# 501 First Residences condos: resale prices and rental rules

> Source: https://bluebaybrokers.com/buildings/501-first
> 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

501 First is finished, furnished, occupied and permits daily rentals, so a buyer today skips every risk a preconstruction contract carries and can put the unit to work this month. The entry residences ask about $970 a foot against about $868 for the Downtown cohort that has actually delivered and resold, and three dozen owners are competing for the same buyer in a postcode carrying more than twenty months of supply. That is a buyer's market for a finished product, and it is the entry stack, not the high floors, where the price is defensible.

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

Closings per year 297 trailing 12 months, 33132, same band

Years of supply 1.5 this building alone

Band closes at $480/sf median of real closings, not asks

| Band, 33132 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $300K – $500K | 167 | $400,000 | $480 |
| $500K – $900K | 130 | $611,500 | $562 |

**The hard part is already behind this building**

Absorption is the question that decides a preconstruction tower, and here it has been answered: 431 of 448 residences have recorded, so the developer is no longer competing with you and there is no unsold inventory overhanging the price. 448 units against close to 300 closings a year in the same postcode and price bands is 1.5 years of supply, which is a comfortable number and far below the three-year line where a building starts to fight itself. The live figure to watch is different: three dozen residences, around eight percent of the building, are listed today. Eight percent is a normal float for a tower that finished handing over keys four months ago, and it is the reason a buyer has leverage right now rather than a reason to stay away. Buy while the float is competing.

## 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 $970/sf entry residences

Entry vs new stock +11% 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 $970–$1,292/sf $390,000 – $995,000 · 343 – 835 sf

Band closes at $480/sf $300K – $500K, trailing 12 months

Listed here today 32 median $1,174/sf

**Buy against the delivered cohort, not against the band**

One warning before the numbers. The figure just under $500 a foot in the band table is not the benchmark for this building: a $400,000 sale in 33132 is usually a large, older unit, and dividing by its square footage flatters it against a 402 sf furnished studio. The comparison that holds is the cohort of Downtown buildings delivered from 2023 onward, Natiivo, Gale and The Crosby, which is the same small-format short-term-rental product. That cohort closed at about $868 a foot this year. 501 First's entry residences ask $970, about twelve percent above it, and its high floors ask up to $1,292, which is close to fifty percent above and is not supported by anything that has actually closed. The developer sold the building at a median of $903 a foot on recorded County areas, so the developer's own basis sits between the cohort and the current asks. Underwrite at the cohort's clearing price, treat the ask as an opening position, and the entry stack is where that arithmetic works.

## On the MLS today

32 listings at this address are Active right now, pulled 2026-10-07, of which the 30 cheapest are shown. Leases are excluded: a monthly rent sitting in the price column wrecks any comparison. This is what a buyer can actually transact on today, as opposed to what a price list says.

