# CIRC Hollywood condos: resale prices and rental rules

> Source: https://bluebaybrokers.com/buildings/circ-hollywood
> Publisher: BlueBay Brokers LLC, 1541 Brickell Ave #1201, Miami FL 33129 (Florida broker BK3411036)
> Figures read on: 2026-10-12
> 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

CIRC Residences is a 386-unit downtown Hollywood rental tower converted to condominiums in 2024 that sold 32 units before its lender sued to foreclose for $121.4 million (The Real Deal, May 2026), and the number that decides it is $441: what condominiums delivered in 33020 since 2023 resold at per foot in 2024, against $592 to $670 asked here today. The leverage is entirely on the buyer's side.

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

Closings per year 207 trailing 12 months, 33020, same band

Years of supply 1.9 this building alone

Band closes at $354/sf median of real closings, not asks

| Band, 33020 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $400K – $550K | 115 | $465,000 | $354 |
| $550K – $1.3M | 92 | $652,500 | $431 |

**Two years of selling, 32 sold**

The conversion was announced in February 2024 with prices of $450,000 to $1.3 million, and 32 of 386 residences, under 10 percent, had sold when the lender sued on 30 April 2026. Five of those closed on the MLS, in February and June 2025. The two bands clear 207 homes a year in 33020, but almost all are houses: condominiums from $300,000 to $1.3 million closed 15 times in twelve months. At the pace achieved the unsold stock is over 20 years of supply, so who ends up holding it matters more than the price list.

## The market it lands in

Everything for sale in 33020 today against everything that actually sold there this past year. This is the pool your resale competes in.

Active inventory 300 homes listed across 33020

Sold, trailing year 324 recorded closings, every price

Months of supply 11.1 under 6 favours sellers, over 12 favours buyers

Asking vs sold $354/sf asked, against $336/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 33020 built from 2023 onward, people who bought new and took delivery, and what their units resell for now.

New stock resells at $441/sf median of 13 closings this year

Movement since -4.8% across recently delivered buildings

This building asks $592/sf entry residences

Entry vs new stock +34% below zero means you buy new under resale

| Year of resale | Closings | Median $/sf |
|---|---|---|
| 2023 | 9 | $463 |
| 2024 | 13 | $441 |
| 2025 | 2 | withheld, 2 sales |

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

$592–$670/sf

32 of 386 sold (The Real Deal, May 2026) · 2 resales on the MLS today, $439K to $450K on 672 – 741 sf · launched at $450K to $1.3M in 2024

Band closes at $354/sf $400K – $550K, trailing 12 months

Listed here today 2 median $631/sf

**Where it asks, and what the postcode pays**

Two resales are listed: a 672 sf one-bedroom at $450,000 ($670 a foot) and a 741 sf one-bedroom at $439,000 ($592). The developer's five MLS closings in 2025 ran $405,175 to $865,440, a median $573 a foot. Condominiums delivered in 33020 since 2023 resold at $463 a foot in 2023 and $441 in 2024; the band cards above are mostly houses. $592 is close to what beachfront 33019 buildings from 2010 on close at ($670), for a downtown address on Young Circle. Per-foot figures use MLS area.

## On the MLS today

2 listings at this address are Active right now, pulled 2026-10-12. 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 |
|---|---|---|---|---|---|---|
| [517](https://bluebaybrokers.com/listing?mls=A12048503) | 1/1 | 741 sf | $439,000 | $592 | $758 | 0 |
| [703](https://bluebaybrokers.com/listing?mls=A12036311) | 1/1 | 672 sf | $450,000 | $670 | $806 | 121 |

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 A12036311 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 741 sf.

| HOA at $1.1/sf/month | −$9,781 |
|---|---|
| Property tax at 2.02% of $439,000 | −$8,868 |
| Insurance (HO-6), $3.60/sf | −$2,668 |
| Annual carry, before any income | −$21,317 |

**The rent is real, the yield is thin**

The tower has a deep lease record: 14 one-bedroom leases closed on the MLS since March 2025, at $2,166 to $3,200 a month, median $2,300. On the $439,000 one-bedroom that is 6.3 percent gross; less the association ($758 a month on that unit) and tax at 2.02 percent, about 2.2 percent net before insurance. The rental terms disagree: the broker inventory sheet says annual only, while one listing advertises 30-day rentals up to 12 times a year. The declaration decides.

## How it was built and sold

| Construction financing | $133.4M Deutsche Bank refinance, January 2024, ahead of the condo conversion. An Arc Asset Management affiliate bought the loan in December 2025 and filed a $121.4M foreclosure on 30 April 2026, citing missed payments from June 2025 and the February 2026 maturity (The Real Deal). |
|---|---|
| Presold | Not disclosed |
| Delivery | Delivered. Opened in 2018 as rental apartments beside the Circ Hotel and a Publix, converted to condominium in early 2024 (The Real Deal). Nothing to build: the risk here is who ends up owning the unsold units, not construction. |
| Developer | GCF Development, Chip Abele's firm, which built Hollywood Circle partly with Chinese EB-5 money. ISG World Circ listed the 2025 developer closings on the MLS. The foreclosure names HC Real Property LLC, Circ Hotel LLC and Circ Residences LLC, with Abele among the guarantors (The Real Deal). |
| Rental policy | Marketed as annual rental only (broker inventory sheet, read 5 October 2026) |

## Recommendation

BlueBay Brokers · CIRC Hollywood

### Buy from an owner, not from the list, and plan on cash

The foreclosure targets the developer's entities and unsold stock, not the units individuals already own (The Real Deal). A unit bought from the developer needs the lender's release at closing; a resale from an individual owner is an ordinary closing.

With one entity holding over 90 percent of the units, expect conventional lenders to decline the building and an association controlled by the developer or its lender. Offer toward the $441 to $463 that new 33020 condominiums resold at, not $592 to $670.

## 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.

## Read next

- [Centralis Residences Miami, Little Havana, Delivered 2023](https://bluebaybrokers.com/buildings/centralis-residences)
- [Mandarin Oriental Residences Miami, Brickell Key, Delivering 2030](https://bluebaybrokers.com/buildings/mandarin-oriental-residences)
- [14 ROC Miami, Arts & Entertainment District, Delivering 2028](https://bluebaybrokers.com/buildings/14-roc)
- [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)

## Sources

- [The Real Deal, Chip Abele's downtown Hollywood tower threatened with $121M foreclosure (May 2026)](https://therealdeal.com/miami/2026/05/07/chip-abeles-the-circ-in-hollywood-sued-for-foreclosure/)
- [The Real Deal, Hollywood Circle developer Chip Abele to convert apartment tower to condos (Feb 2024)](https://therealdeal.com/miami/2024/02/08/chip-abele-to-convert-hollywood-apartment-tower-to-condos/)
- [The Real Deal, Chip Abele's GCF lands $133M refi for Hollywood Circle (Jan 2024)](https://therealdeal.com/miami/2024/01/15/chip-abeles-gcf-development-nabs-133m-hollywood-circle-refi/)
- [Community Newspapers, Circ Residences Hollywood first to begin closings (Mar 2025, 382 residences, $450,000 to $1.3 million)](https://communitynewspapers.com/broward/circ-residences-hollywood-leads-current-wave-of-apartment-to-condo-conversions-as-first-to-begin-closings/)

**Method, licence and disclaimers**

**Absorption and closed prices** © 2026 Miami Association of Realtors / SEFMLS via Bridge Data Output, pulled 2026-10-12. 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.