6 Bedroom Penthouse at Jade Beach Goes Under Contract – Asking Price $11M

June 15, 2010 by Lucas Lechuga

Yesterday, the spectacular 6 bedroom/7.5 bath penthouse at Jade Beach went under contract providing additional evidence that the luxury market in South Florida is flourishing.  The 3-story penthouse has 8,210 square feet of interior and 5,791 square feet of terrace.  The asking price is $11M, or $1340 per square foot, and is being offered fully furnished.  No word yet on who the buyer might be or how much was offered.

Recent Luxury Sales within the Past 30 Days

  • 88 La Gorce sold for $16M on June 11, 2010
  • The Setai Penthouse B sold for $15m on June 4, 2010
  • Santa Maria Penthouse 4901 sold for $11M on May 21, 2010
  • One Bal Harbour Penthouse 2108 sold for $8.7M on May 25, 2010
  • 40 La Gorce sold for $7.4M on June 11, 2010
  • Apogee South Beach #904 sold for $6.55M on May 21, 2010
  • Ocean Tower One #501 sold for $5.2M on June 3, 2010

Jade Beach penthouse terrace

Jade Beach penthouse terrace

3-story penthouse

Grand piano in Jade Beach penthouse

dining room

ocean view

living room

Master bedroom

Master bathroom

bedroom

Leave a Reply

165 Comments on "6 Bedroom Penthouse at Jade Beach Goes Under Contract – Asking Price $11M"


Sort by:   newest | oldest | most voted
Anonymous
ElvisInMiami
6 years 1 month ago

This is one nice penthouse! Actually a large unit vs these ‘penthouses’ that are 1 bedroom and located on a top floor.

Anonymous
why bother
6 years 1 month ago

WOW! Spectacular. Love the bathroom.

Anonymous
CP
6 years 1 month ago

unfortunately, 1 tar ball on the beach and this guy will have paid the top…in our lifetimes

Anonymous
Gixxer 1000
6 years 1 month ago
Wow, so about a month ago we had Renter Tom and Joe talking about how there were NO sales in the luxury market. But now we have post like this from Lucas showing luxury sales and quotes like this from the WSJ: “In Miami, 21 such sales of $2 million or more were recorded in the first quarter, up from 15 last year and close to the 23 that sold in that time five years earlier.” And it’s not just sales over $2 million. Here is chart showing sales and inventory of condos in Miami-Dade priced $750k and above: http://www.ewmrealtors.com/trendx/drawimgdb.asp?Price=P6&report=FTFTDCO&typedetail=02&ptype=RE2&type=1… Read more »
Anonymous
scrivener
6 years 1 month ago
Gixx: Not to rain on yet another one of your parades of “sunshine an lollipops” – – BUT I am curious. The charts you provided are nice. I enjoy a good bar chart just as much as the next guy. The problem with them, with all due respect to the nice folks at EWM – – is that these charts, as is always the case, merely summarize data. Do you have any numbers concerning these sales? Basis figures would be most helpful (cost, transferred, stepped-up, grossed-up, etc.)? While you are digging, if you can rustle up the bid and ask… Read more »
Anonymous
Gixxer 1000
6 years 1 month ago
Once again you try to talk in complete babel with no understanding of what the heck you talking about. You want the bid price???? This ain’t the stock market genius, there is no bid price. Stepped-up , grossed up, etc. have to do with the market value of a property received from a decedent. Why on earth would you need to know the stepped-up basis for a real estate property?????? I’m assuming that what you want is the individual ASKING and SELLING prices. And no I don’t have that every condo sold. Here is the closest thing I have: http://www.buybeach.com/recent_sales/data/con0510.htm… Read more »
Anonymous
Joe
6 years 1 month ago
Gixxer 1000 — I love how you always (shamelessly) argue both sides of every issue so that you can never be wrong. In the other thread, you argued that the declining median sales price was due to a larger number of low-priced condos being sold. But now you’re cherry-picking a small number of $10 MILLION sales and pretending they’re representative of a booming market. Seriously, do you have any shame? Anyway, those charts you just posted show there’s still well over a 3-year inventory of condos priced at $750k and above, and, as I’ve been saying all year, it’s even… Read more »
Anonymous
Joe
6 years 1 month ago
Gixxer 1000 — Since you’ve been dodging this for a week — as is your habit when you get caught posting B.S. — I thought I’d bring this over from the “Miami Real Estate Review” thread … Gixxer 1000: This is what you said in post #17 [in the other thread]: “And again keep in mind this is information for the entire area.” (Pay special attention to the “entire area” part.) … and this was your quote/rebuttal in post #25: “… Although in most areas the median price is going down. Which is why Joe is arguing that the VALUE… Read more »
Anonymous
Gixxer 1000
6 years 1 month ago
Joe, For the millionth time I’m not claiming the market is booming. The market collapsed and I now believe the market has stabilized. I’m not answering you’re question because I have already answered them. If you don’t understand my response I’m not going to keep repeating myself. I argue both sides because those are the facts and the truth is probably somewhere in the middle. Again for millionth time I’ve argued that the market will probably only be up 1-2%. The ENTIRE AREA is SOUTH FLORIDA. The Miami MSA INCLUDES all three counties. When most national places quote data it… Read more »
Anonymous
Joe
6 years 1 month ago

