# 14 ROC Miami: preconstruction prices, deposits, rental rules

> Source: https://bluebaybrokers.com/buildings/14-roc
> Publisher: BlueBay Brokers LLC, 1541 Brickell Ave #1201, Miami FL 33129 (Florida broker BK3411036)
> Figures read on: 2026-10-07
> Plain-text copy of the page above for AI assistants and readers. Quote with attribution to BlueBay Brokers; each figure carries its own source and read date. Nothing here certifies that a short-term rental is legal at any address.

## The bet

14 ROC is under construction, about half sold before a single floor went vertical, and built by a developer who has already delivered a short-term-rental tower in this same postcode and paid off its $213M construction loan. All of that is real and it puts the delivery risk in the low half of this pipeline. So is the price: the entry residence asks about $1,244 a foot, and the delivered short-term-rental towers a few blocks away, Gale, Natiivo and The Crosby, closed over the trailing year between $808 and $1,063. Buy this for the rental income and the location, negotiate on the price, and underwrite the exit at what the format actually trades at rather than at the price list.

## Absorption and timing

How many homes close each year in this building's price band and postcode, against how many it is about to deliver. No brochure answers this, and it governs both the resale and the developer's willingness to discount.

Units delivering 283 all at once, to the same buyer pool

Closings per year 204 trailing 12 months, 33132, same band

Years of supply 1.4 this building alone

Band closes at $551/sf median of real closings, not asks

| Band, 33132 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $450,000 – $750,000 | 141 | $540,000 | $551 |
| $750,000 – $1.3M | 63 | $988,000 | $633 |

**Absorption is comfortable, the competition is not**

Downtown and the Arts District closed 213 homes across 14 ROC's two price bands over the trailing year. 283 residences is about 1.3 years of that, a normal amount of supply for a building delivering in 2028 and not the constraint here. The constraint is standing inventory: 33132 is carrying 22.7 months of it, one of the deepest buyer's markets in the county, and that is before this tower and the rest of the short-term-rental pipeline arrive. The offsetting fact is real and worth using. A developer price list only rises as inventory depletes, and 14 ROC has already moved from $495,000 at launch in 2024 to about $520,000 today, so the early cohort is up on paper against the current list. At roughly half sold before vertical construction, the remaining inventory is the part GFO no longer needs to discount, which is the argument for going now rather than later. The argument for going at all is the income.

## The market it lands in

Everything for sale in 33132 today against everything that actually sold there this past year. This is the pool your resale competes in.

Active inventory 830 homes listed across 33132

Sold, trailing year 397 recorded closings, every price

Months of supply 25.1 under 6 favours sellers, over 12 favours buyers

Asking vs sold $822/sf asked, against $551/sf actually paid

How to read the gap

Asking is an opinion, sold is a fact, and months of supply is your leverage. Do not compare this building to the postcode median, which mixes in stock built decades ago: the comparison that counts is the band below.

## What recent deliveries resell for

The only read-across that means anything here: condominiums in 33132 built from 2023 onward, people who bought new and took delivery, and what their units resell for now.

New stock resells at $877/sf median of 16 closings this year

Movement since -22.3% across recently delivered buildings

This building asks $1,244/sf entry residences

Entry vs new stock +42% below zero means you buy new under resale

| Year of resale | Closings | Median $/sf |
|---|---|---|
| 2024 | 8 | $1,128 |
| 2025 | 16 | $869 |
| 2026 | 16 | $877 |

Why a year can show no figure

Under 5 transactions a median is noise, so it is withheld. Recently delivered buildings are thin by nature, which is itself worth knowing before counting on a quick resale.

## The basis

What it asks per foot against what its band actually closes at. Comparing one preconstruction ask to another tells you nothing: both are price lists.

