Miami-Dade County’s condo market is seeing significant variation in performance among its many buildings, according to a recent report by Douglas Elliman agent David Siddons. The study highlights several towers that have not met expectations based on factors such as price per square foot, days on the market, discounts between asking and sale prices, construction quality, location, floor plan efficiency, and renter-to-owner ratios.
Siddons’ analysis used data from the Multiple Listing Service and cumulative days on market for each unit. He noted that some buildings are affected by multiple issues rather than just one. “Very often it’s a combination, not one thing but a multitude of sins,” he told The Real Deal. High proportions of renters can also impact building performance: “Those are the ones that suffer,” he said.
Among those identified as underperforming are Aston Martin Residences; 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 downtown Miami.
Aston Martin Residences stands out with about 25 percent of its units currently on the market. Alicia Cervera Lamadrid of Cervera Real Estate explained this trend as typical for newly completed preconstruction projects: “When you finish one of these preconstruction buildings, generally speaking it’s about 30 percent of the building [that hits the market],” she said. Investors often list their units immediately or wait due to tax considerations. She added that foreign buyers’ financial situations can affect inventory levels if conditions change in their home countries.
One Thousand Museum was cited as an example where high-quality design and amenities could not offset location-related challenges. “Perfect example, One Thousand Museum,” Siddons said. “Great building, wonderful amenities, superb views, excellent floor plans. But a building that lost value…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.”
Other buildings like Paramount Miami Worldcenter also face high inventories with slow sales—only 16 units sold there over the past year out of dozens listed for extended periods.
At Icon Brickell, rents for investor-owned units have dropped 5 percent from last year and 10 percent compared to 2023. Meanwhile, condo association fees have increased between 17 percent and 92 percent over various periods since 2022.
Faena House has seen property values fall from $3,200 per square foot in 2022 to $2,750 per square foot in 2025 while monthly maintenance costs rose by up to 60 percent.
Sunny Isles Beach features prominently among underperformers. Siddons called it “the poster of new excess,” adding: “That market across the board just doesn’t do well.” At Muse Residences and Regalia, prices per square foot have declined from their peaks or experienced steep discounts off asking prices.
Porsche Design Tower saw closed sale averages drop from about $2,000 to $1,243 per square foot this year with roughly a quarter of its units still listed after six months or more.
Kenilworth Bal Harbour’s property values have remained flat at around $550 per square foot for ten years; Nine at Mary Brickell has seen only modest gains since opening.
Siddons suggested branded buildings often struggle to maintain value unless there is strong developer involvement—citing Surf Club Four Seasons as an exception due to its record-setting sales figures: “It’s the developer who’s building the building, not the brand…Sometimes it’s nothing more than a flimsy licensing agreement, and sometimes the brand concept is more marketing than anything else.”
Top-performing properties included Surf Club Four Seasons (which set local records), Palazzo Del Sol on Fisher Island, Murano at Portofino and Apogee in South Beach, One Park Grove in Coconut Grove, and Four Seasons Brickell.
