Developer price vs resale: what six delivered Miami buildings show

Smart Brickell Tower 1 is the clean case: the developer closed all fifty condos between August 2023 and January 2024 at a median $609 a foot, and the nine resales since cleared at $982. That 61 percent is what the launch cohort captured for buying before the building existed, in a small condo-hotel with a running rental programme. Today's asks in the building sit below that resale median, which reads as sellers meeting the market.

Natiivo Miami is the large case: 440 developer closings at $898 a foot, forty resales at $997, an 11 percent premium within two years of delivery, on a building whose sell-out ran twenty months. Eleven percent on a furnished, short-term-rental unit is real, and it is smaller than the marketing implies, because the developer's own price list had already risen through the sell-out.

501 First, District 225, Gale and 72 Park have sold out or nearly, and have almost no resales yet. That is not a bad sign; it is early. It does mean that any premium quoted on those buildings today is an asking price, not a measurement. We will print theirs the month they reach five resales.

The lesson for a preconstruction buyer is the order of the questions. First: what did the developer actually close at, per square foot, on the recorded area? Second: what has resold, and at what? Third, and only third: what is the current ask? Most brochures answer the third and skip the first two.