# Botanic Residences: preconstruction prices and deposits

> Source: https://bluebaybrokers.com/buildings/botanic-residences
> Publisher: BlueBay Brokers LLC, 1541 Brickell Ave #1201, Miami FL 33129 (Florida broker BK3411036)
> Figures read on: 2026-11-05
> 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

Botanic Residences is a topped-off, eight-storey, 51-residence furnished condominium at 758 NW 2nd St, and the number that decides it is $794 a foot: the entry ask, against $672 for condos built since 2015 closing under $600,000 across 33128, 33130 and 33131. That 18 percent premium buys new, furnished stock whose listings say daily rentals are allowed, with the construction loan closed.

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

Closings per year 508 trailing 12 months, 33128, 33130, 33131, same band

Years of supply 0.1 this building alone

Band closes at $531/sf median of real closings, not asks

| Band, 33128, 33130, 33131 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $400K – $600K | 280 | $497,500 | $531 |
| $600K – $900K | 228 | $703,750 | $636 |

**A small building in a deep market**

51 residences against 508 closings a year between $400,000 and $900,000 in the three postcodes: 0.1 years of supply, so the building cannot flood anything. Presales are not published; the MLS shows four active and one pending. The leverage sits in the wider market, with 1,424 listings and 19.3 months of supply in the same postcodes, well above the 12 that favours buyers. Three units have been on the MLS since August 2025, 426 days, and residence 409, listed in June 2026, is now the cheapest per foot at $794 against $858 next door. That reads as a seller ready to meet the market.

## The market it lands in

Everything for sale in 33128, 33130, 33131 today against everything that actually sold there this past year. This is the pool your resale competes in.

Active inventory 1424 homes listed across 33128, 33130, 33131

Sold, trailing year 887 recorded closings, every price

Months of supply 19.3 under 6 favours sellers, over 12 favours buyers

Asking vs sold $709/sf asked, against $601/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 33128, 33130, 33131 built from 2023 onward, people who bought new and took delivery, and what their units resell for now.

New stock resells at $1,258/sf median of 25 closings this year

Movement since +7.1% across recently delivered buildings

This building asks $794/sf entry residences

Entry vs new stock -37% below zero means you buy new under resale

| Year of resale | Closings | Median $/sf |
|---|---|---|
| 2023 | 1 | withheld, 1 sale |
| 2024 | 4 | withheld, 4 sales |
| 2025 | 32 | $1,175 |
| 2026 | 25 | $1,258 |

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 $794–$811/sf $455,000 – $878,000 on the MLS today · 573 – 1,083 sf · furnished

Band closes at $531/sf $400K – $600K, trailing 12 months

Listed here today 4 median $811/sf

**What the premium buys**

Asks run from $794 a foot (residence 409, 573 sf, $455,000) to $858 (410, 607 sf, $521,000), with the three-bedroom 606 at $811 ($878,000, 1,083 sf). The band table reads $531 and $636 because it counts condos of every age. Newer stock is the fair test: built since 2015, condos closed at $672 under $600,000 and $714 from $600,000 to $900,000. District 225, the delivered daily-rental building in the same postcode, closed five on the MLS at a median $629. So the entry ask is 18 percent over that $672 and 26 percent over District 225, with furniture included and its value not published. MLS area runs large on new construction: re-divide when the County area exists.

## On the MLS today

4 listings at this address are Active right now, pulled 2026-11-05. 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 |
|---|---|---|---|---|---|---|
| [409](https://bluebaybrokers.com/listing?mls=A12044867) | 1/1 | 573 sf | $455,000 | $794 | $717 | 108 |
| [410](https://bluebaybrokers.com/listing?mls=A11847050) | 1/1 | 607 sf | $521,000 | $858 | $759 | 426 |
| [503](https://bluebaybrokers.com/listing?mls=A11847053) | 2/2 | 862 sf | $699,000 | $811 | $1,078 | 426 |
| [606](https://bluebaybrokers.com/listing?mls=A11847056) | 3/2 | 1,083 sf | $878,000 | $811 | $1,354 | 426 |

