The Short Answer
Across Miami’s new-construction condominium market above $1,000,000, there have been 122 closed sales against 271 listings currently active, pending or contingent. That is 2.22 listings for every sale.
The sales are not spread across the pipeline. They are concentrated in a handful of buildings.
Five Park in South Beach accounts for 54 of the 122 closings, which is 44% of every new-construction sale in this data. The top five buildings account for 92 of 122, or 75%. Eight buildings have produced essentially the entire market.
Fourteen buildings have produced no closed sales at all and carry 121 listings between them. Five of those are mid-Beach trophy projects, 72 Park, the Ritz-Carlton Residences South Beach, 29 Indian Creek, The Perigon and Tula Residences, which hold 56 listings between them and have closed nothing.
And the asking prices in the buildings with no closed sales are not near what the market has paid. The median new-construction closing ran $1,682 per square foot. The Ritz-Carlton Residences South Beach asks a median $3,977 and The Perigon $3,841.
None of that means those buildings will not sell. Several deliver in 2026, 2027 and 2028 and are priced against a market two or three years out. It means that anyone comparing a new-construction asking price to what new construction has actually closed at is looking at a gap of roughly two times, and that the “Miami new construction market” is, on closed evidence, one building and a short list of others.
What New Construction Actually Closes At
| Measure | Miami new construction, $1M and above |
|---|---|
| Closed sales | 122 |
| Active, pending and contingent listings | 271 |
| Listings per closing | 2.22 |
| Median closed price | $3,289,000 |
| Median closed price per square foot | $1,682 |
| Median size | 2,394 SF |
| Median days to contract | 135 |
| Sold to list price | 93.5% |
| Closed range | $1,150,000 to $25,000,000 |
| Median asking price, live listings | $3,250,000 |
| Median asking price per square foot | $1,698 |
The closed median and the asking median are close, $1,682 against $1,698 per square foot. That similarity hides the real story, because the asking pool contains both the cheap suburban-scale projects and the mid-Beach trophy towers. Broken out by building, the two pools barely overlap.
Eight Buildings Are the Market
| Building | Closings | Live listings | Median closed price | Median $/SF | Median size | Days to contract |
|---|---|---|---|---|---|---|
| Five Park, South Beach | 54 | 21 | $3,895,000 | $1,935 | 2,336 SF | 127 |
| Aurora, Sunny Isles | 10 | 0 | $1,794,000 | n/a | n/a | 5 |
| The Well Bay Harbor | 10 | 16 | $2,844,500 | $1,409 | 1,849 SF | 326 |
| Mr. C Residences, Coconut Grove | 9 | 2 | $2,675,000 | $1,767 | 1,662 SF | 155 |
| Onda Residences, Bay Harbor | 9 | 9 | $4,380,000 | $1,538 | 3,174 SF | 267 |
| Vita at Grove Isle | 4 | 7 | $7,925,000 | $2,443 | 3,263 SF | 131 |
| Alana Bay Harbor | 2 | 5 | $1,637,500 | $1,077 | 1,512 SF | 628 |
| Estates at Acqualina | 1 | 2 | $25,000,000 | $2,747 | 9,100 SF | 63 |
These eight buildings account for 99 of the 122 closings. The remaining 23 are spread thinly across smaller projects, none with enough sales to report on its own. Five Park closed 54 residences at a median $3,895,000 and $1,935 per square foot, in a median 127 days, taking 93.1% of list. Its closings ran two in 2024, 28 in 2025 and 24 in 2026, so it has been absorbing steadily rather than clearing in one launch. It is the only building in Miami’s new-construction market with a deep closed-sale record, and at 52 closings carrying a rate it is the only reliable rate in this entire analysis.
Two rows in that table are worth reading for the opposite reason.
Aurora in Sunny Isles closed 10 residences in a median five days and has nothing left. At a $1,794,000 median it is the cheapest building with real volume, and it is the only one in the data that is both sold out and was fast. Its records carry no square footage, so no rate can be quoted.
Alana Bay Harbor took a median 628 days on two closings, and The Well Bay Harbor took 326 on ten. Bay Harbor Islands has produced real sales, but slowly. Onda at 267 days sits in the same pattern. Three of the four Bay Harbor projects in this data are among the slowest sellers in Miami.
