Miami New Construction

Where do we go to find buy opportunities in Miami’s new construction? From 2007 through 2009, the floodgates were open for fantastic buy opportunities on preconstruction delivery in Miami-Dade County. Now in 2016, we have new buy opportunities as unfortunate speculators decide to sell at market values.

“In New York, you trade stocks. In Chicago, we trade commodities. Miami, we trade condos. This is what we do. We trade down here. These are traders who are not looking to live the American dream with a family of four and a dog. They’re looking to make a hundred grand a unit … with virtually nothing being done but making a phone call to your broker in Miami and having him unload it to somebody else’s broker.” – Peter Z of the infamous Condo Vultures/Crane Spotters

The basic idea is that investors buy in before construction begins, betting that by the time the building is finished, prices will go up. As we see below, that is not always the case in Miami’s new construction.

Here are today’s top contenders in alphabetical order indeed to offer Miami condo discounts & deals:

400 Sunny Isles 400 Sunny Isles Boulevard (Sunny Isles)

This new high-end Sunny Isles project does not even get ‘Beach’ in the location title, and although waterfront/Intracoastal, it’s also on the very busy S.I. Boulevard. The first apparent opportunities are beginning to show, with prices dropping like a hot potato. This month, two units went into contract asking $709 & $739 per square foot. Somebody’s got to break the ice!

2015 Year Built
90 for Sale
39% Inventory
2 Pending Sales ($724 PSF asking)
0 Closed (re)Sales in Last 6-Months
Median List Price $1.265M
Median LP$/PSF $677

Baltus House 4250 Biscayne Boulevard (Design District)

2015 Year Built
40 for Sale
24% Inventory
0 Pending Sales
0 Closed (re)Sales in Last 6-Months
Median List Price $550,000
Median LP$/PSF $516

Bay House 600 NE 27th Street (Edgewater)

The “up & coming” Edgewater location still has a few years to go before it’s considered fun and genuinely walkable. At least Wynwood & Midtown have a killer walk score, whereas Edgewater would make someone want to own a car.

2015 Year Built
43 for Sale
26% Inventory
0 Pending Sales
0 Closed (re)Sales in Last 6-Months
Median List Price $849,000
Median LP$/PSF $499

Château Beach Residences 17475 Collins Avenue (Sunny Isles Beach)

From the rooftop gas explosion in October to the fake greenery at the front entry, Chateau Beach has not started off as expected. For Miami’s new construction, this is still among my top choices.

2015 Year Built
16 for Sale
19% Inventory
0 Pending Sales
0 Closed (re)Sales in Last 6-Months
Median List Price $3.925M
Median LP$/PSF $1264

FAENA House 3315 Collins Avenue (Miami Beach)

When Ken Griffin made headlines for buying the most expensive $60M penthouse in Miami Beach, all expectations went through the roof. In the hopes of a resale profit (or other determining factors), he decided to flip it and hired a new agency to help make a profit. Earlier this year, news articles reported notices to new owners, including Ken, via text, warning them to “sell immediately,” considering it a “piece of shit” project. Nevertheless, today’s median list price is $15M, and it should hold its title for setting area records given that it is the newest, latest, and most significant in Miami Beach.

2015 Year Built
8 for Sale
17% Inventory
0 Pending Sales
0 Closed (re)Sales in Last 6-Months
Median List Price $15.475M
Median LP$/PSF $3911

ICON Bay 460 NE 28th Street (Edgewater)

Reminds me of “If you build it, they will come.” ICON is at least on the waterfront in Edgewater with amazing open Biscayne Bay views having great potential to push through its lull and shine with time. Anything ICON (ICON South Beach & ICON Brickell) eventually become a ‘go-to’ destination for the cool kids in Miami. Luxurious. Large. Sexy. It’s so Miami!

2015 Year Built
103 for Sale
34% Inventory
1 Pending Sale ($575 PSF asking)
4 Closed (re)Sales in Last 6-Months ($550 Median SP$/PSF)
Median List Price $745,000
Median LP$/PSF $601

Mansions at Acqualina 17749 Collins Avenue (Sunny Isles Beach)

Mansions will eventually come around and push through this lull; I have no doubts or concerns. The residences are extraordinary, and the finishes are ultra high-end, with amenities and services one would expect of the Acqualina brand. Gorgeous. Sexy. Pricey. The Mansions at ACQ is Miami’s new construction top contender for oceanfront luxury.

