# 38 West Eleventh: preconstruction prices and deposits

> Source: https://bluebaybrokers.com/buildings/38-west-eleventh
> 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

38 West Eleventh is the bet that worked: 659 furnished units with nightly Airbnb rental 365 days a year, sold out, financed with a $215M loan. The developer has nothing left to sell. Two doors remain: an assignment from an original buyer today, at a basis near launch prices, or the closing wave in 2028, when 659 owners fund their balance at once and the motivated ones sell.

## 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 659 all at once, to the same buyer pool

Closings per year 340 trailing 12 months, 33136, 33132, same band

Years of supply 1.9 this building alone

Band closes at $513/sf median of real closings, not asks

| Band, 33136, 33132 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $300K – $600K | 239 | $420,000 | $513 |
| $600K – $1.2M | 101 | $785,000 | $597 |

**Absorption: the closing wave**

Across 33136 and 33132, 243 homes closed at $300K to $600K and 101 at $600K to $1.2M in the last twelve months. 659 units is 1.9 years of that flow, delivered in one quarter. 33136 already carries 23.3 months of supply, asks at $818 a foot against $533 paid. E11EVEN next door shows what follows a delivery: 41 resales listed within four months of its June 2026 closings. Expect the same here, and buy into it, not before it.

## The market it lands in

Everything for sale in 33136, 33132 today against everything that actually sold there this past year. This is the pool your resale competes in.

Active inventory 859 homes listed across 33136, 33132

Sold, trailing year 434 recorded closings, every price

Months of supply 23.8 under 6 favours sellers, over 12 favours buyers

Asking vs sold $814/sf asked, against $532/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 33136, 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 $1,048/sf entry residences

Entry vs new stock +19% 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

$811–$1,048/sf

99% sold · launched from the mid-$300,000s to $1.2M (The Real Deal, 2023) · 334 – 1,480 sf · nothing listed on the MLS today

Band closes at $513/sf $300K – $600K, trailing 12 months

Listed here today 0 nothing on the MLS

**Launch basis against what delivered units resell at**

Launch prices from the mid-$300,000s put the 334 sf studio near $1,050 a foot; the 2023 price list on Florida YIMBY started studios at $539,000, and the broker sheet reads $1,200 a foot today. E11EVEN, same team, same nightly model, has three MLS resales at $1,280 to $1,636 a foot and asks a median $1,545. Generic new stock in the two postcodes resells at $877. An assignment near the launch basis is the cheapest way into this format; above $1,300 a foot, wait for 2028.

## On the MLS today

Nothing at this address is on the MLS

Not one Active listing at 38 NW 11th St, Miami FL 33136, 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 $350,000 at 4.5% simple, 18 months to delivery.

| Milestone | % | Payment | Committed | Held | Carry |
|---|---|---|---|---|---|
| Deposits already paid by the original buyer (assumed standard), reimbursed at assignment | 30% | $105,000 | $105,000 | 18 mo | −$7,088 |
| At closing (Q1 2028) | 70% | $245,000 | $350,000 | 0 mo | −$0 |
| Committed before closing |  |  | $350,000 |  | −$7,088 |

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 $7,088, 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 334 sf.

| HOA, not published by the developer | — |
|---|---|
| Property tax at 2.02% of $350,000 | −$7,070 |
| Insurance (HO-6), $3.60/sf | −$1,202 |
| Annual carry, before any income | −$8,272 |

**What to secure before you sign**

An assignment needs the developer's written consent and usually a fee; get both, and the original contract, since you reimburse the deposits already paid. The schedule is not published; we assume 30 percent paid, about $105,000 on a $350,000 studio, idle eighteen months, with the 70 percent balance at closing. Ask for the association budget and the Airbnb programme's fee split before pricing any yield, and read the recorded declaration for the rental language.

## Delivery risk

| Construction financing | Closed. $215M construction loan from GoldenTree Asset Management, April 2025 (The Real Deal), when the tower was reported 99 percent sold. |
|---|---|
| Presold | 99% at last disclosure |
| Delivery | Q1 2028 per the loan release (April 2025). The 2023 launch material said 2027 and the broker sheet still does. The model holds eighteen months. |
| Developer | PMG (Property Markets Group) with Lion Development Group and Marc Roberts Companies, the team behind E11EVEN Hotel & Residences two blocks away. Sieger Suarez Architects, Cotofana interiors, John Moriarty & Associates general contractor, PMG Residential sales. |
| Rental policy | Nightly rental 365 days a year through a centralised Airbnb programme, per the developer and The Real Deal (2023, 2025). The recorded declaration has not been read |

## Recommendation

BlueBay Brokers · 38 West Eleventh

### Buy the assignment or the wave, not the list

A financed, sold-out tower of furnished nightly-rental units, from the team that delivered E11EVEN. Construction risk is low; the open question is how 659 sellers price at closing.

Take an assignment only near the launch basis, around $1,050 to $1,200 a foot. Otherwise wait for Q1 2028 and offer toward the E11EVEN resale line with the budget and declaration in hand.

## 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.

## Read next

- [HUB Miami Residences, Downtown, Delivering 2027 (marketed)](https://bluebaybrokers.com/buildings/hub-miami)
- [501 First Residences, Downtown, Delivered 2026](https://bluebaybrokers.com/buildings/501-first)
- [600 Miami Worldcenter, Downtown, Closings Q4 2026](https://bluebaybrokers.com/buildings/600-miami-worldcenter)
- [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)

## Sources

- [The Real Deal, PMG and partners score $215M construction loan (Apr 2025)](https://therealdeal.com/miami/2025/04/01/pmg-partners-score-215m-loan-for-miami-airbnb-condo-tower/)
- [The Real Deal, PMG and partners plan 44-story Airbnb condo tower near E11even (Feb 2023)](https://therealdeal.com/miami/2023/02/15/pmg-partners-plan-44-story-airbnb-condo-tower-near-e11even-miami/)
- [Florida YIMBY, West Eleventh aiming for 2027 completion (Apr 2023, sizes and launch prices)](https://floridayimby.com/2023/04/west-eleventh-aiming-for-2027-completion-at-1050-n-miami-avenue-miami-florida.html)
- [South Florida Agent Magazine, 38 West Eleventh lands $215M construction loan (Apr 2025)](https://southfloridaagentmagazine.com/2025/04/23/38-west-eleventh-construction-loan/)
- [PMG, 38 West Eleventh portfolio page (read 1 October 2026)](https://propertymg.com/portfolio/38-west-eleventh)

**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.