The sales history of Jade Brickell is maybe the best example to illustrate Miami’s condos market over the last 6 or 7 years.
In 2004 when the complex opened, units sold at a fast pace and at a price of around $500 per sqft. In 2006 when the market was at its peak, the average closed price per sqft was around $600. A year after, the market dropped and since many buyers were unable to pay any longer their mortgage, a huge wave of foreclosures occurred. Prices fell down by more than 50%. Read the rest of this entry »