Jade Ocean

Jade Ocean in Sunny Isles Beach- The Story Behind The Development (in a Buyers Market)

I’d like to take this opportunity to give visitors to our Jade Ocean site a bit of “insider information” regarding what’s been happening lately at Jade Ocean.  In early 2010, all of the remaining unsold inventory at Jade ocean was purchased by Starwood Capital as part of a larger debt purchase agreement involving Corus Bank and developer Fortune International Sales.  The overall terms of the agreement were been widely reported in the The New York Times on April 21, 2010.

JADE Ocean was almost completely sold out by late 2007.  However, due to the downturn of the real estate market and the financial crisis that followed, many of those original buyers were unwilling and/or unable to close on their original purchase contracts.  We have henceforth called these “Developer Default” condos, where the developer retained approx. 15% of the original 20% deposit monies.  In late 2009 and early 2010, we have been offering these “developer default” condos at substantially reduced pricing from the original sales contracts.

The Starwood purchase received the strong backing of the Federal Deposit Insurance Corporation, which has also given Starwood the flexibility to be patient in the sales process for individual condominium units at Jade Ocean.  The building was conceived and designed as an ultra-luxury property, with a unique all-glass external structure, so the target market is an end-user that is interested in being assured of the long-term financial viability of the condominium building.  Fortunately, Starwood has the financial resources, strong reputation, and expertise to assure buyers that the building receives strong financial and administrative backing.

As part of the purchase agreement, Fortune International was retained to conduct the in-house sales and marketing.  Given our long-term expertise in the area, especially our track record selling luxury real estate in Sunny Isles Beach, we are able to offer both an insider perspective on Jade Ocean, and most importantly, THE best possible pricing to our clients.

View Jade Ocean Condos for Sale

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