# Cove Miami: preconstruction prices, deposits, rental rules

> Source: https://bluebaybrokers.com/buildings/cove-residences
> 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

Cove Miami's entry residence, an 868 sf one-bedroom plus den on the 8th floor, is listed at $795,000. That is $105,000 under the $900,000 floor the developer published in November 2025 and repeated in March 2026, and about $916 a foot against $989 for Edgewater condos built since 2023 and resold this year. A bayfront tower with its loan closed and construction under way, entered below the price of finished new stock.

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

Closings per year 242 trailing 12 months, 33137, same band

Years of supply 0.6 this building alone

Band closes at $745/sf median of real closings, not asks

| Band, 33137 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $750,000 – $1.3M | 112 | $915,000 | $745 |
| $1.3M – $2M | 73 | $1,650,000 | $939 |
| $2M – $4M | 57 | $2,850,000 | $1,039 |

**Absorption and timing**

33137 closed 243 homes across Cove's three price bands in the last twelve months, so 134 residences is about seven months of that market. The counterweight is Edgewater itself: 13.5 months of standing inventory and thousands of units in the pipeline, Villa Miami next door among them. The developer declined to say how many units remain. The early-buyer logic works differently here: the list has just been cut at the bottom, not raised, which is exactly the moment to take the entry stack before the new sales team has something to protect.

## The market it lands in

Everything for sale in 33137 today against everything that actually sold there this past year. This is the pool your resale competes in.

Active inventory 534 homes listed across 33137

Sold, trailing year 477 recorded closings, every price

Months of supply 13.4 under 6 favours sellers, over 12 favours buyers

Asking vs sold $764/sf asked, against $691/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 33137 built from 2023 onward, people who bought new and took delivery, and what their units resell for now.

New stock resells at $993/sf median of 46 closings this year

Movement since -2.4% across recently delivered buildings

This building asks $916/sf entry residences

Entry vs new stock -8% below zero means you buy new under resale

| Year of resale | Closings | Median $/sf |
|---|---|---|
| 2023 | 5 | $1,017 |
| 2024 | 21 | $1,044 |
| 2025 | 22 | $1,014 |
| 2026 | 46 | $993 |

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 $916–$1,412/sf $795,000 – $3.9M · 868 – 2,763 sf · seven residences on the MLS

Band closes at $745/sf $750,000 – $1.3M, trailing 12 months

Listed here today 6 median $1,067/sf

**Below finished new stock at the entry**

The $750,000 to $1.3M band closes at $747 a foot, but that is mostly older bay stock. The fair benchmark is new construction: 45 Edgewater condos built since 2023 resold this year at a median $989 a foot, 2.8 percent below 2025. Unit 804 at $916 is under that line; 904, the same plan a floor up, went pending at $974. Higher up the premium is real: the listed stack runs $1,044 median, the four-bedroom at $1,301, and the price sheet tops out near $1,412 against $1,041 for the $2M to $4M band. Buy the lower floors for value, the upper floors for the view.

## On the MLS today

6 listings at this address are 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 |
|---|---|---|---|---|---|---|
| [804](https://bluebaybrokers.com/listing?mls=A12067151) | 1/1 | 868 sf | $795,000 | $916 | $1,053 | 2 |
| [1505](https://bluebaybrokers.com/listing?mls=A12014902) | 2/2 | 1,231 sf | $1,285,000 | $1,044 | $1,610 | 105 |
| [2403](https://bluebaybrokers.com/listing?mls=A12014900) | 2/3 | 1,472 sf | $1,605,000 | $1,090 | $1,872 | 131 |
| [901](https://bluebaybrokers.com/listing?mls=A12014903) | 3/4 | 2,304 sf | $2,300,000 | $998 | $3,005 | 105 |
| [2404](https://bluebaybrokers.com/listing?mls=A11974733) | 3/4 | 2,142 sf | $2,495,000 | $1,165 | $2,800 | 180 |
| [3402](https://bluebaybrokers.com/listing?mls=A11974738) | 4/5 | 2,763 sf | $3,595,000 | $1,301 | $3,547 | 169 |

