# Natiivo Miami condos: resale prices and rental rules

> Source: https://bluebaybrokers.com/buildings/natiivo-miami
> 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

Natiivo is the rarest thing in this pipeline: a delivered, purpose-built short-term-rental tower that is effectively sold out and has a real secondary market. 37 arm's-length resales have recorded, where 501 First has none. That history is what lets you price this building instead of guessing at it, and it points one way, a buyer today pays less per foot than the 2019 contract holders did, in a finished building with a working rental programme.

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

Closings per year 888 trailing 12 months, 33132, 33131, 33130, 33137, same band

Years of supply 0.5 this building alone

Band closes at $511/sf median of real closings, not asks

| Band, 33132, 33131, 33130, 33137 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $350K – $500K | 458 | $416,622 | $511 |
| $500K – $700K | 430 | $590,000 | $567 |

**Sold out, so the supply that matters is the resale board**

440 of the 448 residences closed with the developer, $259.6m of volume, all but one of them in 2024. Developer inventory is therefore not the question. What a buyer competes with is the resale board, and today that is 11 units listed out of 448, about 2.5% of the building. Thin, but the direction matters more than the count: 13 resales recorded in 2024, 19 in 2025 and 5 so far in 2026, so owners have been leaving faster than the building fills. Read that as choice, and as a reason not to be the buyer who pays ask.

## The market it lands in

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

Active inventory 2683 homes listed across 33132, 33131, 33130, 33137

Sold, trailing year 1758 recorded closings, every price

Months of supply 18.3 under 6 favours sellers, over 12 favours buyers

Asking vs sold $736/sf asked, against $614/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, 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 $1,014/sf median of 85 closings this year

Movement since +1.3% across recently delivered buildings

This building asks $1,060/sf entry residences

Entry vs new stock +5% below zero means you buy new under resale

| Year of resale | Closings | Median $/sf |
|---|---|---|
| 2023 | 6 | $1,001 |
| 2024 | 33 | $1,054 |
| 2025 | 70 | $1,073 |
| 2026 | 85 | $1,014 |

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 $898–$1,060/sf $389,000 – $610,000 · 367 – 679 sf

Band closes at $511/sf $350K – $500K, trailing 12 months

Listed here today 11 median $965/sf

**Resales now clear below what the developer sold at**

The developer's 439 closings in 2024 ran to a median of $485,900, or $898 a foot. The resale market has fallen through it: $1,242 a foot in 2024 across 13 sales, $911 in 2025 across 19, and $832 in 2026 across 5. The most recent trades clear below the developer's own median, which is unusual and worth stating plainly. It is also the entry: the 2019-2021 contract holders paid more per foot than you would today. The 11 units listed now ask a median of $952 a foot, about 14% above where resales actually closed this year, so the ask is not the price.

## On the MLS today

11 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 |
|---|---|---|---|---|---|---|
| [2906](https://bluebaybrokers.com/listing?mls=R11067310) | 1/1 | 411 sf | $427,000 | $1,039 | $1,053 | 584 |
| [3312](https://bluebaybrokers.com/listing?mls=A12091226) | 0/1 | 492 sf | $475,000 | $965 | $780 | 1 |
| [3612](https://bluebaybrokers.com/listing?mls=A11838113) | 0/1 | 367 sf | $495,000 | $1,349 | $452 | 384 |
| [PH-4912](https://bluebaybrokers.com/listing?mls=A12066667) | 0/1 | 367 sf | $499,000 | $1,360 | $796 | 1 |
| [3809](https://bluebaybrokers.com/listing?mls=R11150235) | 1/1 | 679 sf | $499,500 | $736 | $1,250 | 282 |
| [4712](https://bluebaybrokers.com/listing?mls=B26048498) | 1/1 | 411 sf | $550,000 | $1,338 | $796 | 79 |
| [3907](https://bluebaybrokers.com/listing?mls=A11809872) | 1/1 | 505 sf | $565,000 | $1,119 | $1,095 | 376 |
| [4204](https://bluebaybrokers.com/listing?mls=A11669383) | 1/1 | 637 sf | $599,900 | $942 | $1,210 | 708 |
| [3604](https://bluebaybrokers.com/listing?mls=A11720200) | 1/1 | 637 sf | $600,000 | $942 | $1,279 | 273 |
| [4704](https://bluebaybrokers.com/listing?mls=A11649777) | 1/1 | 641 sf | $610,000 | $952 | $1,275 | 763 |
| [3401](https://bluebaybrokers.com/listing?mls=B26069734) | 2/2 | 916 sf | $799,000 | $872 | $2,300 | 19 |

