JADE Beach & JADE Ocean Condo Sales, Statistics & Inventory for May 2010

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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.

JADE Ocean Swimming Pool

Categories: JADE Beach, JADE Beach Penthouse, JADE Ocean, Recent Sales, STATS

JADE Beach & JADE Ocean Condo Sales, Stats & Inventory for October 2009

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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 Ocean Model

Categories: JADE Beach, JADE Ocean, JADE Ocean Penthouse, Recent Sales, STATS

JADE Beach Condo Sales, Stats & Inventory for April 2009

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Jade Beach Condo Sunny Isles Well, I’ve been monitoring the sales and stats weekly if not daily at JADE Beach with not much in regard to sales to report. There have been no sales and no rentals via MLS (Multiple Listing Service) since the very beginning.. The prices for JADE Beach condos, being reflective with the local market values, will need to be around ~$500 per square foot before I think we’ll begin to see any action. I’ve got buyers asking me to find the very best deals in the 400′s PSF and keep promoting JADE Beach condo #4008 (E line) here with an asking price of $1.499M or $467 PSF. JADE Beach condo #906 is also looking attractive priced well below other B line units at $530k or $488 PSF.

Today (April 8th), there are 32 JADE Beach condos for sale ranging in values from $530,000 to  $2.450M and 28 JADE Beach rentals ranging from $3,500 to $9,500.  The average asking price in April is $676 PSF for a 1% decrease in asking prices over last month.

Overall, Miami Beach condo sales are up 20% over last month while Miami Dade condo sales are up 71% YTD. There are 1,471 total condos for sale in Sunny Isles Beach with 783 ‘direct oceanfront’ condos for sale. There are 35 pending ‘direct oceanfront’ sales with 48 closing in the last 90 days (74 total SIB closed sales in the last 90 days) at an average asking price per square foot of $438 and average selling price per square foot of $382. The average number of days it has taken these condos to sell is 169 DOM (Days On Market) with a market average sale to list price ratio of 86%.

I do have something major to report in the next JADE blog post with the release of the glorious waterfall from the front Collins side, of JADE Ocean. I do not say glorious lightly as everyone’s head was turned from the traffic to the passerby. It is amazing. 1.888.383.7326

Categories: JADE Beach, STATS