Price Increase At The Jade At Brickell

November 26th, 2012 Written By

We were notified of a price increase today at The Jade at Brickell that caught our attention.  Unit 2401 hit the market last week with a list price of $1,480,000 or $788/sq. ft.  Today, the price on that unit was raised to $1,550,000 or $825/sq. ft.

You may remember our recent October market update for The Jade At Brickell, which showed an average sale price/sq. ft. of $644. That update also reported the highest price per sq. ft. of any condo sold at The Jade at Brickell in the last six months to be $652.

So the million dollar question is….”Why would they raise the price?”

What this looks like to us is over-pricing following over-pricing, and here is why:

There are three “01” line condos for sale right now, all have 1,870 sq. ft. of air conditioned living area.  The “01” line is on the NE corner of the building with very nice views.

  • Unit 1001: $1,500,000, 2 Bedrooms, 2.5 Baths.  Listed for sale on 11/14/12.
  • Unit 2401: $1,550,000, 2 Bedrooms, 2.5 Baths.  Listed for sale on 11/13/12, price was raised on 11/19/12.
  • Unit 2101: $1,575,000, 3 Bedrooms, 3 Baths.  Being sold furnished.  The third bedroom can’t technically be sold as a bedroom because it has no windows.  It has been on the market for sale for over 14 months.

In conclusion, it appears that one over-priced unit has caused two other units to be over-priced.  If you are serious about selling, it is imperative that you base your pricing strategy on comparable properties that have actually sold.  This is especially true in a building where there are many units for sale in the same line.  Something else to keep in mind, a bank will only give financing based on recent sales prices.  Anything higher requires more cash and an uninformed buyer.   It will be difficult to find a buyer who meets this criteria in today’s market, however with Art Basel Miami Beach coming in town one never knows who might need a place to hang new art.

To view all condos for sale at the Jade At Brickell Bay, please click here.

We know the numbers and track the Brickell real estate market.  If you would like to schedule a buyer or seller consultation, please feel free to contact us at 305-960-5317 or send us a note here. 

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