).

JADE Ocean Condos Sales & Rentals

There is an initial discrepancy via the MLS with JADE Ocean as the correct address at 17121 Collins Avenuereflect only 1 property for sale listed as unit #2206 with an asking price of $675,000. In doing a cross check using the development search of “Jade Ocean” there appears to be 5 condos for sale with a high price on a high E line unit finished out to perfection by Steven G Interiors and an asking price we’re watching closely at $2.995M (~$936 PSF). The average JADE Ocean list price per square foot is reflecting $841. No JADE Ocean rentals are active yet. There are only 3 JADE Ocean Penthousemodels left which range in values from $3.5M (3,667 Total SF) to $9M (5,000+ SF). The $13M trophy Penthouse is now under contract through the developer and we may have the price reflected here soon. I believe it was 8,000 or so interior square feet and was outrageously magnificent inside!

Sunny Isles Beach Luxury Condo Sales Statistics

Sunny Isles Beach condo inventory is trending downward each month by 4% with 1,203 condos for sale and 42 closing in the last 30 days (28.6 month supply). This year 415 Sunny Isles Beach condos have sold via MLS database with an average sale price per square foot at $217. In comparing with luxury oceanfront condos specifically on Collins Avenue, we see  688 condos for sale with 17 closing in the last 30 days. This year 148 oceanfront condos have sold via MLS. If we take only the top 10% of 2009 sales we find an average sales price per square foot of $640 and an average asking price per square foot of $757.  Irrelevant statistics to some but I find it interesting. The top Sunny Isles Beach condo sales of August were at Acqualina with PH4506 selling at $4.999M ($778 PSF), Turnberry Ocean Colony South which sold a beautiful (04 line) residence at only $509 PSF plus set a new record low in the T.O.C. North Tower (02 line) at only $434 PSF (#2902 MINT Condition Interior, Furnished) selling at $970,000! The final luxury condo sale was at Trump Palace which sold #3604 (flow through) at $500 PSF or $1.084M.

The truth is in the numbers 1.888.383.7326 or direct 786.273.7326.

JADE Ocean Condos for sale | JADE Beach Condos for sale & rent

 Well after all this time, JADE Beach has turned out to be a relatively healthy building! Now 9 months of watching and reporting the sales and rentals ARE occurring. I just sold a low floor B2 model unit in JADE Beach on July 31st at an exceptional price point of $458PSF. This was a developer default which was discounted at an asking price of $625,000.  The B2 is a spacious 1 bedroom floor plan with direct ocean views, a larger master bedroom and a small den which is being opened up by the new owner to a grand foyer entryway. I’ll have before & afters coming to you soon in a new post promoting the contractor & designer. As for other activity in Jade Beach condos, there is a B1 supposedly under contract just under $500k. JADE Beach unit #3904 is under contract with an asking price of $1.4M and #4008 is under contract with an asking price of $1.499M. JADE Beach is soon to go on 90% closed and both JADE Beach & JADE Ocean are Fannie May approved! There are 32 (13%) JADE Beach resales (only 2 at JADE Ocean) ranging in values from $520,000 (B Model) to $2.450M (E Model). Very surprising to see the rental prices fall to what I believe great deals at $2,250 for a 1 bedroom.. I’m renting west facing units at Trump Palace for this price! The rental values range today from $2,250 up to $10,000

 I met with a very astute JADE Ocean condo buyer tonight who’s closing soon on one of the highest E-model units. He’s prepared to renovate and finish out the interior with the open option of renting or purchasing a finished residence around the month of October. We were discussing the price per square foot tonight and have noted JADE Beach asking around $650-$700 PSF while selling around $450-$500 PSF. I believe JADE Ocean will be comparable with asking prices hovering $850-$1,000 PSF and selling around $650-$800 PSF. The take home message is “time will tell” as everyone is curious as to the values. I will once again use Acqualina and Turnberry Ocean Colony as good 2009 JADE Ocean comparables and noted the 90 day closed sales in each building ranging from a high of $987 PSF (Acqualina #3501) to a low of $447PSF (Turnberry Ocean Colony South Tower #902). Time will soon tell and so far they’ve closed over 30 JADE Ocean residences with scheduled closings happening each week. I’m still awaiting the access & ability to tour JADE Ocean with camera permission and will have this goal completed soon enough so you can see what a great job they’ve done… as the mystery looms. 1.888.383.7326.

