Hello friends.. I’m anxiously awaiting permission for proper JADE Ocean photography but had to get this teaser out tonight. The iPhone took this picture of the Jade Ocean lobby today during my very first walk through. Finished in Fendi furniture and A LOT more to report here soon on all aspects of Jade Ocean condos. I met with a great NJ couple who were reviewing their A Model unit.. The floor to ceiling walls of glass made for a very impressive living area with perfect South East views of the beach, Sunny Isles pier and with a solid setback from JADE Beach next door allowing open coastal views. The big picture is that it is in a league of it’s own for those wanting uber modern & new. Very interesting cutting edge design and I’ll have the proper photography posted here soon.. Have questions? Let’s chat here by leaving a coment for all to read, privacy via LIVE Chat on the JADE condo site or you can always reach me at 1.888.383.7326!

“Five South Florida projects funded by Corus are under construction, with no units completed. These projects cover 1,537 units and $869.1 million in loans – more than half of its outstanding loan balance in the region. The three largest loans in the bank’s nationwide portfolio – the Miami-Dade County projects Jade Ocean Condominiums, Paramount Bay and the Mint at Riverfront – will likely start closings amid one of the toughest condo sales markets in the nation.” -SFBJ

Edgardo Defortuna of Fortune International said his company has a great relationship with Corus Bank, which has funded its Jade Ocean and Artech Residences at Aventura condo projects and replied… “I have no direct concerns about their funding availability because our transactions with them are just about complete, with one building done and the second one 30 days from being complete,” Defortuna said in an email. “We hope they can resolve the current situation and have the ability to continue offering such services and resources.” -SFBJ

 Great confidence in that answer and I do trust this won’t be a short term concern with the CO here along with closings happening NOW for Jade Ocean. Impeccable timing we trust just prior to Corus’ potential demise. Anyone care to share there thoughts & input on this…. let the many readers know what you do. 

View JADE Ocean Condo Listings here as they become available

1.888.383.7326 or Info@JadeCondosSunnyIsles.com

UPDATE: I’m told there is additional financial backing by iSTAR and that JADE Ocean IS FNMA approved.

 What’s new in June… JADE Beach Condo rentals total 30 available ranging from $2,600 (B-Line) to $9,500 (E-Line SE Corner). Nothing per MLS has rented or sold with 32 Jade Beach condos for sale (13% Inventory is considered as healthy) and 13 that have now expired from the market. Jade Beach condo values range from $520,000 (B1-Line) to $4.5M for a 2-Story JADE Penthouse (H-Line). The average price per square foot is now at $665 psf (1% decrease over last month) with a high at $887 psf and a low at $467 psf. Note: There are NO bank owned or any short sales available in JADE Beach.

 There are a select few Jade Beach condos priced under $500 psf with the NE Corner #4008 (E line) still in the lead. I’ve been showing it as much as possible along with others such as the A-line in which the biggest complaint is the master bedroom on the west side of the building. There are only 2 units reflecting being completed with one as wood and the other reflecting porcelain (?) tile and wood in the bedrooms. Please don’t let me buyers see wire closets in Jade!

 This weekend I met with great buyers currently renting at La Perla  and JADE Beach was the number one on their initial short list. They were looking for a 3-4 bedroom and I knew they had great taste after requesting to see JADE. I picked 8 of the best condos available along  Sunny Isles Beach with the goal to educate them on buildings, values and deals.. so here’s what unfolded. After a day of looking at the best buildings, Jade Beach was unimpressive other than PH-H (asking $4.5M) which was a fluke in showing and not even in their price range. Their number one choice was Trump Royale based on an incredible 3,000 SqFt unit (1 of only 6) priced at $1.9M ($630 psf) with a master bedroom the size of most living rooms and a closet the size of most dens. The second on the list was a 2-Story Tower Suite with rooftop deck at Trump Palace ($824 psf) which had a few unique factors such as allowing nightly rentals (with great income potential) at an estimated $1,000 night. Third on the list came to Ocean 4 ($505 psf) which has gone through major renovations with an owner who has spent $300,000 on interior upgrades and has never lived in the condo! All 3 are highly motivated and 2 are distressed sales with 2 major buy factors standing out among the rest… either completely finished and/or special unique factors such as a spiral staircase leading to the master terrace with inevitably high ‘jacuzzi tub’ views of the ocean.. other factors included a master bedroom the size of a living room and a closet the size of most dens. 

 This photo above is the newly completed JADE Ocean. I’ll have an inside tour soon so I’ll be able to share the finished product with you in an upcoming blog post. They must have received their TCO by now with what appears to be 2 for sale ranging from $1.450 (B2-line) to $1.9M. Yes, very excited on JADE Ocean but rumor has it the interior lobby of JADE Beach is superior…?! How can you beat the JADE Ocean flow through pool and the oceanfront entryway? Very enticing and soon to be one of the most desirable developments along the FL coast. The truth is in the numbers 1.888.383.7326.

 I was told as a rookie agent back in 2002 it’s always best to be the 3rd listing agent.

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

So much more to come but here’s the release…

Today (April 8th), there are 32 JADE Beach condos for sale ranging in values from $530,000 to  $2.450M and 28 JADE Beach rentals ranging from $3,500 to $9,500.  The average asking price in April is $676 PSF for a 1% decrease in asking prices over last month.

