# District 225 condos: resale prices and rental rules

> Source: https://bluebaybrokers.com/buildings/district-225
> 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

District 225 was drawn for nightly rental, sold out all 343 residences before vertical construction started, and now hands a buyer a finished, furnished, Airbnb-branded unit with Atlantic & Pacific already running the programme. Income can start the month you close and none of the usual preconstruction risks apply. Supply is not the question either: the Downtown and Brickell blocks this building competes in close roughly 900 homes a year in its own price bands, so 343 units is under five months of normal absorption. The question is price, and the answer is unusually well evidenced. The entry stack asks about $1,110 a foot, while the building's own recorded transactions, 326 developer closings and the one resale to date, sit at $914 to $926. Comparable new condominiums across the submarket resell at $1,104, so this building has been clearing about 17 percent under its own comparable set. That gap is the whole trade, and it is a number you can negotiate against rather than guess at.

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

Closings per year 912 trailing 12 months, 33128, 33130, 33131, 33132, 33127, same band

Years of supply 0.4 this building alone

Band closes at $499/sf median of real closings, not asks

| Band, 33128, 33130, 33131, 33132, 33127 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $340K – $500K | 409 | $412,000 | $499 |
| $500K – $800K | 503 | $610,000 | $565 |

**Supply is not the problem here**

Measured against its own postcode alone this building looked unsellable, because 33128 is a sliver around the government centre that recorded nine residential closings all year. That measured the postcode, not the building. Against the submarket a buyer actually shops, 33128 with 33130, 33131, 33132 and 33127, the two bands District 225 sells into close roughly 900 homes a year. Its 343 residences are roughly five months of that flow, and they are already delivered and absorbed rather than arriving at once. Twenty-nine are listed for resale today. The wider market carries under twenty months of supply, which is the real constraint on how fast an exit clears, and it argues for owning the unit for the income rather than for a quick flip.

## The market it lands in

Everything for sale in 33128, 33130, 33131, 33132, 33127 today against everything that actually sold there this past year. This is the pool your resale competes in.

Active inventory 2387 homes listed across 33128, 33130, 33131, 33132, 33127

Sold, trailing year 1438 recorded closings, every price

Months of supply 19.9 under 6 favours sellers, over 12 favours buyers

Asking vs sold $738/sf asked, against $572/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, 33132, 33127 built from 2023 onward, people who bought new and took delivery, and what their units resell for now.

New stock resells at $1,130/sf median of 43 closings this year

Movement since -10.2% across recently delivered buildings

This building asks $1,110/sf entry residences

Entry vs new stock -2% below zero means you buy new under resale

| Year of resale | Closings | Median $/sf |
|---|---|---|
| 2023 | 1 | withheld, 1 sale |
| 2024 | 12 | $1,258 |
| 2025 | 48 | $1,134 |
| 2026 | 43 | $1,130 |

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 $1,110–$1,293/sf $435,000 – $930,000 · 386 – 884 sf

Band closes at $499/sf $340K – $500K, trailing 12 months

Listed here today 24 median $1,115/sf

**Two measures of this building agree, and the ask is not one of them**

Three measures, and the useful part is that they do not all agree. Comparable new condominiums across the submarket, built from 2023 onward and the closest thing to this product, resell at a median of $1,104 a foot and have come down about 12% since 2024. The building's own record reads lower and reads consistently: the developer's 326 closings recorded at the County ran a $926 median, and the single resale to close inside the building went at $914. Two independent readings of this building, $12 apart, roughly 17% below where comparable new stock trades. That is the argument for buying it. What it does not support is the list. District 225 asks $1,110 at the entry and up to $1,293 on its best floors, at or above the comparable median and about 20% above anything this building has actually traded at. Nothing here says the building is bad. It says the list price is ahead of the building's own record, which on a delivered tower with nearly thirty competing resales is exactly the situation where a prepared buyer writes a lower number and can show why.

