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.

 I was told as a rookie agent back in 2002 it’s always best to be the 3rd listing agent. Well it took me another year before I began listing Sunny Isles Beach condos for sale and to this day I don’t believe it to be true. I do believe market knowledge and experience go along way as first agent #1 when listing a luxury condo or any condo and do relate on the extreme difficulties of handling new condo sales in a strong buyers market. JADE Beach Sunny Isles has been interesting to watch as a BIG fan of the developments. I have patiently waited and reported month after month on condo sales, or lack thereof and anticipate good sales to come soon.

As per SEF MLS (S.East Florida Multiple Listing Service), nothing has traded yet in JADE Beach. There are 30 rentals ranging from $3,000 to $9,500 asking. There are also 32 JADE Beach condos for sale (13% Inventory is considered as healthy) and 13 that have expired from the market. So what will it take? Statistics show prices ranging from $520,000 (B1) to $2.450M (E line) with average list price at $670 psf. There is only 1 unit under $500 psf and it’s E-line #4008 which is destined to sell first. There is 1 unit relaying “finished” which is #4104 and asking $1.699M ($697psf). Note: There are NO bank owned or even short sales in JADE Beach. I’ve got simple selling strategies backed by statistics that have worked for other owners in selling other luxury condos in Sunny Isles but I can’t report here as other savvy agents read this. It’s pretty simple and most will agree the #1 answer to making JADE Beach “work” are the asking prices.

When I take customers to JADE Beach Sunny Isles the first impression is WOW!! A brilliant lobby that flows through to the ocean deck captivating open ocean views while relaxing on Fendi furniture… pretty amazing and very special. The floor plans are considered “okay” with the majority narrow and flow through design allowing the best of both sunrise & sunset views. The number 1 complaint from buyers are the corner units (specific to A line) having a master bedroom on the west side rather than waking to an ocean view as the sunrises.  There is Nothing wrong with the JADE building, design, features, floor plans, etc… Not one thing wrong but the price. Here’s why. Sunny Isles Beach has 1,418 total condos for sale as of May 2009. In the last 30 days 69 condos have gone under contract with 40 closed sales occurring meaning a 35.45 month supply. This is an indicator many look at to determine where the market is as a 6 month supply is considered “healthy.” What I prefer to also look at is Days on Market (DOM) and Sale to List Price Ratios. Miami Dade Beaches have inventory down 5% and pending sales up 10% over April. In looking at ONLY Sunny Isles Beach oceanfront and ONLY at new condo buildings built from 2000 and on, we find 704 Sunny Isles condos for sale, 21 pending and 13 closed transactions for a 54.15 month supply.  Average DOM is at 154.93 or 5 months to sell with a Sale to List Price Ratio at 91% (on the rise!)… Here’s where the truth hurts; Average asking price per square foot is at $517 psf with a selling price per square foot at {$317}. Accuracy; as per our MLS database while the average sale price for new, luxury condos ON the ocean is only $434,077. As my favorite “apples to apples” comparison, I use Trump Palace which is well established (Built 2006), financially stable and has an awesome turnover rate. Average days on the market are only 58 DOM while Sale to List Price Ratios average 92%. On 2009 Sold values, average asking list price per square foot is at $566 while average selling price per square foot is at $514.

So here is where it’s going… down, into the mid to high $500′s on asking prices before we start to see transactions occurring. We will see sales in the mid to high $400′s here soon and believe me you’ll see new stats and activity here as soon as there is something worthy. I’m in this for the long run backing JADE Beach & JADE Ocean with knowledge & truth…! Will JADE Beach condos set records? YES, Absolutely. I am a HUGE FAN as you can tell from the site(s). I only want to see great success for JADE Condos of Sunny Isles Beach and a destined success on turnover. 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 Pool Area

 Hello friends, as of NOVEMBER 30th there has been a major price reduction in a B2 Model at JADE Beach Condos. Consisting of 1,367 total square feet (1BR, 2 Bath + Den), the original price was an extremely aggressive $1.3M (APR 08) and reduced to a realistic $750,000 on NOV 12th then again to $725k on NOV 16th. This JADE condo residence has direct ocean views from the 15th floor with a private foyer entry and a spacious floor plan.

  Another of the great JADE Beach Condo deals is a B1 Model on a low floor and consists of 1,085 total square feet (1BR, 1.5 Bath) with a price to sell at $700,000 including closing costs. This must be a simultaneous closing which additionally saves in closing costs.

 If you own at JADE Beach or JADE Ocean and would like to sell, I ask you to preview JADECondosSunnyIsles.com and interview with me on an effective global marketing plan. This authority site is quickly gaining in top Google positioning and will be the ideal worldwide showcase site for your JADE Condo Listings. If your thinking of becoming a new owner of JADE Beach real estate then contact me for other great JADE Beach Condo Deals including 2 and 3 Bedrooms. Call today toll free at 1.888.383.7326 or email at Info@JADECondosSunnyIsles.com.