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