The Jade was one of the first luxury buildings completed during the boom and provides a great historical perspective of the boom, bust and now rebound of Miami real estate.  There are currently 23 units listed for sale out of a total of 326 units.  The average price listing price per square foot is $629.  In 2004 the average price per square foot of units sold was $540 and at the height of the market ini 2007 it was $805.

Approximately one-third of the building is still owned by original buyers who purchased in 2004 and 2005.  That fact, coupled with the fact that the majority of the sales that took place in 2008 and 2009 were cash purchases, results in a very stable condominium association.

Elizabeth Taylor was given La Peregrina Pearl, which was found in the Pearl Islands off the coast of Panama.  Christies will be auctioning off her collection this week in New York.

EWM is Christies exclusive affiliate in Miami-Dade and Broward Counties.  EWM is the listing agent of second largest island in the Pearl Islands, San Jose Island.

Related blogs:

Elizabeth Taylor Collection Auction Taking Place This Month

San Jose Island, Panama:  How Big Is 11,000 Acres?

San Jose Island, Pearl Islands, Panama

Over 57 beaches on the island

Ponce/Davis Lot Under Construction

Preparing For Construction On Ponce De Leon

San Jose Island, Panama For Sale

Okay, I have already posted that it is twice the size of Key West, but maybe that is still hard to put into perspective.  So, I will compare it in size to other famous islands.   Using AskNumbers.com conversion table, I came up with the following:

Cayman Brac: 14 square miles =8,960 acres

Little Cayman: 10 square miles = 6,400 acres

St. Barts:  10 square miles = 6,400 acres

Virgin Gorda: 8 square miles = 5,120 acres

Basically, 11,000 acres is big enough for you to build your own town, or two! 

Some of the issues that arise with developing these islands, such as importing electricity, cell phone towers, water purifiers,  the building materials and even, in some cases, the palm trees, can make development extremely costly. 

San Jose Island, in the Pearl Islands off the coast of Panama, does not have a lot of these issues.  Granted, at 11,000 acres, approximately twice the size of Key West,  it is a much larger island than the ones in Exuma.  It has its own rivers and streams, providing fresh water, as well as a water treatment facility capable of producing 3,000 gallons of water an hour, and a 10,000 gallon storage tank.  It has a 5000 linear foot landing strip, lots of trees, including palm trees, mooring facilities, and a boutique resort, Hacienda del Mar.

A short 20 minute flight to Panama City, Panama, means you are  in close proximity to world class entertainment and medical facilities, including John Hopkins at Punta Pacifica Hospital.

Compared to the most expensive island for sale in the Bahamas, Cave Cay, at $440,000 per acre, San Jose Island , at $22,545 per acre, seems like a downright bargain.  Oh, I almost forgot…Panama doesn’t have hurricanes!

One of 57 Beaches on San Jose Island

• 8 in Coral Gables.  Priced from $349,900 to $13,475,000
• 7 in Pinecrest.  Priced from $585,000 to $2,099,999
• 5 in Coconut Grove.  Priced from $450,000 to $1,300,000
• 3 in Miami Beach.  Priced from $399,900 – $8,650,000

• Closed sales: 90.  Low of $270,000, high of $4,000,000. 7 were bankowned (REO), 10 are short sales or approximately 19% distressed sales.  57 closed in the second quarter.
• Pending sales: 48.  Low of  $265,000, high of $2,150,000. 3 are REO, 17 are short sales.  Almost 42% are distressed sales.
• Active sales:  160.  Low of $269,900, high of $5,000,000 ($4,999,999 to be exact!).  3 are REOs. 14 are short sales.  Only 11% distressed listings.  64 were listed in the second quarter.

What does this mean if you are a seller?  If you want to sell your home during the end of the summer buying season, drop your price now.  Homes are selling and people are still looking to buy in Pinecrest because of the quality of the public and private schools, parks, and good size lots.  If your home needs a lot of work, you are going to have to drop the price even further.  Buyers are looking for homes that need minimal updates.  If you don’t drop your price now, you are going to have to drop it even further come the beginning of the school year.

If you are a buyer, the numbers mean there aren’t as many “deals” in terms of short sales and foreclosures.  Those that are on the market, are priced well, and in reasonably good shape are going to have multiple offers, because there are fewer of them.  If you are financing your purchase, you are better off using the numbers to make an offer on a well priced, non-distressed listing.