# Flow House condos: resale prices and rental rules

> Source: https://bluebaybrokers.com/buildings/flow-house
> Publisher: BlueBay Brokers LLC, 1541 Brickell Ave #1201, Miami FL 33129 (Florida broker BK3411036)
> Figures read on: 2026-10-31
> 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

Flow House is Adam Neumann's 41-storey, 466-residence tower at Miami Worldcenter, delivered furnished in 2026, and the number that decides it is $565,000: what a 684 sf one-bedroom asks on the MLS today, under the $600,000 one-bedrooms launched at in October 2024. That unit is leased back to Flow at $4,400 a month to April 2028; the same plan on the 12th floor leased on the open market in October for $3,299.

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

Closings per year 1348 trailing 12 months, 33136, 33132, 33131, 33130, 33137, same band

Years of supply 0.3 this building alone

Band closes at $510/sf median of real closings, not asks

| Band, 33136, 33132, 33131, 33130, 33137 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $300K – $550K | 679 | $415,000 | $510 |
| $550K – $1.1M | 669 | $710,000 | $631 |

**A resale market one month old**

Flow sold more than 350 of the 466 residences in about 16 months, to buyers from 23 countries (developer release, March 2026). The resale market started on 23 September: four sale listings, none closed on the MLS yet. The five postcodes around it closed 1,348 homes between $300,000 and $1.1 million in the last twelve months, so the whole tower is about four months of that flow, but 33136 holds 19.1 months of supply. The competition that counts is The Crosby, the other furnished Merrimac tower in Worldcenter, with 61 units for sale.

## The market it lands in

Everything for sale in 33136, 33132, 33131, 33130, 33137 today against everything that actually sold there this past year. This is the pool your resale competes in.

Active inventory 2853 homes listed across 33136, 33132, 33131, 33130, 33137

Sold, trailing year 1791 recorded closings, every price

Months of supply 19.1 under 6 favours sellers, over 12 favours buyers

Asking vs sold $734/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 33136, 33132, 33131, 33130, 33137 built from 2023 onward, people who bought new and took delivery, and what their units resell for now.

New stock resells at $1,012/sf median of 88 closings this year

Movement since +2.8% across recently delivered buildings

This building asks $1,330/sf entry residences

Entry vs new stock +31% below zero means you buy new under resale

| Year of resale | Closings | Median $/sf |
|---|---|---|
| 2023 | 5 | $984 |
| 2024 | 33 | $1,054 |
| 2025 | 70 | $1,073 |
| 2026 | 88 | $1,012 |

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

$560–$1,330/sf

Resales $399,000 to $588,000 on the MLS today · 300 – 1,050 sf · launched from $450,000 in October 2024

Band closes at $510/sf $300K – $550K, trailing 12 months

Listed here today 4 median $1,601/sf

**Already under the launch list**

Flow launched studios from $450,000 and one-bedrooms from $600,000 in October 2024, and quoted from $480,000 at completion. Today a studio asks $399,000 (#312, 305 sf on the MLS), $51,000 under the launch floor, and the 684 sf one-bedroom $565,000, $826 a foot. The two other studios ask $585,000 and $588,000, which is $1,893 and $2,262 a foot on MLS area; neither has traded, and the 260 sf printed on #1609 is under the developer's 300 sf smallest plan, so check it. At The Crosby one-bedrooms ask a median $540,000, $925 a foot. The one-bedroom is the value line here.

