For owners in 33129 and 33131 thinking about what comes next.
I have lived in Brickell since 2008. I’ve watched this neighborhood go from a quiet pocket south of downtown to one of the most recognizable urban addresses in the country. I’ve seen multiple market cycles from inside these two zip codes—not from a corporate office somewhere else or an aggregated data feed. Living through Brickell’s evolutions gives me a realistic view of where the market is actually moving today.
If you own a condo in Brickell and you’ve been running quiet calculations in your head, you’re not alone. The question I hear most from owners in this area is not really about price. It’s about whether selling makes sense, and if it does, what the picture actually looks like when all the math is done.
Today I’m covering the market and what you can realistically expect to net at the closing table. Tomorrow I’ll cover the tax side, the 1031 exchange, and how to think about what you do with the money after.
The Brickell Condo Market Right Now
Brickell is a market where prices are up but patience is required. Median resale prices are running around $790,000, with average sold prices closer to $870,000. On a per-square-foot basis, resale product is broadly trading between $650 and $700 for mid-tier inventory, and above $1,000 for newer and more premium product.
The complication is inventory. There are significantly more condos for sale than there are active buyers, and units are sitting on the market for three to four months on average before going under contract. More than half of all listings in the corridor expire without selling. This is not a story about a bad market. It’s a story about a market that has become very precise. Correctly priced, well-presented units in buildings with clean financials are moving. Everything else is waiting.
The sellers who are struggling are almost universally priced against the peak of 2022, not the reality of today. Buyers have access to the same data I do. Coming out too high does not give you room to negotiate. It gives buyers a reason to look somewhere else.
Your Building Is Part of Your Price
The building you are in affects your value as much as your unit itself. Older buildings from the 1980s and 1990s typically trade at a discount, often in the $450 to $600 per square foot range. Mid-tier modern buildings from the early 2000s through 2015 trade in the $600 to $800 range. Newer premium product pushes to $850 and above.
HOA fees matter too. Buyers calculate their total carrying cost before they make an offer. A building with a $1,200 monthly fee versus one with a $600 monthly fee fundamentally changes a buyer’s purchasing power.
Beyond the baseline monthly fees, buyers and their attorneys are now intensely scrutinizing Structural Integrity Reserve Studies (SIRS) and pending special assessments—a direct result of Florida’s post-Surfside legislation. A building with an audited, healthy reserve fund is a major selling point right now. One with unresolved structural assessments will create immediate friction at the underwriting or inspection table.
What You Actually Walk Away With
On an $800,000 sale in Miami-Dade, total seller costs typically run between $45,000 and $55,000 once you account for commission, documentary stamp tax, estoppel fees, prorated dues, and title costs. Before any tax consideration, your net on that example sale lands somewhere around $745,000 to $755,000.
The tax picture is where most owners have not done the planning they should have. I am covering that in full tomorrow because it deserves its own space.
Barbara Gretsch is a REALTOR® with Berkshire Hathaway HomeServices EWM Realty, serving Miami and South Florida’s $1M+ residential market, including Coconut Grove, Coral Gables, The Roads, Brickell, Key Biscayne, and Miami Beach. barbaragretsch.com
If you own a condo in 33129 or 33131 and want a precise, realistic look at what your specific unit would yield in today’s inventory climate, let’s connect. No agenda, no pressure— just a clean look at the numbers.
If you’re on the buying side and want to see what’s currently available in Brickell, you can browse listings posted within the last 15 days here.
Disclaimer: General market information only. Tax and legal matters should be discussed with your CPA or attorney.