Miami’s condo market shows significant differences in performance among its many towers, according to a recent report by Douglas Elliman agent David Siddons. The study identifies several buildings across Miami-Dade County that are underperforming based on metrics such as price per square foot, time spent on the market, and discounts between asking and closing prices.
Siddons’ research, which uses data from the Multiple Listing Service and Condo Geeks software, highlights issues including construction quality, location, floor plan efficiency, and a high ratio of renters to owners. He explained to The Real Deal that these factors often combine: “Very often it’s a combination, not one thing but a multitude of sins,” Siddons said. “Those are the ones that suffer.”
The list of underperforming buildings includes Aston Martin Residences, One Thousand Museum (designed by Zaha Hadid), Muse Residences and Regalia in Sunny Isles Beach, Faena House in Miami Beach, Icon Brickell, and Rise at Brickell City Centre.
Aston Martin Residences stands out for its high inventory levels; about 25 percent of its 391 units are currently listed for sale. Alicia Cervera Lamadrid of Cervera Real Estate defended this volume as typical for new preconstruction buildings where investors often seek to resell quickly. “When you finish one of these preconstruction buildings, generally speaking it’s about 30 percent of the building [that hits the market],” she 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 foreign buyers facing changes in their home countries can influence inventory levels: “a lot of the Brazilians went to market immediately,” she recalled regarding another project.
One Thousand Museum was cited as an example where strong amenities and design have not translated into sustained value growth due to its location. “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 properties face similar challenges. At Paramount Miami Worldcenter downtown, most available units have been listed for more than six months and only 16 units sold in the past year.
Icon Brickell has seen rents drop by up to 10 percent since 2023 while association fees have increased between 17 percent and 92 percent over various periods. The property has faced management and construction issues over time.
Faena House in Miami Beach saw values fall from $3,200 per square foot in 2022 to $2,750 per square foot in 2025; maintenance costs rose by up to 60 percent during this period.
In Sunny Isles Beach — described by Siddons as “the poster of new excess” — Muse’s price per square foot fell from a peak of $1,600 in 2022 to $1,425 now. Regalia saw buyers paying an average discount of 15 percent off asking prices over two years.
At Porsche Design Tower — where closed sales averaged $1,243 per square foot this year compared with about $2,000 previously — around a quarter of units remain unsold after more than six months on the market.
Kenilworth Bal Harbour’s values have stayed flat at around $550 per square foot for ten years; Nine at Mary Brickell has posted just a modest gain since opening.
Siddons noted that branded residences do not always retain value unless there is substantial involvement from the brand itself: “It’s the developer who’s building the building, not the brand…Sometimes it’s nothing more than a flimsy licensing agreement.”
He identified top-performing buildings as Surf Club Four Seasons (which set recent 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…and sometimes the brand concept is more marketing than anything else,” Siddons said.