LOL. Gixxer 1000 just admitted that he does, in fact, argue both sides of these issues. Unbelievable.

Anonymous
Drew
6 years 1 month ago
A few days ago iphoneapp guy asked something to the effect of “what happened to this blog?” as in “why has the quality deteriorated?” I don’t blame it on Lucas, but blame it on the mind-numbing, uninteresting, recurring debate among a few about median and mean values, case-schiller, year-over-year and the like. As a result, the humor has been completely sucked out of the blog too. Nobody else is posting anything else because no one else gives a sh*t about this particular issue…and the recitation of a bunch of stats is really not that enlightening or appealing to everyone (Sorry… Read more »
Anonymous
More Stats
6 years 1 month ago
The facts are the pull on the upside for the first quarter is off 3 percent in volume less gross. If you consider there are 395,000 unemployed if you discount the mean by a minimum of 7 percent, refactor in seasonal adjustments, discount for labor surplus factors in the future of 11 percent, you can clearly see there is as much downside as upside. The motivational equation relates to a quantum theory of absorbtion rates of -11 percent. Please note these statistics have not been updated or fully realized as of last week. If California reports a gross mean derivation… Read more »
Anonymous
Joe
6 years 1 month ago
Drew — I mostly agree with you. I just comment on what’s here. Since this site doesn’t have a message board, the same arguments get rehashed in every new post rather than in a single thread. But regardless, I think most people are just burned out re: r.e. The boom is over and the bust mostly continues, at least in the sense that people can no longer buy today, with $0 out of pocket, and then flip next month for a 30% profit. Moreover, as much as I enjoy the r.e. porn that Lucas has been posting lately, all these… Read more »
Anonymous
Poor & Unemployed
6 years 1 month ago

“In Miami, 21 such sales of $2 million or more were recorded in the first quarter, up from 15 last year and close to the 23 that sold in that time five years earlier.”
—————————–

In miami there are over 1000 properties with asking price of over $2 million. Most of them are asking over $2 million so no one makes any offers and the owners continue to occupy the property for years without paying mortgage, taxes and HOA. BEAT THAT!

ANYONE want to talk about these deadbeats living lavish life style and driving their Hummers?

I GUESS NOT!

Anonymous
6 years 1 month ago

The Miami Real Estate Review FaceBook Fan Page has a discussion tab. There you can create topics for discussion just as you would on a message board. My guess though is that many won’t use it since they would lose their anonymity.

