# Cassia, The Residences at Coral Gables: prices and deposits

> Source: https://bluebaybrokers.com/buildings/cassia-coral-gables
> 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

Coral Gables has no other building like this: 662 sf residences, furnished turnkey by RH, marketed for three-night stays in a city that has spent years keeping short stays out. Half of it was sold before the $94.2M loan closed, and delivery is seven months away, the shortest runway on this list. The price is a real premium to the postcode, so the rental income has to be real too. Read the declaration first.

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

Closings per year 49 trailing 12 months, 33146, same band

Years of supply 3.6 this building alone

Band closes at $899/sf median of real closings, not asks

| Band, 33146 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $800K – $1.2M | 13 | $915,000 | $899 |
| $1.2M – $2M | 36 | $1,650,000 | $824 |

**Half is sold, and the other half is the question**

Coral Gables 33146 closed 52 homes in Cassia's two price bands over the trailing year. Cassia delivers 174. On the whole building that is 3.3 years of supply, and it is the reason the entry price has to be earned by income rather than by comparables. The mitigation is real. Roughly half the building was sold by March 2025 at launch pricing, so the cohort reaching resale beside you is closer to 87 units than 174, and Alta cleared his financing hurdle well before he needed to. A developer price list only moves up as inventory depletes, so what is left is the part he no longer needs to discount, and the launch cohort already owns the lowest price in the building.

## The market it lands in

Everything for sale in 33146 today against everything that actually sold there this past year. This is the pool your resale competes in.

Active inventory 63 homes listed across 33146

Sold, trailing year 142 recorded closings, every price

Months of supply 5.3 under 6 favours sellers, over 12 favours buyers

Asking vs sold $1,096/sf asked, against $889/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 33146 built from 2023 onward, people who bought new and took delivery, and what their units resell for now.

New stock resells at —/sf no new condominium has resold here

Movement since — across recently delivered buildings

This building asks $1,299/sf entry residences

Entry vs new stock — nothing delivered here to compare against

No new condominium has delivered here

Not a thin market, an empty one: 33146 has no condominium built from 2023 onward that has since resold. There is no delivered comparable in this postcode, so the resale value of a new condominium here is genuinely unmeasured rather than measured and reassuring. Weigh the basis and the absorption below accordingly, and read the exit as slow until this table has rows in it.

## 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 $1,251–$1,299/sf $860K – $1.8M · 662 – 1,439 sf · furnished turnkey by RH

Band closes at $899/sf $800K – $1.2M, trailing 12 months

Listed here today 1 median $1,242/sf

**You pay for the format, not for the comparables**

The entry residences work out at about $1,299 a foot. The band below them closed at $829 over the trailing year, and 33146 as a whole closed at $838 while asking $1,200, so the postcode is already full of aspirational asks. That gap is not a mispricing you can arbitrage. The closings behind it are conventional Coral Gables apartments and houses, two and three times the size, with a twelve-month lease as the only income. Cassia is a 662 sf furnished unit permitted for three-night stays, and no condominium built since 2023 has resold anywhere in 33146, so there is no delivered comparable to measure it against. Underwrite the rental line, not the price per foot.

## On the MLS today

1 listing at this address is Active right now, pulled 2026-10-07. 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 |
|---|---|---|---|---|---|---|
| [1009](https://bluebaybrokers.com/listing?mls=A11946603) | 2/2 | 1,054 sf | $1,309,000 | $1,242 | $1,665 | 142 |

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 22 photographs carried on MLS listing A11946603 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 $860,000 at 4.5% simple, 7 months to delivery.

| Milestone | % | Payment | Committed | Held | Carry |
|---|---|---|---|---|---|
| At contract (assumed standard) | 10% | $86,000 | $86,000 | 7 mo | −$2,258 |
| 60 days after contract | 10% | $86,000 | $172,000 | 5 mo | −$1,612 |
| 120 days after contract | 10% | $86,000 | $258,000 | 3 mo | −$968 |
| At closing | 70% | $602,000 | $860,000 | 0 mo | −$0 |
| Committed before closing |  |  | $860,000 |  | −$4,838 |

