# One West Twelve Residences: prices and deposits

> Source: https://bluebaybrokers.com/buildings/one-west-twelve
> Publisher: BlueBay Brokers LLC, 1541 Brickell Ave #1201, Miami FL 33129 (Florida broker BK3411036)
> Figures read on: 2026-11-09
> 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

One West Twelve is a 22-storey Overtown tower of 372 furnished studios and one-bedrooms sold for nightly rental, and it is 97 percent sold. Its launch price, $300,000 for a 287 sf studio, is $1,045 a foot against $879 for condos built since 2023 that resold in 33136 and 33132 this year. Supply is not the problem: 372 units into a band that closes 300 a year is 1.2 years. The price per foot is.

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

Closings per year 300 trailing 12 months, 33136, 33132, same band

Years of supply 1.2 this building alone

Band closes at $445/sf median of real closings, not asks

| Band, 33136, 33132 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $250K – $450K | 185 | $361,000 | $445 |
| $450K – $650K | 115 | $530,000 | $550 |

**Light supply, and the list is almost closed**

372 units against 300 closings a year in the $250K to $650K bands of 33136 and 33132 is **1.2 years of supply**, light, because this is where most downtown buyers sit. The comparison flatters it: those closings are mostly older, larger stock, and the competition at delivery is other nightly-rental studios, including the 659-unit 38 West Eleventh by the same PMG and Lion team a few blocks away. The early-buyer price is gone: 97 percent was under contract by December 2025, so what remains is the last 3 percent or an assignment from a contract holder.

## The market it lands in

Everything for sale in 33136, 33132 today against everything that actually sold there this past year. This is the pool your resale competes in.

Active inventory 955 homes listed across 33136, 33132

Sold, trailing year 433 recorded closings, every price

Months of supply 26.5 under 6 favours sellers, over 12 favours buyers

Asking vs sold $824/sf asked, against $532/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 33136, 33132 built from 2023 onward, people who bought new and took delivery, and what their units resell for now.

New stock resells at $879/sf median of 19 closings this year

Movement since -22.1% across recently delivered buildings

This building asks $1,045/sf entry residences

Entry vs new stock +19% below zero means you buy new under resale

| Year of resale | Closings | Median $/sf |
|---|---|---|
| 2024 | 8 | $1,128 |
| 2025 | 16 | $869 |
| 2026 | 19 | $879 |

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

$1,045/sf

From $300,000 at launch (July 2024) · studios and one-bedrooms, 287 – 547 sf · 97% under contract

Band closes at $445/sf $250K – $450K, trailing 12 months

Listed here today 0 nothing on the MLS

**Twice the band, a premium to new resales**

The launch price was $300,000 for the smallest studio, 287 sf, or $1,045 a foot (The Real Deal, July 2024). No current price sheet is published and Bridge carries no listing. Homes at $250K to $450K here close at a median $445 a foot, and condos built since 2023 resold at $879 in 2026, down 22 percent from 2024. So even the launch price was 19 percent over new resales and more than twice the band. That premium is the nightly-rental right, and it is only worth paying if the building actually rents.

## On the MLS today

Nothing at this address is on the MLS

Not one Active listing at 105 NW 11th Ter, Miami FL 33136, pulled 2026-11-09. 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 $300,000 at 4.5% simple, 24 months to delivery.

| Milestone | % | Payment | Committed | Held | Carry |
|---|---|---|---|---|---|
| At contract (assumed standard) | 10% | $30,000 | $30,000 | 24 mo | −$2,700 |
| Second instalment (assumed standard) | 10% | $30,000 | $60,000 | 21 mo | −$2,362 |
| At top-off (assumed standard) | 10% | $30,000 | $90,000 | 10 mo | −$1,125 |
| At closing | 70% | $210,000 | $300,000 | 0 mo | −$0 |
| Committed before closing |  |  | $300,000 |  | −$6,188 |

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 $6,188, 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 287 sf.

| HOA, not published by the developer | — |
|---|---|
| Property tax at 2.02% of $300,000 | −$6,060 |
| Insurance (HO-6), $3.60/sf | −$1,033 |
| Annual carry, before any income | −$7,093 |

**What to secure before you sign**

Three things. The rental clause: every source markets it for Airbnb and VRBO, which is the whole case, so get the declaration language in writing first. The deposit schedule: not published, so the carry uses Miami's 10/10/10/70, about $6,188 on $300,000 over 24 months. And the price: with 97 percent sold, ask PMG Residential for the remaining units with interior areas, and price any assignment against the $879 new stock resells at, not against the launch list.

## Delivery risk

| Construction financing | $92.5M construction loan from Maxim Capital Group, closed December 2025 with about 97 percent of units under contract (The Real Deal, 16 December 2025). |
|---|---|
| Presold | 97% at last disclosure |
| Delivery | 2028 per the developers. Construction started in November 2025, the month before the loan closed, so the schedule is funded. 24 months is the model here, not a contract date. |
| Developer | PMG (Ryan Shear, Dan Kaplan, Kevin Maloney) with Michael Simkins' Lion Development Group and Alex Karakhanian's LNDMRK Development, the PMG and Lion pairing behind 38 West Eleventh. PMG Residential sells; Cube3 designs; John Moriarty & Associates builds. |
| Rental policy | Marketed as short-term-rental friendly, Airbnb and VRBO named (developer release via The Real Deal, 9 July 2024 and 16 December 2025; Florida YIMBY, December 2024) |

## Recommendation

BlueBay Brokers · One West Twelve Residences

### A nightly-rental asset or nothing

Delivery risk is low. Maxim Capital Group closed $92.5M of construction debt in December 2025, work started the month before, and 97 percent of the units are under contract. This one gets built.

Buy it only as a nightly rental, with the declaration in hand, and only at a price that leaves room against the $879 new resales fetch. As a home or a long let it is a small studio at more than twice what the band pays.

## 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

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

- [38 West Eleventh, Downtown, Delivering Q1 2028](https://bluebaybrokers.com/buildings/38-west-eleventh)
- [HUB Miami Residences, Downtown, Delivering 2027 (marketed)](https://bluebaybrokers.com/buildings/hub-miami)
- [Palm Tree Residences Miami, Park West, Delivering 2030](https://bluebaybrokers.com/buildings/palm-tree-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, PMG partners launch Overtown condo with Samuelsson (Jul 2024)](https://therealdeal.com/miami/2024/07/09/pmg-partners-launch-overtown-condo-with-samuelsson)
- [The Real Deal, Short-term rental project in Overtown secures loan (Dec 2025)](https://therealdeal.com/miami/2025/12/16/short-term-rental-project-in-miamis-overtown-secures-loan)
- [Florida YIMBY, One West Twelve Residences slated for 1129 NW 1st Ct (Dec 2024)](https://floridayimby.com/2024/12/one-west-twelve-residences-slated-for-1129-nw-1st-ct-miami-fl-33136.html)

**Method, licence and disclaimers**

**Absorption and closed prices** © 2026 Miami Association of Realtors / SEFMLS via Bridge Data Output, pulled 2026-11-09. 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.