# Faena Residences: preconstruction prices and deposits

> Source: https://bluebaybrokers.com/buildings/faena-residences-miami
> Publisher: BlueBay Brokers LLC, 1541 Brickell Ave #1201, Miami FL 33129 (Florida broker BK3411036)
> Figures read on: 2026-11-07
> 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

Faena Residences is the funded twin-tower launch on the Miami River, and its entry one-bedroom asks $2,143 a foot against $1,009 for homes closing at $1.5M to $3M in the same postcodes. What changed in October is the risk: $817M from Tyko Capital, the largest condo construction loan in Florida, on more than $500M of sales. You pay for the name and the river, and the building now gets built.

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

Closings per year 92 trailing 12 months, 33130, 33131, same band

Years of supply 4.8 this building alone

Band closes at $1,009/sf median of real closings, not asks

| Band, 33130, 33131 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $1.5M – $3M | 67 | $1,850,000 | $1,009 |
| $3M – $5M | 19 | $4,150,000 | $1,229 |
| $5M and above | 6 | $7,550,000 | $1,444 |

**Early buyers have already moved the list**

The list has only gone one way: about $1.3M entry at the May 2025 sales launch (broker sources), $1.4M in November 2025 (The Real Deal), $1.5M for a 700 sf one-bedroom in the Miami Herald's report that followed. That is the case for going before the next step. The counterweight is scale. 440 residences against 92 closings a year in the band is **4.8 years of supply**, and above $5M only 6 homes closed in twelve months. Delivery in 2030 spreads that over time, but the owner who resells at the keys meets every other owner doing the same. Own the plans with the deepest buyer pool, which is the $1.5M to $3M band with 67 closings.

## The market it lands in

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

Active inventory 1354 homes listed across 33130, 33131

Sold, trailing year 876 recorded closings, every price

Months of supply 18.5 under 6 favours sellers, over 12 favours buyers

Asking vs sold $705/sf asked, against $604/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 33130, 33131 built from 2023 onward, people who bought new and took delivery, and what their units resell for now.

New stock resells at $1,274/sf median of 23 closings this year

Movement since +8.4% across recently delivered buildings

This building asks $2,143/sf entry residences

Entry vs new stock +68% 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 | 23 | $1,274 |

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 $2,143–$3,659/sf $1.5M – $35M · 700 – 3,300 sf · one penthouse of 8,200 sf at $30M

Band closes at $1,009/sf $1.5M – $3M, trailing 12 months

Listed here today 0 nothing on the MLS

**The premium is the product, so size it**

At $2,143 a foot the entry plan sits 68 percent above new stock resold in these postcodes this year, $1,274 on 23 closings, and more than double the $1,009 its band clears at. New stock is up 8.4 percent since last year, so the gap is not closing on its own at any pace that matters by 2030. The $30M penthouse in the east tower, about $3,700 a foot on interior area, shows what the brand can command at the top. It says little about a one-bedroom. Nothing is on the MLS at this address, so these asks come from the press, not from a listing you can test.

## On the MLS today

Nothing at this address is on the MLS

Not one Active listing at 24 SW 4th St, Miami FL 33130, pulled 2026-11-07. The building is being sold off-market by the developer's own sales team, which is normal at this stage and has one consequence worth stating: there is no independent asking price to check the developer's price list against, so every size and price on this page comes from the developer or the trade press rather than from a transaction. It is also why this page carries no photograph: the MLS licence that lets us display a listing's images does not extend to a render off a brochure.

## 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 $1,500,000 at 4.5% simple, 39 months to delivery.

| Milestone | % | Payment | Committed | Held | Carry |
|---|---|---|---|---|---|
| At contract (assumed standard) | 10% | $150,000 | $150,000 | 39 mo | −$21,938 |
| Second instalment (assumed standard) | 10% | $150,000 | $300,000 | 36 mo | −$20,250 |
| At top-off (assumed standard) | 10% | $150,000 | $450,000 | 12 mo | −$6,750 |
| At closing | 70% | $1,050,000 | $1,500,000 | 0 mo | −$0 |
| Committed before closing |  |  | $1,500,000 |  | −$48,938 |