## On the MLS today

24 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 |
|---|---|---|---|---|---|---|
| [1506](https://bluebaybrokers.com/listing?mls=A12061448) | 0/1 | 384 sf | $395,000 | $1,029 | — | 53 |
| [308](https://bluebaybrokers.com/listing?mls=A12050972) | 0/1 | 392 sf | $435,000 | $1,110 | $644 | 62 |
| [2208](https://bluebaybrokers.com/listing?mls=A12098505) | 0/1 | 392 sf | $450,000 | $1,148 | $650 | 0 |
| [504](https://bluebaybrokers.com/listing?mls=A12094108) | 1/1 | 530 sf | $480,000 | $906 | $871 | 0 |
| [202](https://bluebaybrokers.com/listing?mls=A11989384) | 1/1 | 473 sf | $494,999 | $1,047 | $799 | 183 |
| [210](https://bluebaybrokers.com/listing?mls=A12072892) | 1/1 | 527 sf | $500,000 | $949 | $871 | 0 |
| [2810](https://bluebaybrokers.com/listing?mls=A12077966) | 1/1 | 527 sf | $519,000 | $985 | $871 | 27 |
| [2107](https://bluebaybrokers.com/listing?mls=A12078125) | 1/1 | 530 sf | $520,000 | $981 | — | 20 |
| [2002](https://bluebaybrokers.com/listing?mls=A12082731) | 1/1 | 472 sf | $529,000 | $1,121 | $768 | 1 |
| [1102](https://bluebaybrokers.com/listing?mls=A12045314) | 1/1 | 558 sf | $529,000 | $948 | $768 | 72 |
| [1804](https://bluebaybrokers.com/listing?mls=A12041221) | 1/1 | 530 sf | $539,000 | $1,017 | — | 8 |
| [1604](https://bluebaybrokers.com/listing?mls=A12099576) | 1/1 | 530 sf | $539,000 | $1,017 | $799 | 2 |
| [3507](https://bluebaybrokers.com/listing?mls=A12030935) | 1/1 | 530 sf | $549,900 | $1,038 | $799 | 97 |
| [1702](https://bluebaybrokers.com/listing?mls=A12068889) | 1/1 | 468 sf | $550,000 | $1,175 | $768 | 9 |
| [1412](https://bluebaybrokers.com/listing?mls=A12013356) | 2/2 | 696 sf | $820,000 | $1,178 | $1,143 | 97 |
| [912](https://bluebaybrokers.com/listing?mls=A12101652) | 2/2 | 696 sf | $825,000 | $1,185 | $1,143 | 1 |
| [3406](https://bluebaybrokers.com/listing?mls=A12099558) | 2/2 | 755 sf | $829,000 | $1,098 | $1,250 | 2 |
| [2912](https://bluebaybrokers.com/listing?mls=A12062119) | 2/2 | 696 sf | $895,000 | $1,286 | $1,143 | 41 |
| [2801](https://bluebaybrokers.com/listing?mls=A12016828) | 2/2 | 696 sf | $899,000 | $1,292 | $1,143 | 72 |
| [3412](https://bluebaybrokers.com/listing?mls=A12047333) | 2/2 | 696 sf | $900,000 | $1,293 | $1,153 | 76 |
| [1801](https://bluebaybrokers.com/listing?mls=A12062440) | 2/2 | 696 sf | $919,000 | $1,320 | $1,142 | 32 |
| [3501](https://bluebaybrokers.com/listing?mls=A12086301) | 2/2 | 696 sf | $925,000 | $1,329 | $1,145 | 21 |
| [PH-3712](https://bluebaybrokers.com/listing?mls=A12063438) | 2/2 | 696 sf | $939,000 | $1,349 | $1,145 | 59 |
| [2005](https://bluebaybrokers.com/listing?mls=A12073259) | 2/2 | 759 sf | $950,000 | $1,252 | $1,247 | 34 |

