By Josh Stein — Miami real estate sales associate, Florida license SL3057661. Selling Miami luxury property since 2002, with more than $1 billion closed.Two assembled condominium sites in Coral Gables sold for $391.19 and $227.57 a square foot, eighteen months apart. The county assesses the same kind of ground at $300.00. Asking prices are opinions; recorded deeds are not.
Here is what two developers actually paid for Coral Gables land, what the Miami-Dade roll says it is worth in 2026, and the two traps that make both figures easy to misread.
Key Takeaways
- Alhambra Parc: six folios, 49,209 sq ft, one deed on 15 June 2022 for $19,250,000 — $391.19 per square foot.
- Cassia: 50,315 sq ft, 16 December 2020, $11,450,000 — $227.57 per square foot.
- The 2026 assessment puts Alhambra Circle at a flat $300.00 a square foot, a land value of $14,762,700.
- One paid about 30 per cent over the assessed rate; the other bought roughly 15 per cent under what the county now assesses.
- Both deeds are flagged package or bulk sales, so neither is a clean unit price.
- Two sales are not a market. Eighteen months apart, they establish a direction and not a trend.
What two developers actually paid
Alhambra Parc assembled Lots 1 through 7 of Block 15, Coral Gables Section L — six folios, 49,209 square feet, all conveyed by a single deed in June 2022 for $19,250,000. Cassia, at 4011 Salzedo Street, took 50,315 square feet in December 2020 for $11,450,000.
The assessed rate sits between the two recorded prices, closer to the more recent one.
Near-identical site areas, eighteen months apart, and a 72 per cent difference in price per square foot. That gap is the clearest single statement anyone has made about what happened to Coral Gables land values between late 2020 and mid 2022.
What does the county say the ground is worth?
The 2026 roll assesses every one of the six Alhambra Circle folios at a flat $300.00 per square foot — a total land value of $14,762,700, with no variation between lots. The Salzedo Street site is assessed at a blend of about $268.72, because it straddles two zoning designations: 37,707 square feet of MX2 at $275 and 12,608 square feet of MX1 at $250.
The roll also shows the Alhambra Circle site being cleared. Improvement value fell from $1,258,226 in 2024, when the block still carried its 1930s to 1960s low-rise apartments, to $12,469 in 2026. Land value dipped to $13,691,903 in 2025 — the county notes values were overridden that year — before returning to $300.00 a square foot.
What the county rates land at elsewhere
A land rate on its own means nothing without something to hold it against. The county sets these parcel by parcel, so the same roll that puts Coral Gables development land at $300.00 a square foot puts other Miami-Dade ground at a third of that.
| Parcel | 2026 land rate | |
|---|---|---|
| Coral Gables — the Alhambra Parc site | $300.00 | flat across all six folios |
| Biscayne Boulevard, Miami — two parcels | $225.00 | the highest on that block |
| Biscayne Boulevard, Miami — one parcel | $165.05 | the largest of the three |
| NE 39th Street, Miami — five parcels | $100.00 | the rest of the same block |
The comparison is real but it is not like-for-like, and it is worth saying why. These are different municipalities with different zoning, and a mass-appraisal land rate is a valuation method rather than a negotiated price — the $31.3 million paid for a 9,030 square foot parcel on that Biscayne block shows how far the two can diverge. What the comparison does establish is that Coral Gables development ground carries one of the higher assessed rates in the county, and that Alhambra Parc paid 30.4 per cent above even that.
One further asymmetry sits in the same numbers. Alhambra Parc paid above its assessment; the Salzedo Street site sold at $227.57 against a 2026 blended rate of $268.72, which is below it. That is not evidence one was a better deal — the Salzedo sale closed in December 2020 and the assessment is six years younger than the price. It is the clearest illustration on this page of why a price and an assessment must be read with their dates attached.
Two traps that make these numbers easy to misread
Both deeds are package sales. The county repeats the full amount on every folio in the package, so a single 11,732 square foot lot on Alhambra Circle appears to have sold for $19,250,000. It did not. That is the price of the whole block, and neither figure is a clean unit price for any individual parcel.
And the transaction may not sit on the folio you are reading. At Salzedo Street the consolidated folio created by the 2020 re-plat shows no sale at all — the deed that funded the assembly sits only on the three predecessor folios that existed before it. If you look up a developer’s site and find it never traded, go looking for the parcels it replaced.
Neither of these is a defect in the record. They are how a tax roll works, and knowing them is the difference between reading it and being misled by it.
Verified 4 September 2026Miami-Dade County Property Appraiser, recorded deeds3 sources
On the two recent assembled condominium sites in the public record, $391.19 per square foot in June 2022 (Alhambra Parc, 49,209 sq ft for $19,250,000) and $227.57 in December 2020 (Cassia, 50,315 sq ft for $11,450,000). Both deeds are flagged package sales, so neither is a clean unit price. For 2026, the Miami-Dade County Property Appraiser assesses the Alhambra Circle site at a flat $300.00 per square foot across all six folios. The Salzedo Street site blends to about $268.72 because it straddles MX2 at $275 and MX1 at $250. Because the county repeats a multi-parcel deed price on every folio it covers. The flag reads “multi-parcel sale” or “package or bulk sale”. Reading one folio in isolation makes a single lot look as though it sold for the price of the entire assembly. Because a re-plat creates a new consolidated folio, and the deed that funded the assembly stays on the folios that existed beforehand. Look up the predecessor parcels to find the transaction. No. These are the two recent assembled condominium sites the roll actually carries in Coral Gables. Eighteen months apart, they show a direction rather than a trend, and neither is adjusted for entitlement status, which is a large part of what a developer is really buying.Coral Gables land values — frequently asked questions
How much does development land cost in Coral Gables?
What is the assessed land rate in Coral Gables?
Why does one folio show the price of a whole block?
Why does a development site sometimes show no sale at all?
Are two sales enough to establish a market?
Sources
- Miami-Dade County Property Appraiser — folios 03-4108-007-1680 to -1720 (Alhambra Circle) and 03-4120-076-0020 with its predecessors (Salzedo Street). Pulled 4 September 2026.
- Miami-Dade County Property Appraiser — ownership, deeds, lot areas and 2026 assessments.
- Coral Gables neighbourhood guide — the wider market these sites sit in.
Josh Stein · Florida real estate sales associate, license SL3057661 · selling South Florida since 2002 · more than $1 billion closed.
Looking at a Coral Gables site or a new development there? Get in touch and I will pull the folios and tell you what the deeds say.