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Jade Signature Penthouse Sells at 19% Loss

Jade Signature Penthouse Sells at 19% Loss - The Real Deal Article

The Jade Signature penthouse sells at what TRD reports in today’s news as a 19% loss, selling at $15M. BH Group’s Isaac Toledano purchased a 5503 at Jade Signature at 16901 Collins Avenue at a significant discount off its 2019 sale price and the original list price.

Property records show Gabius Miami Properties LLC, led by Silvia L. Rosen, sold the nearly 9,200-square-foot penthouse after purchasing in January 2019 for $18,000,000. The Jade Signature penthouse was relisted a year later at $27,320,000 and had several price adjustments over the last two years to finally concede to a significant 45% markdown of this new Jade Signature condo sale.

BH Group and Toledano have become active here in South Florida and recently partnered with Israeli billionaire Teddy Sagi and developer the Related Group on three projects, including an ultra-luxury condo development planned for Fisher Island, the Transit Village project in West Palm Beach, and a planned condo project on the bayfront site of the closed White House Inn in North Miami. Last month, BH Group paid $11M for the site of a planned 30-story, 400-unit apartment tower in North Miami Beach.

Jade Signature Penthouse (& Yearly Expense)

  • 6 Bedrooms
  • 9.5 Bathrooms
  • Year Built 2018
  • County records – 8,106 SF as living area
  • MLS reflects – 5,242 SF as terrace/outdoor area
  • Miami-Dade County Tax Amount – $248,260
  • Monthly Maintenance – $11,676 ($140,112/year)

The buyer paid $1,633 per square foot, which is just 6% over the median selling price per square foot this year of $1,539 for the Jade Signature condo development. Fortune International Group, led by Edgardo Defortuna, developed the oceanfront 57-story, 192-unit Jade Signature tower at 16901 Collins Avenue. It was designed by Pritzker prize-winning architect Herzog & de Meuron.

The Jade Signature condos & penthouses are extraordinary, and penthouse 5503 is among the premier penthouses along the Sunny Isles Beach coastline. We trust the buyer bought at an excellent value and will enjoy these inspirational Miami skyline views from the top!

Sunny Isles Beach $10M+ Condo (Sales Stats & Trends)

Sunny Isles Beach 10M plus Active and Sold Condo Inventory-September 2022
August 2022 is a Buyer’s market*

Condos For Sale in August 2022: 17 units.
•Down 5.6% compared to last month
•Down 32% compared to last year

Condos Closed in August 2022: 2 units.
•Up N/A compared to last month
•Up N/A compared to last year

Condos Placed under Contract in August 2022: 1 unit.
•Up N/A compared to last month
•Down 50% compared to last year
Sunny Isles Beach 10M plus Condo Months of Inventory-September 2022
August 2022 is a Buyer’s market*
Months of Inventory based on Closed Sales in August 2022: 8.5
•Down 52.8% compared to last month
•Down 66% compared to last year

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