Jade Ocean

Jade Ocean Sunny Isles Beach Sales Gaining Momentum

October 21, 2010-  Jade Ocean, the ‘gem’ of Fortune International Realty’s portfolio, has sold a remarkable 37 residences totaling over $33 million with an average price per square foot of $620 since June 2010! This marks the BEST sales momentum since the financial crisis started in 2008, during what is typically considered “low season” in Sunny Isles Beach.

100 % of these new buyers are end-users and purchasing these premier ultra-luxury condominiums as second vacation homes. The Jade Ocean condominium building’s prime Sunny Isles Beach beachfront location is attracting buyers from the US and all over the world, especially high net worth individuals from such Latin American countries as Brazil, Argentina, Venezuela and Mexico.

This strong sales momentum for Jade Ocean condos and incredible $33 Million in closed sales is especially impressive given that overall Sunny Isles Beach condo inventory increased recently  to over 1,100 total condos for sale (approximately an 18 month total supply). So far in 2010, approximately 600 Sunny Isles Beach condos have sold for an average sale price of just $257 per sq. ft. However, taking a closer look at just Oceanfront Luxury Oceanfront Condo sales over $500k, I counted just under 150 closed sales for YTD 2010 averaging a selling price of just under $500 per square foot, with the sales momentum being with condominiums that were listed within 10% of the final closed sales price.  Once again, this demonstrates that the key in this BUYER’S market is for sellers to price their condos correctly!  Today’s buyers (whether they be USA-based or High Net Worth International Buyers) are well informed and looking to purchase ONLY at the right price.

If you would like more “insider” and detailed information on the latest Sunny Isles Beach luxury condo sales, and most specifically Jade Ocean “Developer Default” opportunities, please do not hesitate to contact us…

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