| Unit | Bd/Ba | Interior | Asking | $/sf | HOA / mo | Days |
|---|---|---|---|---|---|---|
| [709](https://bluebaybrokers.com/listing?mls=A12015916) | 0/1 | 402 sf | $390,000 | $970 | $589 | 151 |
| [1809](https://bluebaybrokers.com/listing?mls=A12027732) | 0/1 | 359 sf | $410,000 | $1,142 | $589 | 129 |
| [2409](https://bluebaybrokers.com/listing?mls=A12093623) | 0/1 | 359 sf | $435,000 | $1,212 | $589 | 1 |
| [304](https://bluebaybrokers.com/listing?mls=A12051789) | 0/1 | 359 sf | $449,000 | $1,251 | $588 | 5 |
| [3309](https://bluebaybrokers.com/listing?mls=A12070265) | 0/1 | 359 sf | $449,000 | $1,251 | $580 | 13 |
| [2304](https://bluebaybrokers.com/listing?mls=A12062180) | 0/1 | 359 sf | $459,000 | $1,279 | $588 | 27 |
| [3200](https://bluebaybrokers.com/listing?mls=A12039927) | 0/1 | 412 sf | $468,000 | $1,136 | $589 | 110 |
| [1813](https://bluebaybrokers.com/listing?mls=A12100451) | 1/2 | 531 sf | $485,000 | $913 | $875 | 2 |
| [1404](https://bluebaybrokers.com/listing?mls=A11992993) | 0/1 | — | $489,000 | — | $588 | 188 |
| [504](https://bluebaybrokers.com/listing?mls=A12060745) | 0/1 | 359 sf | $499,000 | $1,390 | $562 | 1 |
| [3405](https://bluebaybrokers.com/listing?mls=A12054926) | 1/1 | 489 sf | $499,000 | $1,020 | $802 | 62 |
| [3704](https://bluebaybrokers.com/listing?mls=A12050355) | 0/1 | 402 sf | $500,000 | $1,244 | $589 | 56 |
| [1012A](https://bluebaybrokers.com/listing?mls=A12031342) | 0/1 | 343 sf | $520,000 | $1,516 | $563 | 47 |
| [2908](https://bluebaybrokers.com/listing?mls=A12015913) | 1/1 | 606 sf | $525,000 | $866 | $877 | 151 |
| [306](https://bluebaybrokers.com/listing?mls=A12094498) | 1/2 | 509 sf | $529,900 | $1,041 | $750 | 0 |
| [510](https://bluebaybrokers.com/listing?mls=A12026255) | 1/2 | 545 sf | $535,000 | $982 | $892 | 48 |
| [1506](https://bluebaybrokers.com/listing?mls=B26013348) | 1/— | 511 sf | $545,000 | $1,067 | $893 | 170 |
| [1913](https://bluebaybrokers.com/listing?mls=A12098177) | 1/2 | 531 sf | $545,000 | $1,026 | $892 | 0 |
| [3006](https://bluebaybrokers.com/listing?mls=A12093736) | 1/2 | 511 sf | $570,000 | $1,115 | $839 | 13 |
| [3313](https://bluebaybrokers.com/listing?mls=A12004132) | 1/2 | 591 sf | $594,900 | $1,007 | $870 | 165 |
| [3706](https://bluebaybrokers.com/listing?mls=A12050437) | 1/2 | 561 sf | $605,000 | $1,078 | $827 | 56 |
| [2002](https://bluebaybrokers.com/listing?mls=A12079665) | 1/2 | 544 sf | $649,000 | $1,193 | $800 | 12 |
| [3703](https://bluebaybrokers.com/listing?mls=A12049623) | 1/2 | 597 sf | $659,000 | $1,104 | $892 | 57 |
| [2705](https://bluebaybrokers.com/listing?mls=A12015550) | 1/1 | 489 sf | $690,000 | $1,411 | $801 | 10 |
| [2102](https://bluebaybrokers.com/listing?mls=A12023677) | 1/2 | 544 sf | $690,000 | $1,268 | $890 | 119 |
| [1712](https://bluebaybrokers.com/listing?mls=A12024881) | 2/2 | 757 sf | $857,900 | $1,133 | $1,300 | 127 |
| [3312](https://bluebaybrokers.com/listing?mls=A12070584) | 2/2 | 757 sf | $889,000 | $1,174 | $1,240 | 4 |
| [1701](https://bluebaybrokers.com/listing?mls=A12000476) | 2/2 | 760 sf | $929,000 | $1,222 | $1,244 | 148 |
| [3401](https://bluebaybrokers.com/listing?mls=A12023650) | 2/2 | 760 sf | $940,000 | $1,237 | $1,200 | 119 |
| [2401](https://bluebaybrokers.com/listing?mls=A12033053) | 2/2 | 760 sf | $970,000 | $1,276 | $1,224 | 79 |

How to read this table

On new construction the MLS area is routinely the total rather than the interior, and it runs larger than the County's recorded figure, by 10 to 30 percent on the units already tested in this pipeline. Treat the $/sf column as the seller's own arithmetic and re-divide by the recorded area before comparing it with anything delivered.

## Photographs

The 24 photographs carried on MLS listing A12024881 at this address. On a building still under construction these are the developer's renders and the sales-gallery material, not the finished product.

**Photographs** © SEFMLS, displayed from the MLS under the same licence that permits display of the listing itself. Renders are the developer's own and are subject to change.