Anonymous
scrivener
6 years 1 month ago
Gixx: Easy now. For the past 7 or so years folks have been treating real estate like stocks; effectively day-trading them in high-speed flipping transactions. Is it so unreasonable for me to throw financial jargon at you now? Really? I am not trying to harass you. But when I see a person such as yourself expending the amount of time and energy trying to make a point – – and I note that no matter how much spinning you do, arguing that real estate prices have reached a bottom is not an easy argument to make – – I don’t… Read more »
Anonymous
why bother
6 years 1 month ago

Spot on Lucas, These paper tigers will become exposed in face book page. So they would not go there but rant here instead.

Anonymous
gables
6 years 1 month ago

I have noticed more REO units cropping up in the buildings I follow. In the past, they tended to disappear quickly. Recently, however, they are staying much longer-some have been there over 2 months. But the sales lists are dominated by short sales-which i have not bothered with as of yet.

Anonymous
scrivener
6 years 1 month ago
gables: That is a great observation! And it is one clearly supported – – brace yourself Gixx because here comes a compliment- – by the data Gixx linked to in his earlier post. The tabulated data shows quite a few REO’s. Part of this could be that short sales are are more attractive to the lender because, in cases where the proceeds from the sale do not cover the outstanding debt obligation, the lender may be able to pursue collection of the outstanding deficiency from the new buyer. Where as in a REO, the bank/mortgage lender may remove some or… Read more »
Anonymous
gables
6 years 1 month ago

I would also observe the REO list prices appear to be higher than they were a while ago, when they disappeared off the list quickly. Dont think its a coincidence. banks are asking for more, but buyers less inclined to see the price as a deal compared to a year ago-thus the longer time on market.

Lucas, are you seeing more REO units? Are banks aggressive in moving these units?

Anonymous
Joe
6 years 1 month ago

why bother — I don’t even belong to Facebook. If you think I’m going to join Facebook just to argue r.e., you’re even more nuts than I thought.

Anonymous
scrivener
6 years 1 month ago

In case anyone missed this great article in the NYT:

http://www.nytimes.com/2010/06/17/business/economy/17slump.html?src=me&ref=business

scriv

Anonymous
Gixxer 1000
6 years 1 month ago
“For at least the last two quarters, lenders have been making a sincere effort with borrowers – especially primary users – to modify mortgages or short-sale properties in hopes of avoiding foreclosure,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. “Lenders have finally realized that the price that can be obtained for a bank-owned property is virtually the same as for a short sale where the borrower is able to sell at a price that fails to repay the mortgage. The difference is, a short sale is becoming relatively immediate while the… Read more »
Anonymous
Renter Tom
6 years 1 month ago

I could care less about ” Asking Price $11M”…what matters is the actual sales price itself and if to a real buyer…not some shell LLC.

I too have noticed more distressed inventory on the market in the areas I have looked at. It seems that the bank controlled (REO’s and SS’s) shadow inventory is just starting to leak out more…

This oil thing is getting ridiculous…

Anonymous
Makes Me Think
6 years 1 month ago
Grixx, I think you are wasting your time with the likes of joe, RT and gables. As I have stated on this blog for almost 2 years now, these guys will never buy a condo. Trying to argue with them about the bottom of prices is pointless. I think it has been very clear to even the casual observer and anyone with even a little common sense that if they were serious about buying and were ready to buy then last year was the time to do so. They have given 101 reasons why it is not a good time… Read more »
Anonymous
Joe
6 years 1 month ago

Makes Me Think — From the sound of your last post, you don’t actually think about much.

How has the “doom and gloom crowd” been “proven wrong”? Until appreciation starts to kick in again, renting is still the smarter play for an owner-occupant, while most investors are saying that they’re mostly breaking even on renting out their units. Common sense says that if rental returns are so high, there wouldn’t be thousands of condos still for sale. They would have been bought and then rented out a year or two ago.

Anonymous
Makes Me Think
6 years 1 month ago

As always, you are right joe!

Anonymous
why bother
6 years 1 month ago

Makes me think,
You are right, those who would have bought have already done so. The rest will come up with a million excuses. The best is to leave them alone to enjoy life in their bubble.

