# Mandarin Oriental Residences Miami: prices and deposits

> Source: https://bluebaybrokers.com/buildings/mandarin-oriental-residences
> Publisher: BlueBay Brokers LLC, 1541 Brickell Ave #1201, Miami FL 33129 (Florida broker BK3411036)
> Figures read on: 2026-10-08
> 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

The Residences at Mandarin Oriental, Miami is Swire's self-financed trophy on Brickell Key, and its entry homes ask about $2,536 a foot, roughly twice the $1,230 that Brickell homes between $3M and $7M closed at this year. That gap is the brand, the island and the last site on it. The case for it is scarcity and a developer that needs no lender: the South Tower is 80 percent sold and Bloomberg reports prices up 30 percent since 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 326 all at once, to the same buyer pool

Closings per year 38 trailing 12 months, 33131, 33129, 33130, same band

Years of supply 8.6 this building alone

Band closes at $1,230/sf median of real closings, not asks

| Band, 33131, 33129, 33130 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $3M – $7M | 31 | $4,125,000 | $1,230 |
| $7M and above | 7 | $9,000,000 | $1,222 |

**Most of it is placed; the band behind it is thin**

Brickell, Brickell Key and the river (33131, 33129, 33130) closed 38 homes above $3M in the trailing year: 31 between $3M and $7M, 7 above. At 326 residences this project is about 8.6 years of that, the most supply relative to its band of any building in the pipeline. Two things soften it. Most of it is already placed: 80 percent of the South Tower and 25 percent of the North, about 63 percent overall, which leaves roughly 120 homes to sell before 2030. And this buyer is shopping branded waterfront across Miami, not Brickell resales. The exit, though, will be a Brickell resale, and that market is thin at this price.

## The market it lands in

Everything for sale in 33131, 33129, 33130 today against everything that actually sold there this past year. This is the pool your resale competes in.

Active inventory 1544 homes listed across 33131, 33129, 33130

Sold, trailing year 1074 recorded closings, every price

Months of supply 17.3 under 6 favours sellers, over 12 favours buyers

Asking vs sold $713/sf asked, against $601/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 33131, 33129, 33130 built from 2023 onward, people who bought new and took delivery, and what their units resell for now.

New stock resells at $1,276/sf median of 25 closings this year

Movement since -21.6% across recently delivered buildings

This building asks $2,536/sf entry residences

Entry vs new stock +99% below zero means you buy new under resale

| Year of resale | Closings | Median $/sf |
|---|---|---|
| 2023 | 1 | withheld, 1 sale |
| 2024 | 5 | $1,628 |
| 2025 | 33 | $1,172 |
| 2026 | 25 | $1,276 |

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

$2,536–$6,238/sf

From $4M (North Tower) and $7M (South Tower) to $49.9M for the crown penthouses · about 1,577 – 3,247 sf in the North Tower · about $2,500 a foot on average

Band closes at $1,230/sf $3M – $7M, trailing 12 months

Listed here today 0 nothing on the MLS

**A price for the address, not for the band**

The North Tower starts at $4M for about 1,577 sf (third-party floor-plan listing), $2,536 a foot. The developer's own release put the average near $2,500 in February 2025, with some sales above $3,000, and the two crown penthouses sold at $49.9M each, about $6,300. Brickell homes in the $3M to $7M band closed at a median $1,230, and condominiums delivered since 2023 in the same postcodes resold at $1,276 this year. The premium is roughly double: that is what the last buildable site on Brickell Key, a Mandarin Oriental hotel downstairs and KPF towers cost. Buy it as a residence, not as a trade on Brickell comparables.

## On the MLS today

Nothing at this address is on the MLS

Not one Active listing at 500 Brickell Key Dr, Miami FL 33131, pulled 2026-10-08. The building is being sold off-market by the developer's own sales team, which is normal at this stage and has one consequence worth stating: there is no independent asking price to check the developer's price list against, so every size and price on this page comes from the developer or the trade press rather than from a transaction. It is also why this page carries no photograph: the MLS licence that lets us display a listing's images does not extend to a render off a brochure.