Fourteen Buildings, 121 Listings, Zero Closings
| Building | Live listings | Median asking price | Median ask per SF | Delivery year |
|---|---|---|---|---|
| 72 Park, Miami Beach | 20 | $1,662,500 | $1,957 | 2025 |
| Ritz-Carlton Residences South Beach | 13 | $9,500,000 | $3,977 | 2028 |
| Villa Sofia, South Beach | 12 | $1,835,852 | $1,681 | 2026 |
| Shore Club Private Collection | 11 | $3,536,000 | $1,944 | 2025 |
| 29 Indian Creek | 10 | $2,763,450 | $1,862 | 2025 |
| Bay Harbor Towers | 8 | $4,681,249 | $1,725 | 2026 |
| The Perigon, Miami Beach | 7 | $18,375,000 | $3,841 | 2026 |
| Biltmore, Coral Gables | 7 | $4,200,000 | $1,367 | 2025 |
| Arbor Coconut Grove | 6 | $1,946,328 | $1,218 | 2025 |
| Tula Residences | 6 | $2,835,850 | $1,505 | 2026 |
| Porto Bay Harbor | 6 | $2,935,000 | $1,066 | 2027 |
| 9900 West, Bay Harbor | 5 | $3,200,000 | $1,384 | 2026 |
| Milano Boutique | 5 | $4,255,000 | $2,205 | 2027 |
| Indian Creek Residences | 5 | $5,600,000 | $1,753 | 2026 |
These are asking prices with no closed sales behind them in this window. Several of these buildings have not delivered, and a project selling for 2027 or 2028 delivery that records no MLS closing yet is behaving normally. Developer contracts also do not always appear as MLS closings until a building delivers, which is a real limitation of this measure and one I come back to in the method note.
What the table does establish is where the asking side sits relative to the only rate the market has proven. Across all 122 closings the median was $1,682 per square foot, and the deepest single building, Five Park, closed at $1,935 across 52 rate-bearing sales. Against that:
- The Ritz-Carlton Residences South Beach asks $3,977 per square foot, which is 2.4 times the overall closed median and 2.1 times Five Park’s proven rate.
- The Perigon asks $3,841, which is 2.3 times and 2.0 times.
- Milano Boutique asks $2,205 and 72 Park asks $1,957, both above anything proven outside Vita at Grove Isle.
At the other end, Porto Bay Harbor at $1,066 and Arbor Coconut Grove at $1,218 are asking below the closed median, which is its own signal.
The mid-Beach cluster is the sharpest version of this
Four Miami Beach projects, 72 Park, the Ritz-Carlton Residences South Beach, 29 Indian Creek and The Perigon, hold 50 live listings between them and have closed nothing in this data. Their asking rates run from $1,862 to $3,977 per square foot. Tula Residences, which the MLS codes to the same area, is in North Bay Village rather than Miami Beach and is counted in the wider table but not in this cluster.
That is the part of Miami Beach with the most new trophy product and the least closed evidence of any kind. A buyer there is pricing against brochures, and a seller of an existing residence nearby has no new-construction comparables to point at.
The Pipeline Has Not Started Selling
| Delivery year | Closings | Live listings | Median closed price | Median closed $/SF |
|---|---|---|---|---|
| 2024 | 72 | 34 | $3,250,000 | $1,681 |
| 2025 | 43 | 79 | $3,400,000 | $1,708 |
| 2026 | 7 | 95 | $2,700,000 | $1,242 |
| 2027 | 0 | 34 | n/a | n/a |
| 2028 | 0 | 22 | n/a | n/a |
| 2029 and 2030 | 0 | 7 | n/a | n/a |
Read the first two columns down the table. Buildings delivering in 2024 have produced 72 closings against 34 remaining listings, so that vintage is roughly two-thirds absorbed. Buildings delivering in 2025 have produced 43 against 79. Buildings delivering in 2026 have produced seven closings against 95 listings. Everything delivering in 2027 or later has produced none against 63.
So the market’s closed evidence is almost entirely about product that has already delivered. The 2026 vintage has barely begun to transact and the 2027 and later vintages have not transacted at all. Roughly six out of every ten new-construction listings in Miami are in buildings whose delivery year has produced fewer than eight sales.
Where the New Construction Is
| Area | Closings | Live listings | Median closed price | Median closed $/SF |
|---|---|---|---|---|
| South Beach | 54 | 37 | $3,812,500 | $1,969 |
| Bal Harbour, Bay Harbor and Surfside | 39 | 105 | $2,660,000 | $1,381 |
| Coconut Grove and Coral Gables | 24 | 52 | $2,887,500 | $1,582 |
| Miami Beach, mid and north | 1 | 74 | n/a | n/a |
Four closings and three listings fall in smaller areas not shown above, so this table covers 118 of the 122 closings and 268 of the 271 listings. South Beach has produced 54 of the 122 closings and holds 37 listings, which is the only area in Miami where new construction is selling faster than it is being listed. Essentially all of that is Five Park.
Bal Harbour, Bay Harbor Islands and Surfside hold 105 listings against 39 closings, which is 2.7 to 1. Bay Harbor Islands in particular has a large number of small new boutique buildings and, as the building table shows, the ones that have sold took 267 to 628 days.
