# The Rider: preconstruction prices, deposits, rental rules

> Source: https://bluebaybrokers.com/buildings/rider-wynwood
> 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

The Rider sells the format this desk underwrites, furnished studios from 386 sf with no rental restriction, into the most liquid postcode in the pipeline: 33137 closed 296 homes between $500K and $2M in the trailing year, so the whole building is six months of that flow. The price is the other half. $1,409 a foot at entry, against $989 for new stock resold in the same postcode and $1,120 for the delivered short-term-rental building that clears most. You pay for the operation, not for the basis.

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

Closings per year 299 trailing 12 months, 33137, same band

Years of supply 0.5 this building alone

Band closes at $595/sf median of real closings, not asks

| Band, 33137 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $500K – $750K | 115 | $630,000 | $595 |
| $750K – $1M | 76 | $869,000 | $726 |
| $1M – $2M | 108 | $1,470,000 | $906 |

**Absorption: the postcode is the strongest thing on this page**

33137 is Midtown, the Design District and Edgewater's western blocks, and it closed 111 homes at $500K to $750K, 77 at $750K to $1M and 108 at $1M to $2M in the trailing year. 146 residences into that flow is half a year of supply; the building is small enough to disappear into it. The counterweight is the wider market: 532 active listings against 471 closings, 13.6 months of supply, a buyer's market at postcode level. What nobody has published is how much is presold. Sales opened in March 2024 and the October 2025 loan release carried no figure, which is unusual for a Miami launch. Ask for the unit matrix before pricing the early-buyer advantage: it exists only while inventory is thin.

## The market it lands in

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

Active inventory 534 homes listed across 33137

Sold, trailing year 477 recorded closings, every price

Months of supply 13.4 under 6 favours sellers, over 12 favours buyers

Asking vs sold $764/sf asked, against $691/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 33137 built from 2023 onward, people who bought new and took delivery, and what their units resell for now.

New stock resells at $993/sf median of 46 closings this year

Movement since -2.4% across recently delivered buildings

This building asks $1,409/sf entry residences

Entry vs new stock +42% below zero means you buy new under resale

| Year of resale | Closings | Median $/sf |
|---|---|---|
| 2023 | 5 | $1,017 |
| 2024 | 21 | $1,044 |
| 2025 | 22 | $1,014 |
| 2026 | 46 | $993 |

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

$1,409–$1,551/sf

$544K – $2.5M+ · 386 – 1,612 sf · furnished studios to 3-bedrooms, penthouses above $2.5M

Band closes at $595/sf $500K – $750K, trailing 12 months

Listed here today 8 median $1,193/sf

**What $1,409 a foot buys, and what to measure it against**

The band table says $592 a foot and it is the wrong yardstick: at $500K to $750K, 33137 sells conventional apartments of around 1,000 sf, twice a Rider studio. The right comparison is delivered short-term-rental stock. The Elser downtown closed 22 units at a median of $1,120 a foot in the trailing year, and NoMad Wynwood asks $1,304 on 21 listings with one closing, both from the MLS on 20 September 2026. Against those, The Rider's entry sits at the top of the format: $1,409 a foot if unit 814 is the 386 sf plan, since the listing states no area, and $1,274 on unit 302, the only listing that does. Furnished, an operator in the building and 85 yards from the planned rail stop make the premium arguable. It is not a discount.

## On the MLS today

8 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 |
|---|---|---|---|---|---|---|
| [814](https://bluebaybrokers.com/listing?mls=A12089616) | 0/1 | 391 sf | $543,900 | $1,391 | $555 | 15 |
| [415](https://bluebaybrokers.com/listing?mls=A12089619) | 1/1 | 691 sf | $764,900 | $1,107 | $984 | 15 |
| [305](https://bluebaybrokers.com/listing?mls=A12089620) | 1/1 | 774 sf | $860,900 | $1,112 | $1,103 | 15 |
| [411](https://bluebaybrokers.com/listing?mls=A12089622) | 0/1 | — | $1,209,900 | — | $1,269 | 0 |
| [413](https://bluebaybrokers.com/listing?mls=A12089621) | 2/2 | — | $1,266,900 | — | $1,441 | 0 |
| [501](https://bluebaybrokers.com/listing?mls=A12089625) | 2/2 | — | $1,300,900 | — | $1,513 | 0 |
| [403](https://bluebaybrokers.com/listing?mls=A12089623) | 0/1 | — | $1,512,900 | — | $1,625 | 0 |
| [302](https://bluebaybrokers.com/listing?mls=A12089629) | 3/3 | 1,441 sf | $1,835,900 | $1,274 | $2,046 | 0 |

