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The iconic story of Jade Brickell

30 Nov

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%.

In 2011 prices have rebound. The new wave of buyers is more stable since they paid cash and most of the units are owner-occupied. Jade Brickell became what it was supposed to be from the beginning, a luxury high-rise building. This year, the average sqft price of sold units was at $497 which represents the 2004 levels.

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1 Comment

Posted by on November 30, 2011 in News

 

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One response to “The iconic story of Jade Brickell

  1. brickell condo

    December 21, 2011 at 6:56 am

    Excellent post for iconic story of Jade Brickell, very informative thanks for shearing.

     

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