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 $4,838, 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 662 sf.

| HOA at $1.58/sf/month | −$12,552 |
|---|---|
| Property tax at 2.02% of $860,000 | −$17,372 |
| Insurance (HO-6), $3.60/sf | −$2,383 |
| Annual carry, before any income | −$32,307 |

**The short runway is the best thing about the terms**

Seven months to delivery is the shortest carry in this registry, and on the modelled schedule it costs about $8,400 before you hold a deed. That is a genuine advantage over a tower breaking ground. Two documents to obtain before signing, both ordinary requests a developer expects from a broker. The deposit schedule: Alta has not published one, so the table above uses the Miami standard, while broker pages circulate 30/10/60 and 10/10/10/60 and neither traces back to the developer. A 40 percent total deposit changes the carry materially. And the rental language in the recorded declaration, because in Coral Gables that is the entire thesis and a press release is not a recorded document.

## Delivery risk

| Construction financing | $94.2M closed May 2025. Lender JVP Management, arranged by JLL Capital Markets. Construction had already started the previous December, ahead of the financing. |
|---|---|
| Presold | 50% at last disclosure |
| Delivery | Q1 2027, per Alta. Construction started in December and the loan closed in May 2025, so the schedule is funded rather than aspirational. |
| Developer | Alta Developers, Raimundo Onetto. Architecture by Behar Font & Partners, interiors and furnishings by RH, cabinetry by Italkraft. Cervera Real Estate runs sales. |
| Rental policy | Marketed as a flexible-rental building with a three-consecutive-night minimum, per Alta's own release. The recorded declaration has not been read. |

## What the record says

What has been published about this building, each line dated and linked to where it was read: the trade press, the public record, or the developer's own statements, named as such. A statement is what someone said on that date, not a fact we verified.

Rental policy · 2024-04-25 · [The Real Deal](https://therealdeal.com/miami/2024/04/25/alta-plans-short-term-rental-condo-project-in-coral-gables/)

#### Cassia: rentals through the building rental program, developer weighing a 2 or 3 night minimum

## Recommendation

BlueBay Brokers · Cassia, The Residences at Coral Gables

### Worth doing if the declaration confirms the pitch

The funding is done and the finish line is close. Alta closed $94.2M in May 2025, the building was half sold by March of that year, and Q1 2027 delivery commits your capital for months rather than years.

The price is a premium to anything the postcode has closed, so this is an income bet and not a basis bet. If the three-night minimum survives into the recorded declaration, the format is genuinely scarce in Coral Gables and the premium has a source.

Ask for the recorded rental language and the true deposit schedule before you sign. I will get both, and negotiate the co-broke and the credits with the closings above to argue from.

## 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

- [CORA Merrick Park, Coral Gables, 2028](https://bluebaybrokers.com/buildings/cora-merrick-park)
- [14 ROC Miami, Arts & Entertainment District, Delivering 2028](https://bluebaybrokers.com/buildings/14-roc)
- [38 West Eleventh, Downtown, Delivering Q1 2028](https://bluebaybrokers.com/buildings/38-west-eleventh)
- [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, Alta scores $94M construction loan for 174-unit Coral Gables condo project (May 2025)](https://therealdeal.com/miami/2025/05/28/alta-developers-nabs-coral-gables-condo-construction-loan/)
- [The Real Deal, Alta launches sales of short-term rental condo project in Coral Gables (Apr 2024)](https://therealdeal.com/miami/2024/04/25/alta-plans-short-term-rental-condo-project-in-coral-gables/)
- [PROFILEmiami, Sales pass 50% at Cassia (Mar 2025)](https://profilemiami.com/miamirealestate/2025/3/28/sales-pass-50-at-alta-developers-cassia-in-the-merrick-park-district-of-coral-gables)
- [Cervera Real Estate broker portal, price range, sizes and delivery](https://cerverabrokerportal.com/projects/cassia-residences-coral-gables/)
- [JLL, $94.2M construction financing secured for Cassia](https://www.jll.com/en-us/newsroom/construction-financing-for-cassia-luxury-condo-in-florida)
- [Developer site, cassiamiami.com](https://cassiamiami.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.