# JEM Residences: preconstruction prices and deposits

> Source: https://bluebaybrokers.com/buildings/jem-residences
> 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

JEM's entry studio asks $1,355 a foot, 476 sf on the 44th floor at $645,000, against $877 for 33132 condos built since 2023 and resold this year. That 55 percent premium buys what no other downtown tower offers: every residence starts on floor 43, and the building is funded, with a $465M financing closed and construction under way since April 2024.

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

Closings per year 193 trailing 12 months, 33132, same band

Years of supply 1.3 this building alone

Band closes at $562/sf median of real closings, not asks

| Band, 33132 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $500,000 – $900,000 | 130 | $611,500 | $562 |
| $900,000 – $1.6M | 51 | $1,175,000 | $671 |
| $1.6M – $3M | 12 | $2,112,500 | $979 |

**Absorption and timing**

33132 closed 193 homes across JEM's three bands in the last twelve months, so 259 condominiums is 1.3 years of that market. The postcode itself is long on supply, 26 months of inventory, and the band most of JEM sells into closes on older stock. What protects the early buyer is the price list: studios launched in the $540,000s in 2023 and list at $606,000 to $645,000 today, up 12 to 19 percent, and four units went pending at $1,273 to $1,418 a foot. The launch cohort is already ahead.

## The market it lands in

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

Active inventory 859 homes listed across 33132

Sold, trailing year 397 recorded closings, every price

Months of supply 26.0 under 6 favours sellers, over 12 favours buyers

Asking vs sold $827/sf asked, against $545/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 33132 built from 2023 onward, people who bought new and took delivery, and what their units resell for now.

New stock resells at $877/sf median of 16 closings this year

Movement since -22.3% across recently delivered buildings

This building asks $1,355/sf entry residences

Entry vs new stock +55% below zero means you buy new under resale

| Year of resale | Closings | Median $/sf |
|---|---|---|
| 2024 | 8 | $1,128 |
| 2025 | 16 | $869 |
| 2026 | 16 | $877 |

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

$1,296–$1,355/sf

$645,000 – $2M listed · 476 – 1,531 sf · launched from the $540,000s in 2023 · sky villas $8M – $9M

Band closes at $562/sf $500,000 – $900,000, trailing 12 months

Listed here today 3 median $1,392/sf

**Height costs money, and it shows**

The $500,000 to $900,000 band in 33132 closes at $562 a foot, mostly older stock. The fair benchmark is new construction: 16 resales this year in buildings delivered since 2023 at a median $877, every floor mixed in, while JEM sells only floors 43 and up. The larger plans are the better foot: the 1,531 sf three-bedroom went pending at $1,296, the 1,358 sf two-bedroom at $1,319. One listing reads high: 44A asks $2,015,000 on 988 sf, $2,039 a foot, where the same 988 sf plan on the 60th floor went pending at $1,401,000. Check the area before quoting it.

## On the MLS today

3 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 |
|---|---|---|---|---|---|---|
| [44I](https://bluebaybrokers.com/listing?mls=A12015443) | 0/1 | 476 sf | $645,000 | $1,355 | $522 | 29 |
| [46P](https://bluebaybrokers.com/listing?mls=A12015447) | 1/1 | 862 sf | $1,200,000 | $1,392 | $935 | 29 |
| [44A](https://bluebaybrokers.com/listing?mls=A12015439) | 1/2 | 988 sf | $2,015,000 | $2,039 | $1,151 | 29 |

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 A12015439 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 $645,000 at 4.5% simple, 14 months to delivery.

| Milestone | % | Payment | Committed | Held | Carry |
|---|---|---|---|---|---|
| At contract (groundbreaking passed, assumed due on signing) | 20% | $129,000 | $129,000 | 14 mo | −$6,772 |
| Before delivery (staging not published) | 20% | $129,000 | $258,000 | 8 mo | −$3,870 |
| At closing | 60% | $387,000 | $645,000 | 0 mo | −$0 |
| Committed before closing |  |  | $645,000 |  | −$10,642 |

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 $10,642, 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 476 sf.

| HOA at $1.1/sf/month | −$6,283 |
|---|---|
| Property tax at 2.02% of $645,000 | −$13,029 |
| Insurance (HO-6), $3.60/sf | −$1,714 |
| Annual carry, before any income | −$21,026 |

**What to secure before you sign**

The deposit is 40 percent, paid in stages, per the 2023 launch; the split is not published, so the carry above assumes 20 percent on signing and 20 before delivery. Ask for the actual schedule. The rental rule matters most: the broker inventory sheet lists JEM as annual leases only, so this is a 12-month rental or a residence, never a nightly one. The association budget reads $1.10 to $1.30 a foot a month on the listings, $522 on the studio.

## Delivery risk

| Construction financing | $465M closed November 2025: $235M C-PACE from Nuveen Green Capital, the largest of its kind in Florida, and $230M of construction loans from BHI, Bank Hapoalim's US arm. It replaced a $35M BHI pre-development loan from August 2024. |
|---|---|
| Presold | Not disclosed |
| Delivery | 2027. Construction began in April 2024; the November 2025 release targeted the fourth quarter of 2026, while the MLS listings and the broker inventory sheet carry 2027, used here. |
| Developer | Naftali Group (Miki Naftali, New York) with Cara Real Estate Management. They paid $40.5M for the 1-acre site in 2022. Arquitectonica architecture, Rockwell Group interiors. First large ground-up project in Miami for Naftali, who is also building Viceroy Fort Lauderdale. |
| Rental policy | Marketed as annual rental only (broker inventory sheet, read 17 September 2026) |

## Recommendation

BlueBay Brokers · JEM Residences

### A funded tower with a real height premium

JEM is the rare downtown project with the money closed: $465M in November 2025 and construction since April 2024, about 14 months from delivery. Launch buyers are already 12 to 19 percent ahead on the studios.

Buy the two- and three-bedrooms near $1,300 a foot rather than the studio at $1,355, underwrite a 12-month lease rather than nightly income, and get the deposit schedule in writing. The premium over delivered stock is the price of floor 43, not a mispricing to wait out.

## 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.

## Read next

- [501 First Residences, Downtown, Delivered 2026](https://bluebaybrokers.com/buildings/501-first)
- [600 Miami Worldcenter, Downtown, Closings Q4 2026](https://bluebaybrokers.com/buildings/600-miami-worldcenter)
- [Casa Bella Residences by B&B Italia, Downtown, Delivered 2026](https://bluebaybrokers.com/buildings/casa-bella)
- [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, Naftali scores $465M loan for Miami Worldcenter condo tower (Nov 2025)](https://therealdeal.com/miami/2025/11/25/naftali-scores-465m-loan-for-miami-worldcenter-condo-tower/)
- [The Real Deal, Naftali scores $35M loan for Miami Worldcenter tower (Aug 2024)](https://therealdeal.com/miami/2024/08/14/naftali-scores-35m-loan-for-miami-worldcenter-tower/)
- [The Real Deal, Naftali launches condo sales of planned tower at Miami Worldcenter (Oct 2023)](https://therealdeal.com/miami/2023/10/17/naftali-launches-sales-of-miami-worldcenter-condo-tower/)
- [South Florida Business Journal via the developer's press page, sales launch and deposit (Oct 2023)](https://www.thejem.com/press/miami-worldcenter-condo-sales-launch-prices-start-at-540-000)

**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.