JADE Beach Condo Sales, Stats & Inventory for August 2009

 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

Jade Beach Pool Deck image

 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.

8 thoughts on “JADE Beach Condo Sales, Stats & Inventory for August 2009

  1. Hey Ashton, have you seen the pool at Jade Ocean ?
    The pool was supposed to flow under the building from side to side but looking at it from the street it seems that there is a wall separating the east from the west side.

  2. aston, looking at deal at jade ocean b1 unit for 489$ do you think this good value or should i wait for better deal, why is jade ocean a more expensive buiding then jade beach

    1. Wow!; JADE Ocean at this price point is a “deal.” JADE Ocean is supposed to have superior concierge services such as the Quintessentially membership (curious how long this will last?). The other JADE Ocean strong points are the pool, the gym, the entrance & waterfall.. all superior however JADE Beach has the ultimate flow through lobby. A personal preference as to which is the best but Jade Ocean is made almost entirely in glass.. I would feel comfortable saying move on this buy if you are using it for enjoyment. Currently, the best deal in Jade Beach on a B1 is $520k (asking). Note: The maintenance fees are higher at 73 cents in Jade Ocean vs. 57 cents (approximate) in Jade Beach.

  3. aston, thks for response, i also got them to waive developer fee, would i have trouble flipping this unit in the 550k range, how are rentals going, i heard prices coming down, will i have trouble, also in general is the building fiscally sound, thks jamie

  4. Your asking the right questions but also the tough ones. I would say based on other sales in JADE Beach and the average PPSF of JADE Ocean, this is a deal. To flip it is likely but raises the risk factor. As an independent broker-associate, the financial status is unknown but I would guess it to be financially sound for a minimum of 2 years.

    JADE Beach has taken 9 months for the units to begin trading/renting and it may be the same for JADE Ocean as people test the market on resales. Jade Beach started a year ago at $600k for the B1 and now are as low as $520k (~13% decline).

    Bottom line, if you are fiscally sound then I would jump all over it.

    Thank you all for your input & knowledge,
    Ashton
    PS. rental are going well and the B1’s are renting from $2k-$2400.

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