Mid and north Miami Beach holds 74 listings. Its single closing in this data is a Five Park residence that the MLS coded to that area rather than to South Beach, so in substance the area has produced none.
What This Means If You Are Buying New Construction
Ask what has closed in the building, not what is asking. Fourteen buildings holding 121 listings have no closed sales at all. In those buildings the asking price is the only number that exists, and in two of them it is more than twice the rate new construction has actually achieved across Miami.
Five Park is the only building with a real comparable set. Fifty-two rate-bearing closings at $1,935 per square foot, 127 days, 93.1% of list. If you are buying anywhere else in new construction, you are buying without that.
Delivery year tells you how much evidence exists. A 2024-delivery building has a closed record. A 2026-delivery building probably does not: that vintage has seven closings against 95 listings. Price accordingly, and treat a 2027 or 2028 building’s price sheet as a developer’s forecast rather than a market reading.
In Bay Harbor Islands, plan for a long hold if you may resell. The three Bay Harbor buildings with closings took 267, 326 and 628 days. That is the slowest cluster in the data.
Where asking is below the closed median, look harder. Porto Bay Harbor at $1,066 and Arbor Coconut Grove at $1,218 per square foot are asking below the $1,682 new-construction median. That may reflect location, finish level or unit mix rather than a bargain, but it is worth understanding why.
What This Means If You Are Selling a Resale Nearby
The new building next door is not a comparable until it closes something. If a buyer tells you that a 2026 or 2027 project nearby is asking $3,800 per square foot, the correct answer is that the project has not sold anything at that price and that new construction in Miami has closed at a median of $1,682.
Five Park is the exception and it is a real one. Its 54 closings at $1,935 per square foot are the strongest new-construction evidence in the market, and in South Beach that is a legitimate comparable.
Your competition is 271 listings, most of which are not selling. New construction holds 2.22 listings for every closing, and 121 of those listings sit in buildings with no closed sales. For a delivered resale with a track record, that is an argument, not a threat.
Frequently Asked Questions
How many new construction condos are actually selling in Miami?
One hundred twenty-two have closed above $1,000,000 against 271 listings currently active, pending or contingent, which is 2.22 listings for every sale. The closings are heavily concentrated: Five Park in South Beach accounts for 54 of them, or 44%, and the top five buildings account for 75%.
What does new construction cost in Miami?
A median of $3,289,000 at $1,682 per square foot for 2,394 square feet, across 122 closings. Closed prices ran from $1,150,000 to $25,000,000, and the median sale took 135 days to contract at 93.5% of list price. The deepest single building, Five Park, closed at a median $3,895,000 and $1,935 per square foot.
Which Miami new construction building is selling best?
Five Park in South Beach, by a wide margin. It has closed 54 residences at a median $3,895,000 and $1,935 per square foot in a median 127 days, with 21 listings remaining. Its sales ran two in 2024, 28 in 2025 and 24 in 2026, so it has absorbed steadily rather than in one launch. Aurora in Sunny Isles is the only other building that is effectively sold out, with 10 closings at a $1,794,000 median and nothing remaining.
Are any Miami new construction buildings not selling?
Fourteen buildings in this data have recorded no closed sales and carry 121 listings between them. The largest are 72 Park with 20 listings, the Ritz-Carlton Residences South Beach with 13, Villa Sofia with 12, the Shore Club Private Collection with 11 and 29 Indian Creek with 10. Several of these have not delivered yet, and developer contracts do not always appear as MLS closings before delivery, so zero closings is not the same as zero sales.
Are Miami pre-construction asking prices higher than what buildings actually sell for?
In the trophy tier, substantially. The median new-construction closing across Miami was $1,682 per square foot, and the deepest proven building, Five Park, closed at $1,935. The Ritz-Carlton Residences South Beach asks a median $3,977 per square foot and The Perigon $3,841, which is roughly twice the proven rate. Those buildings deliver in 2028 and 2026 respectively and are priced against a future market, but no closed sale supports those rates today.
Which Miami neighborhood has the most unsold new construction?
Mid and north Miami Beach, which holds 74 listings and has produced no closings of its own in this data. Bal Harbour, Bay Harbor Islands and Surfside follow with 105 listings against 39 closings, a ratio of 2.7 to 1. South Beach is the only area where closings exceed listings, at 54 against 37, and almost all of that is Five Park.
How long does a new Miami condo take to sell?
A median 135 days to contract across 122 closings. By building the spread is enormous: Aurora in Sunny Isles took a median five days, Five Park 127, Mr. C Residences 155, Onda 267, The Well Bay Harbor 326 and Alana Bay Harbor 628. The three slowest are all in Bay Harbor Islands.
Has the 2026 and later pipeline started selling?
