Setting a new standard for Sunny Isles Beach luxury condos.. An extraordinary JADE Beach Penthouse “trophy property” was just listed as a resale for $11M (PH4905). This 3 level penthouse, sky loft property has a completely finished & furnished interior with an outstanding renovation (white glass flooring) adequate to what one would expect at JADE Beach. Consisting of 6 bedrooms, 7 and a half baths and 8,210 square feet, the asking price per square foot comes to $1,339 psf. The total square footage including the multitude of terraces consists of over 14,000 square feet making it South Florida’s largest, most impressive JADE penthouse property. The property was purchased decorator ready in April 2009 for $6.050M (raw) by Group M Real Estate Inc. as per Miami Dade County records. What an amazing “home!”
As the economy begins showing signs of improvement and consumer confidence is on the rise, Jade Beach and Jade Ocean condos 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? Well besides year end tax incentives and only 2 weeks left in 09, 2010 IS a great time to buy. Sunny Isles Beach condo inventory declined 3% in the last month and 14%year to date. I’ll explore the fine analytics further below and hope to continue educating everyone interested in these amazing uber-modern condo towers known as JADE Beach & JADE Ocean.
(http://17001CollinsAvenue.com) JADE Beach developer condos have almost sold out after 1 year of occupancy with the 9 remaining hitting the MLS this month at clearance pricing. There are now 41 (16%) JADE Beach resales ranging in values from $539,000 (Low Floor B1 Model) to an impressive JADE Beach penthouse listing at $4.8M (2 Story Jade Beach Trophy Penthouse). 4 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! This seems to be the established pricing trend for Jade Beach. The average JADE Beach list price per square foot is reflecting $631 PSF down 8% from March’s hopeful highs with the average selling price per square foot reflecting $442 at 99 days on market plus a 90% sale to list price ratio.
Jade Beach Rentals have been in demand especially with season among us reflecting 27 recent Jade Beach condos ranging in rented values from $2,000 (B1 deal) to $5,500 (#3107) which was a great deal for the tenants (see JADE Beach 3107 here). 3 Jade Beach rentals are currently under contract with asking prices ranging from $2,500 (#1606) to $5,300 (#3402) while 22 rentals remain active ranging in asking prices from $3,200 (07 line as B2 models) to $9,900 (#4001). It would have benefited some seller’s to lease their Jade condo residences over the season as demand appeared to be greater than last year for the oceanfront coastline of Sunny Isles Beach.
(http://17121CollinsAvenue.com) JADE Ocean is still early into the corrections all new condo towers must undergo with County records reflecting 62 (UP 23% since last month) recorded deeds or 25% sold. Jade Beach took 1 year to accomplish what it has and were now on month 5 of JADE Ocean acquiring the TCO. Nothing much new to report since few condos have been relisted. There are 4 Jade Ocean condo resales today with a high price on a stellar 2 story Jade Penthouse listed last month at $2.7M with just under 3,200 Interior square feet, 3 bedrooms and 3.5 baths. There are only 2 (C 2’s) in the building and no others comparable in Sunny Isles Beach. I expect it to sell close to asking price in the next 6 months. With an average asking price per square foot of ~$762 for the building, I can’t see paying an extra Million for something similar & obtainable at JADE Beach but time will soon tell us.. This is the critical curve separating value differences between each tower that will be dissected over the next year while sales statistics show us the facts.
JADE Ocean was sold out on a higher price point offering clear advantages and now noting a needed adjustments to what IS market value as speculators argue these values with Fortune, the FDIC-Starwood to prices they should be closing at (lender appraisals are coming in short). One thing is for sure, the developer is 110% confident in their product and relentless on the contract values standing firm on negotiations.
There are 8 JADE Ocean rentals listed (via MLS) and the prices are ranging from $3,400 (B1 model) to $8,000 for a 4 bedroom (E model). Nothing has rented yet but I’m certain there will soon be rentals pending & deals happening as the demand is high. A B1 was reported to have rented on a 2 year lease for $2,800. Could JADE Ocean 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 1,123 condos for sale and 41 closing in the last 30 days (27.3 month supply).
This year 594 Sunny Isles Beach condos have sold via MLS database with an average sale price per square foot at $233. In a contrast comparison of luxury oceanfront condos specific to Collins Avenue, we see 627 condos for sale with 58 closed sales in the last 90 days. This year 219 oceanfront condos have sold via MLS with an average selling price per square foot of $377. If we take only the top 10% of 2009 condo sales we find an average sales price per square foot of $601 and an average asking price per square foot of $695 reflecting an average 12% discount for new buyers in this market. Looking at the 58 closed sales from the last 90 days, we see statistics changing (market improvement?!) relaying a 91% sale to list price ratio or 9% dicount. Irrelevant statistics to some but I find it interesting…
The top Sunny Isles Beach condo sales of November and the first half of December were at Acqualina with #3003 selling at $3.1M ($702 SPSF), and #1405 at $1.2M ($542 SPSF). The final luxury condo sales were at Ocean Four & Ocean Two selling at $1.130M ($374 SPSF) & $850k ($395 SPSF) respectively.
Have a Happy Holiday Season and the final business goal of 2010 is to complete the new http://TurnberryOceanColonySunnyIsles.com website mirroring the value added services & reporting you find here at http://JadeCondosSunnyIsles.com coming soon… What else would you like to see reported here on the JADE Blog? Leave a comment and let me know what’s on you mind pertaining to Jade Condos Sunny Isles.
The truth is in the numbers 1.888.383.7326 or direct 786.273.7326.