# Five Park Miami Beach: resale prices and rental rules

> Source: https://bluebaybrokers.com/buildings/five-park
> Publisher: BlueBay Brokers LLC, 1541 Brickell Ave #1201, Miami FL 33129 (Florida broker BK3411036)
> Figures read on: 2026-10-13
> 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

Five Park is a 48-storey, 227-residence tower at the entrance to South Beach, delivered in December 2024 and about 90 percent sold within three months, and the number that decides it is $1,099: what its entry one-bedroom asks per foot, level with the $1,080 that 33139 condominiums in that band close at. Higher up, asks run well above what the building itself clears.

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

Closings per year 373 trailing 12 months, 33139, same band

Years of supply 0.6 this building alone

Band closes at $1,080/sf median of real closings, not asks

| Band, 33139 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $900K – $2M | 147 | $1,350,000 | $1,080 |
| $2M – $5M | 135 | $3,050,000 | $1,548 |
| $5M – $25M | 91 | $9,500,000 | $2,899 |

**A building the market absorbs**

Terra reported about 90 percent sold within three months of completion (Commercial Observer, February 2025), and the bands show the depth behind it: 33139 closes 373 homes a year from $900,000 to $25 million, so the whole tower is 0.6 years of that market. At the building itself, 30 residences closed in twelve months against 18 for sale, about seven months of supply. Sales closed a median 9.4 percent under first asking price, the room a buyer should expect.

## The market it lands in

Everything for sale in 33139 today against everything that actually sold there this past year. This is the pool your resale competes in.

Active inventory 919 homes listed across 33139

Sold, trailing year 1014 recorded closings, every price

Months of supply 10.9 under 6 favours sellers, over 12 favours buyers

Asking vs sold $696/sf asked, against $634/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 33139 built from 2023 onward, people who bought new and took delivery, and what their units resell for now.

New stock resells at $1,781/sf median of 25 closings this year

Movement since -11.4% across recently delivered buildings

This building asks $1,099/sf entry residences

Entry vs new stock -38% below zero means you buy new under resale

| Year of resale | Closings | Median $/sf |
|---|---|---|
| 2024 | 3 | withheld, 3 sales |
| 2025 | 30 | $2,010 |
| 2026 | 25 | $1,781 |

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

$1,099–$3,917/sf

18 residences for sale today, $930K to $23.5M on 846 – 6,000 sf · 30 closings in the last 12 months, median $1,771/sf · about 90% sold by February 2025 (Terra)

Band closes at $1,080/sf $900K – $2M, trailing 12 months

Listed here today 18 median $2,257/sf

**Where it asks, and what clears**

The entry residence, an 846 sf one-bedroom on the fifth floor, asks $930,000, $1,099 a foot: level with the $1,080 that 33139 condominiums from $900,000 to $2 million close at, and under the $1,347 median of the building's five one-bedroom closings this year. Higher up the price per foot climbs fast: the 18 listings ask a median $2,257 against $1,771 for the building's twelve-month closings. The new-construction table is mostly Five Park itself, and its 2026 dip compares different floors and plans year to year: read it as mix until the same plans resell.

## On the MLS today

18 listings in this building are Active right now, pulled 2026-10-13. 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 |
|---|---|---|---|---|---|---|
| [506](https://bluebaybrokers.com/listing?mls=A12088651) | 1/2 | 846 sf | $930,000 | $1,099 | $2,235 | 9 |
| [1204](https://bluebaybrokers.com/listing?mls=A12064173) | 1/2 | 1,000 sf | $1,575,000 | $1,575 | $2,004 | 1 |
| [2108](https://bluebaybrokers.com/listing?mls=A12033272) | 1/2 | 731 sf | $1,650,000 | $2,257 | $3,200 | 1 |
| [802](https://bluebaybrokers.com/listing?mls=A12022370) | 1/2 | 1,110 sf | $2,200,000 | $1,982 | $2,952 | 17 |
| [1602](https://bluebaybrokers.com/listing?mls=A11934301) | 2/3 | 1,201 sf | $2,599,000 | $2,164 | $3,150 | 144 |
| [2402](https://bluebaybrokers.com/listing?mls=A11987245) | 2/3 | 1,218 sf | $2,750,000 | $2,258 | $3,236 | 188 |
| [3604](https://bluebaybrokers.com/listing?mls=A11853899) | 2/3 | 1,434 sf | $3,250,000 | $2,266 | $3,226 | 399 |
| [3004](https://bluebaybrokers.com/listing?mls=A12008975) | 2/3 | 1,434 sf | $3,324,000 | $2,318 | $3,928 | 168 |
| [3404](https://bluebaybrokers.com/listing?mls=A12070118) | 2/3 | 1,434 sf | $3,450,000 | $2,406 | — | 49 |
| [1001](https://bluebaybrokers.com/listing?mls=A12096470) | 3/4 | 2,178 sf | $3,745,000 | $1,719 | $5,251 | 0 |
| [1601](https://bluebaybrokers.com/listing?mls=A12014864) | 3/4 | 2,178 sf | $3,999,999 | $1,837 | $5,298 | 29 |
| [3605](https://bluebaybrokers.com/listing?mls=A12068488) | 3/4 | 1,969 sf | $4,695,000 | $2,384 | $4,347 | 4 |
| [2105](https://bluebaybrokers.com/listing?mls=A12060972) | 3/4 | 2,512 sf | $4,999,000 | $1,990 | $5,750 | 34 |
| [3102](https://bluebaybrokers.com/listing?mls=A11965105) | 3/4 | 2,930 sf | $6,450,000 | $2,201 | $7,279 | 151 |
| [2318](https://bluebaybrokers.com/listing?mls=A12082232) | 4/5 | 3,520 sf | $10,500,000 | $2,983 | $7,510 | 14 |
| [4401](https://bluebaybrokers.com/listing?mls=A12042485) | 4/4 | 3,186 sf | $10,875,000 | $3,413 | $8,526 | 77 |
| [3402.03](https://bluebaybrokers.com/listing?mls=A11918764) | 4/5 | 5,441 sf | $14,900,000 | $2,738 | $14,040 | 279 |
| [4501](https://bluebaybrokers.com/listing?mls=A12085309) | 6/8 | 6,000 sf | $23,500,000 | $3,917 | $16,189 | 13 |