Asking

$1,244–$1,250/sf

$520,000 – $1.2M · 418 – 960 sf · the launch price in 2024 was $495,000

Band closes at $551/sf $450,000 – $750,000, trailing 12 months

Listed here today 0 nothing on the MLS

**What the format actually resells for**

This is the number to look at. Condominiums built in 33132 since 2023 and since resold closed this year at a median of $868 a foot across 14 transactions, down from $1,128 in 2024. Pulled building by building over the trailing year, Gale closed 13 residences at a median of $808, Natiivo five at $901 and The Crosby two at $1,063. Those are the delivered short-term-rental towers in 14 ROC's own postcode and they are the right comparison, because they are the same format, the same buyer and the same rental thesis. 14 ROC's entry residence asks about $1,244 a foot. That is roughly 40 percent above where the format currently closes, and the gap has been widening rather than closing. Two honest readings follow. If you are buying the income, the ask per foot matters less than the nightly rate and the association budget, and the location beside the Kaseya Center and the Arsht Center gives event-driven demand that most of this pipeline does not have. If you are buying the resale, the delivered comparables say you would be underwriting a recovery that cannot yet be measured. Note also that the band table below closes at $556 a foot: that band is mostly conventional apartments twice this size, so read it as the price competition at exit rather than as the value of the format.

## On the MLS today

Nothing at this address is on the MLS

Not one Active listing at 125 NE 14th St, Miami FL 33132, pulled 2026-10-07. The building is being sold off-market by the developer's own sales team, which is normal at this stage and has one consequence worth stating: there is no independent asking price to check the developer's price list against, so every size and price on this page comes from the developer or the trade press rather than from a transaction. It is also why this page carries no photograph: the MLS licence that lets us display a listing's images does not extend to a render off a brochure.

## What the deposit costs to hold

A preconstruction deposit is committed years before you hold a deed, earning nothing. That carry is a real cost of the trade and it is never in the pitch. Modelled on $520,000 at 4.5% simple, 24 months to delivery.

| Milestone | % | Payment | Committed | Held | Carry |
|---|---|---|---|---|---|
| At contract (assumed standard) | 10% | $52,000 | $52,000 | 24 mo | −$4,680 |
| 60 days after contract | 10% | $52,000 | $104,000 | 22 mo | −$4,290 |
| At top-off | 10% | $52,000 | $156,000 | 10 mo | −$1,950 |
| At closing | 70% | $364,000 | $520,000 | 0 mo | −$0 |
| Committed before closing |  |  | $520,000 |  | −$10,920 |

Why this line matters more than the yield

Nothing is rented and nothing is owned meanwhile, so the whole return has to come from the gap between contract price and the market at delivery. That carry, about $10,920, is the hurdle before you break even, and deposits are generally non-refundable, so a delivery that slips extends it without your consent.

## Carry at delivery

What it costs to own before any income, on the smallest residence of 418 sf.

| HOA at $1.95/sf/month | −$9,781 |
|---|---|
| Property tax at 2.02% of $520,000 | −$10,504 |
| Insurance (HO-6), $3.60/sf | −$1,505 |
| Annual carry, before any income | −$21,790 |

**What to secure before you sign**

Three items, all standard. GFO has not published a deposit schedule, so the table above assumes the Miami standard 10/10/10/70; the true schedule changes the carry materially and is the first thing to ask for. The association budget is not published either. The $1.95 a foot used above is the median of what Gale, Natiivo and The Crosby actually charge on the MLS today, which is the closest measurable proxy and deliberately not a developer estimate. And get the on-site rental programme in writing, specifically the split, the term and whether an owner can opt out and self-manage. On a building bought for income, that document is worth more than the finishes.

## Delivery risk

| Construction financing | Not published. No construction loan has been announced for 14 ROC. Vertical construction began in June 2026 with Seawood Builders as general contractor and the tower was reported around 50 percent sold at that point, so the project is being funded, but the capital stack has not been disclosed. Galbut's track record is the read-across: GFO paid off the $213M construction loan on its downtown Miami tower in 2024. |
|---|---|
| Presold | 50% at last disclosure |
| Delivery | 2028. Construction began in June 2026, which is the fact that matters: the schedule is under way rather than announced. Sources disagree on height, 32 storeys in the 2024 sales-launch release and 31 in the June 2026 construction-start coverage; 31 is used here. |
| Developer | 14th Street Miami Investments LLC, an affiliate of Russell Galbut's GFO Investments, with Cervera Real Estate leading sales. Galbut delivered the Gale short-term-rental tower in this same postcode and closed it out. RSP Architects designed it, March and White Design did the interiors, Urban Robot Associates the landscape, Seawood Builders is building it. |
| Rental policy | Short-term rentals permitted |

## Recommendation

BlueBay Brokers · 14 ROC Miami

### An income position, priced ahead of its comparables

The delivery risk here is the low half of this pipeline. Construction started in June 2026 with Seawood Builders, roughly half the building sold before a floor went vertical, and Russell Galbut has already built and closed out a short-term-rental tower in this postcode. Absorption is comfortable at about 1.3 years of the band's closings, and the location beside the Kaseya Center and the Arsht Center gives event-driven nightly demand that Brickell's business travel does not cover.

