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.