The Jade Residences on Brickell: 22.5% listed for Sale. How many are Short Sales and/or REO’s? What is selling?
I just completed my market analysis report on the Jade Residences earlier today.
From the 73 units listed for sale, 35 are either Short Sales or Bank Owned (REO).
In 2007 the Jade Residences registered 12 sales for an average price per Sq Ft of $674 per closed sale.
So far in 2008 we have had 9 closed sales for an average price per SqFt of $452 per sale. And from the 9 completed sales, 5 were Short Sales or Bank Owned (REO).
And what is pending to close as of today?
Well, currently the Jade has 9 pending sales of which 8 are either Short Sales or Bank Owned (REO).
Clearly, Buyers are focusing on either Short Sales or Bank Owned (REO) units. And unfortunately traditional Sellers are at the mercy of prices established by Short Sales or Bank Owned (REO).
Finally, so far in 2008, $405 is the lowest Price/SqFt. registered for a closed sale at the Jade Residences. Unit #2303, a 2/3 with 1,730 SqFt of Living Area, originally listed on 1/27/06 for $1,250,000 or $723 SqFt and sold on 4/28/08 for $699,900 a 44% discount to the original listing price, 2 years and 3 months later.
If you have any questions or comments, please send me an e-mail to: michael.schnabel@mac.com or call me at 305.450.0036
Tags: Jade Residences, REO's, Short Sales
