# The Elser Hotel & Residences: resale prices, rental rules

> Source: https://bluebaybrokers.com/buildings/the-elser
> 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 Elser is the rarest thing in Miami: a downtown tower where nightly rental is not a grey area but the operating model, with an on-site programme, furnished units and daily stays permitted. And you are not captive to one operator: an owner here can list DIRECTLY on Airbnb, or hand the unit to the in-house Society Owners Program run by Pinnacle. That choice is worth real money, because it is the difference between setting your own rates and accepting someone else's split. The opening is in the price. The building's own closings run a median $1,166 a foot while its asking prices sit at $1,486, and the median listing has been waiting 164 days. That gap is not a reason to walk. It is the number you negotiate against, and almost nobody walks in holding it.

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

Closings per year 243 trailing 12 months, 33132, same band

Years of supply 2.7 this building alone

Band closes at $538/sf median of real closings, not asks

| Band, 33132 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $400K – $700K | 178 | $510,000 | $538 |
| $700K – $1.2M | 65 | $850,000 | $630 |

**The competition is inside the building**

Sixty-one units are listed for resale here right now. The building has closed 30 sales since January 2024, so roughly twelve a year. On that arithmetic the current listings represent about five years of supply, and every seller is competing with sixty-one near-identical neighbours on the same stack, in the same finish, with the same operator. That is why the median listing sits 164 days. Read it as timing rather than as a reason to stay out: it is a buyer's market inside these walls, and the seller who has been waiting five months is the one to write to.

## The market it lands in

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

Active inventory 830 homes listed across 33132

Sold, trailing year 397 recorded closings, every price

Months of supply 25.1 under 6 favours sellers, over 12 favours buyers

Asking vs sold $822/sf asked, against $551/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 33132 built from 2023 onward, people who bought new and took delivery, and what their units resell for now.

New stock resells at $877/sf median of 16 closings this year

Movement since -22.3% across recently delivered buildings

This building asks $1,495/sf entry residences

Entry vs new stock +70% below zero means you buy new under resale

| Year of resale | Closings | Median $/sf |
|---|---|---|
| 2024 | 8 | $1,128 |
| 2025 | 16 | $869 |
| 2026 | 16 | $877 |

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 $1,435–$1,495/sf $509,900 – $1,650,000 · 341 – 1,150 sf · 61 resales listed today

Band closes at $538/sf $400K – $700K, trailing 12 months

Listed here today 53 median $1,411/sf

**Asks and closings are 27 percent apart**

The asking median across the 61 live listings is $1,486 a foot. The median of 30 actual recorded closings in the same building is $1,166. Same tower, same finish, same operator, a 27 percent gap between what is wanted and what has been paid. Closings range from $847 to $1,807 a foot, so the stack and the view matter, but the central tendency is unambiguous. Treat $1,150 to $1,250 a foot as the defensible zone and open there with the MLS record in hand. On a 500 sf unit that is roughly $600,000 rather than the $745,000 the median ask implies.

