# The Delmore: preconstruction prices, deposits, rental rules

> Source: https://bluebaybrokers.com/buildings/the-delmore
> Publisher: BlueBay Brokers LLC, 1541 Brickell Ave #1201, Miami FL 33129 (Florida broker BK3411036)
> Figures read on: 2026-11-13
> Contact: Carolina Peña, broker, new developments, English or Spanish: WhatsApp or phone +1 786 326 8778, carolina@bluebaybrokers.com. Study written by Steve Gabison, broker.
> 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 Delmore is Damac's 37-residence Zaha Hadid building on the Champlain Towers South site, and the number that decides it is $3,963 a foot: the median ask of its four MLS listings, against $4,467 for the nine Surf Club residences that closed above $14M next door in the last twelve months. The price is not the problem. The schedule is: no contract signed, no loan, no contractor as of April 2026.

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

Closings per year 30 trailing 12 months, 33154, same band

Years of supply 1.2 this building alone

Band closes at $3,381/sf median of real closings, not asks

| Band, 33154 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $10M – $20M | 18 | $13,312,500 | $3,381 |
| $20M and above | 12 | $30,625,000 | $4,812 |

**A thin buyer pool, and a building nobody has bought yet**

Thirty homes closed above $10M in 33154 in the last twelve months, houses included, so 37 residences are about fifteen months of that flow. The condominium side is deeper than it looks: the Surf Club alone closed nine residences above $14M. The Delmore has closed none. Its four listings have sat since July 2025, and Damac told The Real Deal in April 2026 that no contract was signed and that a buyer for more than $200M of units was turned away over the source of funds. For a buyer that is leverage: the first contract here sets the price, and the developer needs it more than you do.

## The market it lands in

Everything for sale in 33154 today against everything that actually sold there this past year. This is the pool your resale competes in.

Active inventory 403 homes listed across 33154

Sold, trailing year 370 recorded closings, every price

Months of supply 13.1 under 6 favours sellers, over 12 favours buyers

Asking vs sold $1,032/sf asked, against $806/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 33154 built from 2023 onward, people who bought new and took delivery, and what their units resell for now.

New stock resells at $1,345/sf median of 22 closings this year

Movement since +11.6% across recently delivered buildings

This building asks $2,948/sf entry residences

Entry vs new stock +119% below zero means you buy new under resale

| Year of resale | Closings | Median $/sf |
|---|---|---|
| 2025 | 5 | $1,205 |
| 2026 | 22 | $1,345 |

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

$2,948–$4,602/sf

$15M to $40.15M on the MLS today · 5,088 – 8,724 sf · developer average $35M to $40M, penthouses could pass $150M

Band closes at $3,381/sf $10M – $20M, trailing 12 months

Listed here today 4 median $3,963/sf

**Priced under the Surf Club, before it exists**

The four listings run $2,948 a foot (unit 303, 5,088 sf, $15M) to $4,602 (unit 702, 8,724 sf, $40.15M), median $3,963. The Surf Club's nine closings above $14M ran $3,932 to $7,949, median $4,467; Eighty Seven Park, at 8701 Collins, closed at $3,972 and $4,662. So the entry stack asks about 11 percent under what finished oceanfront stock in the same postcode closes at. That discount is the price of everything not yet done: a permit, a contractor, a loan, a delivery date. The new-stock card above reads $1,345 because 33154's post-2023 deliveries are mostly smaller condominiums, not this product. The listed association fee works out to about $3.65 a foot a month.

## On the MLS today

4 listings in this building are Active right now, pulled 2026-11-13. 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 |
|---|---|---|---|---|---|---|
| [303](https://bluebaybrokers.com/listing?mls=A11837441) | 4/5 | 5,088 sf | $15,000,000 | $2,948 | $18,615 | 474 |
| [604](https://bluebaybrokers.com/listing?mls=A11838097) | 4/5 | 6,111 sf | $21,250,000 | $3,477 | $22,305 | 474 |
| [501](https://bluebaybrokers.com/listing?mls=A11838680) | 5/6 | 6,924 sf | $30,800,000 | $4,448 | $25,273 | 474 |
| [702](https://bluebaybrokers.com/listing?mls=A11838701) | 5/6 | 8,724 sf | $40,150,000 | $4,602 | $31,843 | 474 |

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 17 photographs carried on MLS listing A11837441 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 $15,000,000 at 4.5% simple, 37 months to delivery.

| Milestone | % | Payment | Committed | Held | Carry |
|---|---|---|---|---|---|
| At contract (assumed standard) | 10% | $1,500,000 | $1,500,000 | 37 mo | −$208,125 |
| At groundbreaking (assumed) | 10% | $1,500,000 | $3,000,000 | 31 mo | −$174,375 |
| At top-off (assumed) | 10% | $1,500,000 | $4,500,000 | 13 mo | −$73,125 |
| At closing | 70% | $10,500,000 | $15,000,000 | 0 mo | −$0 |
| Committed before closing |  |  | $15,000,000 |  | −$455,625 |

