# The Ritz-Carlton Residences South Beach: prices and deposits

> Source: https://bluebaybrokers.com/buildings/ritz-carlton-south-beach
> 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

Thirty residences on the ocean, behind a Ritz-Carlton hotel, in a postcode that closes 277 homes a year above $1.5M. Supply is not the risk. Price is: the actives ask a median $4,088 a foot, against $2,754 for every condo over $4M that closed in 33139 this year. The launch cohort locked about $3,475. Later floors are now listed 17 to 27 percent higher, plan for plan.

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

Closings per year 280 trailing 12 months, 33139, same band

Years of supply 0.1 this building alone

Band closes at $1,489/sf median of real closings, not asks

| Band, 33139 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $1.5M – $6M | 200 | $2,700,000 | $1,489 |
| $6M – $12M | 44 | $8,437,500 | $2,787 |
| $12M and above | 36 | $18,500,000 | $3,387 |

**Thirty doors is a rounding error in this market**

In 33139 the three bands this tower sells into closed 277 homes in the trailing year: 198 between $1.5M and $6M, 44 between $6M and $12M, 35 above $12M. Thirty residences is about five weeks of that, so there is no delivery wave to fear and no glut at resale. Six of the 12 MLS rows are already pending, the oldest from February 2025. The developer has not published a sell-through figure; six visible contracts is the floor, not the count.

## The market it lands in

Everything for sale in 33139 today against everything that actually sold there this past year. This is the pool your resale competes in.

Active inventory 924 homes listed across 33139

Sold, trailing year 1016 recorded closings, every price

Months of supply 10.9 under 6 favours sellers, over 12 favours buyers

Asking vs sold $694/sf asked, against $633/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 33139 built from 2023 onward, people who bought new and took delivery, and what their units resell for now.

New stock resells at $1,781/sf median of 25 closings this year

Movement since -11.4% across recently delivered buildings

This building asks $3,260/sf entry residences

Entry vs new stock +83% below zero means you buy new under resale

| Year of resale | Closings | Median $/sf |
|---|---|---|
| 2024 | 3 | withheld, 3 sales |
| 2025 | 30 | $2,010 |
| 2026 | 25 | $1,781 |

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

$3,260–$6,361/sf

$1,995,000 to $28,750,000 on the MLS today · 612 – 4,520 sf · two penthouses marketed at $52.5M and $69M

Band closes at $1,489/sf $1.5M – $6M, trailing 12 months

Listed here today 6 median $4,088/sf

**A brand premium, measured**

Contracts signed since February 2025 sit at $3,260 to $3,977 a foot (one penthouse at $6,084). What is on offer now asks $3,551 to $4,330, and $6,361 for the 16th-floor penthouse. The same three-bedroom plan went from $9.5M on floor 5 to $9.75M on floor 6, and from $10.5M on 11 to $12.25M on 12. For reference, Continuum closed at about $3,400 to $3,700 a foot over the last two years, the Setai $3,100 to $4,100, Five Park (2024) about $2,300 to $2,800. This is priced as a trophy.

## On the MLS today

6 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 |
|---|---|---|---|---|---|---|
| [8D](https://bluebaybrokers.com/listing?mls=A11740348) | 1/2 | 1,197 sf | $4,250,000 | $3,551 | $4,452 | 469 |
| [8C](https://bluebaybrokers.com/listing?mls=A12065477) | 2/3 | 1,732 sf | $7,500,000 | $4,330 | $6,321 | 52 |
| [8B](https://bluebaybrokers.com/listing?mls=A11740203) | 2/3 | 2,217 sf | $8,600,000 | $3,879 | $8,255 | 529 |
| [6A](https://bluebaybrokers.com/listing?mls=A11714666) | 3/4 | 2,389 sf | $9,750,000 | $4,081 | $8,725 | 129 |
| [12B](https://bluebaybrokers.com/listing?mls=A12095773) | 3/4 | 2,991 sf | $12,250,000 | $4,096 | $10,917 | 0 |
| [16A](https://bluebaybrokers.com/listing?mls=A12065424) | 5/7 | 4,520 sf | $28,750,000 | $6,361 | $16,498 | 52 |

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 15 photographs carried on MLS listing A11714666 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 $4,250,000 at 4.5% simple, 24 months to delivery.

| Milestone | % | Payment | Committed | Held | Carry |
|---|---|---|---|---|---|
| At contract (assumed standard) | 10% | $425,000 | $425,000 | 24 mo | −$38,250 |
| Six months after contract (assumed) | 10% | $425,000 | $850,000 | 18 mo | −$28,688 |
| At top-off (assumed) | 10% | $425,000 | $1,275,000 | 9 mo | −$14,344 |
| At closing | 70% | $2,975,000 | $4,250,000 | 0 mo | −$0 |
| Committed before closing |  |  | $4,250,000 |  | −$81,281 |

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 $81,281, 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 612 sf.

| HOA at $3.7/sf/month | −$27,173 |
|---|---|
| Property tax at 2.02% of $4,250,000 | −$85,850 |
| Insurance (HO-6), $3.60/sf | −$2,203 |
| Annual carry, before any income | −$115,226 |

**What to secure before you sign**

Three things. The deposit schedule: the Lowensteins have not published theirs, so the carry above uses an assumed 10/10/10/70. The construction loan: only a $61.2M predevelopment loan is on record, so the delivery date is a target until the senior financing closes. And the rental language: Miami Beach restricts short-term rental block by block, and nothing on record says what the declaration will allow. The MLS budget runs about $3.70 a foot a month.

## Delivery risk

| Construction financing | $61.2M predevelopment loan from BHI, the US arm of Bank Hapoalim, September 2025. No construction loan announced as of October 2026. |
|---|---|
| Presold | Not disclosed |
| Delivery | 2028 on 11 of 12 MLS rows; The Real Deal reported 2027 in September 2025. Without a closed construction loan, treat 2028 as the developer's target, not a funded date. |
| Developer | Lionstone Group (the Lowenstein family), Flag Luxury Group and Ben-Josef Group, the partners who own the Sagamore and the Ritz-Carlton South Beach hotel on either side of the site. |
| Rental policy | Rental policy not published; recorded declaration language to be read |

## Recommendation

BlueBay Brokers · The Ritz-Carlton Residences South Beach

### A home with a Ritz-Carlton key, bought for the address

Thirty residences, two hotels owned by the same partners on either side, and a market that absorbs the whole building in weeks. Scarcity here is real, and the price list has already moved up since launch.

Buy it as a residence. At $3,500 to $4,300 a foot it costs well above what delivered oceanfront clears at. Ask for the deposit schedule and the construction-loan status in writing before signing.

## 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, Lionstone, Flag Luxury and Ben-Josef land $61M loan for Ritz-Carlton South Beach (Sept 2025)](https://therealdeal.com/miami/2025/09/12/lionstone-flag-luxury-land-61m-loan-for-ritz-carlton-south-beach/)
- [The Real Deal, Two Ritz-Carlton South Beach condos asking $46M top signed contracts (March 2025)](https://therealdeal.com/miami/2025/03/03/ritz-south-beach-condos-asking-46m-top-signed-contracts/)
- [The Real Deal, Lionstone, Flag, Ben-Josef plan condo project between their South Beach hotels (July 2023)](https://therealdeal.com/miami/2023/07/03/lionstone-flag-ben-josef-plan-condo-project-between-their-south-beach-hotels/)

**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.