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 A11838113 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 367 sf.

| HOA at $2.01/sf/month | −$8,852 |
|---|---|
| Property tax at 2.02% of $389,000 | −$7,858 |
| Insurance (HO-6), $3.60/sf | −$1,321 |
| Annual carry, before any income | −$18,031 |

**Underwrite the fee and the nightly rate, not the brochure**

Association dues on the live listings run $452 to $1,291 a month, a median near $2.01 per foot per month. On a 411 sf unit that is roughly $9,600 a year before taxes, insurance and the rental programme's split. For a nightly-rental underwrite I use $250 ADR at 75% occupancy, deliberately below Property Management Brickell's real portfolio, because a tower this size competes with itself for bookings and 400 sf units do not earn what PMB's smallest managed unit earns. Taxes reassess at your purchase price, not the seller's current bill.

## How it was built and sold

| Construction financing | Bank OZK lent $213.4 million against the 51-storey, 688-unit tower in September 2021, and the developer paid it off in 2024 as closings ran. Construction, completion and lender risk are all retired. What is left is inventory risk, and that sits with the developer, not with you. The sell-out did the rest: 440 of the 448 residences closed with the developer, executing contracts signed between 2019 and 2021. |
|---|---|
| Presold | 98% at last disclosure |
| Delivery | Delivered 2024. Floors 24 to 51 of 601 NE 1st Ave, recorded as 159 NE 6TH STREET CONDO, separate from the Gale hotel floors below. |
| Developer | GFO Investments, the Galbut family, through Sixth Street Miami Partners LLC. The project launched in 2019 as an Airbnb-branded tower with Harvey Hernandez's Newgard, designed by Arquitectonica with Urban Robot interiors; that partnership collapsed in 2020 and the Galbut side carried it to delivery. The same ownership delivered the Gale floors below. |
| Rental policy | Purpose-built for short-term rental, per the developer's marketing. Not verified against the recorded Declaration. |

## Recommendation

BlueBay Brokers · Natiivo Miami

### The best-evidenced entry in this pipeline

Buy the resale, not the story. This is a delivered, sold-out, purpose-built rental building with 37 recorded resales behind it, the only price history in the pipeline that measures appreciation rather than a developer's price list.

Offer against the 2026 resale median of $832 a foot, not the $952 median ask. Then confirm the rental programme's terms and the recorded Declaration: purpose-built for short-term rental is the developer's phrase, and only the Declaration and the city rule decide what you may actually do nightly.

## 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.

#### Once you own it

Property Management Brickell LLC runs the unit, as it already does across Brickell, and my own host profile carries more than 2,900 reviews at 4.82 as a Superhost. You get the pro forma before you buy.

## 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)
- [Gale Miami Hotel & Residences, Downtown, Delivered 2024](https://bluebaybrokers.com/buildings/gale-miami)
- [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)
- [Brickell buildings that allow daily rentals, with sources](https://bluebaybrokers.com/brickell-buildings-daily-rentals)

## Sources

- [The Real Deal, Downtown Miami Airbnb-branded hotel-condo project launches sales (Jun 2019)](https://therealdeal.com/miami/2019/06/18/downtown-miami-airbnb-branded-hotel-condo-project-launches-sales/)
- [The Real Deal, Galbut family pays off $213M construction loan for downtown Miami tower (Aug 2024)](https://therealdeal.com/miami/2024/08/20/galbuts-pay-off-213m-construction-loan-for-miami-tower/)
- [The Real Deal, Galbut family completes short-term rental-friendly Gale tower in Miami, closings underway (Jul 2024)](https://therealdeal.com/miami/2024/07/25/galbuts-complete-gale-miami-condo-hotel-closings-underway/)

**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.