Miami’s condo market continues to show wide variation in performance among its many high-rise and mid-rise buildings, according to a recent analysis by Douglas Elliman agent David Siddons. His report, based on Multiple Listing Service data and Condo Geeks software, highlights several buildings across Miami-Dade County that have struggled compared to their peers.
Siddons’ research focused on metrics such as price per square foot, cumulative days on market, discounts between asking and sale prices, construction quality, location issues, floor plan efficiency, and the ratio of renters to owners. He noted that often “it’s a combination, not one thing but a multitude of sins,” adding that buildings with higher proportions of renters tend to fare worse.
Among the buildings identified as underperforming are Aston Martin Residences in downtown Miami; One Thousand Museum by Zaha Hadid; Muse Residences and Regalia in Sunny Isles Beach; Faena House in Miami Beach; Icon Brickell and Rise at Brickell City Centre in Miami’s financial district. The report is described as a snapshot rather than a comprehensive ranking.
Aston Martin Residences has experienced what Siddons called “unusually high inventory,” with about 25 percent of its units listed for sale. The building was completed last year by G&G Business Development after seven years of construction. Alicia Cervera Lamadrid of Cervera Real Estate defended the relisting activity, explaining that investor buyers often look to sell once construction is complete or after holding for tax reasons. She stated: “When you finish one of these preconstruction buildings, generally speaking it’s about 30 percent of the building [that hits the market]. Some go on the market immediately, and other people will hold for about a year because of capital gains tax. After about the third year, those buildings start to stabilize.” She also pointed out that foreign buyers may list properties if political or economic situations change in their home countries.
One Thousand Museum was cited as an example where prime amenities could not offset location challenges. Siddons explained: “Perfect example, One Thousand Museum. Great building, wonderful amenities, superb views, excellent floor plans. But a building that lost value. Why did it lose value? Why did it go down? Simply put, the people in that building could not long-term appreciate the surrounding environment because it didn’t improve at the pace that they anticipated it would.”
Nearby Paramount Miami Worldcenter has also seen slow sales activity with 65 percent of listed units on the market for more than six months and only 16 sales over the past year.
In Brickell’s Icon Brickell complex — developed by Related Group — rents for investor-owned units have dropped five percent since last year and ten percent since 2023. At the same time, condo association fees have increased significantly: between 17 percent and 92 percent depending on unit type and timeframe.
Faena House in Miami Beach saw property values drop from $3,200 per square foot in 2022 to $2,750 per square foot this year while monthly maintenance costs rose between 50 percent and 60 percent during that period.
Sunny Isles Beach stands out with multiple entries on Siddons’ underperformance list including Muse (where prices peaked at $1,600 per square foot before declining) and Regalia (where buyers received an average discount of fifteen percent off asking prices over two years). At Porsche Design Tower — another Sunny Isles property — closed sale prices averaged $1,243 per square foot this year compared to around $2,000 previously; about a quarter of its units are currently listed for sale.
Other projects noted include Kenilworth Bal Harbour (stagnant at around $550 per square foot over ten years) and Nine at Mary Brickell (with only sixteen percent price growth since 2015).
Siddons said branded residences do not always guarantee value retention but cited Four Seasons Residences at Surf Club as an exception due to stronger brand involvement. The best performing buildings included Surf Club Four Seasons (which set records for price per square foot), Palazzo Del Sol on Fisher Island, Murano at Portofino and Apogee in South Beach; One Park Grove in Coconut Grove; and Four Seasons Brickell.
“It’s the developer who’s building the building, not the brand. Sometimes the involvement of the brand is very intertwined… Sometimes it’s nothing more than a flimsy licensing agreement,” Siddons commented regarding branded developments.
