# Shoma Bay: preconstruction prices, deposits, rental rules

> Source: https://bluebaybrokers.com/buildings/shoma-bay
> Publisher: BlueBay Brokers LLC, 1541 Brickell Ave #1201, Miami FL 33129 (Florida broker BK3411036)
> Figures read on: 2026-10-19
> 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

Shoma Bay is a 333-residence, 24-storey tower on the North Bay Village causeway, a third presold and now funded by a $172.5M C-PACE loan, and the number that decides it is $1,260 a foot: the median ask of the six residences listed today, against $644 to $983 at which 33141 homes in the same bands closed this year. The early buyers paid launch prices. A buyer today pays for a new building on open water, so pay it on terms.

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

Closings per year 181 trailing 12 months, 33141, same band

Years of supply 1.8 this building alone

Band closes at $501/sf median of real closings, not asks

| Band, 33141 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $500K – $900K | 100 | $660,000 | $501 |
| $900K – $1.3M | 48 | $1,050,000 | $644 |
| $1.3M – $2M | 33 | $1,525,000 | $983 |

**Two years of the postcode's buyers, in a slow market**

333 residences against 181 closings a year in these three 33141 bands is about 1.8 years of the postcode's demand. A third were presold by August 2025, more than $97 million of contracts (Forman Capital, in Commercial Observer), which leaves some 220 to sell. The postcode itself is soft: 557 homes for sale against 518 closings a year, 12.9 months of supply. Five of the six listings have been on the MLS since April 2026 without a buyer. That is leverage, and the line to read before paying list.

## The market it lands in

Everything for sale in 33141 today against everything that actually sold there this past year. This is the pool your resale competes in.

Active inventory 557 homes listed across 33141

Sold, trailing year 518 recorded closings, every price

Months of supply 12.9 under 6 favours sellers, over 12 favours buyers

Asking vs sold $500/sf asked, against $437/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 33141 built from 2023 onward, people who bought new and took delivery, and what their units resell for now.

New stock resells at $1,845/sf median of 11 closings this year

Movement since — across recently delivered buildings

This building asks $1,729/sf entry residences

Entry vs new stock -6% below zero means you buy new under resale

| Year of resale | Closings | Median $/sf |
|---|---|---|
| 2025 | 11 | $1,845 |
| 2026 | 2 | withheld, 2 sales |

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

$1,214–$1,729/sf

Six residences listed today at $650,000 to $1,752,000 · 376 – 1,443 sf on the MLS · launch marketing quoted the $450,000s and the broker inventory sheet $790,000

Band closes at $501/sf $500K – $900K, trailing 12 months

Listed here today 6 median $1,260/sf

**Above the stock, below the beach**

The six residences ask $1,140 to $1,729 a foot, about $1,260 at the median, the studio dearest per foot. In 33141 the $900K to $1.3M band closed 48 homes in the trailing year at a median $644 and the $1.3M to $2M band 33 at $983. The only condominium built since 2023 to resell in the postcode, 72 Park on the Miami Beach side, closed 11 times in 2025 at a median $1,845. So Shoma Bay asks well above the existing stock and well below the newest beach tower. MLS areas on new construction usually include the balcony: check the interior figure on the plan sheet.

## On the MLS today

6 listings at this address are Active right now, pulled 2026-10-19. 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 |
|---|---|---|---|---|---|---|
| [1715](https://bluebaybrokers.com/listing?mls=A12090647) | 0/1 | 376 sf | $650,000 | $1,729 | $600 | 64 |
| [307](https://bluebaybrokers.com/listing?mls=A11998914) | 1/1 | 750 sf | $971,000 | $1,295 | $1,208 | 160 |
| [617](https://bluebaybrokers.com/listing?mls=A11998975) | 1/1 | 871 sf | $1,067,500 | $1,226 | $1,402 | 160 |
| [605](https://bluebaybrokers.com/listing?mls=A11998889) | 2/2 | 1,203 sf | $1,372,000 | $1,140 | $1,937 | 160 |
| [911](https://bluebaybrokers.com/listing?mls=A11998900) | 2/2 | 1,085 sf | $1,448,000 | $1,335 | $1,750 | 160 |
| [412](https://bluebaybrokers.com/listing?mls=A11998907) | 3/2 | 1,443 sf | $1,752,000 | $1,214 | $2,323 | 160 |