## 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 $4,000,000 at 4.5% simple, 45 months to delivery.

| Milestone | % | Payment | Committed | Held | Carry |
|---|---|---|---|---|---|
| At contract (assumed standard) | 10% | $400,000 | $400,000 | 45 mo | −$67,500 |
| At groundbreaking (passed October 2026, due at signing) | 10% | $400,000 | $800,000 | 45 mo | −$67,500 |
| At top-off | 10% | $400,000 | $1,200,000 | 21 mo | −$31,500 |
| At closing | 70% | $2,800,000 | $4,000,000 | 0 mo | −$0 |
| Committed before closing |  |  | $4,000,000 |  | −$166,500 |

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 $166,500, 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 1,577 sf.

| HOA, not published by the developer | — |
|---|---|
| Property tax at 2.02% of $4,000,000 | −$80,800 |
| Insurance (HO-6), $3.60/sf | −$5,677 |
| Annual carry, before any income | −$86,477 |

**About $166,500 to carry, and three things to ask**

Swire has not published its deposit schedule, so the table uses the Miami standard of 10/10/10/70, assumed. Ground was broken on 1 October 2026, so a buyer signing today would likely put 20 percent down at once and hold it about 45 months: on a $4M North Tower residence that is about $166,500 at 4.5 percent before the deed. Ask for three things in writing: the actual schedule, the projected HOA (not published), and the rental language. The broker sheet says annual leases only, so this is a home, not an income asset.

## Delivery risk

| Construction financing | No construction loan: Swire Properties is financing the build itself, from the proceeds of its Brickell City Centre sales and part of buyer deposits (Bloomberg, October 2026). |
|---|---|
| Presold | 63% at last disclosure |
| Delivery | 2030, per the developer. Ground broken 1 October 2026 after the hotel was imploded in April; Moss is the general contractor. |
| Developer | Swire Properties, the Hong Kong-listed owner of Brickell Key and builder of Brickell City Centre. Owns the site outright and bought out the hotel partner before redeveloping. |
| Rental policy | Marketed as annual rental only (broker inventory sheet, read 17 September 2026) |

## Recommendation

BlueBay Brokers · Mandarin Oriental Residences Miami

### Buy it to live in, early in the North Tower

The strongest delivery profile in the pipeline: a developer that owns the island, pays for the build itself, has broken ground and has sold more than $1.7B. Delivery risk is low; price is the whole question.

At about twice what Brickell's top band closes at, the North Tower entry at $4M is the line to own: three quarters still available, priced well under the South Tower's $7M. Get the deposit schedule and the HOA in writing first.

## 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

- [619 Brickell, Brickell, end of 2030 (developer deposit schedule)](https://bluebaybrokers.com/buildings/619-brickell)
- [Aston Martin Residences, Downtown, Delivered 2024](https://bluebaybrokers.com/buildings/aston-martin-residences)
- [LOFTY Brickell, Brickell, 2027](https://bluebaybrokers.com/buildings/lofty-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

- [Florida YIMBY, Swire Properties breaks ground on The Residences at Mandarin Oriental, Miami (Oct 2026)](https://floridayimby.com/2026/10/swire-properties-breaks-ground-on-the-residences-at-mandarin-oriental-miami-on-brickell-key.html)
- [Haute Residence, Mandarin Oriental Miami logs more than $1.7B in presales, citing Bloomberg on self-financing (Oct 2026)](https://www.hauteresidence.com/news/the-residences-at-mandarin-oriental-miami-logs-more-than-1-7b-in-presales-ahead-of-construction/)
- [Florida YIMBY, two record-setting penthouse sales totaling nearly $100M (Mar 2026)](https://floridayimby.com/2026/03/the-residences-at-mandarin-oriental-miami-achieves-two-record-setting-penthouse-sales-totaling-nearly-100-million.html)
- [Profile Miami, $800M in sales at about $2,500 a foot (Feb 2025)](https://profilemiami.com/miamirealestate/2025/2/4/the-residences-at-mandarin-oriental-miami-unveils-extensive-amenities-and-achieves-800-million-in-sales)
- [CondoBlackBook, North Tower floor plans (third-party listing)](https://www.condoblackbook.com/brickell-key/residences-at-mandarin-oriental-miami-north-tower)
- [Developer site, mo-residencesmiami.com](https://mo-residencesmiami.com/)

**Method, licence and disclaimers**

**Absorption and closed prices** © 2026 Miami Association of Realtors / SEFMLS via Bridge Data Output, pulled 2026-10-08. 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.