  What’s new in July at JADE Beach & JADE Ocean Sunny Isles.. It’s mid month and I’ve delayed reporting on the stats & closings as things are finally moving including resales, developer defaults and inside trading. I just sold a JADE Beach B2 Model at a phenomenal price from where they once were and where other owners are still hopeful as this sale will be a developer default (MLS resale prices start at $899k) closing at months end. They are now over 85%+ sold at Jade Beach so there are a few remaining 2+ bedroom units at discounted pricing.

JADE Ocean did get the TCO

and closing have started on lower floors upwards with 30 closings and very few Jade Ocean Condo resales so farfor sale on the MLS. The building reminded me at first of Icon South Beach with Alice in Wonderland meets Jetsons styled designs. The front entryway on the ocean side was unique and the pool is arguably the best along the Miami Dade Beaches. Jade Ocean also has a larger gym than Jade Beach with twice as much space while Jade Beach still boasts a better lobby with the flow through design opening to wide ocean views.

Still impossible to enter Jade Ocean with a camera, the concierge team is definitely on the ball and there to cater to any request.

Jade Beach July Condo Stats

show 30 rentals with rental values ranging from $2,600 to $9,500 while 3 condos are Pending Rental and 4 actually rented over the last 6 weeks with Rented values ranging $2,700 (B1 model) to $3,850 (A model). There are 32 Jade Beach condos (13% Inventory is considered as healthy) for sale with 1 MLS resale under contract as a B1 in which “I’ve heard” is selling for just under $500k. MLS resale values range in asking prices from $520,000 (B1 Model) to $2.995M (E Model). The majority of buyers seem to find the very best deals through the developer as default units. Statistics reflect the average asking price per square foot at $667 for a 1% Increase over last month. We will soon have additional sold stats reflecting here as “life” is happening and the JADE Beach building is now home to happy condo owners. Both JADE Beach & JADE Ocean buildings ARE FNMA approved and considered healthy by lenders.

1.888.383.7326

 Jade Ocean closings have begun and there will be double the blog postings with time. A lot seems to be unfolding with sales occurring and the developer moving the last remaining units at Jade Beach. This week a B1 & B2 model at JADE Beach went into contract and the prices will be reported in the coming month after they close. I’ve had many inquiries from buyers & sellers because of this blog and am pleased to see sales & progress from it. JADE Ocean will be interesting to watch and report to you during the second half of this year. A higher price point comes a higher uncertainty from speculators as they arrive to the final days of scheduled closings. Reports of Corus Bank (NASDAQ: CORS), which indicate banking troubles, have stirred up news & media attention as they mention the potential lending issues of the only Miami Dade oceanfront building which happens to be Jade Ocean Condos.

“Five South Florida projects funded by Corus are under construction, with no units completed. These projects cover 1,537 units and $869.1 million in loans – more than half of its outstanding loan balance in the region. The three largest loans in the bank’s nationwide portfolio – the Miami-Dade County projects Jade Ocean Condominiums, Paramount Bay and the Mint at Riverfront – will likely start closings amid one of the toughest condo sales markets in the nation.” -SFBJ

Edgardo Defortuna of Fortune International said his company has a great relationship with Corus Bank, which has funded its Jade Ocean and Artech Residences at Aventura condo projects and replied… “I have no direct concerns about their funding availability because our transactions with them are just about complete, with one building done and the second one 30 days from being complete,” Defortuna said in an email. “We hope they can resolve the current situation and have the ability to continue offering such services and resources.” -SFBJ

 Great confidence in that answer and I do trust this won’t be a short term concern with the CO here along with closings happening NOW for Jade Ocean. Impeccable timing we trust just prior to Corus’ potential demise. Anyone care to share there thoughts & input on this…. let the many readers know what you do. 

View JADE Ocean Condo Listings here as they become available

1.888.383.7326 or Info@JadeCondosSunnyIsles.com

Banking Troubles Video | Bank Failure Means Big Changes In Miami Market

UPDATE: I’m told there is additional financial backing by iSTAR and that JADE Ocean IS FNMA approved.