2015 Year Built
15 for Sale
19% Inventory
1 Pending Sale ($2860 PSF asking)
1 Closed (re)Sales in Last 6-Months ($1573 SP$/PSF)
Median List Price $7.5M
Median LP$/PSF $1616

Marea 801 South Point Drive (SoBe/SoFi)

But unfortunately, Marea is not waterfront. The South of Fifth project has the potential to be between $1,000 and $1,200 per square foot, but at $1,800+ asking values, the neighborhood has far better options.

2015 Year Built
9 for Sale
30% Inventory
0 Pending Sales
2 Closed (re)Sales in Last 6-Months ($1099 SP$/PSF)
Median List Price $3.050M
Median LP$/PSF $1869

Marina Palms (North Tower) 17301 Biscayne Boulevard (North Miami)

For Miami Beach agents, this new project is the one that’s “way up there.” This is located in North Miami just before Aventura, and is a good location once the values are corrected. The MLS has way too many resales to choose from today. I’m glad my boat-loving clients didn’t buy after all (b/c of boat slip bylaw/condo doc concerns), but we will be watching for deals this year. Anything in the $350 to $450’s per square foot makes sense, but they’re in trouble at $584 median per square foot asking. I expect speculator losses to continue.

2015 Year Built
102 for Sale
44% Inventory
0 Pending Sales
3 Closed (re)Sales in Last 6-Months ($399 SP$/PSF)
Median List Price $1.180M
Median LP$/PSF $584

Millecento 1100 S Miami Avenue (Brickell)

Walk Score is A+ and next to Mary Brickell and the Metromover Station. Anything in the $350 to $400 per square foot is on target for a rock star deal.

2015 Year Built
69 for Sale
18% Inventory
2 Pending Sales ($475 PSF asking)
3 Closed (re)Sales in Last 6-Months ($370 SP$/PSF)
Median List Price $499k
Median LP$/PSF $488

NINE at Mary Brickell Village | 999 SW 1st Avenue (Brickell)

If you’re looking for a good building that’s new, glamorous, and affordable in Brickell, then look no further. I like the location of NINE if only the resale values become reasonable. Unfortunately, the units do not have the best floor plans. Closet space alone would have most women running for the front door. As a side note, ensure your lease has the owner paying for water.

2015 Year Built
43 for Sale
11% Inventory
1 Pending Sale ($508 PSF asking)
0 Closed (re)Sales in Last 6-Months
Median List Price $509
Median LP$/PSF $577,000

ONE Ocean 1 Collins Avenue (SoBe)

Several of Miami’s top agents have resales with no results. This is a better alternative to Marea and less than a block from the Atlantic Ocean, Nikki Beach, and Prime 112.

2015 Year Built
11 for Sale
22% Inventory
0 Pending Sales
0 Closed (re)Sales in Last 6-Months
Median List Price $1716
Median LP$/PSF $5.5M

Peloro 6610 – 6620 Indian Creek Drive (NoBe)

Although bayfront, this North Beach location is not on the top list for most desirable Miami locations. There’s a convenient Publix grocery two blocks north and great mom & pop-style restaurants/shops within walking distance, but this neighborhood has not seen such price points. With excellent views gazing over Biscayne Bay to Allison Island, this project should do well around $500 PSF.

2015: Year Built
16 for Sale
14% Inventory
0 Pending Sales
0 Closed (re)Sales in Last 6-Months
Median List Price $795,000
Median LP$/PSF $686

(figures derived from the South Florida MLS Matrix)

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Resilient we are, and for Miami’s new construction, it’s only a matter of time before we see these lights on at night. Whether you’re searching for Southeast Florida corporate relocation, off-market properties, new construction, waterfront estates, condo resales, land for development, market trends, or just plain good deals, let me know, and I’ll have it ready & customized for you. I’m a broker-associate and a top producer with the leading firm – ONE Sotheby’s International Realty. Why Sotheby’s? Because of the brand heritage, global reach, and propensity for perfection.

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Snagging a Deal in the Magic City: Your Guide to Miami New Construction

Here are today’s top contenders in alphabetical order indeed to offer Miami condo discounts & deals:

400 Sunny Isles 400 Sunny Isles Boulevard (Sunny Isles)