## On the MLS today

53 listings at this address are Active right now, pulled 2026-10-07, of which the 30 cheapest are shown. 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 |
|---|---|---|---|---|---|---|
| [1902](https://bluebaybrokers.com/listing?mls=A12086164) | 0/1 | 430 sf | $489,000 | $1,137 | $2,006 | 4 |
| [4313](https://bluebaybrokers.com/listing?mls=A11968390) | 0/1 | 357 sf | $495,000 | $1,387 | $1,647 | 217 |
| [3805](https://bluebaybrokers.com/listing?mls=A12091734) | 1/1 | 442 sf | $499,000 | $1,129 | $2,062 | 4 |
| [2007](https://bluebaybrokers.com/listing?mls=A12055966) | 0/1 | 442 sf | $539,000 | $1,219 | $600 | 63 |
| [3104](https://bluebaybrokers.com/listing?mls=A12077875) | 1/1 | 443 sf | $579,000 | $1,307 | $681 | 18 |
| [3305](https://bluebaybrokers.com/listing?mls=A12067653) | 1/1 | 442 sf | $580,000 | $1,312 | $2,039 | 46 |
| [2116](https://bluebaybrokers.com/listing?mls=A11963081) | 0/1 | 362 sf | $599,000 | $1,655 | $557 | 208 |
| [2904](https://bluebaybrokers.com/listing?mls=A12039636) | 1/1 | 443 sf | $599,999 | $1,354 | $494 | 73 |
| [4512](https://bluebaybrokers.com/listing?mls=A11939431) | 0/1 | 341 sf | $649,900 | $1,906 | $445 | 246 |
| [2203](https://bluebaybrokers.com/listing?mls=A12068715) | 1/1 | 439 sf | $650,000 | $1,481 | $700 | 30 |
| [1915](https://bluebaybrokers.com/listing?mls=A11974308) | 1/1 | 579 sf | $660,000 | $1,140 | $745 | 97 |
| [2215](https://bluebaybrokers.com/listing?mls=A11921516) | 1/1 | 560 sf | $665,000 | $1,188 | $2,950 | 192 |
| [4015](https://bluebaybrokers.com/listing?mls=B26010042) | 1/1 | 560 sf | $674,999 | $1,205 | $2,583 | 187 |
| [2319](https://bluebaybrokers.com/listing?mls=A11922752) | 1/1 | 626 sf | $685,000 | $1,094 | $770 | 253 |
| [2205](https://bluebaybrokers.com/listing?mls=A11963143) | 1/1 | 442 sf | $699,000 | $1,581 | $680 | 211 |
| [1715](https://bluebaybrokers.com/listing?mls=R11151415) | 1/1 | 560 sf | $699,900 | $1,250 | $862 | 247 |
| [4316](https://bluebaybrokers.com/listing?mls=A12042862) | 0/1 | 362 sf | $699,900 | $1,933 | $500 | 104 |
| [2112](https://bluebaybrokers.com/listing?mls=A12039725) | 0/1 | 341 sf | $709,000 | $2,079 | $445 | 83 |
| [2407](https://bluebaybrokers.com/listing?mls=A11931694) | 1/1 | 442 sf | $720,000 | $1,629 | $555 | 264 |
| [3207](https://bluebaybrokers.com/listing?mls=A11949064) | 0/1 | 442 sf | $720,000 | $1,629 | $680 | 256 |
| [4006](https://bluebaybrokers.com/listing?mls=A11560900) | 1/1 | 443 sf | $729,800 | $1,647 | $150 | 796 |
| [4708](https://bluebaybrokers.com/listing?mls=A11560922) | 1/1 | 430 sf | $768,000 | $1,786 | $150 | 796 |
| [4415](https://bluebaybrokers.com/listing?mls=A11856595) | 1/1 | 560 sf | $780,000 | $1,393 | $2,394 | 367 |
| [1615](https://bluebaybrokers.com/listing?mls=A12061775) | 1/1 | 560 sf | $790,000 | $1,411 | $1,756 | 42 |
| [1407](https://bluebaybrokers.com/listing?mls=A12018690) | 1/1 | 442 sf | $795,000 | $1,799 | $494 | 120 |
| [1619](https://bluebaybrokers.com/listing?mls=A11806224) | 1/1 | 626 sf | $850,000 | $1,358 | $665 | 497 |
| [3907](https://bluebaybrokers.com/listing?mls=B26050574) | 1/1 | 442 sf | $850,000 | $1,923 | $567 | 89 |
| [4115](https://bluebaybrokers.com/listing?mls=A11957052) | 1/1 | 560 sf | $860,000 | $1,536 | $862 | 219 |
| [3515](https://bluebaybrokers.com/listing?mls=A11920965) | 1/1 | 560 sf | $870,000 | $1,554 | $2,583 | 320 |
| [4210](https://bluebaybrokers.com/listing?mls=A12047098) | 1/1 | 509 sf | $890,000 | $1,749 | — | 69 |

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 R11166587 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.