 What’s new in June… JADE Beach Condo rentals total 30 available ranging from $2,600 (B-Line) to $9,500 (E-Line SE Corner). Nothing per MLS has rented or sold with 32 Jade Beach condos for sale (13% Inventory is considered as healthy) and 13 that have now expired from the market. Jade Beach condo values range from $520,000 (B1-Line) to $4.5M for a 2-Story JADE Penthouse (H-Line). The average price per square foot is now at $665 psf (1% decrease over last month) with a high at $887 psf and a low at $467 psf. Note: There are NO bank owned or any short sales available in JADE Beach.

 There are a select few Jade Beach condos priced under $500 psf with the NE Corner #4008 (E line) still in the lead. I’ve been showing it as much as possible along with others such as the A-line in which the biggest complaint is the master bedroom on the west side of the building. There are only 2 units reflecting being completed with one as wood and the other reflecting porcelain (?) tile and wood in the bedrooms. Please don’t let me buyers see wire closets in Jade!

 This weekend I met with great buyers currently renting at La Perla  and JADE Beach was the number one on their initial short list. They were looking for a 3-4 bedroom and I knew they had great taste after requesting to see JADE. I picked 8 of the best condos available along  Sunny Isles Beach with the goal to educate them on buildings, values and deals.. so here’s what unfolded. After a day of looking at the best buildings, Jade Beach was unimpressive other than PH-H (asking $4.5M) which was a fluke in showing and not even in their price range. Their number one choice was Trump Royale based on an incredible 3,000 SqFt unit (1 of only 6) priced at $1.9M ($630 psf) with a master bedroom the size of most living rooms and a closet the size of most dens. The second on the list was a 2-Story Tower Suite with rooftop deck at Trump Palace ($824 psf) which had a few unique factors such as allowing nightly rentals (with great income potential) at an estimated $1,000 night. Third on the list came to Ocean 4 ($505 psf) which has gone through major renovations with an owner who has spent $300,000 on interior upgrades and has never lived in the condo! All 3 are highly motivated and 2 are distressed sales with 2 major buy factors standing out among the rest… either completely finished and/or special unique factors such as a spiral staircase leading to the master terrace with inevitably high ‘jacuzzi tub’ views of the ocean.. other factors included a master bedroom the size of a living room and a closet the size of most dens. 

 This photo above is the newly completed JADE Ocean. I’ll have an inside tour soon so I’ll be able to share the finished product with you in an upcoming blog post. They must have received their TCO by now with what appears to be 2 for sale ranging from $1.450 (B2-line) to $1.9M. Yes, very excited on JADE Ocean but rumor has it the interior lobby of JADE Beach is superior…?! How can you beat the JADE Ocean flow through pool and the oceanfront entryway? Very enticing and soon to be one of the most desirable developments along the FL coast. The truth is in the numbers 1.888.383.7326.

JADE Beach condo inventory for the month of March shows us 27 units on the market ranging from $2.450M (4/4) to $599k (1/1.5). Average asking price per square foot is at $683 with an average list price at $1.416M.

JADE Condo resales… There hasn’t been any and why is this?

I’m going to rant here since nothing in JADE Beach has sold… If you’d like a market snapshot for Sunny Isles Beach real estate we see 14 new “luxury condos” sold within the last 90 days (2005+, ocean direct) with an average asking price per square foot at $544 and selling price per square foot at $485. The Sunny Isles Beach SP/LP (Sale to List Price) Ratio% is at 91% with an average of 177 days on the market.  Taking Trump Palace condos for example, we see an good above average turnover rate with 5 condos selling in the last 90 days at $510 psf and an average asking price per square foot at $592. Additionally, condos priced well at Trump Palace sell at an average of only 63 DOM (days on market) and at 93% of list price.. Trump Palace’s younger, more modern sister building Trump Royale, has not had any resales either however Trump Royale has a multitude of unsold developer units whereas JADE Beach does not; and I say this with the understanding from the developer’s rep that over 79% of JADE Beach has been sold. The point here is not that new developments will sit empty with unsold units, but more so the fact that the Sunny Isles Beach 2009 real estate market is not ready to come up to $683 PSF for JADE Beach condo resales that are unfinished (decorator ready).

Is there still smoke and mirrors on the overall average values and resale potential at JADE Beach?

Okay, I understand the JADE Beach resale values are fueled on “that’s what I paid for it” and “that’s what the developer (or my agent) thinks I could get for it” or even the valued point that JADE Beach is a far better building than Trump Palace and not comparable in the current “sold” values above.  Could it be…?

