# Viceroy Brickell condos: resale prices and rental rules

> Source: https://bluebaybrokers.com/buildings/viceroy-brickell
> 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

Viceroy Brickell is finished, on the river, and renting: 36 leases closed in five months, one-bedrooms at a median $4,224 a month. Its 18 listings ask a median $1,288 a foot. New condos delivered since 2023 in Brickell and downtown resold this year at $1,157. So the brand costs about 11 percent over comparable new stock, and the developer is offering a 7 percent leaseback to close the gap.

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

Closings per year 708 trailing 12 months, 33131, 33130, 33132, same band

Years of supply 0.7 this building alone

Band closes at $606/sf median of real closings, not asks

| Band, 33131, 33130, 33132 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $500K – $1M | 526 | $645,000 | $606 |
| $1M – $2M | 182 | $1,275,000 | $809 |

**The market can take it; the building competes with itself**

The two bands Viceroy sells into closed 711 homes in the trailing year across 33131, 33130 and 33132: 528 between $500,000 and $1M, 183 between $1M and $2M. At 498 units the whole building is about eight months of that, so the submarket is not the constraint. Supply inside the building is: 18 units for sale, 80 for rent, and a developer still selling with an incentive. Expect to negotiate against the developer's own price list, not against the street.

## The market it lands in

Everything for sale in 33131, 33130, 33132 today against everything that actually sold there this past year. This is the pool your resale competes in.

Active inventory 2149 homes listed across 33131, 33130, 33132

Sold, trailing year 1281 recorded closings, every price

Months of supply 20.1 under 6 favours sellers, over 12 favours buyers

Asking vs sold $727/sf asked, against $584/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 33131, 33130, 33132 built from 2023 onward, people who bought new and took delivery, and what their units resell for now.

New stock resells at $1,157/sf median of 39 closings this year

Movement since -8.0% across recently delivered buildings

This building asks $1,315/sf entry residences

Entry vs new stock +14% below zero means you buy new under resale

| Year of resale | Closings | Median $/sf |
|---|---|---|
| 2023 | 1 | withheld, 1 sale |
| 2024 | 12 | $1,258 |
| 2025 | 48 | $1,134 |
| 2026 | 39 | $1,157 |

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

$1,315–$1,924/sf

Resales and developer units $637,900 to $2.85M on the MLS today · 485 – 1,481 sf · launched from the $600,000s in 2024

Band closes at $606/sf $500K – $1M, trailing 12 months

Listed here today 18 median $1,288/sf

**Where it asks, plan by plan**

Studios ask $637,900 to $785,900, about $1,300 to $1,435 a foot. One-bedrooms ask $850,000 to $1.16M, roughly $1,140 to $1,270 a foot, the value line in the building. Two-bedrooms ask $1.26M to $2M at $1,225 to $1,555. Against $1,157 for 2026 resales of post-2023 stock, the one-bedrooms sit within 10 percent and the studios well above. The launch list started in the $600,000s in April 2024, so prices have barely moved in two years.

