# La Baia North: preconstruction prices and deposits

> Source: https://bluebaybrokers.com/buildings/la-baia-north
> Publisher: BlueBay Brokers LLC, 1541 Brickell Ave #1201, Miami FL 33129 (Florida broker BK3411036)
> Figures read on: 2026-10-07
> 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

La Baia North is six months from handover, topped off, 84 percent sold and funded by a $67M loan that closed a year ago. That is a preconstruction risk profile that is almost a resale one, and the deposit carry on it is about $24,000 rather than years of dead capital. What is not settled is the price. The remaining residences ask $1,961 to $2,049 a foot. Buy the building, negotiate the number.

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

Closings per year 47 trailing 12 months, 33154, same band

Years of supply 1.2 this building alone

Band closes at $1,369/sf median of real closings, not asks

| Band, 33154 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $3M – $4M | 25 | $3,278,000 | $1,369 |
| $4M – $6M | 22 | $4,390,000 | $1,318 |

**Absorption is not the problem here**

Fifty-seven residences arriving into a postcode that closed 41 homes between $3M and $6M in the trailing year is 1.4 years of supply, and 84 percent of the building is already spoken for, so the number actually reaching the open market is closer to nine units. On volume this building is comfortable. The pressure sits one address south instead: 18 units of La Baia South, the 68-unit first phase the MLS carries under both 9201 and 9221 East Bay Harbor Drive, are listed today against three closings there in 2026. That is the identical product, delivered, with a queue in front of it. Plan the exit in years, or plan to hold.

## The market it lands in

Everything for sale in 33154 today against everything that actually sold there this past year. This is the pool your resale competes in.

Active inventory 371 homes listed across 33154

Sold, trailing year 377 recorded closings, every price

Months of supply 11.8 under 6 favours sellers, over 12 favours buyers

Asking vs sold $1,047/sf asked, against $800/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 33154 built from 2023 onward, people who bought new and took delivery, and what their units resell for now.

New stock resells at $1,352/sf median of 19 closings this year

Movement since +12.2% across recently delivered buildings

This building asks $1,961/sf entry residences

Entry vs new stock +45% below zero means you buy new under resale

| Year of resale | Closings | Median $/sf |
|---|---|---|
| 2025 | 5 | $1,205 |
| 2026 | 19 | $1,352 |

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

$1,961–$2,050/sf

From $3.5M · the two listed residences at $3,551,000 and $3,712,000, both 1,811 sf · 2 to 4 beds, 1,400 – 2,100 sf

Band closes at $1,369/sf $3M – $4M, trailing 12 months

Listed here today 2 median $2,005/sf

**The ask sits 40 percent above what this product closes at**

The two listed residences ask $3,551,000 and $3,712,000 for 1,811 sf, $1,961 and $2,049 a foot, and both have been on the MLS about ten months without selling. Homes in the $3M to $4M band in 33154 closed at a median $1,404 a foot over the trailing year. New Bay Harbor condominium stock cleared $1,374 this year, and most of those 16 closings are first closings at buildings that have only just delivered, The Well and La Baia South, rather than seasoned resales, which makes them the right comparison and not a flattering one. La Baia South itself closed at $1,112, $1,241 and $1,338. Same developer, same architect, same water.

## On the MLS today

2 listings at this address are Active right now, pulled 2026-10-07. 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 |
|---|---|---|---|---|---|---|
| [403](https://bluebaybrokers.com/listing?mls=A11885005) | 3/4 | 1,811 sf | $3,551,000 | $1,961 | $3,186 | 336 |
| [607](https://bluebaybrokers.com/listing?mls=A11889249) | 3/4 | 1,811 sf | $3,712,000 | $2,050 | $3,186 | 329 |

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 14 photographs carried on MLS listing A11885005 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 $3,551,000 at 4.5% simple, 6 months to delivery.

| Milestone | % | Payment | Committed | Held | Carry |
|---|---|---|---|---|---|
| At contract (both construction milestones already passed) | 30% | $1,065,300 | $1,065,300 | 6 mo | −$23,969 |
| At closing | 70% | $2,485,700 | $3,551,000 | 0 mo | −$0 |
| Committed before closing |  |  | $3,551,000 |  | −$23,969 |

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 $23,969, 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 1,811 sf.

