What’s happening with Jade Beach & Jade Ocean during November and what does this new season hold in store..? How’s the overall Sunny Isles Beach real estate market doing and what’s available for sale & rent today at JADE? There is a huge demand for seasonal rentals as the economy begins signs of improvement and consumer confidence is on the rise. Jade Beach and Jade Ocean are being previewed heavily, sales ARE occurring and other cautious consumers want to know where the bottom of this market stands and is NOW the right time to buy.
JADE Beach developer condos have almost sold out after 1 year of occupancy. There are 30 (12%) JADE Beach resalesranging in values from $539,000 (Low Floor B1 Model) to a stellar JADE Beach penthouse listing at $4.8M (2 Story Jade Beach Trophy Penthouse).4JADE 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 $634 PSFdown 7%from March’s hopeful highs with the average selling price per square foot reflecting $442 at 99 days on market and 90% sale to list price ratios.
Jade Beach Rentals are in demand especially with season among us reflecting 21recent Jade Beach condos ranging in rentedvalues from $2,000 (B1 deal) to $5,000 (#3105, #3605 & #905). Over 4Jade Beach rentals are currently under contract with asking prices ranging from $2,500 (#1606) to $14,000 (#3608) while 25 rentals remain active ranging in asking prices from $2,500 (06 line as B1 models) to $9,900 (#4001). We should see A LOT more rentals turn over within the next few months.
JADE Ocean is still early on into the closings (48recorded deeds) to report since few condos have been relisted and too few listing agents seem to know how to implement the correct building address (17121 Collins Avenue) and or photos of which building is which. In doing a cross check using the development search of “Jade Ocean” there are still only5condos for sale with a high price on a high E line unit but they’ve now removed the Steven G interior design promotion possibly moving to an inferior designer. With an asking price (we’re all watching closely) at $2.475M reduced $520,000 from the original $2.995M (~$770 PSF), I can’t see paying an extra Million for something similar obtainable at Jade Beach but time will tell. This is the critical curve that will be dissected over the next year as Jade Ocean was sold out on a higher price point and now noting drastic adjustments to what IS market value as speculators argue market values with Fortune & the FDIC to prices they should be closing at. One thing is for sure, the seller is 110% confident in their product and relentless on the values standing firm on negotiations.
There are now5Jade Ocean rentals listed (via MLS) and the prices are ranging from $3,400 (B1 model) to $8,000 for a high floor 4 bedroom (E model). Nothing has rented yet but I am certain there are pending deals happening this month as the demand is high. A B1 was reported to have rented on a 2 year lease for $2,800. Could it be a superior building worth paying 30% more? We’ll soon find out.. Sunny Isles Beach condo inventory is trending downward consistently each month by 2 to 4% with 1,152 condos for sale and 37 closing in the last 30 days (31 month supply).
This year 526 Sunny Isles Beach condos have sold via MLS database with an average sale price per square foot at $230. In a contrast comparison of luxury oceanfront condos specific to Collins Avenue, we see 654 condos for sale with 17 closing in the last 30 days. This year 197 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 $719. Irrelevant statistics to some but I find it interesting…
The top Sunny Isles Beach condo sales of October and the first of November were at Acqualina with PH4506 selling at $4.999M ($778PSF), Trump Palace #1009 selling at $2.875M ($710PSF) and lastly Turnberry Ocean Colonywhich sold bargain priced inventory like #3004 at $2M ($536PSF)! The final luxury condo sale was at Jade Beach climbing the charts on the $1.385M ($431PSF) & $1.370M ($493PSF) sale!
The truth is in the numbers 1.888.383.7326 or direct 786.273.7326.