Overall, Miami Beach condo sales are up 20% over last month while Miami Dade condo sales are up 71% YTD. There are 1,471 total condos for sale in Sunny Isles Beach with 783 ‘direct oceanfront’ condos for sale. There are 35 pending ‘direct oceanfront’ sales with 48 closing in the last 90 days (74 total SIB closed sales in the last 90 days) at an average asking price per square foot of $438 and average selling price per square foot of $382. The average number of days it has taken these condos to sell is 169 DOM (Days On Market) with a market average sale to list price ratio of 86%.

I do have something major to report in the next JADE blog post with the release of the glorious waterfall from the front Collins side, of JADE Ocean. I do not say glorious lightly as everyone’s head was turned from the traffic to the passerby. It is amazing. 1.888.383.7326

JADE Beach condo inventory

JADE Condo resales… There hasn’t been any and why is this?

I’m going to rant here since nothing in JADE Beach has sold… If you’d like a market snapshot for Sunny Isles Beach real estate we see 14 new “luxury condos” sold within the last 90 days (2005+, ocean direct) with an average asking price per square foot at $544 and selling price per square foot at $485. The Sunny Isles Beach SP/LP (Sale to List Price) Ratio% is at 91% with an average of 177 days on the market.  Taking Trump Palace condos for example, we see an good above average turnover rate with 5 condos selling in the last 90 days at $510 psf and an average asking price per square foot at $592. Additionally, condos priced well at Trump Palace sell at an average of only 63 DOM (days on market) and at 93% of list price.. Trump Palace’s younger, more modern sister building Trump Royale, has not had any resales either however Trump Royale has a multitude of unsold developer units whereas JADE Beach does not; and I say this with the understanding from the developer’s rep that over 79% of JADE Beach has been sold. The point here is not that new developments will sit empty with unsold units, but more so the fact that the Sunny Isles Beach 2009 real estate market is not ready to come up to $683 PSF for JADE Beach condo resales that are unfinished (decorator ready).

Is there still smoke and mirrors on the overall average values and resale potential at JADE Beach?

Okay, I understand the JADE Beach resale values are fueled on “that’s what I paid for it” and “that’s what the developer (or my agent) thinks I could get for it” or even the valued point that JADE Beach is a far better building than Trump Palace and not comparable in the current “sold” values above.  Could it be…?

Okay then, so let’s step up the Sunny Isles Beach market snapshot to what some would argue to be the best luxury condo residences for services, amenities and resale values… Turnberry Ocean Colony. Turnberry Ocean Colony has had 2 closed sales in the last 90 days with 2 under contract at an average list price per square foot at $542 and average closed sale PPSF at only $492! Turnberry Ocean Colony #2401 was sold (by yours truly) in September 2008 at $712 PSF and then just over the holidays the prices dropped to what are reflecting in the 01 (Abaco) line today at an average “asking” price per square foot at $690 psf.

These last 3 years 6 months have been the nose dive many new true investors were hoping for with luxury condos selling in the 400’s. Everyone including myself were truly hopeful that JADE Beach would have initial resale values in the $700 to $800 PSF range while JADE Ocean resale values would top $1,000 PSF mark and set new area records. I still concur that JADE Ocean will set area records or stay parallel with Turnberry Ocean Colony, however each must be priced WITH the market. We’re still pulling through a market correction, inventory glut and bad press from the media. Vital signs (inventory + SP/LP%) are in a positive direction for the Sunny Isles & Miami Beach market snapshot and my cup is always half full.

There are some realistic unit owners that have priced their JADE Beach condos with the market to sell.. ie) #4008 (E line $482 psf), #1508 (A line $595 psf) #1904 (D line $520 psf), #1104 (D line $582 psf). Believe me, I’m all for JADE Beach condos and the soon to be released JADE Ocean, otherwise I would have never spent thousands on this site & blog or countless hours writing, editing and creating good content. I LOVE THE JADE BUILDING(S) with a fiery passion and they are where my focus (& money) is being spent. I’m simply ready to see resale action.

The truth is in the numbers. 1.888.383.7386.

JADE Condos Sunny Isles by Miami.FlyMe

 JADE Beach Condos… What’s happening so far in February 2009? 19 available Jade Beach condos for rent ranging from $3,800 to $10,000 month as many speculators love the finished product and decide to ride out the down market rather than selling. There are 24 Jade Beach condos for sale or approximately 10% available MLS inventory ranging from $669k (1BR) to $2.450M (4BR) with the developer closing over 70%+ of the building. Many new JADE Beach condo owners are in their residences finishing it out with fine marble, custom paint, closets, lighting and window treatments. There is nothing to report on rented and closed sales via MLS just yet and owners are reaching out with questions and concerns including JADE Ocean condos which should be closing very soon. I’m looking forward to getting in JADE Ocean and blogging on the progress with photographs and marketing videos for sellers so if you’d like my assistance call me direct at 305.978.7704 or toll free at 1.888.383.7326 (ext 1). If your interested in owning at JADE Beach Condos, contact me today for great pricing on available condo residences including the trophy JADE Beach & Ocean Penthouse and other amazing Sunny Isles Real Estate. Email Info@JadeCondosSunnyIsles.com.

To review Sunny Isles Beach statistics and trends for 2008, click here.