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 A11998975 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 $971,000 at 4.5% simple, 14 months to delivery.

| Milestone | % | Payment | Committed | Held | Carry |
|---|---|---|---|---|---|
| At contract (assumed standard) | 10% | $97,100 | $97,100 | 14 mo | −$5,098 |
| Second deposit (assumed standard) | 10% | $97,100 | $194,200 | 10 mo | −$3,641 |
| Third deposit (assumed standard) | 10% | $97,100 | $291,300 | 6 mo | −$2,185 |
| At closing | 70% | $679,700 | $971,000 | 0 mo | −$0 |
| Committed before closing |  |  | $971,000 |  | −$10,924 |

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 $10,924, 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 376 sf.

| HOA at $1.61/sf/month | −$7,264 |
|---|---|
| Property tax at 2.02% of $971,000 | −$19,614 |
| Insurance (HO-6), $3.60/sf | −$1,354 |
| Annual carry, before any income | −$28,232 |

**What the deposit costs, and what to get in writing**

Delivery is end of 2027, about 14 months out, later if the permit history repeats. The deposit schedule is not published, so the table assumes the Miami standard 10/10/10/70: on a $971,000 one-bedroom that is $291,300 committed before closing. Get in writing the deposit schedule, whether deposits above 10 percent go into construction (the developer counts deposits in the capital stack, Commercial Observer, September 2026), and the rental clause of the declaration: the 30-day minimum here comes from a broker inventory sheet, not the documents.

## Delivery risk

| Construction financing | $172.5M C-PACE construction loan from Nuveen Green Capital, arranged by Newmark (Commercial Observer, September 2026); the rest of the stack is deposits and equity. A $30M Forman Capital pre-development loan refinanced earlier debt in August 2025. |
|---|---|
| Presold | 33% at last disclosure |
| Delivery | End of 2027 (Commercial Observer, August 2025), moved from Q1 2027 by a permit dispute with North Bay Village. The MLS listings carry 2028. Ground broke in mid-2024. |
| Developer | Shoma Group, led by Masoud Shojaee. The six listings are with ISG World. |
| Rental policy | Marketed as monthly rental, 30-day minimum (broker inventory sheet, read 17 September 2026) |

## Recommendation

BlueBay Brokers · Shoma Bay

### Buy the water, negotiate the list

Funded and building: Nuveen's $172.5M C-PACE loan closed in September 2026, a year after the permit dispute that pushed delivery to end 2027. A third of the 333 residences were sold by August 2025, and the tower sits on open bay water with a 36,000 sf Publix in its base.

Asks run well above what 33141 closes at, the postcode holds 13 months of supply, and five listings have waited six months. Offer below list, start with the one-bedrooms, and confirm the 30-day rule in the declaration 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.

#### After delivery

This building is monthly, not nightly, so Property Management Brickell LLC would run it as mid-term. Different rate, different occupancy, and I will show you that pro forma rather than a nightly one.

## Read next

- [Pagani Residences, North Bay Village, Delivering 2028](https://bluebaybrokers.com/buildings/pagani-residences)
- [72 Park Miami Beach, Miami Beach, Delivered 2025](https://bluebaybrokers.com/buildings/72-park)
- [7200 Collins, North Beach, Delivering 2027](https://bluebaybrokers.com/buildings/7200-collins)
- [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

- [Commercial Observer, Shoma Bay lands $30M pre-development loan (August 2025)](https://commercialobserver.com/2025/08/shoma-bay-miami-north-bay-village-publix/)
- [Commercial Observer, Nuveen Green Capital provides $172.5M C-PACE loan for Shoma Bay (September 2026)](https://commercialobserver.com/2026/09/nuveen-green-capital-c-pace-miami-condos/)

**Method, licence and disclaimers**

**Absorption and closed prices** © 2026 Miami Association of Realtors / SEFMLS via Bridge Data Output, pulled 2026-10-19. 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.