# The Perigon: preconstruction prices, deposits, rental rules

> Source: https://bluebaybrokers.com/buildings/the-perigon
> Publisher: BlueBay Brokers LLC, 1541 Brickell Ave #1201, Miami FL 33129 (Florida broker BK3411036)
> Figures read on: 2026-10-20
> 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 Perigon is a 17-storey, 73-residence OMA tower on the ocean in Mid-Beach, financed by a $390M Eldridge loan and over 75 percent sold by January 2025, and the number that decides it is $3,401 a foot: the entry residence now in contract at $12M, against $3,346 at which Miami Beach homes between $10M and $20M closed this year. New oceanfront at the band's own price, delivering 2027.

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

Closings per year 102 trailing 12 months, 33140, 33139, 33154, same band

Years of supply 0.7 this building alone

Band closes at $3,346/sf median of real closings, not asks

| Band, 33140, 33139, 33154 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $10M – $20M | 67 | $13,500,000 | $3,346 |
| $20M and above | 35 | $27,319,500 | $4,183 |

**Under a year of the band's buyers, most of it sold**

73 residences against 102 closings a year above $10M across 33140, 33139 and 33154 is about 0.7 years of that market, and over 75 percent had sold by the loan release in January 2025, so the residences left are a handful. Four more are in contract on the MLS today, at $12,000,000 to $26,900,000. Supply is not the risk at this building. The three postcodes hold 11.8 months of inventory across all prices, a balanced market, and at the top the buyer pool is thin by nature: what a buyer negotiates here is the price, not the count.

## The market it lands in

Everything for sale in 33140, 33139, 33154 today against everything that actually sold there this past year. This is the pool your resale competes in.

Active inventory 1809 homes listed across 33140, 33139, 33154

Sold, trailing year 1845 recorded closings, every price

Months of supply 11.8 under 6 favours sellers, over 12 favours buyers

Asking vs sold $750/sf asked, against $677/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 33140, 33139, 33154 built from 2023 onward, people who bought new and took delivery, and what their units resell for now.

New stock resells at $1,575/sf median of 45 closings this year

Movement since -17.0% across recently delivered buildings

This building asks $3,401/sf entry residences

Entry vs new stock +116% below zero means you buy new under resale

| Year of resale | Closings | Median $/sf |
|---|---|---|
| 2024 | 3 | withheld, 3 sales |
| 2025 | 35 | $1,897 |
| 2026 | 45 | $1,575 |

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

$3,401–$5,522/sf

Four residences in contract on the MLS at $12,000,000 to $26,900,000, four listed at $12,545,000 to $37,000,000 · 3,528 – 5,778 sf on the MLS; plans run 2,100 to 6,700 sf · from just over $10M in the January 2025 release

Band closes at $3,346/sf $10M – $20M, trailing 12 months

Listed here today 4 median $6,508/sf

**New oceanfront at the price of the band**

Residence 1102, 3,528 sf, went into contract at $12,000,000, $3,401 a foot. Miami Beach homes between $10M and $20M closed at a median $3,346 in the trailing year, and above $20M at $4,183, on 102 recorded sales, 61 of them houses. So the entry stack trades at the band, and the 1101 ($4,656) and 1106 ($3,841) lines inside it. The penthouse at $37,000,000, $6,508 a foot, is a trophy priced as one. The recent-delivery card compares against every new condominium in three postcodes, mostly far smaller units, and does not apply at this price. MLS areas on new construction usually include terraces: ask for the interior figure.