The price is where the work is. The entry residence asks roughly $1,244 a foot while the delivered short-term-rental towers in the same postcode close between $808 and $1,063, and 33132 is carrying 22.7 months of standing inventory. That combination does not say stay out. It says buy for the rental income and negotiate, because a market with nearly two years of supply is one where a developer listens.

So: take the smallest plans, where the absolute price is lowest and the yield per dollar committed is highest. Ask for the deposit schedule, the association budget and the rental programme terms before signing, and ask for a price. Underwrite the exit at what Gale and Natiivo actually close at, not at the price list. On those terms this is a defensible position. On the price list alone it is not.

## Want the rest of it?

I am Steve Gabison, a Florida broker, licence BK3411036. I wrote this page. New developments are Carolina Peña's desk at BlueBay Brokers, broker, licence BK3288753: she will send you what is behind it, in English or Spanish.

#### The full file

This page is the public read. The file adds the unit-level price list and what is actually left, the developer's land basis and what it says about room on price, the recorded rental language, and a rental underwriting on the specific line you are looking at. No charge.

#### On the purchase

Developers in this pipeline pay a cooperating broker, so having me represent you costs nothing on top of the price. I negotiate the deposit schedule, the credits and the co-broke, with the recorded comps to argue from.

#### After delivery

Property Management Brickell LLC runs the unit, as it already does across Brickell, and my own host profile carries more than 2,900 reviews at 4.82 as a Superhost. You get the pro forma before you buy.

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- [600 Miami Worldcenter, Downtown, Closings Q4 2026](https://bluebaybrokers.com/buildings/600-miami-worldcenter)
- [E11EVEN Hotel & Residences, Park West, Downtown, Delivered June 2026](https://bluebaybrokers.com/buildings/e11even-residences)
- [All the new-development studies](https://bluebaybrokers.com/new-developments)
- [Developer price vs resale on six delivered Miami condos](https://bluebaybrokers.com/developer-price-vs-resale-miami)
- [What a preconstruction deposit costs to hold](https://bluebaybrokers.com/preconstruction-deposit-carry-miami)
- [Buying preconstruction in Miami as a foreign buyer](https://bluebaybrokers.com/buy-preconstruction-miami-foreign-buyer)
- [Brickell buildings that allow daily rentals, with sources](https://bluebaybrokers.com/brickell-buildings-daily-rentals)

## Sources

- [The Real Deal, Russell Galbut launches sales of short-term rental-friendly Miami condos (Jul 2024)](https://therealdeal.com/miami/2024/07/12/galbut-launches-sales-of-short-term-rental-miami-condos/)
- [The Real Deal, Galbut family pays off $213M construction loan for downtown Miami tower (Aug 2024)](https://therealdeal.com/miami/2024/08/20/galbuts-pay-off-213m-construction-loan-for-miami-tower/)
- [Florida YIMBY, Construction begins on 14 ROC at 125 NE 14th Street (18 Jun 2026)](https://floridayimby.com/2026/06/construction-begins-on-14-roc-at-125-ne-14th-street-in-downtown-miami.html)
- [Developer site, 14roc.com](https://14roc.com/)

**Method, licence and disclaimers**

**Absorption and closed prices** © 2026 Miami Association of Realtors / SEFMLS via Bridge Data Output, pulled 2026-10-07. Deemed reliable, not guaranteed.

**Developer data.** Unit counts, sizes, pricing and delivery dates are the developer's own and are not verified by BlueBay Brokers LLC, which does not represent the developers named here and receives no compensation from them.

**Not investment advice.** A scenario built from stated assumptions. Deposit carry uses simple interest and ignores tax. The recorded condominium documents govern every legal question raised here. Consult your own tax and legal advisers.

**Rental policy** as published by the developer and routinely amended before closing.