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

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