## On the MLS today

4 listings in this building are Active right now, pulled 2026-10-20. 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 |
|---|---|---|---|---|---|---|
| [606](https://bluebaybrokers.com/listing?mls=A12094625) | 4/6 | — | $12,545,000 | — | $8,489 | 0 |
| [1202](https://bluebaybrokers.com/listing?mls=A12100900) | 3/4 | — | $13,387,500 | — | $7,111 | 1 |
| [1506](https://bluebaybrokers.com/listing?mls=A12095090) | 4/6 | — | $20,900,000 | — | $10,646 | 0 |
| [PHW](https://bluebaybrokers.com/listing?mls=A11564877) | 4/7 | 5,685 sf | $37,000,000 | $6,508 | $12,530 | 873 |

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 22 photographs carried on MLS listing A11564877 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 $12,000,000 at 4.5% simple, 12 months to delivery.

| Milestone | % | Payment | Committed | Held | Carry |
|---|---|---|---|---|---|
| At contract (assumed standard) | 10% | $1,200,000 | $1,200,000 | 12 mo | −$54,000 |
| Second deposit (assumed standard) | 10% | $1,200,000 | $2,400,000 | 8 mo | −$36,000 |
| Third deposit (assumed standard) | 10% | $1,200,000 | $3,600,000 | 4 mo | −$18,000 |
| At closing | 70% | $8,400,000 | $12,000,000 | 0 mo | −$0 |
| Committed before closing |  |  | $12,000,000 |  | −$108,000 |

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 $108,000, 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 3,528 sf.

| HOA at $2.2/sf/month | −$93,139 |
|---|---|
| Property tax at 2.02% of $12,000,000 | −$242,400 |
| Insurance (HO-6), $3.60/sf | −$12,701 |
| Annual carry, before any income | −$348,240 |

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

Delivery is 2027 per the financing release, about 12 months out; listings in January 2025 carried 2026, so the date has already moved once. The deposit schedule is not published, so the table assumes the Miami standard 10/10/10/70: on the $12M entry residence that is $3.6M committed before closing. Get in writing the actual schedule, which may differ this late in construction, and the rental language of the recorded declaration: the policy is not published, and a buyer who plans to rent should know the answer before signing.

## Delivery risk

| Construction financing | $390M construction loan from Eldridge's private credit business (Commercial Observer, January 2025), one of the largest in Miami Beach that year. Moss Construction broke ground in April 2024. |
|---|---|
| Presold | 75% at last disclosure |
| Delivery | 2027, per the January 2025 financing release. The MLS listings carry 2026 or 2027 as year built. |
| Developer | Mast Capital (Camilo Miguel Jr.) with Starwood Capital Group (Barry Sternlicht). Architecture by OMA, sales by Douglas Elliman Development Marketing. Mast assembled the site by buying out La Costa, the 1964 condominium it replaces. |
| Rental policy | Rental policy not published; recorded declaration language to be read |

## Recommendation

BlueBay Brokers · The Perigon

### Buy the ocean at the band's price

Funded and building: Eldridge closed a $390M construction loan in January 2025, Moss broke ground in April 2024, and more than three quarters of the 73 residences were sold by then. OMA design on the ocean in Mid-Beach, with eight private guest suites.

The entry and line residences ask what Miami Beach's market above $10M already pays per foot. Buy those, negotiate the penthouse, and get the delivery date and the rental clause in writing.

## 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

- [Five Park Miami Beach, Miami Beach, Delivered 2024](https://bluebaybrokers.com/buildings/five-park)
- [Monaco Yacht Club, Miami Beach, Delivered 2022](https://bluebaybrokers.com/buildings/monaco-yacht-club)
- [72 Park Miami Beach, Miami Beach, Delivered 2025](https://bluebaybrokers.com/buildings/72-park)
- [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, Mast Capital lands $390M for luxe oceanfront condo in Miami Beach (January 2025)](https://commercialobserver.com/2025/01/mast-capital-miami-beach-perigon-rem-koolhaas-oma/)
- [Florida YIMBY, The Perigon Miami Beach secures $390M financing as construction advances (January 2025)](https://floridayimby.com/2025/01/the-perigon-miami-beach-secures-390m-financing-as-construction-advances.html)
- [The Real Deal, Mast Capital, Starwood launch sales of planned oceanfront condo project in Miami Beach (March 2022)](https://therealdeal.com/miami/2022/03/17/mast-capital-starwood-launch-sales-of-planned-oceanfront-condo-project-in-miami-beach/)

**Method, licence and disclaimers**

**Absorption and closed prices** © 2026 Miami Association of Realtors / SEFMLS via Bridge Data Output, pulled 2026-10-20. 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.