# Villa Miami: preconstruction prices, deposits, rental rules

> Source: https://bluebaybrokers.com/buildings/villa-miami
> 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

Villa is the One Thousand Museum team's second tower: 70 bayfront residences of 3,000 to 6,000 sf, a $285M loan closed in December 2024, half sold at that date, delivery in 2027. The entry asks about $1,670 a foot and the live listings $1,850 to $2,220. Edgewater has nothing comparable delivered, which is the case for it and also the risk: the price is set by the product, not by any resale.

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

Closings per year 25 trailing 12 months, 33137, 33132, same band

Years of supply 2.8 this building alone

Band closes at $1,297/sf median of real closings, not asks

| Band, 33137, 33132 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $4M – $7M (condos and houses) | 13 | $4,415,000 | $1,297 |
| $7M and above (condos and houses) | 12 | $9,925,000 | $2,210 |

**Absorption: a thin band, half already sold**

Edgewater and downtown, 33137 and 33132, recorded 13 closings between $4M and $7M and 12 above $7M in the last twelve months, waterfront houses included. Count condominiums only and it is 11 a year above $4M, 7 in Edgewater, none of them above $6.5M. 70 residences is 2.8 years of the full band and about six years of the condominium flow. Half is under contract, so the real overhang is the remaining 35, roughly three years of condo closings. Read that as negotiating room on the unsold stock, not as a reason to stay out.

## The market it lands in

Everything for sale in 33137, 33132 today against everything that actually sold there this past year. This is the pool your resale competes in.

Active inventory 1364 homes listed across 33137, 33132

Sold, trailing year 874 recorded closings, every price

Months of supply 18.7 under 6 favours sellers, over 12 favours buyers

Asking vs sold $787/sf asked, against $617/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 33137, 33132 built from 2023 onward, people who bought new and took delivery, and what their units resell for now.

New stock resells at $962/sf median of 62 closings this year

Movement since -5.4% across recently delivered buildings

This building asks $1,667/sf entry residences

Entry vs new stock +73% below zero means you buy new under resale

| Year of resale | Closings | Median $/sf |
|---|---|---|
| 2023 | 5 | $1,017 |
| 2024 | 29 | $1,054 |
| 2025 | 38 | $947 |
| 2026 | 62 | $962 |

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

$1,667–$1,817/sf

From $5M (The Real Deal) to $10.9M on the MLS today · 3,000 – 6,000 sf · three- to five-bedroom residences

Band closes at $1,297/sf $4M – $7M (condos and houses), trailing 12 months

Listed here today 3 median $2,034/sf

**Priced as a trophy, not against resales**

The $5M entry on a 3,000 sf plan works out around $1,670 a foot, and the three live listings ask $1,850 to $2,220. Edgewater condominiums above $4M closed at a median $1,080 a foot this year, five of the seven at Missoni Baia and Aria Reserve. One Thousand Museum, the same developers' last tower, closed full-floor residences at $1,522 and $1,564 a foot and a penthouse at $2,383. So Villa asks a One Thousand Museum price in Edgewater, about 55 percent over the neighbourhood's best resales. The premium buys size, a bayfront plan and a hospitality brand. Buy it as a home and negotiate the number.

## On the MLS today

3 listings in this building 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 |
|---|---|---|---|---|---|---|
| [2702](https://bluebaybrokers.com/listing?mls=A11903832) | 4/5 | — | $5,750,000 | — | $6,274 | 302 |
| [3002](https://bluebaybrokers.com/listing?mls=A11821783) | 3/4 | 2,636 sf | $5,850,000 | $2,219 | $6,259 | 358 |
| [601](https://bluebaybrokers.com/listing?mls=A11537206) | 4/5 | 5,896 sf | $10,900,000 | $1,849 | $12,476 | 945 |

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 A11537206 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 $5,750,000 at 4.5% simple, 12 months to delivery.

| Milestone | % | Payment | Committed | Held | Carry |
|---|---|---|---|---|---|
| At contract (assumed standard, groundbreaking milestone already passed) | 20% | $1,150,000 | $1,150,000 | 12 mo | −$51,750 |
| At top-off | 10% | $575,000 | $1,725,000 | 8 mo | −$17,250 |
| At closing | 70% | $4,025,000 | $5,750,000 | 0 mo | −$0 |
| Committed before closing |  |  | $5,750,000 |  | −$69,000 |

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 $69,000, 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 3,000 sf.

| HOA, not published by the developer | — |
|---|---|
| Property tax at 2.02% of $5,750,000 | −$116,150 |
| Insurance (HO-6), $3.60/sf | −$10,800 |
| Annual carry, before any income | −$126,950 |

**Carry, dues, and what to secure**

Terra has not published a deposit schedule, so the table assumes the Miami standard: groundbreaking has passed, so expect 20 percent at contract, 10 at top-off and 70 at closing about a year out. Association dues on the listings run $6,259 to $12,476 a month, about $2.10 to $2.40 a foot, which matters more here than the carry. Two ordinary requests before signing: the rental language in the recorded declaration, which is unpublished, and the remaining-inventory list with terms, because 35 unsold residences in a thin band is exactly where a developer moves on price or structure.

## Delivery risk

| Construction financing | Closed. $285M from Tyko Capital (backed by Elliott Management), December 2024, arranged by Walker & Dunlop, with about 50 percent of residences under contract at the time. |
|---|---|
| Presold | 50% at last disclosure |
| Delivery | 2027, per The Real Deal and Commercial Observer. Groundbreaking was late 2024 and Florida YIMBY reported 21 floors up in January 2026. The model holds twelve months. |
| Developer | Terra (David Martin) and One Thousand Group (Louis Birdman and Kevin Venger, developers of One Thousand Museum), with Major Food Group on the hospitality programme. ODP Architects. |
| Rental policy | Rental policy not published; recorded declaration language to be read |

## Recommendation

BlueBay Brokers · Villa Miami

### A home with a brand, bought on negotiation

Financed, half sold and a year from delivery, by the team that built One Thousand Museum. Delivery risk is modest and nothing in Edgewater offers this size on the bay.

The price is the question: about 55 percent over Edgewater's best resales and level with One Thousand Museum. Buy it to live in, take a lower floor or a plan the developer still needs to move, and get the declaration and the dues 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.

#### 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

- [Cove Miami, Edgewater, Delivering 2028](https://bluebaybrokers.com/buildings/cove-residences)
- [ELLE Residences Miami, Edgewater, Delivering 2029](https://bluebaybrokers.com/buildings/elle-residences)
- [Vida Residences, Edgewater, Delivering 2026](https://bluebaybrokers.com/buildings/vida-residences)
- [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, One Thousand Group pays $53M for dev site in Miami's Edgewater (Dec 2024)](https://therealdeal.com/miami/2024/12/10/one-thousand-group-pays-53m-for-site-in-miamis-edgewater/)
- [Commercial Observer, Tyko Capital provides $285M for Major Food Group condo in Miami (Dec 2024)](https://commercialobserver.com/2024/12/tyko-capital-miami-elliott-management-major-food-group/)
- [Florida YIMBY, Villa Miami reaches 21 floors at 710 NE 29th Street (Jan 2026)](https://floridayimby.com/2026/01/villa-miami-reaches-21-floors-above-biscayne-bay-at-710-ne-29th-street-in-edgewater.html)
- [Terra, $285M construction loan announcement](https://terragroup.com/terra-one-thousand-group-land-285m-construction-loan-for-major-food-group-branded-condo-tower-in-edgewater)

**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.