## On the MLS today

18 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 |
|---|---|---|---|---|---|---|
| [412](https://bluebaybrokers.com/listing?mls=A12069124) | 0/1 | 489 sf | $637,900 | $1,304 | — | 0 |
| [2709](https://bluebaybrokers.com/listing?mls=A11990111) | 0/1 | 485 sf | $695,900 | $1,435 | $679 | 72 |
| [2204](https://bluebaybrokers.com/listing?mls=A11992498) | 0/1 | — | $785,900 | — | $820 | 67 |
| [1910](https://bluebaybrokers.com/listing?mls=A12059915) | 1/1 | 686 sf | $850,000 | $1,239 | $960 | 3 |
| [1611](https://bluebaybrokers.com/listing?mls=A12083058) | 1/1 | — | $949,000 | — | $1,050 | 1 |
| [2205](https://bluebaybrokers.com/listing?mls=A12061750) | 1/1 | 833 sf | $950,000 | $1,140 | $1,308 | 1 |
| [1708](https://bluebaybrokers.com/listing?mls=A12043890) | 1/1 | — | $955,000 | — | $700 | 63 |
| [1905](https://bluebaybrokers.com/listing?mls=A12046129) | 1/1 | 833 sf | $990,000 | $1,188 | $1,308 | 0 |
| [3308](https://bluebaybrokers.com/listing?mls=A12059912) | 1/1 | 862 sf | $999,000 | $1,159 | $1,376 | 3 |
| [3914](https://bluebaybrokers.com/listing?mls=A12059905) | 1/1 | 833 sf | $1,059,000 | $1,271 | $1,179 | 3 |
| [4014](https://bluebaybrokers.com/listing?mls=A12097842) | 1/1 | — | $1,159,000 | — | $1,179 | 8 |
| [1907](https://bluebaybrokers.com/listing?mls=A12069153) | 2/2 | 1,030 sf | $1,261,900 | $1,225 | — | 0 |
| [2506](https://bluebaybrokers.com/listing?mls=A12091230) | 2/2 | 1,041 sf | $1,450,000 | $1,393 | $1,665 | 19 |
| [4106](https://bluebaybrokers.com/listing?mls=A12056652) | 2/2 | 1,041 sf | $1,495,000 | $1,436 | $1,985 | 77 |
| [2006](https://bluebaybrokers.com/listing?mls=A12066265) | 2/2 | — | $1,599,000 | — | $1,985 | 45 |
| [2403](https://bluebaybrokers.com/listing?mls=A11991534) | 2/2 | — | $1,685,900 | — | $1,985 | 67 |
| [3902](https://bluebaybrokers.com/listing?mls=A12055957) | 2/2 | 1,286 sf | $1,999,000 | $1,554 | $1,457 | 8 |
| [UPH01](https://bluebaybrokers.com/listing?mls=A12049737) | 3/3 | 1,481 sf | $2,850,000 | $1,924 | $2,417 | 12 |

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 A11991534 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 485 sf.

| HOA at $1.5/sf/month | −$8,730 |
|---|---|
| Property tax at 2.02% of $990,000 | −$19,998 |
| Insurance (HO-6), $3.60/sf | −$1,746 |
| Annual carry, before any income | −$30,474 |

**Nothing to carry, three things to read first**

Delivered, so no deposit. First the leaseback: the developer advertised two years at 7 percent a year in August 2026; get the terms in writing, because the open market pays less. A one-bedroom at the median rent and the listing HOA, about $1,308 a month, nets about 3.5 percent before tax and insurance on a $990,000 purchase. Second the 30-day minimum, which rules out nightly rental. Third the recorded declaration.

## How it was built and sold

| Construction financing | $164M construction loan from Truist Bank to a Related affiliate, closed late 2022 / January 2023, before the switch from rental to condominium. |
|---|---|
| Presold | Not disclosed |
| Delivery | Delivered in 2026 (Bridge YearBuilt; leases closing since May 2026). No construction risk and no deposit left to carry. |
| Developer | Related Group (Jorge and Nick Pérez) with GTIS Partners; Viceroy's first completed residential tower in the United States. |
| Rental policy | Monthly rental, 30-day minimum per the association (broker inventory sheet, read 17 September 2026; repeated in MLS remarks, Bridge read 6 October 2026); recorded declaration language not yet read |

## Recommendation

BlueBay Brokers · Viceroy Brickell

### Buy a one-bedroom, with the leaseback, at the closing price

A finished Related tower with a hotel brand, a closed construction loan and a lease market already measured: one-bedrooms rent at a median $4,224, 22 of them in five months.

At about $1,200 a foot a one-bedroom is near what new Brickell stock clears. Take the 7 percent leaseback if it is offered in writing, and offer under the list; the building has inventory to move.

## 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

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

- [619 Brickell, Brickell, end of 2030 (developer deposit schedule)](https://bluebaybrokers.com/buildings/619-brickell)
- [LOFTY Brickell, Brickell, 2027](https://bluebaybrokers.com/buildings/lofty-brickell)
- [ORA by Casa Tua, Brickell, 2029](https://bluebaybrokers.com/buildings/ora-casa-tua)
- [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)

## Sources

- [The Real Deal, Viceroy reborn: Related launches sales of branded Brickell condo tower (April 2024)](https://therealdeal.com/miami/2024/04/11/related-converts-miami-apartment-tower-to-viceroy-condos/)
- [Florida YIMBY, Related Group and GTIS Partners announce collaboration with Viceroy on 45-story Brickell condo tower (April 2024)](https://floridayimby.com/2024/04/related-group-and-gtis-partners-announce-collaboration-with-viceroy-on-45-story-brickell-condo-tower.html)

**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.