# Jean-Georges Miami Tropic: prices and deposits

> Source: https://bluebaybrokers.com/buildings/jean-georges-design-district
> Publisher: BlueBay Brokers LLC, 1541 Brickell Ave #1201, Miami FL 33129 (Florida broker BK3411036)
> Figures read on: 2026-10-14
> 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

Jean-Georges Miami Tropic asks $1,424 a foot for its entry one-bedroom, against $993 for 33137 condos built since 2023 and resold this year: a 43 percent premium for the first chef-branded tower in Miami. The brand is real and the Design District has almost no residential land left. The price of that brand is clearest at the bottom of the stack, and it narrows in the larger plans.

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

Closings per year 175 trailing 12 months, 33137, same band

Years of supply 1.9 this building alone

Band closes at $902/sf median of real closings, not asks

| Band, 33137 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $1M – $2M | 109 | $1,470,000 | $902 |
| $2M – $3.5M | 42 | $2,625,000 | $977 |
| $3.5M – $7M | 24 | $3,990,000 | $1,153 |

**Absorption and timing**

33137 closed 175 homes across Miami Tropic's three bands in the last twelve months, so 338 residences is 1.9 years of that market, a manageable delivery for a postcode this liquid. The wider market is softer: 13.9 months of supply and new-stock resales down 2.4 percent since 2023. The timing question is the build itself. No construction loan and no groundbreaking have been announced two years after launch, and the quoted floor has moved from $1.6M (October 2024) to $1M (April 2026). A list that has come down is a list with room in it.

## 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 553 homes listed across 33137

Sold, trailing year 477 recorded closings, every price

Months of supply 13.9 under 6 favours sellers, over 12 favours buyers

Asking vs sold $765/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 $1,424/sf entry residences

Entry vs new stock +43% 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

$1,424–$1,650/sf

$1.2M – $4.8M listed · 852 – 2,892 sf · $1M to over $6M quoted (The Real Deal, April 2026)

Band closes at $902/sf $1M – $2M, trailing 12 months

Listed here today 5 median $1,424/sf

**The brand premium, measured**

The entry one-bedroom, 852 sf at $1,213,000, works out to $1,424 a foot. The $1M to $2M band in 33137 closes at $902, mostly older stock, and the fair benchmark, 46 resales this year in buildings delivered since 2023, sits at $993. The larger plans are better bought: the 2,373 sf three-bedroom on the 20th floor asks $1,289 a foot against $977 for its band, the lowest per-foot price on the list. Listed MLS areas on new construction run large, so re-divide by the recorded area when the declaration is filed.

## On the MLS today

5 listings at this address are Active right now, pulled 2026-10-14. 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 |
|---|---|---|---|---|---|---|
| [2206](https://bluebaybrokers.com/listing?mls=A12049666) | 1/2 | 852 sf | $1,213,000 | $1,424 | $1,687 | 60 |
| [3508](https://bluebaybrokers.com/listing?mls=A12049504) | 2/3 | 1,307 sf | $1,978,000 | $1,513 | $2,588 | 64 |
| [2105](https://bluebaybrokers.com/listing?mls=A12049653) | 2/3 | 1,652 sf | $2,192,000 | $1,327 | $3,271 | 59 |
| [2004](https://bluebaybrokers.com/listing?mls=A12049642) | 3/4 | 2,373 sf | $3,059,000 | $1,289 | $4,698 | 63 |
| [3301](https://bluebaybrokers.com/listing?mls=A12048928) | 4/5 | 2,892 sf | $4,773,000 | $1,650 | $5,726 | 23 |

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 A12048928 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 $1,213,000 at 4.5% simple, 36 months to delivery.

| Milestone | % | Payment | Committed | Held | Carry |
|---|---|---|---|---|---|
| At contract (assumed standard) | 10% | $121,300 | $121,300 | 36 mo | −$16,376 |
| At groundbreaking (not yet announced) | 10% | $121,300 | $242,600 | 30 mo | −$13,646 |
| At top-off | 10% | $121,300 | $363,900 | 12 mo | −$5,458 |
| At closing | 70% | $849,100 | $1,213,000 | 0 mo | −$0 |
| Committed before closing |  |  | $1,213,000 |  | −$35,480 |

