I’ve missed the April report.. With the new websites, I am bombarded with customers and condo sales so I’ve been working on building the Miami Dream team of real estate professionals. Sunny Isles Beach inventory held constant last month at 1,052 total condos for sale. Sunny Isles Beach condo inventory has decreased 26% year to date while sale to list price ratios are up to an average 94% for the month of April. I’ll explore the fine analytics below and continue educating everyone interested in these uber modern condo towers known as JADE Beach & JADE Ocean.
At the start of 2010, I released a new addition to the Sunny Isles Beach condo collection with TurnberryOceanColonySunnyIsles.com website to replicate the fun & success I’ve had with this JADECondosSunnyIsles.com authority site. Price points at Ocean Colony had dropped approximately 20% in 2009 alone and have sold as low as $1M last year while prices today begin at $1.390M and noting fast turnaround with 14 condos under contract! Here you’ll find new blog updates, videos & monthly statistics at Turnberry Ocean Colony which some people seem to prefer over Jade Beach & Jade Ocean. The original MiamiDreamRealty.com was revamped showcasing the entire luxury Southeast Florida Regional MLS listing database while the JADE Ocean, JADE Beach & Turnberry Ocean Colony MLS database access is also being revamped in 10 days! On to the MAY 2010 JADE Condo details…
JADE Beach Condo Inventory, Sales & Rentals
(http://17001CollinsAvenue.com) JADE Beach developer (Fortune) has sold out after almost two years of occupancy and we are awaiting word of it turned over to the condo board. We now have 43 (17%) JADE Beach resales ranging in values from $510,000 (Low Floor B1 Model) to an impressive JADE Beach penthouse listing priced at $11M (2 Story Jade Beach Trophy Penthouse). JADE Beach condo sales have been reported on the MLS with values from $468k (B1 Model at $468 psf) to $1.420M (E Model at $442 per square foot). This has been the established pricing trend, in the $400’s, for Jade Beach. The average JADE Beach list price per square foot is reflecting $670 psf (Up 3% over March) with the average selling price per square foot reflecting $449 at 153 days on market and an 89% sale to list price ratio (11% average buyer discount). The inquiries have not ceased on the only JADE Beach short sale #1104D which is still pending short sale approval. I do expect it to sell over asking price as $865k may prove to be a “teaser price” with D line values now ranging in sold values from $990k to $1.2M in 2010. This went pending in December and short sales can take an easy 6-9 months!
JADE Beach rentals have been in demand as potential buyers test the local market & JADE Beach lifestyle. To date, 36 Jade Beach condos have rented, ranging in rented values from $2,000 (B1 deals) to $7,000 (#1708); 3 Jade Beach rentals are currently under contract with prices ranging from $3,650 (#2602) to $14,000 (#3608); the agent needs to change the status on #3608 as it’s been pending for months now. There are 30 JADE Beach rentals active-available ranging in asking prices from $2,950 (07-line as B2 model) to $8,200 (#3208).
JADE Ocean Condo Inventory, Sales & Rentals
(http://17121CollinsAvenue.com) JADE Ocean has price points by the developer hovering in the $600+’s psf. I do believe this to be market values given the uber luxury product with new County records now reflecting 106 recorded deeds (Up 11% since March) or 44% sold. Please Note: there are more sales than this as Miami Dade County takes awhile to record deeds. Jade Beach took almost 2 years to accomplish a sell out and we’re now entering the 10th month of JADE Ocean acquiring its Certificate of Occupancy. There are 11 Jade Ocean resales today with the high price on a spectacular 2 Story Jade Ocean Penthouse “sky loft” listed November 20th at $2.7M (now priced at $2.8M) with just over 3,700 total square feet, 3 bedrooms and 3.5 baths.. There are only 2 (C-2’s) in the building and no other penthouses comparable in Sunny Isles Beach other than JADE Beach. The lowest priced resale is a B1 model priced at $625k which is 18% over Jade Beach B1 asking values. With an average asking price per square foot of ~$717 ($747 psf in March), reflective for JADE Ocean, we should soon see new activity. This is the critical curve separating value differences between each tower that I’m interested in deciphering. Differences will be dissected this year showing us what truly is market values while sales statistics show us the latest sales, facts & trends.
JADE Ocean was sold out on a significantly higher price point offering clear advantages in amenities & lifestyle. It seems as though Fortune, the FDIC & Starwood amended the asking prices and adjusted them to Sunny Isles Beach oceanfront market values. The residential low end market is noting price gains as inventory decreases. Talk of values going up has been constant across the board along the Miami Dade Beaches… The developer is relaying today’s prices at approximately $600+ psf and increasing slowly as sales continue. One thing is for sure, the developer is 100% confident in their product standing firm on current contract negotiations. And why wouldn’t they be as JADE Ocean stands among the elite condo towers of Sunny Isles Beach.
There are 10 JADE Ocean rentals listed via MLS and the prices are ranging from $2,600 (#1803) to $7,100 for a 3 bedroom (A model). There have been 5 rented condos ranging in values from $2,500 to $5,000 (B2 Model) to be a strong starting figure for a superior building. I believe JADE Ocean will have a very strong finish this year and we’ll all make notes as each month shows us new figures.
Sunny Isles Beach Luxury Condo Sales & Statistics
Sunny Isles Beach condo inventory is reflecting 1,052 condos for sale and 50 closings in the last 30 days (21 month supply). So far in 2010, 245 Sunny Isles Beach condos have sold via MLS database with an average sale price per square foot at $225 per square foot. In a contrast comparison of luxury oceanfront condos specific to Collins Avenue and over $500k, we see 455 condos for sale with 55 closed sales so far this year averaging a selling price per square foot of $396 (down 1% over last month) psf and selling at 90% of list price. If we take only the top 10% of 2010 condo sales, we find an average sales price per square foot of $606 and an average asking price per square foot of $701 reflecting an average 13% discount for new buyers in the Sunny Isles Beach luxury real estate market. Last year 161 oceanfront condos over $500k sold via MLS with an average selling price per square foot of $420. Looking at the 39 closed oceanfront condo sales from the last 90 days, we see the sale to list price ratio reflecting an 11% buyer discount and selling within 224 days. The top Sunny Isles Beach luxury condo sales of the last 90 days were found at Acqualina with #3903/4 selling at $2.6M ($589 SP/SF), JADE Beach #3308 selling at $1.420M ($442 SP/SF) and Trump Palace #3901 selling at $1.270M ($593 SP/SF).
What else would you like to see reported here on the JADE Condo Blog? Leave a comment and let me know what’s on your mind regarding JADE Beach & JADE Ocean Sunny Isles or any other luxury condo tower along the Dade County coastline. I’m also eager to market new JADE Condo listings here and on my other sites so please visit MiamiDreamRealty.com (5 Step Marketing) for details on superior global marketing and efficient results whether selling or leasing your condo.