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 A12089629 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 $543,900 at 4.5% simple, 12 months to delivery.

| Milestone | % | Payment | Committed | Held | Carry |
|---|---|---|---|---|---|
| At contract (assumed standard) | 10% | $54,390 | $54,390 | 12 mo | −$2,448 |
| At groundbreaking, already passed | 10% | $54,390 | $108,780 | 12 mo | −$2,448 |
| At top-off | 10% | $54,390 | $163,170 | 6 mo | −$1,224 |
| At closing | 70% | $380,730 | $543,900 | 0 mo | −$0 |
| Committed before closing |  |  | $543,900 |  | −$6,119 |

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 $6,119, 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 386 sf.

| HOA at $1.42/sf/month | −$6,577 |
|---|---|
| Property tax at 2.02% of $543,900 | −$10,987 |
| Insurance (HO-6), $3.60/sf | −$1,390 |
| Annual carry, before any income | −$18,954 |

**Carry, and the three documents to get before signing**

Twelve months to a Q3 2027 delivery is the shortest runway among the Wynwood buildings still under construction. On the assumed 10/10/10/70 schedule the deposit carry is about $11,000 on the entry studio, and the annual carry once delivered is around $19,000 before a night is rented, with HOA at $1.42 a foot a month read off the MLS listings. Three things to obtain. The developer's actual deposit schedule, which Ciprés has not published. The rental clause in the recorded Declaration, because no rental restrictions is marketing until it is in the instrument. And Ciprés Living's management terms: an in-house operator is a convenience, not an obligation, and its fee schedule decides the yield.

## Delivery risk

| Construction financing | $90M closed October 2025. Banco Inbursa (Mexico), arranged by Javier Herrera of Franklin Street. Beauchamp Construction is the general contractor. Groundbreaking was February 2025. |
|---|---|
| Presold | Not disclosed |
| Delivery | Q3 2027, per the developer's broker fact sheet; the October 2025 loan release said 2027 without a quarter. Vertical construction was still to start when the loan closed, so twelve storeys in under two years is the schedule to hold them to. |
| Developer | Ciprés with Rilea Group, both led by Diego Ojeda. Rilea built The Bond on Brickell, 1450 Brickell and the Sabadell Financial Center. Rilea and Promanas paid $12.2M for the 0.6-acre site in October 2021; Rilea bought out Promanas in 2024 and Ciprés joined as partner. Façade by Deforma Studio, sales by Cervera Real Estate. |
| Rental policy | Marketed as short-term-rental friendly (broker inventory sheet, read 17 September 2026) |

## Recommendation

BlueBay Brokers · The Rider

### Buy it for the location and the operation, and negotiate the price

The case: furnished, no rental restriction on the developer's own fact sheet, $90M of construction debt closed, twelve months to delivery, and a postcode that absorbs the whole building in six months. Rilea has delivered in Miami before, The Bond and 1450 Brickell among them. Delivery risk here is low for preconstruction.

The price is full. $1,409 a foot at entry is above what delivered short-term-rental stock closes at, and the developer has not said how much is sold. Get the unit matrix, the real deposit schedule and the recorded rental clause, then negotiate on the lines still open. Without those three, wait.

## 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

- [Frida Kahlo Wynwood Residences, Wynwood, Delivering Q2/Q3 2028](https://bluebaybrokers.com/buildings/frida-kahlo-wynwood)
- [NoMad Residences Wynwood, Wynwood, Delivered May 2026](https://bluebaybrokers.com/buildings/nomad-wynwood)
- [TwentySixth&2nd Wynwood, Wynwood, Delivering Q2 2028](https://bluebaybrokers.com/buildings/twentysixth-2nd)
- [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, Ciprés and Rilea score $90M construction loan (Oct 2025)](https://therealdeal.com/miami/2025/10/02/developers-secure-90-million-loan-for-miami-condo-project/)
- [The Real Deal, Rilea launches sales of The Rider (Mar 2024)](https://therealdeal.com/miami/2024/03/12/rilea-launches-sales-of-rock-themed-rider-wynwood-condos/)
- [The Real Deal, Rilea and Promanas buy the Wynwood site for $12.2M (Oct 2021)](https://therealdeal.com/miami/2021/10/15/rilea-promanas-buy-wynwood-dev-site-plan-short-term-rentals/)
- [Developer site and broker fact sheet, theriderresidences.com](https://www.theriderresidences.com/building)
- [MIAMI MLS via Bridge, four active listings at 94 NE 29th St (listed 15 Sep 2026)](https://bluebaybrokers.com/newdev?b=rider-wynwood)

**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.