Barely. Buildings delivering in 2026 have produced seven closings against 95 listings. Buildings delivering in 2027 and later have produced none against 63 listings. By contrast, 2024-delivery buildings have produced 72 closings against 34 remaining listings. Almost all closed evidence in Miami new construction concerns product that has already delivered.
Is new construction a better buy than resale in Miami?
This analysis does not answer that, because it measures only new construction. What it does establish is that new construction carries far less closed evidence than resale, 122 sales across the whole market against hundreds in individual established buildings, and that in buildings with no closings the asking price is the only figure available. My analyses of Continuum on South Beach, Oceana Bal Harbour and the Coconut Grove condo market set out what the delivered side looks like when it is measured the same way.
Buying or Selling Miami New Construction?
What a new-construction residence is worth cannot be reduced to a developer price sheet or to an average price per square foot. It depends on whether the building has closed anything at all, how many residences remain unsold and at what asking rates, the delivery year and what the deposit schedule requires before it arrives, how the building’s floor plans compare to what has actually traded nearby, whether a comparable is a developer sale or a resale, and how many competing residences of similar size sit in the same building and the same submarket right now.
If you’re evaluating a residence at Five Park, 72 Park, The Perigon, the Shore Club Private Collection, the Ritz-Carlton Residences South Beach, Onda Residences, The Well Bay Harbor, Villa Sofia, Arbor Coconut Grove, Vita at Grove Isle or anywhere else in Miami’s new-construction pipeline, contact Ashton Coleman for a property-specific comparison using recent closed sales and current competing inventory.
Explore current listings on Miami Penthouses & Estates.
📞 305.978.7704
📧 AColeman@onesothebysrealty.com
About the Market Data
This analysis uses a Southeast Florida MLS (SEFMLS) single-line export of Miami-Dade new-construction condominium listings priced at $1,000,000 and above, pulled in October 2026. The file holds 393 usable listing records: 122 closed sales, 214 active listings, 49 pending sales and eight active contingent. Closings span December 2023 through September 2026.
The most important limitation is what an MLS closing does and does not capture in new construction. Developer contracts signed years before delivery frequently do not appear as MLS closed sales, and in some projects never appear at all because the developer sells directly rather than through the MLS. A building showing zero MLS closings may have sold a large share of its residences under contract. For that reason “zero closings” in this analysis means no closed MLS evidence, which is a statement about what a buyer or an appraiser can verify, not a statement that the building is not selling. Every figure here should be read as a measure of publicly verifiable evidence rather than of developer performance.
Two records were excluded as corrupt: one reporting a closing in 2012 with a year built of 2088 inside a 2024-and-later pull, and one failing field validation. Buildings are assigned by street address rather than by the MLS subdivision field, which labels the same building several different ways. Five Park covers 500 Alton Road and 501 West Avenue, and one of its closings is coded by the MLS to the mid-Beach area rather than South Beach, which is noted where it affects the area table. The Well Bay Harbor covers 1176 and 1177 Kane Concourse. The Shore Club Private Collection covers 8777 and 8800 Collins Avenue.
Data coverage is uneven and matters here. Of the 122 closings, all 122 report a sale price, 105 report a price per square foot, 96 report living area, 115 report a list price and 111 report days on market. Each median is computed on the records that carry that field. Aurora in Sunny Isles reports no living area on any of its 10 closings, so no rate is shown for it. Of the 271 live listings, 250 report an asking rate per square foot.
Sample sizes vary enormously by building and only one building supports a confident rate. Five Park rests on 54 closings, of which 52 carry a rate. Aurora and The Well Bay Harbor rest on 10 each, Mr. C Residences and Onda on nine, Vita at Grove Isle on four, Alana Bay Harbor on two and Estates at Acqualina on one. Any figure drawn from a building with fewer than about eight closings describes those particular sales rather than the building.
Delivery year is the year built or projected completion the listing reports. For buildings still under construction it is the developer’s projected date and is subject to change, which is why the pipeline table should be read as a statement of what is currently scheduled rather than of what will deliver.
Asking prices in the zero-closing table are asking prices. They are evidence of what sellers want and of nothing else. Sold to list price uses the list price on the closed record, which in new construction is frequently the developer’s published price rather than a reduced one, so the 93.5% figure is not comparable to the resale discount figures in my building analyses, which measure against original asking prices.
Disclosure: ONE Sotheby’s International Realty is the sales team for several Miami new-construction projects, including Anantara Residences Miami and Ziggurat Coconut Grove. Neither appears in the tables above. Readers should weigh any new-construction analysis written by an agent accordingly, and verify building-level claims independently. MLS information is believed accurate but is not guaranteed.
Disclaimer
Information is provided for informational purposes only and is subject to change without notice. Real estate statistics, listings and sales information should be independently verified. Nothing contained herein constitutes legal, tax, financial or investment advice. Buyers and sellers should consult appropriate professional advisors before making real estate decisions.
