# The Well Bay Harbor Islands: resale prices, rental rules

> Source: https://bluebaybrokers.com/buildings/well-bay-harbor
> Publisher: BlueBay Brokers LLC, 1541 Brickell Ave #1201, Miami FL 33129 (Florida broker BK3411036)
> Figures read on: 2026-10-22
> 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 Well is a finished 66-residence wellness condominium on Bay Harbor Islands whose own 11 MLS closings since May cleared a median $1,428 a foot. The entry one-bedroom, #302, asks $1,390: under the building's own closings and in line with the $1,381 new condominiums in 33154 resell at this year. You buy delivered, at the price the building has already proved.

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

Closings per year 116 trailing 12 months, 33154, same band

Years of supply 0.6 this building alone

Band closes at $986/sf median of real closings, not asks

| Band, 33154 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $1.5M – $3M | 72 | $1,950,000 | $986 |
| $3M – $5M | 44 | $3,725,000 | $1,272 |

**A small building in a liquid band**

66 residences are 0.6 years of supply against the 116 homes that closed between $1.5 and $5 million in 33154 in the trailing year, so the building does not swamp its market. New condominiums delivered there since 2023 resell at $1,381 a foot this year, up 14.6% on 2025, which is the direction a buyer wants. The postcode as a whole holds 12.3 months of inventory, a buyer's market: 11 residences are listed here today, so pick the line and let them compete.

## 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 389 homes listed across 33154

Sold, trailing year 381 recorded closings, every price

Months of supply 12.3 under 6 favours sellers, over 12 favours buyers

Asking vs sold $1,052/sf asked, against $801/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 $1,381/sf median of 20 closings this year

Movement since +14.6% across recently delivered buildings

This building asks $1,390/sf entry residences

Entry vs new stock +1% below zero means you buy new under resale

| Year of resale | Closings | Median $/sf |
|---|---|---|
| 2025 | 5 | $1,205 |
| 2026 | 20 | $1,381 |

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 $1,390–$1,441/sf $1.6M – $4.7M · 1,150 – 3,262 sf (asks on the MLS)

Band closes at $986/sf $1.5M – $3M, trailing 12 months

Listed here today 11 median $1,577/sf

**The building has already set its price**

The eight closings with a recorded area ran from $1,253 to $1,690 a foot, median $1,428, on prices of $1.66 to $4.51 million. The 11 asks median $1,577, so most sellers want more than the building has cleared; #302 at $1,390 and #501 at $1,244 do not. The $1.5 to $3 million band in 33154 closes at $986 because it is mostly older stock: the comparison that counts is the $1,381 of new condominiums. MLS area on new construction can include the terrace, so check the recorded area.

## On the MLS today

11 listings at this address are Active right now, pulled 2026-10-22. 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 |
|---|---|---|---|---|---|---|
| [707](https://bluebaybrokers.com/listing?mls=A12035809) | 1/2 | — | $1,499,000 | — | — | 101 |
| [302](https://bluebaybrokers.com/listing?mls=A12030606) | 1/2 | 1,150 sf | $1,599,000 | $1,390 | $3,000 | 97 |
| [608](https://bluebaybrokers.com/listing?mls=A12087382) | 2/3 | 1,267 sf | $2,225,000 | $1,756 | $3,661 | 25 |
| [501](https://bluebaybrokers.com/listing?mls=A12103092) | 2/3 | 1,849 sf | $2,300,000 | $1,244 | $5,298 | 0 |
| [703](https://bluebaybrokers.com/listing?mls=A12042005) | 2/3 | 1,756 sf | $2,745,000 | $1,563 | $5,074 | 82 |
| [201](https://bluebaybrokers.com/listing?mls=A12087377) | 2/3 | 2,292 sf | $2,750,000 | $1,200 | $6,000 | 25 |
| [503](https://bluebaybrokers.com/listing?mls=A12086275) | 2/3 | 1,756 sf | $2,795,000 | $1,592 | $5,074 | 26 |
| [403](https://bluebaybrokers.com/listing?mls=A12032371) | 2/3 | 1,756 sf | $2,995,000 | $1,706 | $3,113 | 96 |
| [301](https://bluebaybrokers.com/listing?mls=A12072978) | 2/3 | 1,849 sf | $3,295,000 | $1,782 | $100 | 13 |
| [610](https://bluebaybrokers.com/listing?mls=A11997548) | 3/4 | 2,293 sf | $3,950,000 | $1,723 | $6,740 | 182 |
| [406](https://bluebaybrokers.com/listing?mls=A12050158) | 3/4 | 3,262 sf | $4,699,000 | $1,441 | $5,276 | 0 |