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 $35,480, 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 852 sf.

| HOA at $1.98/sf/month | −$20,244 |
|---|---|
| Property tax at 2.02% of $1,213,000 | −$24,503 |
| Insurance (HO-6), $3.60/sf | −$3,067 |
| Annual carry, before any income | −$47,813 |

**What to secure before you sign**

Three things. The deposit schedule: none is published, so the carry above assumes the Miami 10/10/10/70, and one broker page reports five 10 percent instalments before closing, which would double the money at risk. The funding: ask the developer for the lender and the groundbreaking date, because every month without them is a month your deposit waits. And the rental rule: the broker inventory sheet lists a 30-day minimum, so this is a residence or a monthly rental, not a nightly one. The association budget reads $1.98 a foot a month on the listings.

## Delivery risk

| Construction financing | Not published. No construction loan for Miami Tropic has been reported in the trade press as of 14 October 2026. Terra and Lion paid $40M for the 1.6-acre site in 2023 (The Real Deal). |
|---|---|
| Presold | Not disclosed |
| Delivery | 2028 to 2029. At the October 2024 launch a spokesperson said construction could begin in 2025 and finish in 2027 (The Real Deal); no groundbreaking has been reported since. The broker inventory sheet says 2028 and the MLS listings carry 2029. |
| Developer | Terra (David Martin) and Lion Development Group (Michael Simkins). Jean-Georges Vongerichten runs ABC Kitchen on the ground floor and takes a licensing fee on the whole building (The Real Deal, September 2026). Arquitectonica, Yabu Pushelberg, Douglas Elliman. |
| Rental policy | Marketed as monthly rental, 30-day minimum (broker inventory sheet, read 17 September 2026) |

## Recommendation

BlueBay Brokers · Jean-Georges Miami Tropic

### Buy the brand in the larger plans, after the loan

A genuine product: Jean-Georges, Terra's track record, Arquitectonica and a site the Design District cannot easily repeat. 338 residences is under two years of what 33137 already closes in these bands.

Pay for the brand where it costs least, the two- and three-bedrooms near $1,300 a foot, and treat the entry one-bedroom at $1,424 as the dearest foot in the building. Commit the deposit when the construction loan is announced, and negotiate: the quoted floor has already come down once.

## 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

This building is monthly, not nightly, so Property Management Brickell LLC would run it as mid-term. Different rate, different occupancy, and I will show you that pro forma rather than a nightly one.

## Read next

- [Aria Reserve, Edgewater, Delivered 2025–2026](https://bluebaybrokers.com/buildings/aria-reserve)
- [The Standard Residences, Midtown Miami, Midtown Miami, Delivered April 2026](https://bluebaybrokers.com/buildings/standard-midtown)
- [Cove Miami, Edgewater, Delivering 2028](https://bluebaybrokers.com/buildings/cove-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)
- [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, Gucci, Louis, Fendi, Prada attract luxury resi developers to Miami Design District (Apr 2026)](https://therealdeal.com/miami/2026/04/06/miamis-design-district-has-1000-resi-units-in-the-pipeline/)
- [The Real Deal, Yes, chef: Terra, Lion Development launch sales of Jean-Georges condo tower (Oct 2024)](https://therealdeal.com/miami/2024/10/21/jean-georges-vongerichten-joint-venture-launch-miami-condo-tower/)
- [The Real Deal, Terra's David Martin on construction loans and branded towers (Sep 2026)](https://therealdeal.com/miami/2026/09/24/terras-david-martin-on-construction-loans-branded-towers/)

**Method, licence and disclaimers**

**Absorption and closed prices** © 2026 Miami Association of Realtors / SEFMLS via Bridge Data Output, pulled 2026-10-14. 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.