Okay then, so let’s step up the Sunny Isles Beach market snapshot to what some would argue to be the best luxury condo residences for services, amenities and resale values… Turnberry Ocean Colony. Turnberry Ocean Colony has had 2 closed sales in the last 90 days with 2 under contract at an average list price per square foot at $542 and average closed sale PPSF at only $492! Turnberry Ocean Colony #2401 was sold (by yours truly) in September 2008 at $712 PSF and then just over the holidays the prices dropped to what are reflecting in the 01 (Abaco) line today at an average “asking” price per square foot at $690 psf.

These last 3 years 6 months have been the nose dive many new true investors were hoping for with luxury condos selling in the 400′s. Everyone including myself were truly hopeful that JADE Beach would have initial resale values in the $700 to $800 PSF range while JADE Ocean resale values would top $1,000 PSF mark and set new area records. I still concur that JADE Ocean will set area records or stay parallel with Turnberry Ocean Colony, however each must be priced WITH the market. We’re still pulling through a market correction, inventory glut and bad press from the media. Vital signs (inventory + SP/LP%) are in a positive direction for the Sunny Isles & Miami Beach market snapshot and my cup is always half full.

There are some realistic unit owners that have priced their JADE Beach condos with the market to sell.. ie) #4008 (E line $482 psf), #1508 (A line $595 psf) #1904 (D line $520 psf), #1104 (D line $582 psf). Believe me, I’m all for JADE Beach condos and the soon to be released JADE Ocean, otherwise I would have never spent thousands on this site & blog or countless hours writing, editing and creating good content. I LOVE THE JADE BUILDING(S) with a fiery passion and they are where my focus (& money) is being spent. I’m simply ready to see resale action.

The truth is in the numbers. 1.888.383.7386.

JADE Beach Oceanside

 Regarding the health of the JADE Beach development and today’s inventory, I supposed it would rate today as among the very best with very little buyer remorse and condo inventory for sale. Today there is only 6% as available inventory or 19 total residences for sale. This should definitely increase as closings progress & trickle through the MLS and I’ll continue reporting on all inventory and sales activity so we can gauge today’s JADE Beach market values. Today’s prices range from $749,000 (1085 SqFt B1 line) to $2.3M (3211 SqFt E line) with an average listing price at $1.515M ($714 psf). Nothing is yet pending or closed through the MLS and I expect this to change for the better in the coming seasonal months and on. I had a recent sale at Turnberry Ocean Colony (#2401 South Tower Sold at $721 psf) and many appraisers called to compare to JADE Beach for the accurate values. All seemed to have NO issues appraising Jade Beach and out of the many callers experiencing buyer’s remorse at other new developments, I have had but one at Jade Beach or Jade Ocean. Instead, normal questions from new owners pertaining to JADE Condo Values in which I would say currently as low as $560 (4BR) psf up to $898 (1BR) psf which are max leading values of the Sunny Isles Beach real estate market on a price per square foot basis. In looking at the 740 closed sales of 2008 in Sunny Isles Beach, the highest price per square foot of sold luxury condos is holding at $829 psf… not including mortgage fraud. There are 14 closed sales of 2008 ranging from $700 psf to the $829 psf as previously mentioned. That’s right only 14 or 1.27 luxury condos sold per month. The leading towers in which JADE Beach & JADE Ocean will surely triumph are 1.) Turnberry Ocean Colony (Sold 01 line ”ABACO” at $829 psf) 2.) Trump Palace (Sold at $800 psf on 09 line) 3.) Acqualina (Sold at $768 psf on 06 line). Average Days on Market for this select group of upper tier oceanfront sales was at 275 DOM with an Average Sale to List Price Ratio at 92.71%. Want more in depth news?… Sign up for immediate weblog updates or check back often for weekly reports.

 This is the new home of JADECondoListings.com so let me know what you’d like to see in upcoming weblog & vodcasts by commenting on this blog post or emailing the Sunny Isles Beach Real Estate Consultant direct at Ashton@JADECondosSunnyIsles.com. Looking to sell at JADE Condos? I’m ready to get started implementing smart marketing and efficient energy to the speedy success in selling your Jade Condo Residence. There’s no better time than today 1.888.383.7326