## On the MLS today

4 listings in this building are Active right now, pulled 2026-10-31. 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 |
|---|---|---|---|---|---|---|
| [312](https://bluebaybrokers.com/listing?mls=A12095427) | 0/1 | 305 sf | $399,000 | $1,308 | $439 | 19 |
| [1810](https://bluebaybrokers.com/listing?mls=A12094184) | 1/1 | 684 sf | $565,000 | $826 | $939 | 0 |
| [803](https://bluebaybrokers.com/listing?mls=A12097913) | 0/1 | 309 sf | $585,000 | $1,893 | $439 | 9 |
| [1609](https://bluebaybrokers.com/listing?mls=A12113143) | 0/1 | 260 sf | $588,000 | $2,262 | $440 | 22 |

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 A12094184 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 300 sf.

| HOA at $1.4/sf/month | −$5,040 |
|---|---|
| Property tax at 2.02% of $565,000 | −$11,413 |
| Insurance (HO-6), $3.60/sf | −$1,080 |
| Annual carry, before any income | −$17,533 |

**Price it on market rent, not the leaseback**

Delivered, so no deposit and no construction risk. What decides the return is the leaseback: units sold with a 24-month lease to Flow (MLS remarks on #1609 and #1810), $4,400 a month on the one-bedroom to April 2028. Open-market one-bedrooms lease for less: $3,299 at Flow in October, a median $3,200 at The Crosby this year. On $565,000 that is 7.0 percent gross at market rent, about 5 percent after the association ($939 a month on #1810), before tax and insurance. The leaseback flatters that by a third until 2028.

## How it was built and sold

| Construction financing | $155M of construction and inventory financing from Invictus Real Estate Partners and Integritas Capital, April 2025, after a $108M CIM Group loan in 2022 that started the project. |
|---|---|
| Presold | Not disclosed |
| Delivery | Delivered. Construction complete and closings under way in March 2026 (developer release); Bridge YearBuilt 2025. No construction risk and no deposit left to carry. |
| Developer | Flow, the residential company Adam Neumann co-founded in 2022, with Merrimac Ventures, the Motwani family's firm behind Miami Worldcenter. Planned as rentals, switched to condominium in October 2024; sales by OneWorld Properties. |
| Rental policy | Rental terms not settled: units sold with a 24-month leaseback to Flow (MLS remarks, read 31 October 2026); the broker inventory sheet says annual rental only (read 17 September 2026) and one listing advertises 30-day stays; recorded declaration not yet read |

## Recommendation

BlueBay Brokers · Flow House

### The one-bedroom, priced on $3,300 a month

A delivered, sold-through tower from a developer that finished it on $155 million of debt, with the first resales already under the launch list. The one-bedroom at $826 a foot asks less per foot than The Crosby's.

Offer on the $3,300 open-market rent, not the $4,400 leaseback, and get the recorded rental clause before signing: the broker sheet says annual leases only, one listing says 30 days.

## 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

- [38 West Eleventh, Downtown, Delivering Q1 2028](https://bluebaybrokers.com/buildings/38-west-eleventh)
- [HUB Miami Residences, Downtown, Delivering 2027 (marketed)](https://bluebaybrokers.com/buildings/hub-miami)
- [Aston Martin Residences, Downtown, Delivered 2024](https://bluebaybrokers.com/buildings/aston-martin-residences)
- [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, Adam Neumann launching first Miami condo tower (Oct 2024)](https://therealdeal.com/miami/2024/10/02/adam-neumann-launching-first-miami-condo-tower)
- [South Florida Agent Magazine, Flow House begins sales: studios from $450,000, one-bedrooms from $600,000 (Oct 2024)](https://southfloridaagentmagazine.com/2024/10/25/flow-house-begins-sales/)
- [Commercial Observer, Adam Neumann nabs $155M to finish Miami condo development (Apr 2025)](https://commercialobserver.com/2025/04/adam-neumann-miami-condo-development-flow-house/)
- [The Real Deal, Adam Neumann lands $155M loan for Flow House (Apr 2025)](https://therealdeal.com/miami/2025/04/09/adam-neumann-lands-155m-loan-for-flow-house)
- [Flow and Merrimac Ventures, Flow House completed: 466 residences, 300 to 1,050 sf, more than 350 sold (Mar 2026)](https://resident.com/press-releases/2026/03/15/flow-partners-complete-flow-house-in-downtown-miami)

**Method, licence and disclaimers**

**Absorption and closed prices** © 2026 Miami Association of Realtors / SEFMLS via Bridge Data Output, pulled 2026-10-31. 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.