## Carry at delivery

What it costs to own before any income, on the smallest residence of 341 sf.

| HOA at $1.49/sf/month | −$6,097 |
|---|---|
| Property tax at 2.02% of $509,900 | −$10,300 |
| Insurance (HO-6), $3.60/sf | −$1,228 |
| Annual carry, before any income | −$17,625 |

**What is confirmed, and what is not**

The HOA figure needs care. Fourteen of the 59 live listings and twelve of the 30 closings file a QUARTERLY amount in a field most people read as monthly, so a raw median is meaningless. Per square foot the real charge is $1.44 to $1.54 a month, about $730 on a 500 sf residence. One warning sign: the 2026 closings carry $4.61 a foot a month against $1.13 in 2024. On ten sales that is either a special assessment in progress or more mis-keyed frequencies, and it is the first thing to ask the association for, alongside the current budget. Two things remain unverified and should not be taken on trust. The developer's own material says the building has no rental restrictions; that is marketing, and the recorded declaration is the instrument that binds. And the Society Owners Program split is a private contract, published nowhere. Both are ordinary requests: ask the association for the declaration, ask Pinnacle for the programme terms and whether participation is optional. What it actually returns, on the two April 2026 closings at $1,150,000 for 983 sf. Revenue is not the $99,900 an AirDNA projection headlines: the fifteen comparable listings have a median of $90,300 actually earned, and the one comparable inside this building did $103,800 at 64 percent occupancy. Against that, the fixed costs are $18,132 of HOA, $23,230 of property tax and $3,539 of insurance, then management, platform fees, utilities and supplies. Net operating income lands between $18,300 and $28,900, which is a cap rate of 1.6 to 2.5 percent. Buy this building for the rental freedom, the turnkey furnishing and the ease of exit. Do not buy it for the yield: reaching 4 percent would need an entry near $723,000, and nothing here trades at that.

## How it was built and sold

| Construction financing | Delivered and operating. Construction financing is repaid history rather than open risk. |
|---|---|
| Presold | Not disclosed |
| Delivery | Delivered 2022 and running as a hotel-and-residences operation. Income can start the month you close. |
| Developer | Property Markets Group. Operated as The Elser Hotel & Residences, with an on-site rental programme and daily stays permitted. |
| Rental policy | Daily rentals, no minimum stay. Direct Airbnb or the in-house Society Owners Program (Pinnacle). Confirmed by BlueBay Brokers, September 2026. |

## Recommendation

BlueBay Brokers · The Elser Hotel & Residences

### Buy it for the freedom, not for the yield

The asset is genuinely good. Daily rental is the building's declared purpose, not a tolerated workaround, the units are furnished and turnkey, an operator is already on site, and delivery risk is behind it. For an investor who wants nightly income without fighting an association, there are few cleaner entries in downtown Miami.

Two corrections to the usual pitch. Asking prices sit 27 percent above what the building's own 30 closings paid, and 61 units compete for roughly 12 buyers a year. And the yield is thin: on a $1,150,000 entry the cap rate is 1.6 to 2.5 percent, below the 3 to 5 percent an honest Miami condo should clear. An AirDNA projection showing a $65,700 net operating income is not achievable here; HOA and tax alone exceed the expense figure behind it.

So the entry price is a floor to defend, not a bargain. Open at $1,150 to $1,250 a foot against the 150-day-plus listings, knowing that even there the income barely covers the carry. The return has to come from appreciation and from the flexibility, which are real, rather than from rent.

Two asks before you sign, both routine. The recorded declaration from the association, because the developer's 'no rental restrictions' is marketing and only the instrument binds. And the Society Owners Program terms from Pinnacle, specifically the split and whether joining is optional. Also request the current budget: the 2026 HOA figures are three times 2024's and nobody has explained why.

## 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 full closing record unit by unit, what resellers are asking against what they paid, the recorded rental language, and a rental underwriting on the specific line you are looking at. No charge.

#### On the purchase

You are buying a resale here, so the seller's side pays the co-broke and representation costs you nothing. I argue from the recorded closing prices above, including what the current owner actually paid and when.

#### Once you own it

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.

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- [600 Miami Worldcenter, Downtown, Closings Q4 2026](https://bluebaybrokers.com/buildings/600-miami-worldcenter)
- [Gale Miami Hotel & Residences, Downtown, Delivered 2024](https://bluebaybrokers.com/buildings/gale-miami)
- [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)
- [Buying preconstruction in Miami as a foreign buyer](https://bluebaybrokers.com/buy-preconstruction-miami-foreign-buyer)
- [Brickell buildings that allow daily rentals, with sources](https://bluebaybrokers.com/brickell-buildings-daily-rentals)

## Sources

**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.