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 $48,938, 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 700 sf.

| HOA, not published by the developer | — |
|---|---|
| Property tax at 2.02% of $1,500,000 | −$30,300 |
| Insurance (HO-6), $3.60/sf | −$2,520 |
| Annual carry, before any income | −$32,820 |

**What to get in writing before you sign**

Three items, all ordinary requests. The deposit schedule first: Fortune has not published one, so the $48,938 above uses 10/10/10/70, and broker pages describe as much as 50 percent before closing, unconfirmed, which would raise that number. Then the rental language, because no source states a policy and the answer decides whether this earns anything before you sell. Then the outside delivery date, since the 2029 target has already become 2030. The HOA budget is unpublished too, so the annual carry shown is short of the truth.

## Delivery risk

| Construction financing | $817M closed October 2026 from Tyko Capital, arranged by Walker & Dunlop. The Real Deal calls it the largest condo construction loan in Florida. More than $500M of units sold at that date. |
|---|---|
| Presold | Not disclosed |
| Delivery | 2030: early 2030 per Bisnow, 2030 per Commercial Observer, both October 2026. Fortune's earlier 2029 target predates the loan. The Real Deal wrote on 28 October 2026 that the developers will begin building, so 39 months is the model here, not a contract date. |
| Developer | Fortune International Group (Edgardo Defortuna) and KAR Properties (Shahab Karmely). KAR has held the site since 2013 and launched it as One River Point in 2015 without starting construction. Fortune joined in 2022. |
| Rental policy | Rental policy not published; no developer or press source states one, recorded declaration language to be read |

## Recommendation

BlueBay Brokers · Faena Residences

### A funded trophy: buy the entry plans, and negotiate the paper

This is now the best-capitalised launch on the river. $817M of construction money and more than $500M of sales remove the question that hung over this site since 2015, and early buyers have watched the list move from $1.3M to $1.5M.

Buy it for the address and the brand, not for the spread: the ask is 68 percent over new stock. Stay in the $1.5M to $3M plans, where 67 homes close a year, and get the deposit schedule, rental language and outside date in writing first.

## 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.

#### Before anything else

The rental policy here is not published, so I will not sell you a management plan on it. I will get the recorded declaration language and tell you what is actually permitted. That has to be true before the rest matters.

## Read next

- [Domus Brickell Center, Brickell, Delivering end 2027](https://bluebaybrokers.com/buildings/domus-brickell-center)
- [House of Wellness Brickell, Brickell, Delivering 2029](https://bluebaybrokers.com/buildings/house-of-wellness-brickell)
- [Meliá Miami Brickell, Brickell, Delivering 2027](https://bluebaybrokers.com/buildings/melia-brickell)
- [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 alert, Faena Residences on the Miami River scores $817M construction loan (28 Oct 2026)](https://therealdeal.com/miami/)
- [Commercial Observer, Fortune lands record $817M from Tyko Capital (28 Oct 2026)](https://commercialobserver.com/2026/10/fortune-international-miami-faena-condo-tyko/)
- [Bisnow, Tyko Capital sets new record for Florida's largest construction loan (Oct 2026)](https://www.bisnow.com/news/national/capital-markets/tyko-capital-817m-construction-loan-faena-condos)
- [The Real Deal, Faena on the Miami River sells $30M record penthouse (16 Jul 2026)](https://therealdeal.com/miami/2026/07/16/faena-miami-river-sells-30-million-record-penthouse/)
- [The Real Deal, KAR, Fortune launch sales of Faena Residences (18 Nov 2025)](https://therealdeal.com/miami/2025/11/18/kar-fortune-launch-sales-of-faena-residences-on-miami-river/)
- [Miami Herald via AOL, Faena is building condos along the Miami River](https://www.aol.com/articles/faena-building-condos-along-miami-162126895.html)
- [Developer site, faenaresidencesmiami.com](https://faenaresidencesmiami.com)

**Method, licence and disclaimers**

**Absorption and closed prices** © 2026 Miami Association of Realtors / SEFMLS via Bridge Data Output, pulled 2026-11-07. 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.