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 A12067151 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 $795,000 at 4.5% simple, 24 months to delivery.

| Milestone | % | Payment | Committed | Held | Carry |
|---|---|---|---|---|---|
| At contract | 20% | $159,000 | $159,000 | 24 mo | −$14,310 |
| At groundbreaking (passed, due on signing) | 10% | $79,500 | $238,500 | 24 mo | −$7,155 |
| At top-off (assumed) | 10% | $79,500 | $318,000 | 10 mo | −$2,981 |
| At closing | 60% | $477,000 | $795,000 | 0 mo | −$0 |
| Committed before closing |  |  | $795,000 |  | −$24,446 |

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 $24,446, 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 868 sf.

| HOA at $1.21/sf/month | −$12,603 |
|---|---|
| Property tax at 2.02% of $795,000 | −$16,059 |
| Insurance (HO-6), $3.60/sf | −$3,125 |
| Annual carry, before any income | −$31,787 |

**What to secure before you sign**

The groundbreaking has passed, so 30 percent is due on signing and 10 percent at top-off, with 60 percent at closing: a heavier front end than most. Ask whether the new team will spread it. The association budget reads about $1.21 a foot a month on the MLS listings, $1,053 on the entry unit. And the rental language: the broker inventory sheet lists Cove as short-term-rental friendly, while the developer's own material and the MLS remarks say nothing on rentals. Get it from the declaration before buying for income.

## Delivery risk

| Construction financing | $170M closed September 2025 with Bravo Property Trust (Aaron Krawitz, New York). The developer said it "wasn't easy" in a high-rate market; it was closed, and construction followed. |
|---|---|
| Presold | 30% at last disclosure |
| Delivery | 2028, per the developer. The loan closed in September 2025 and construction started in March 2026 with a groundbreaking event, so the schedule is funded. The broker sheet's 2026 was simply wrong. |
| Developer | SB Development Group (Joseph Stern, Joni Benjamini) and Hazelton Capital Group (Adam Westreich), both New York. Kobi Karp architecture, Dieguez Fridman interiors. Sales moved from OneWorld Properties to Douglas Elliman's Eklund-Gomes team in March 2026. |
| Rental policy | Marketed as short-term-rental friendly (broker inventory sheet, read 17 September 2026) |

## Recommendation

BlueBay Brokers · Cove Miami

### A funded tower, bought at the bottom of the list

Cove has what most of the Edgewater pipeline lacks: a closed $170M loan, construction started in March 2026 and a 2028 delivery. The entry unit now lists $105,000 under the developer's own published floor and below what new Edgewater stock resells at.

Own the lower-floor one-bedrooms, where the price advantage is measurable. Treat the upper stack as a home at a real premium. Confirm the rental rule in the declaration and negotiate the 30 percent due on signing.

## 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

- [ELLE Residences Miami, Edgewater, Delivering 2029](https://bluebaybrokers.com/buildings/elle-residences)
- [Vida Residences, Edgewater, Delivering 2026](https://bluebaybrokers.com/buildings/vida-residences)
- [Villa Miami, Edgewater, Delivering 2027](https://bluebaybrokers.com/buildings/villa-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)
- [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, SB Development and Hazelton score $170M construction loan (Sep 2025)](https://therealdeal.com/miami/2025/09/02/sb-development-hazelton-score-170m-construction-loan/)
- [The Real Deal, SB and Hazelton tap Eklund-Gomes to take over sales (Mar 2026)](https://therealdeal.com/miami/2026/03/17/cove-residences-miami-taps-eklund-gomes-to-lead-condo-sales/)
- [The Real Deal, SB Development and Hazelton launch sales of Edgewater condo tower (Jun 2023)](https://therealdeal.com/miami/2023/06/07/sb-development-hazelton-launch-sales-of-edgewater-condo-tower/)
- [Florida YIMBY, $170M construction loan for Cove Miami (Sep 2025)](https://floridayimby.com/2025/09/sb-development-and-hazelton-capital-secure-170-million-construction-loan-for-cove-miami-in-edgewater.html)

**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.