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 A12047333 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 392 sf.

| HOA at $1.51/sf/month | −$7,103 |
|---|---|
| Property tax at 2.02% of $435,000 | −$8,787 |
| Insurance (HO-6), $3.60/sf | −$1,411 |
| Annual carry, before any income | −$17,301 |

**What it costs to hold, and what to verify**

Around $17,300 a year on the entry residence before any income, of which roughly $7,100 is the HOA at the $1.51 a foot per month the current listings disclose. Three things to obtain before signing, all of them ordinary. The recorded declaration's rental language, because Airbnb branding is marketing and the instrument is the rule. The terms of the Atlantic & Pacific rental programme, specifically whether participation is optional and what the split is, since a mandatory programme changes the asset materially. And the association's budget with its reserve schedule, on a building that has been occupied for well under a year. Florida's 13% transient tax applies to stays under six months and sits on top of the nightly rate.

## How it was built and sold

| Construction financing | $76,000,000 from Madison Realty Capital, closed July 2022. The building was 100% presold before vertical construction began, so the loan was underwritten against contracts rather than against hoped-for sales. |
|---|---|
| Presold | 100% at last disclosure |
| Delivery | Delivered. The 2022 financing announcement targeted 2024; closings actually began in November 2025 and ran to May 2026, so delivery landed about a year late. That is now history rather than risk, but it is the developer's own record on this project. |
| Developer | Related Group with ROVR Development and BH Group. Sieger Suarez architecture, Meshberg Group interiors. Marketed as an Airbnb-branded building, with Atlantic & Pacific handling the rental programme. |
| Rental policy | Daily rentals, on-site operator |

## Recommendation

BlueBay Brokers · District 225

### Good asset, wrong price, and the gap is measurable

The demand evidence is genuinely strong. Related, ROVR and BH Group sold all 343 residences before vertical construction began, Madison Realty Capital lent $76M against those contracts, and 326 developer closings have recorded at the County. The building is finished, furnished and operating, so income starts immediately and the preconstruction risks are behind it.

Supply is not the worry it appeared to be. Its bands clear roughly 900 homes a year in the submarket, so 343 units is about five months of flow, already delivered.

Price is the worry. The developer's County closings ran $926 a foot and the one resale inside the building closed at $914, against an ask of $1,110 to $1,293. Comparable new condominiums in the submarket resell at $1,104, so the ask sits at the comparable level and about 20% above the building's own record. Treat $920 to $940 a foot as the defensible level and open there, with the MLS record in hand. On a 696 sf residence that is roughly $650,000 rather than the $820,000 asked.

Before signing, get the recorded declaration's rental language, because Airbnb branding is marketing and the instrument is the rule, and get the Atlantic & Pacific terms, specifically whether participation is mandatory and what the split is. A compulsory programme changes what you own.

## 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.

#### Once you own it

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.

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- [600 Miami Worldcenter, Downtown, Closings Q4 2026](https://bluebaybrokers.com/buildings/600-miami-worldcenter)
- [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)
- [Brickell buildings that allow daily rentals, with sources](https://bluebaybrokers.com/brickell-buildings-daily-rentals)

## Sources

- [The Real Deal, Developers score $76M construction loan for Airbnb-branded condos in downtown Miami (Jul 2022)](https://therealdeal.com/miami/2022/07/07/developers-score-76m-construction-loan-for-airbnb-branded-condos-in-downtown-miami/)
- [Florida YIMBY, $76M construction funding for the 37-storey District 225](https://floridayimby.com/2022/07/developers-secure-76-million-in-construction-funding-for-37-story-district-225-in-downtown-miami.html)
- [BH Group, District 225 project page](https://www.bhgroupmiami.com/projects/district-225/)
- [Miami-Dade County recorded deeds, DISTRICT 225 CONDO, 328 closings to 22 May 2026](https://www.miamidade.gov/Apps/PA/propertysearch/)

**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.