Are these Miami-Dade condo buildings underperforming?

Miami’s skyline — dotted with sleek towers and older mid-rise buildings from Sunny Isles Beach to downtown Miami — reflects the variation found in the current condo market. Not all buildings are created equal.

Some command record-breaking prices and quick sales, while others see slower activity or greater price adjustments, as buyers weigh location, design and amenities.

A report from Douglas Elliman agent David Siddons identified some of the buildings deemed to be the “worst-performing” based on trends tied to price per square foot, days on the market, discounts between the asking price and the sale price, issues with their construction quality or location, inefficient floor plans, a high renter-to-owner ratio, or a combination of some of the above, Siddons told The Real Deal.

The research, based on listings and closed sales recorded on the Multiple Listing Service, used the cumulative days on market, which includes the total time a condo has been listed for sale, not the time from the most recent listing date. Brokers and sellers will sometimes de-list properties to reset the clock or take a break.

Siddons broke down the towers that he said were “overpromised and under-delivered” in a recent blog post and podcast episode where he covered the 10 “costly mistakes buyers keep making.”

“Very often it’s a combination, not one thing but a multitude of sins,” he told TRD. These buildings will often have a high share of renters, he added. “Those are the ones that suffer,” he said.

The condo buildings he identified as under-performing include Aston Martin Residences, the Zaha Hadid-designed One Thousand Museum; Muse Residences and Regalia in Sunny Isles Beach; Faena House in Miami Beach; and Icon Brickell and Rise at Brickell City Centre in Miami’s financial district.

The report isn’t a comprehensive ranking of every condo building in Miami-Dade, but a snapshot that’s meant to highlight buildings that aren’t performing as well as some of their competitors. Siddons used Condo Geeks software to analyze the market.

From Brickell to Sunny Isles Beach

Aston Martin Residences, the 66-story, 391-unit waterfront building at 300 Biscayne Boulevard, took seven years to build. The Coto family’s G&G Business Development completed the building early last year. Siddons’ report identified “unusually high inventory” at Aston Martin that put pressure on market values and buyer perception. About a quarter of the units are on the market, according to Siddons’ research.

Alicia Cervera Lamadrid, managing partner at Brickell-based Cervera Real Estate, which led sales and marketing of Aston Martin, defended the volume of relistings.

Investors make up the majority buyer pool in many preconstruction condo buildings, and developing high-rise luxury towers takes years. By the time a building is completed, many of these investors are looking to flip their units, she said.

“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.”

Regalia, Faena House, Icon Brickell, Aston Martin Residences, Rise at Brickell City Centre (Illustration by Kevin Rebong/The Real Deal)

If a building has a majority of foreign buyers from one country, and their financial situation changes due to a shift in politics in their home country, that can also be reflected in that building’s inventory, she said.

Cervera Lamadrid recounted a project she worked on where the majority of buyers were Brazilian. Once they closed on their units, “a lot of the Brazilians went to market immediately,” she said.

Siddons said on his podcast earlier this month that there are several great buildings, but they are in the wrong location.

“Perfect example, One Thousand Museum,” he 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.”

One Thousand Museum, the 62-story, 84-unit tower at 1000 Biscayne Boulevard, was completed in 2019. The standout tower — recognizable by its exoskeleton design — was developed by Louis Birdman, Gilberto Bomeny, Kevin Venger, Gregg Covin and Todd Michael Glaser. Owners include soccer superstar David Beckham and his wife, designer and singer, Victoria Beckham.

Nearby, Dan Kodsi’s Paramount Miami Worldcenter at 851 Northeast First Avenue has about 75 condos on the market. The 58-story, 567-unit tower was also completed in 2019. Sixty-five percent of the inventory, or 50 of 77 units, have been on the market for more than six months, according to Siddons’ researcher. This is based on the cumulative days on market.

Only 16 units have traded hands over the past year.

And across the bridge into Brickell, Siddons identified Related Group’s Icon Brickell, where rents for investor-owned units have dropped 5 percent from last year, and 10 percent compared to 2023.

Condo association fees for listings at Icon Brickell, meanwhile, have risen between 17 percent and 92 percent, according to the report. The timeframe for these increases varies, but the smallest increase is for a penthouse, comparing fees from 2023 to 2025. The highest increase is for a unit that compares the fees from 2022 to 2025.

The multi-tower property has dealt with a number of issues over the years, including allegations tied to the management and construction of the property.

The only Miami Beach condo building to make the list was Faena House, the 18-story, 47-unit building at 3315 Collins Avenue. Faena House made a big splash when it was completed in 2015. Buyers included billionaire hedge fund manager Ken Griffin, who ended up selling his two units, including a penthouse, for a loss. Property values have decreased to $2,750 per square foot in 2025 from $3,200 per square foot in 2022, according to the report. Monthly maintenance costs have increased by 50 percent to 60 percent in the same period. It was developed by Alan Faena and Len Blavatnik’s Access Industries.

A majority of buildings in the report are in Sunny Isles Beach, “the poster of new excess,” Siddons told TRD. “That market across the board just doesn’t do well.”

Muse, a slender 49-story, 68-unit building at 17141 Collins Avenue, was included because the price per square foot started at about $1,100 per square foot in 2018, then briefly peaked at $1,600 per square foot in 2022, and is now down to about $1,425 per square foot, according to the research. PMG and S2 Development completed the project in 2018.

Regalia, a 45-story, 39-unit building at 19575 Collins Avenue, has some of the highest discounts of the buildings analyzed, based on asking prices. Buyers paid an average 15 percent discount between the asking and closing prices in the last two years, according to the report. Regalia was completed in 2014 by Regalia Beach Developers LLC, led by Brazilian developer Gilberto Bomeny, Kevin Venger and other partners.

At Dezer Development’s Porsche Design Tower, the price per square foot for closed sales so far this year averaged just $1,243 per square foot, down from about $2,000 per square foot, according to Siddons’ researcher. That’s based on just two closed sales. About a quarter of the tower’s 132 units are on the market, and the majority of those listings have been active for more than six months. The 60-story building at 18555 Collins Avenue was completed in 2019. Five units are available for rent, asking between $26,000 to nearly $30,000, according to Zillow.

Developer Gil Dezer declined to comment, but he dismissed the report’s findings.

Siddons’ report also identified Kenilworth Bal Harbour, where property values have remained stagnant over the past decade at about $550 per square foot, and Nine at Mary Brickell in Miami, where per-square-foot prices have risen just 16 percent since 2015.

Siddons said that branded buildings typically don’t hold their value — though projects like Four Seasons Residences at the Surf Club in Surfside are the exception.

The best performing condo buildings included Surf Club Four Seasons; Palazzo Del Sol on Fisher Island; Murano at Portofino and Apogee in South Beach; One Park Grove in Coconut Grove; and Four Seasons Brickell. Surf Club Four Seasons, a Fort Partners project, set the record for price per square foot at least twice in Miami-Dade County — most recently with the $6,731 per square foot sale of a penthouse to OpenEvidence founder Daniel Nadler.

“It’s the developer who’s building the building, not the brand. Sometimes the involvement of the brand is very intertwined, and there’s a real direct relationship about quality control, about service and everything else in between,” Siddons said on his podcast. “Sometimes it’s nothing more than a flimsy licensing agreement, and sometimes the brand concept is more marketing than anything else.”