| HOA at $1.76/sf/month | −$38,248 |
|---|---|
| Property tax at 2.02% of $3,551,000 | −$71,730 |
| Insurance (HO-6), $3.60/sf | −$6,520 |
| Annual carry, before any income | −$116,498 |

**The cheapest part of this trade, and the bill that follows it**

Both construction milestones are behind us, so a contract signed today writes roughly 30 percent and closes six months later. At 4.5 percent that is about $24,000 of carry, against the $200,000 and more a three-year preconstruction contract costs at this price. The recurring bill after closing is the larger number: $38,200 of HOA at $1.76 a foot a month, both listings agreeing at $3,186, $71,700 of Florida tax at 2.02 percent and roughly $6,500 of insurance. Call it $116,500 a year before a single repair. Get the recorded rental clause before signing, because Bay Harbor Islands regulates short stays at municipal level and the declaration has not been read.

## Delivery risk

| Construction financing | $67M closed August 2025 with S3 Capital Partners, at 75 percent presold. The building topped off on 25 April 2026. |
|---|---|
| Presold | 84% at last disclosure |
| Delivery | Q1 2027, and three sources say so independently: the developer's own site, the October 2024 groundbreaking release and the April 2026 top-off release. Sales launched in October 2022, so launch to handover runs about four and a half years. |
| Developer | Continuum Company, Ian Bruce Eichner. Built and sold out La Baia South next door. Continuum and Suffolk Construction sued each other in August 2026 over that first building, Suffolk over unpaid millions and Continuum over cost and workmanship. Jacob's Construction, not Suffolk, is the contractor named on North's groundbreaking and top-off releases. |
| Rental policy | Rental policy not published. Neither the developer's sales site nor the two MLS listings state a minimum stay, and the recorded declaration has not been read. Bay Harbor Islands also regulates short stays at municipal level, which is a separate question from the condominium rule. Treat nightly rental as unproven here until the declaration is in hand. |

## Recommendation

BlueBay Brokers · La Baia North

### Buy it on a negotiated number, not on the price list

Delivery risk here is close to spent. The $67M S3 Capital loan closed in August 2025, the building topped off on 25 April 2026, 84 percent is sold and handover is Q1 2027. Very little of what usually goes wrong in preconstruction can still go wrong.

The price is the open question. At $1,961 to $2,049 a foot the two listed units ask 40 percent above the band and 47 to 84 percent above what La Baia South closed at in June and July. Ten months unsold at that ask is the market's own answer.

So the work is the negotiation, and the leverage is real: 12.1 months of supply in 33154, a developer holding the last 16 percent of a building and a construction loan running. Ask for the current release price list, the deposit schedule and the recorded rental clause before making an offer.

## 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

- [2200 Brickell, Brickell, 2026](https://bluebaybrokers.com/buildings/2200-brickell)
- [3000 Waterside, Fort Lauderdale, Delivering 2028](https://bluebaybrokers.com/buildings/3000-waterside-fll)
- [619 Brickell, Brickell, end of 2030 (developer deposit schedule)](https://bluebaybrokers.com/buildings/619-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, Continuum gets $67M construction loan for La Baia North (Aug 2025)](https://therealdeal.com/miami/2025/08/26/eichners-continuum-gets-construction-loan-for-la-baia-north/)
- [The Real Deal, Eichner launches sales for the second La Baia building (Oct 2022)](https://therealdeal.com/miami/2022/10/03/eichner-launches-sales-for-second-la-baia-building-in-bay-harbor-islands/)
- [The Real Deal, Continuum and Suffolk clash over La Baia South (Aug 2026)](https://therealdeal.com/miami/2026/08/04/eichners-continuum-suffolk-clash-over-la-baia-south-condo/)
- [Florida YIMBY, La Baia North tops off (Apr 2026)](https://floridayimby.com/2026/04/la-baia-north-tops-off-at-9481-east-bay-harbor-drive-in-bay-harbor-islands.html)
- [Florida YIMBY, La Baia North breaks ground (Oct 2024)](https://floridayimby.com/2024/10/la-baia-north-breaks-ground-at-9481-e-bay-harbor-drive-in-bay-harbor-islands.html)
- [Developer site, labaiabayharbor.com](https://labaiabayharbor.com/)

**Method, licence and disclaimers**

**Absorption and closed prices** © 2026 Miami Association of Realtors / SEFMLS via Bridge Data Output, pulled 2026-10-07. 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.