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 $455,625, 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 5,088 sf.

| HOA at $3.65/sf/month | −$222,854 |
|---|---|
| Property tax at 2.02% of $15,000,000 | −$303,000 |
| Insurance (HO-6), $3.60/sf | −$18,317 |
| Annual carry, before any income | −$544,171 |

**What must exist before a deposit**

The deposit schedule is not published, so the carry above uses the Miami standard 10/10/10/70 with closing at the 2029 target. Nothing here should be signed on that basis alone. Before any deposit, ask for three documents: the building permit, the signed general contractor agreement, and a construction loan commitment. Then ask where the deposit is held and whether any part of it can be spent on construction. If Damac takes a joint-venture partner, as The Real Deal reported it was discussing, ask who it is. Those answers, not the price, decide this purchase.

## Delivery risk

| Construction financing | No construction loan reported. In April 2026 Damac said it was resubmitting the master building permit and still securing a general contractor and insurance (The Real Deal). |
|---|---|
| Presold | Not disclosed |
| Delivery | 2029 was the target at launch (The Real Deal, January 2025). It is not funded: no loan, no contractor named and no permit issued as of April 2026, so treat the date as an intention. |
| Developer | Damac Properties, the Dubai developer founded by Hussain Sajwani; the Delmore is its first ground-up project in the United States. It bought the 1.8-acre site in 2022 as the sole bidder at the court-ordered auction, with the proceeds going to the Champlain unit owners and victims' families. Sales by Douglas Elliman. |
| Rental policy | Rental policy not published; no declaration recorded yet. The four MLS listings carry no rental terms |

## Recommendation

BlueBay Brokers · The Delmore

### Negotiate now, sign after the loan

The ask is honest for the location: about 11 percent under what Surf Club residences close at, for new Zaha Hadid construction on the ocean. If the building gets financed, early contracts at today's list are likely to look cheap.

Until then it is an option, not a purchase. Register interest, negotiate the price and the deposit terms now, while there are no other buyers, and fund nothing until the permit, the contractor and the construction loan are on paper.

## Questions buyers ask

### Does The Delmore allow short-term rentals such as Airbnb?

Rental policy not published; no declaration recorded yet. The four MLS listings carry no rental terms. Until the developer publishes it and the condominium declaration is recorded, nothing can be stated either way.

### What do residences at The Delmore cost?

$15M to $40.15M on the MLS today · 5,088 – 8,724 sf · developer average $35M to $40M, penthouses could pass $150M. The study above sets these figures against what actually closed nearby.

### When does The Delmore deliver?

2029 was the target at launch (The Real Deal, January 2025). It is not funded: no loan, no contractor named and no permit issued as of April 2026, so treat the date as an intention.

### Who is developing The Delmore?

Damac Properties, the Dubai developer founded by Hussain Sajwani; the Delmore is its first ground-up project in the United States. It bought the 1.8-acre site in 2022 as the sole bidder at the court-ordered auction, with the proceeds going to the Champlain unit owners and victims' families. Sales by Douglas Elliman.

### Who can I talk to about buying at The Delmore?

Carolina Peña, broker at BlueBay Brokers (Florida licence BK3288753), handles new developments, in English or Spanish: WhatsApp or phone +1 786 326 8778, carolina@bluebaybrokers.com. This study is independent, written by Steve Gabison, broker (BK3411036), from recorded County deeds and MLS closings.

## 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.

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- [La Baia North, Bay Harbor Islands, Q1 2027](https://bluebaybrokers.com/buildings/la-baia-north)
- [Onda Residences, Bay Harbor Islands, Delivered 2024](https://bluebaybrokers.com/buildings/onda-residences)
- [Rivage Bal Harbour, Bal Harbour, Delivering 2027](https://bluebaybrokers.com/buildings/rivage-bal-harbour)
- [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, Damac reveals Delmore luxury condo project on site of deadly Surfside collapse (January 2025)](https://therealdeal.com/miami/2025/01/28/damac-reveals-plans-for-luxe-boutique-condo-on-collapse-site)
- [The Real Deal, At Surfside collapse site, big-name planned project hasn't sold a single condo (April 2026)](https://therealdeal.com/miami/2026/04/15/developer-of-condo-on-surfside-collapse-site-plans-relaunch/)
- [Bisnow, Damac unveils plans for $15M mansions in the sky on Surfside collapse site](https://www.bisnow.com/news/south-florida/multifamily/damac-unveils-first-us-project-the-delmore-on-surfside-collapse-site-127765)
- [Zaha Hadid Architects, The Delmore](https://www.zha.com/projects/architecture/the-delmore)

**Method, licence and disclaimers**

**Absorption and closed prices** © 2026 Miami Association of Realtors / SEFMLS via Bridge Data Output, pulled 2026-11-13. 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.