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 A12050158 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 1,150 sf.

| HOA at $2.6/sf/month | −$35,880 |
|---|---|
| Property tax at 2.02% of $1,599,000 | −$32,300 |
| Insurance (HO-6), $3.60/sf | −$4,140 |
| Annual carry, before any income | −$72,320 |

**What it costs to hold, and what it rents for**

Dues on the listings run $1.60 to $2.90 a foot a month as agents enter them, $3,000 on the 1,150 sf one-bedroom. Five leases closed on the MLS in August and September 2026: $7,850 and $9,500 a month on 1,150 sf one-bedrooms, $12,500 to $19,000 on two and three-bedrooms. Their terms were not read, so they are not annualised here. The leasing article is not published: get it from the recorded Declaration before you sign.

## How it was built and sold

| Construction financing | $141M construction loan from Mack Real Estate Credit Strategies (2022), refinanced with $238M from Eldridge and Hudson Bay in November 2025. The offices took a separate $184M refinance from Monroe Capital in October 2026, over 90% leased. |
|---|---|
| Presold | Not disclosed |
| Delivery | Delivered 2026. Ground broke in October 2023 against a Q2 2025 target; the first residence closed on the MLS on 4 May 2026, about a year late. |
| Developer | Terra, David Martin's Miami developer, which bought the 1.8-acre site in 2021. The Well is the wellness operator whose spa and club anchor the campus. |
| Rental policy | Rental policy not published; recorded declaration language to be read |

## Recommendation

BlueBay Brokers · The Well Bay Harbor Islands

### Buy the entry lines under the building's own closings

Construction and lender risk are gone: Terra delivered, refinanced twice, and leased the offices next door at over 90%. The building is small against a liquid band, and new stock in 33154 is rising.

Buy where the ask sits under the $1,428 the building has cleared, #302 and #501 today, and negotiate the rest down to it. Read the recorded leasing language before relying on those lease figures.

## 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.

#### 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

- [La Baia North, Bay Harbor Islands, Q1 2027](https://bluebaybrokers.com/buildings/la-baia-north)
- [Origin Bay Harbor, Bay Harbor Islands, Delivering end 2026](https://bluebaybrokers.com/buildings/origin-bay-harbor)
- [2200 Brickell, Brickell, 2026](https://bluebaybrokers.com/buildings/2200-brickell)
- [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, David Martin's Terra nabs $184M refi for The Well offices (Oct 2026)](https://therealdeal.com/miami/2026/10/14/david-martins-terra-nabs-refi-on-the-well-offices/)
- [Commercial Observer, Terra and Eldridge refinance The Well (Nov 2025)](https://commercialobserver.com/2025/11/terra-eldridge-capital-management-the-well-tom-brady/)
- [The Mann Report, Terra breaks ground on The Well Bay Harbor Islands (Oct 2023)](https://www.mannpublications.com/mannreport/2023/10/11/terra-breaks-ground-on-the-well-bay-harbor-islands/)
- [Fitt Insider, The Well Bay Harbor Islands begins vertical ascent (Feb 2024)](https://insider.fitt.co/press-release/the-well-bay-harbor-islands-the-first-community-driven-wellness-residences-begins-vertical-ascent/)

**Method, licence and disclaimers**

**Absorption and closed prices** © 2026 Miami Association of Realtors / SEFMLS via Bridge Data Output, pulled 2026-10-22. 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.