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 17 photographs carried on MLS listing A11847056 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 $455,000 at 4.5% simple, 12 months to delivery.

| Milestone | % | Payment | Committed | Held | Carry |
|---|---|---|---|---|---|
| At contract (assumed standard) | 10% | $45,500 | $45,500 | 12 mo | −$2,048 |
| Groundbreaking tranche, already passed | 10% | $45,500 | $91,000 | 12 mo | −$2,048 |
| Top-off tranche, already passed | 10% | $45,500 | $136,500 | 12 mo | −$2,048 |
| At closing | 70% | $318,500 | $455,000 | 0 mo | −$0 |
| Committed before closing |  |  | $455,000 |  | −$6,142 |

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 $6,142, 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 573 sf.

| HOA at $1.25/sf/month | −$8,595 |
|---|---|
| Property tax at 2.02% of $455,000 | −$9,191 |
| Insurance (HO-6), $3.60/sf | −$2,063 |
| Annual carry, before any income | −$19,849 |

**What to secure before you sign**

The developer has not published a deposit schedule, so the table uses the assumed standard 10/10/10/70. The tower has topped off, so on that schedule both construction tranches are already due: 30 percent at signing, $136,500 on the $455,000 entry unit, held for an assumed 12 months. Ask for the real schedule first. Second, the recorded declaration: JLL's release and the listing remarks say short-term rentals are allowed, but we have not read the document, and a City of Miami unit also needs its zoning and licences confirmed. Third, the furniture inventory. Association fees on the listings work out at $1.25 a foot a month, $717 on residence 409.

## Delivery risk

| Construction financing | $17M non-recourse construction loan arranged by JLL Capital Markets, announced March 2026. Lender not named. |
|---|---|
| Presold | Not disclosed |
| Delivery | 2027, per the MLS and the trade press; no month is published, so 12 months is assumed here. Structure topped off in early 2026. |
| Developer | Forth Development and MICL. Architecture by CLAD, interiors by 2ID. |
| Rental policy | Short-term rentals allowed per JLL's financing release (March 2026) and the MLS listing remarks (read 5 November 2026); marketed as short-term-rental friendly on the broker inventory sheet (read 17 September 2026); recorded declaration not yet read |

## Recommendation

BlueBay Brokers · Botanic Residences

### Buy the entry plan, at a negotiated price

A small, funded, nearly built building in what JLL's own broker sells as the value next to Brickell, with furniture and rental flexibility in the listing. The $17M loan is closed, the structure is up, and 51 units cannot swamp a market this deep.

Own a one-bedroom at or under $794 a foot, not the $858 next door, and push towards the $714 that newer stock closes at. Get the declaration and the deposit schedule in writing before the first dollar moves.

## 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

- [Smart Brickell Tower 1, West Brickell, Delivered 2023](https://bluebaybrokers.com/buildings/smart-brickell-t1)
- [District 225, Downtown, Delivered 2025](https://bluebaybrokers.com/buildings/district-225)
- [Centralis Residences Miami, Little Havana, Delivered 2023](https://bluebaybrokers.com/buildings/centralis-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

- [JLL, $17M construction loan secured for Botanic Residences in Miami (March 2026)](https://www.jll.com/en-us/newsroom/17m-construction-loan-secured-for-botanic-residences-miami)
- [The Real Deal, Forth, MICL land financing for Miami condos (March 2026)](https://therealdeal.com/miami/2026/03/23/forth-development-lands-financing-for-miami-condos)
- [Traded, Forth Development tops off 51-unit Botanic Residences (2026)](https://traded.co/blog/forth-development-tops-off-51-unit-botanic-residences-with-no-rental-restrictions-in-west-brickell/)
- [CRE Sources, Botanic Residences scores $17 million construction loan (2026)](https://cre-sources.com/?p=36265)

**Method, licence and disclaimers**

**Absorption and closed prices** © 2026 Miami Association of Realtors / SEFMLS via Bridge Data Output, pulled 2026-11-05. 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.