Anonymous
gables
6 years 1 month ago
Makes me think, perhaps you should think before you write. i have already said there are units worthy of a buy. At this point there is a limit to downside risk, unless another major event comes along and shudders the economy. My basic argument is against people who say we are rebounding-we are not. We are basically floating along sideways. And i am a picky buyer. I will buy the right unit at the right price. Since it still costs me more to own than rent a 2 bedroom, i see no need to rush ahead. home ownership is great,… Read more »
Anonymous
Zeta Drug Money Investing in Miami Condo Market?
6 years 1 month ago

Any information on this? What percentage of these large cash transactions from abroad are from Mexico?

Anonymous
Joe
6 years 1 month ago
Not that I owe anyone here an explanation, but this allegation that I’ll “never buy a condo” is idiotic given that, as I’ve said countless times before, I’ve owned and lived in condos for the last 15 years. I haven’t bought a condo in Miami yet because (A) I won’t be back living in Miami until the late fall or winter, and (B) I’m not at all convinced that the high-end market has bottomed. If you look at the asking vs. selling prices in the luxury segment, there’s often a 30% or higher reduction from asking to selling (and this… Read more »
Anonymous
Mark
6 years 1 month ago

Lucas

Any news on the new pricing for Icon Brickell you talked about 2 wks ago?

Anonymous
6 years 1 month ago

Mark,

I was told yesterday that the new pricing should be released in 10 days.

Anonymous
Makes Me Think
6 years 1 month ago
If it is not your time to buy yet then just go ahead and say that instead of coming up with all kinds of excuses. To compare the price of owning a home today to renting a condo is foolish. You are expected to pay a premium for ownership initially, the same way it cost more to buy a Honda than it is to lease one for 2 years. I don’t hear too many people making a case for leasing a car every 2 years because it is much cheaper than buying the car. Why would you make the same… Read more »
Anonymous
BillP
6 years 1 month ago

Joe, please don’t bother to respond.

Anonymous
Joe
6 years 1 month ago
Makes Me Think — As much as I should simply heed BillP’s advice not to respond to you anymore, your last comment is a new low for you. Are you seriously saying that the fact I’m not living *IN* Miami right now is a bad excuse for not buying a condo in Miami right now? Really? Buying now and then letting the unit sit, unoccupied, for 6 months *might* make sense if there was evidence of appreciation in the luxury market, but there’s no such evidence. As I said above, the splits between asking and selling in the $1M-plus market… Read more »
Anonymous
why bother
6 years 1 month ago

Joe, Yaaaaaaaaaaaaaaaaaawn.

Makes me think, why bother?

Anonymous
gables
6 years 1 month ago
Makes me think, you are living in an old world. mobility is the key to the future, and housing is in need of adapting. people change careers every 3-5 years, and will continue to do so. this demands people not be locked down to a property which takes 7-10 years before they are no longer underwater. i can take my car with me on my next move. my housing needs to be (a) somewhat liquid and (b) not an anchor tied to my neck. it needs to be purchased as value for the next few years. the idea of living… Read more »
Anonymous
andi
6 years 1 month ago

while low end housing in sofla is bottoming out, the tsunami of crash will trigger at the high and medium-high end..2011-2012 will see a major drop in this segment..stay tuned..

Anonymous
George
6 years 1 month ago
LUXE SALES BUZZING .Some are calling it a `miniboom’ in high-end condos Photos BY ANA MARIA LIMA anaalaya@yahoo.com Cristina Miranda never wanted to live in a condominium but after she walked into one at the Gables Club with sweeping views of the sparkling Biscayne Bay, Fisher Island and the Miami skyline, she changed her mind. With no regrets, Miranda sold her Coral Gables house of 30 years that she had shared with her now late husband, and bought the nearby condominium for $2.5 million in March. “I always said I was going to die in my house,” Miranda said, taking… Read more »
Anonymous
carbonblackcab
6 years 1 month ago

Oil may be the Nail in Florida’s Housing Coffin

http://classic.cnbc.com/id/37736499

This is more about West Coast of FL, Panhandle and Keys. (not sure if we are going to be affected on the east coast of FL)

Anonymous
Joe
6 years 1 month ago

I’ll be the first to admit there’s been an uptick in higher-end condo sales, but I don’t get this talk of a “boom.” The last time I looked at the MLS, there was still a 4-year inventory of condos priced at $1M or more (or maybe it was $1.5M or more; can’t recall the exact cut-off). There seems to be a big disconnect between the cheerleading in the media and the actual sales numbers.

