Miami’s condo market is showing significant differences in performance among its many buildings, according to a new report by Douglas Elliman agent David Siddons. The study highlights several high-profile properties that are struggling with slow sales, falling prices, and rising maintenance costs.
Siddons’ analysis focused on metrics such as price per square foot, cumulative days on the market, discounts between asking and sale prices, construction quality, location issues, floor plan efficiency, and renter-to-owner ratios. He told The Real Deal that underperformance is usually caused by a combination of these factors: “Very often it’s a combination, not one thing but a multitude of sins,” he said. “Those are the ones that suffer.”
Among the buildings 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. The research used data from the Multiple Listing Service and Condo Geeks software.
Aston Martin Residences stands out for its “unusually high inventory,” with about 25 percent of its units currently listed for sale. Alicia Cervera Lamadrid of Cervera Real Estate explained that this is common for new preconstruction projects due to investor activity: “When you finish one of these preconstruction buildings, generally speaking it’s about 30 percent of the building [that hits the market],” she said. She added that stabilization usually occurs after about three years.
Cervera Lamadrid also noted that shifts in foreign buyers’ financial situations can impact inventory levels: “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.
One Thousand Museum was cited as an example where excellent amenities could not overcome location challenges. Siddons explained: “Perfect example, One Thousand Museum. 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.”
At Paramount Miami Worldcenter, only 16 units have sold over the past year despite having 75 condos listed for sale—most on the market for more than six months.
Icon Brickell has seen rents drop 5 percent since last year and 10 percent compared to 2023. At the same time, condo association fees have risen between 17 percent and 92 percent depending on unit type and timeframe.
Faena House saw property values fall from $3,200 per square foot in 2022 to $2,750 per square foot in 2025 while monthly maintenance costs increased by up to 60 percent.
In Sunny Isles Beach—a submarket Siddons called “the poster of new excess”—Muse saw prices peak at $1,600 per square foot before dropping to $1,425 per square foot this year. Regalia experienced average discounts of 15 percent off asking prices during recent sales.
Porsche Design Tower’s closed sales averaged $1,243 per square foot this year versus $2,000 previously; about one-quarter of its units are currently listed for sale with most active more than six months.
Kenilworth Bal Harbour’s values have remained stagnant at around $550 per square foot for ten years. Nine at Mary Brickell saw only modest growth—up just 16 percent since 2015.
Siddons observed that branded residences do not always hold value unless there is deep 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.”
By contrast, top-performing properties included Surf Club Four Seasons—which set county records for price per square foot—Palazzo Del Sol on Fisher Island; Murano at Portofino; Apogee South Beach; One Park 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 said on his podcast.