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 A11987245 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 846 sf.

| HOA at $2.64/sf/month | −$26,801 |
|---|---|
| Property tax at 2.02% of $930,000 | −$18,786 |
| Insurance (HO-6), $3.60/sf | −$3,046 |
| Annual carry, before any income | −$48,633 |

**The rent is real**

Five unfurnished one-bedrooms leased on annual terms at $7,000 to $7,500 a month in the last year; furnished ones reached $12,525. On the $930,000 entry unit, $7,200 a month is 9.3 percent gross; less the association ($2,235 a month) and tax at 2.02 percent, about 4.4 percent net before insurance. One listing states owners may lease for six months minimum, twice a year; the declaration decides.

## How it was built and sold

| Construction financing | $345M construction loan from Blackstone and Apollo, March 2021 (The Real Deal), repaid in December 2024; a $103.2M Apollo inventory loan followed on the unsold units (Commercial Observer, February 2025). |
|---|---|
| Presold | Not disclosed |
| Delivery | Delivered. Completed in December 2024, 48 storeys and 519 feet at the entrance to South Beach, with a public park and a pedestrian bridge over the MacArthur Causeway under construction from January 2025 (Commercial Observer). |
| Developer | Terra, David Martin's firm, with GFO Investments, the family office of Crescent Heights co-founder Russell Galbut, which has owned the site since 2004 (Commercial Observer). Arquitectonica designed the tower. |
| Rental policy | Rental terms not published; one MLS listing states a 6-month minimum, twice a year (read 13 October 2026). The declaration decides. |

## Recommendation

BlueBay Brokers · Five Park Miami Beach

### Buy the low floors, negotiate the high ones

The entry one-bedroom at $1,099 a foot is priced at what its band clears in 33139, with an annual tenant market behind it at about 4.4 percent net. That is the purchase here.

From the 30th floor up, asks run $2,200 to $3,900 a foot against $1,771 for the building's own closings. Offer toward the closings: 29 of 30 sales cleared under first price, a median 9.4 percent under.

## 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.

#### 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

- [72 Park Miami Beach, Miami Beach, Delivered 2025](https://bluebaybrokers.com/buildings/72-park)
- [The Ritz-Carlton Residences South Beach, South Beach, Delivering 2028](https://bluebaybrokers.com/buildings/ritz-carlton-south-beach)
- [2200 Brickell, Brickell, 2026](https://bluebaybrokers.com/buildings/2200-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)
- [Buying preconstruction in Miami as a foreign buyer](https://bluebaybrokers.com/buy-preconstruction-miami-foreign-buyer)

## Sources

- [Commercial Observer, Terra and Russell Galbut land $103M for new Miami Beach high-rise condo (February 2025)](https://commercialobserver.com/2025/02/miami-apollo-terra-gfo-galbut-condo-finance/)
- [The Real Deal via Terra, Miami Beach developers nab $345M construction loan for 500 Alton (March 2021)](https://terragroup.com/miami-beach-developers-nab-345m-construction-loan-for-500-alton)

**Method, licence and disclaimers**

**Absorption and closed prices** © 2026 Miami Association of Realtors / SEFMLS via Bridge Data Output, pulled 2026-10-13. 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.