Anonymous
Makes Me Think
6 years 1 month ago
joe and gables. reading is fundamental! I said “If it is not your time to buy yet then just go ahead and say that instead of coming up with all kinds of excuses.” I don’t care if you buy a home or not just stop with the silly stuff. Gables, it is a given that if you don’t plan on living in a home for more than 7 years it makes no sense to by. Come on man you are not a moron, that is stating the obvious. Again, you buy a home to live in and you buy for… Read more »
Anonymous
Makes Me Think
6 years 1 month ago

per geroge’s post -“Miranda sold her Coral Gables house of 30 years that she had shared with her now late husband, and bought the nearby condominium for $2.5 million in March.”

Geeez. I wonder if Miranda regrets not renting for the past 30 years? I’m sure she could have rented for much less that buying even 30 years ago.

Anonymous
gables
6 years 1 month ago
Makes me think, my view is there will be no appreciation in condos over the next 5 years-right or wrong that is my thesis. if i (and others) can continue to rent well under the cost of ownership (i assume this will not change in the next 5 years-could be wrong), where is the value and urgency in buying, which puts me 6% underwater from the getgo due to transaction costs. if i save even $500 a month renting, that is $30k in my pocket over 5 years. by owning, the first 5 years builds no recovery in principal since… Read more »
Anonymous
Joe
6 years 1 month ago

Makes Me Think — “Reading is fundamental” indeed. I have stated here, on practically a weekly basis, that I’m not living in Miami right now. For someone who follows my comments so closely, your inability to retain basic info. is alarming.

Anonymous
Makes Me Think
6 years 1 month ago
“I have stated here, on practically a weekly basis, that I’m not living in Miami right now” Wow, but you are the f***ing expert on everything related to Miami. Every time someone post data or comments on something related to Miami you are the first to dispute the validity of the information. Wow man, you are priceless. -“As I have stated on this blog for almost 2 years now, these guys will never buy a condo.” I don’t know why that statement get you all worked up. So far I have been proven right. I make that statement without being… Read more »
Anonymous
rk
6 years 1 month ago
A comment about Gixxers’ post #6 above: The “asking price” listed in that table he linked is the most recent asking price, not the original asking price. For example, a condo may be listed for $400k, then dropped to $370k after 2 months, then dropped again to $340k after 3 more months, and finally sells for $330k. The table from buybeach would list the asking price as $340k, and the discount as $10k or 3%, while a more true discount would be $70k or 17%. This happens quite often, so you have to keep that in mind when using that… Read more »
Anonymous
Joe
6 years 1 month ago

Makes Me Think — I don’t pretend to be an expert on all things Miami. But unless 20 Fortune 500 companies have moved to Miami in the time I’ve been gone, I’m quite certain my overall opinion of the city, its government, and its job market remains accurate.

Anonymous
scrivener
6 years 1 month ago
“Geeez. I wonder if Miranda regrets not renting for the past 30 years? I’m sure she could have rented for much less that buying even 30 years ago.” – – Makes Me Think An interesting comment. She probably could have rented, but the questions remains: just because she “could” does not mean that she “should.” I note, that this is one of the themes I see underlying the housing boom/bubble/whatever. My guess is that she has no regrets. Assuming that she and her former husband purchased their home 30 years ago, the house was probably purchased with $X.00 down and… Read more »
wpDiscuz

Connect with Us

888 Biscayne Blvd #3609
Miami, FL 33132