Miami’s condo market continues to show a divide between high-performing and underperforming buildings, according to a recent report by Douglas Elliman agent David Siddons. The analysis highlights differences in pricing, sales activity, and other factors that affect buyer interest across the region.
Siddons’ research, based on Multiple Listing Service data and cumulative days on market, identified several Miami-Dade condo towers as “worst-performing.” He pointed to issues such as high inventory levels, slow sales, construction quality concerns, location challenges, inefficient layouts, and a high ratio of renters compared to owners.
“Very often it’s a combination, not one thing but a multitude of sins,” Siddons told TRD. These buildings will often have a high share of renters, he added. “Those are the ones that suffer,” he said.
The list includes Aston Martin Residences; One Thousand Museum; Muse Residences and Regalia in Sunny Isles Beach; Faena House in Miami Beach; Icon Brickell and Rise at Brickell City Centre. Siddons used Condo Geeks software for his analysis but noted this is not an exhaustive ranking.
Aston Martin Residences has about 25 percent of its units listed for sale. Alicia Cervera Lamadrid of Cervera Real Estate explained that heavy investor presence in preconstruction condos often leads to significant listings upon completion as investors seek returns or wait for favorable tax timing before selling. “When you finish one of these preconstruction buildings, generally speaking it’s about 30 percent of the building [that hits the market],” Cervera Lamadrid said. “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 noted that changes in foreign buyers’ home countries can impact inventory: if many owners are from one country facing political shifts or economic instability, more units may be put up for sale at once.
One Thousand Museum was cited as an example where quality did not offset location drawbacks. “Perfect example, One Thousand Museum,” Siddons said. “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.”
At Paramount Miami Worldcenter downtown—completed in 2019—about 75 condos are currently listed with most unsold for over six months and only 16 sales closed over the past year.
In Brickell’s Icon Brickell complex owned by Related Group investors have seen rents fall by five percent since last year (and ten percent compared to 2023). Association fees there have risen significantly—between 17 percent and 92 percent depending on unit type—with fee increases measured over different periods since 2022.
Faena House was noted as Miami Beach’s sole entry on Siddons’ underperformance list; property values there fell from $3,200 per square foot in 2022 to $2,750 per square foot this year while maintenance costs rose by half or more since completion in 2015.
Sunny Isles Beach was described as emblematic of oversupply issues affecting performance: “That market across the board just doesn’t do well,” Siddons told TRD.
Muse Residences saw prices rise from $1,100 per square foot when completed in 2018 to $1,600 before falling back down to roughly $1,425 now. Regalia experienced some of the largest price discounts among analyzed properties: buyers paid an average discount of fifteen percent off asking prices over two years.
Porsche Design Tower had only two closed sales so far this year with an average price per square foot dropping from about $2,000 previously to $1,243 now; roughly twenty-five percent of its units remain listed after six months or longer without selling.
Kenilworth Bal Harbour’s property values remained flat at around $550 per square foot for ten years while Nine at Mary Brickell saw only modest growth—a sixteen-percent increase since opening in 2015.
Branded residences were observed not always retaining value unless closely tied into project quality control—Four Seasons Surf Club being cited as an exception due both to record-setting prices and developer involvement with branding details rather than mere licensing deals alone.
“It’s the developer who’s building the building not the brand… Sometimes it’s nothing more than a flimsy licensing agreement,” Siddons said on his podcast.