## Carry at delivery

What it costs to own before any income, on the smallest residence of 402 sf.

| HOA at $1.49/sf/month | −$7,188 |
|---|---|
| Property tax at 2.02% of $390,000 | −$7,878 |
| Insurance (HO-6), $3.60/sf | −$1,447 |
| Annual carry, before any income | −$16,513 |

**What it costs to hold, and the two documents to read first**

Roughly $16,500 a year on the entry residence before a single night is booked, of which the HOA is about $7,200 at the $1.49 a foot per month the current listings disclose. That is a real number and it is knowable today, which is the advantage of buying something already built. Two documents settle the rest. The recorded declaration of condominium, because daily rental is the entire investment case here and it needs to be read in the instrument rather than taken from the brochure. And the association's current budget with its reserve schedule, because a building four months into occupancy has not yet met its first real maintenance year. Florida's 13% transient tax applies to any stay under six months and is collected on top of the nightly rate, so it belongs in the model from the start.

## How it was built and sold

| Construction financing | $80,900,000 from Bank OZK, closed November 2022, arranged by Berkadia. Repaid out of closings: the building took its temporary certificate of occupancy in December 2025 and recorded 431 sales in the five months that followed. |
|---|---|
| Presold | 96% at last disclosure |
| Delivery | Delivered. TCO December 2025, closings ran December 2025 to April 2026. There is no delivery risk left to price and no deposit left to carry. |
| Developer | Aria Development Group, David Arditi, with the Kuwaiti firm AQARAT. Aria bought the site in January 2015 and delivered eleven years later. |
| Rental policy | Daily rentals permitted |

## Recommendation

BlueBay Brokers · 501 First Residences

### Buy the entry stack, and buy it on the cohort's price

This is a completed building doing what it was designed to do. Bank OZK's $80.9M construction loan closed in November 2022, the tower took its TCO in December 2025, and 431 of 448 residences have recorded at the County. Nothing here depends on a developer finishing anything, and daily rentals are permitted, so the unit can produce income the month it closes.

The price to pay is not the price on the sheet. Downtown's recently delivered short-term-rental cohort closes at about $868 a foot and has come down more than 20% since 2024. The entry residences at 501 First ask $970 and the high floors ask up to $1,292. Three dozen owners are competing in a postcode carrying more than twenty months of supply, and none of them has yet recorded a resale in this building, so there is no closed comparable defending any of those asks.

Own the small plans in the 343 to 450 foot range, where the nightly rent per square foot is highest and the buyer pool deepest, and negotiate against the cohort figure rather than the list. Read the recorded declaration's rental language and the association's reserve schedule before signing. On that basis this is a clean entry into finished, income-ready Downtown stock.

## 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 full closing record unit by unit, what resellers are asking against what they paid, the recorded rental language, and a rental underwriting on the specific line you are looking at. No charge.

#### On the purchase

You are buying a resale here, so the seller's side pays the co-broke and representation costs you nothing. I argue from the recorded closing prices above, including what the current owner actually paid and when.

#### Once you own it

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

- [600 Miami Worldcenter, Downtown, Closings Q4 2026](https://bluebaybrokers.com/buildings/600-miami-worldcenter)
- [Gale Miami Hotel & Residences, Downtown, Delivered 2024](https://bluebaybrokers.com/buildings/gale-miami)
- [Natiivo Miami, Downtown, Delivered 2024](https://bluebaybrokers.com/buildings/natiivo-miami)
- [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)
- [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, Aria JV scores $81M construction loan for downtown Miami condo project (Nov 2022)](https://therealdeal.com/miami/2022/11/17/aria-jv-scores-81m-construction-loan-for-downtown-miami-condo-project/)
- [Florida YIMBY, building permits for the 440-foot 501 First Residences](https://floridayimby.com/2023/01/developers-get-building-permits-for-440-foot-tall-501-first-residences-in-downtown-miami.html)
- [Aria Development Group, project page for 501 NE 1st Ave](https://www.ariadevelopmentgroup.com/portfolio/501-ne-1st-ave)
- [Miami-Dade County recorded deeds, 501 FIRST RESIDENCES CONDO, 431 closings to 22 April 2026](https://www.miamidade.gov/Apps/PA/propertysearch/)

**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.