# Baccarat Residences: preconstruction prices and deposits

> Source: https://bluebaybrokers.com/buildings/baccarat-brickell
> Publisher: BlueBay Brokers LLC, 1541 Brickell Ave #1201, Miami FL 33129 (Florida broker BK3411036)
> Figures read on: 2026-10-09
> 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

Baccarat is a 75-storey, 355-residence Brickell tower by Related Group, 95 percent sold and funded, so the decision is no longer the developer's list but the resale. Its one four-bedroom on the MLS asks $1,816 a foot, while Brickell condominiums delivered since 2023 resold this year at a median $1,275. Launch buyers paid from $1.1 million in 2021; an assignment priced near the delivered-stock number is the trade worth taking.

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

Closings per year 152 trailing 12 months, 33131, same band

Years of supply 2.3 this building alone

Band closes at $871/sf median of real closings, not asks

| Band, 33131 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $1M – $2.5M | 119 | $1,350,000 | $871 |
| $2.5M and above | 33 | $3,900,000 | $1,230 |

**A sold building, a resale market still to form**

355 residences against 152 closings a year in their bands across 33131 is 2.3 years of supply, one of the lighter ratios in Brickell, and 95 percent of the building is already held by buyers who close in 2028. What reaches the market is resale: owners who bought from $1.1 million in 2021 and choose to sell at delivery. Two are listed today. Brickell runs 17.6 months of supply, which favours buyers, but the $2.5 million-and-above band closed 33 homes at a median $1,230 a foot, and that is where most of Baccarat's plans will trade.

## The market it lands in

Everything for sale in 33131 today against everything that actually sold there this past year. This is the pool your resale competes in.

Active inventory 825 homes listed across 33131

Sold, trailing year 562 recorded closings, every price

Months of supply 17.6 under 6 favours sellers, over 12 favours buyers

Asking vs sold $733/sf asked, against $635/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 33131 built from 2023 onward, people who bought new and took delivery, and what their units resell for now.

New stock resells at $1,275/sf median of 20 closings this year

Movement since +3.1% across recently delivered buildings

This building asks $823/sf entry residences

Entry vs new stock -35% below zero means you buy new under resale

| Year of resale | Closings | Median $/sf |
|---|---|---|
| 2024 | 3 | withheld, 3 sales |
| 2025 | 26 | $1,237 |
| 2026 | 20 | $1,275 |

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

$823–$1,158/sf

95% sold · launched at $1.1M to $3.5M (Condo Black Book, 2021) · 1,336 – 3,022 sf · two resales on the MLS today

Band closes at $871/sf $1M – $2.5M, trailing 12 months

Listed here today 2 median $2,658/sf

**The value was at launch**

The launch list ran $1.1 million to $3.5 million on 1,336 to 3,022 sf (Condo Black Book preview, 2021), about $823 to $1,158 a foot: under the $871 the $1 million to $2.5 million band closes at today, and well under the $1,275 that Brickell's 2023-and-later deliveries resold at this year. That spread is the launch cohort's gain. The one four-bedroom resale asks $5,575,900 on 3,070 sf, $1,816 a foot, 42 percent over delivered new stock; the upper penthouse asks $31.76 million at $3,500. Areas are MLS figures, which on new construction often include the terrace.

## On the MLS today

2 listings at this address are Active right now, pulled 2026-10-09. 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 |
|---|---|---|---|---|---|---|
| [3101](https://bluebaybrokers.com/listing?mls=A11981912) | 4/5 | 3,070 sf | $5,575,900 | $1,816 | $3,070 | 177 |
| [UPH7201](https://bluebaybrokers.com/listing?mls=A11917230) | 5/10 | 9,074 sf | $31,760,000 | $3,500 | $9,074 | 296 |

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 A11917230 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.

## 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 $1,500,000 at 4.5% simple, 16 months to delivery.

| Milestone | % | Payment | Committed | Held | Carry |
|---|---|---|---|---|---|
| At contract (assumed standard) | 10% | $150,000 | $150,000 | 16 mo | −$9,000 |
| Milestones already passed, due at signing (assumed) | 20% | $300,000 | $450,000 | 16 mo | −$18,000 |
| At closing | 70% | $1,050,000 | $1,500,000 | 0 mo | −$0 |
| Committed before closing |  |  | $1,500,000 |  | −$27,000 |

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 $27,000, 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 1,336 sf.

| HOA, not published by the developer | — |
|---|---|
| Property tax at 2.02% of $1,500,000 | −$30,300 |
| Insurance (HO-6), $3.60/sf | −$4,810 |
| Annual carry, before any income | −$35,110 |

**What to secure before you sign**

Related has not published a deposit schedule. The table uses the Miami standard and assumes a buyer entering now pays the milestones already passed at signing, so 30 percent is committed 16 months before an early-2028 closing. Bank OZK's $328 million loan funds the build, which removes the usual completion risk. The rental rule is marketed as a 3-day minimum on a broker inventory sheet; it is the whole income case, so read it in the condominium documents before pricing a short-stay operation.

## Delivery risk

| Construction financing | $328M construction loan from Bank OZK, closed March 2024, arranged by Berkadia. The tower was more than 95 percent sold when it closed. |
|---|---|
| Presold | 95% at last disclosure |
| Delivery | Early 2028, per the developer. Groundbreaking was October 2023 and the loan closed five months later, so the schedule is funded. General contractor John Moriarty & Associates. |
| Developer | Related Group (Jorge Pérez) with GTIS Partners, who bought the four-acre site for $104M in 2013 and are also building Viceroy Residences on it. |
| Rental policy | Marketed with a 3-day minimum stay (broker inventory sheet, read 17 September 2026) |

## Recommendation

BlueBay Brokers · Baccarat Residences

### Buy an assignment, at the delivered-stock price

One of Brickell's best-underwritten deliveries: Related and GTIS, a $328 million Bank OZK loan, 95 percent sold, a site held since 2013, and 2.3 years of supply in its bands. Delivery risk is low.

The value was at launch. Today, buy an assignment or a resale only near what delivered Brickell stock closes at, about $1,275 a foot for the larger plans; at $1,816 you are paying for the name, not the market.

## 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.

## Read next

- [ORA by Casa Tua, Brickell, 2029](https://bluebaybrokers.com/buildings/ora-casa-tua)
- [619 Brickell, Brickell, end of 2030 (developer deposit schedule)](https://bluebaybrokers.com/buildings/619-brickell)
- [LOFTY Brickell, Brickell, 2027](https://bluebaybrokers.com/buildings/lofty-brickell)
- [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

- [Florida YIMBY, Related Group and GTIS secure $328M construction loan for 75-story Baccarat Residences (Apr 2024)](https://floridayimby.com/2024/04/related-group-and-gtis-partners-secure-328m-construction-loan-from-bank-ozk-for-75-story-baccarat-residences-miami.html)
- [Commercial Observer, Related Group scores $328M from Bank OZK to build Baccarat Residences (Mar 2024)](https://commercialobserver.com/2024/03/related-group-baccarat-residences-brickell-bank-ozk)
- [Condo Black Book, preview of Baccarat Residences (2021, launch prices and sizes)](https://www.condoblackbook.com/blog/video-preview-of-baccarat-residences-in-brickell-miami/)
- [Berkadia, Related Group and GTIS secure $328M loan for Baccarat Residences Miami](https://berkadia.com/?p=98110)

**Method, licence and disclaimers**

**Absorption and closed prices** © 2026 Miami Association of Realtors / SEFMLS via Bridge Data Output, pulled 2026-10-09. 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.