NEO Lofts

One Hundred Ninety-Nine Homes on the Miami River Side of Downtown

I pulled all 202 folios the Miami-Dade County Property Appraiser has on file for NEO Lofts at 10 SW South River Drive, Miami, FL 33130 — the county’s own neighborhood field for this address reads East Little Havana. Of the 202, 199 are residential condominium homes. The other three are excluded from every figure on this page: two ground-floor “STORE” commercial folios and one reference folio that carries no assessed value of its own. One additional home-series folio (unit 606) carries no recorded common-element share in the county roll; I’ve sized it from its square footage rather than drop it, consistent with how the tool handles a small number of roll omissions elsewhere in this building.

The bed mix runs concentrated in the middle: 64 homes (32.2%) carry 1 bedroom, 127 (63.8%) carry 2 bedrooms, and 8 (4.0%) carry 3 bedrooms. Heated area runs from 646 to 1,462 square feet, median 958. Six floorplates — 1,174, 994, 867, 1,073, 997 and 646 square feet — account for 73 of the building’s 199 homes, 36.7%.

On the 2026 tax roll, assessed values run from $68,615 to $568,219 across the 199 homes, with a median of $282,275.

I don’t have a confirmed year built, story count, architect or amenity list for this building beyond what the county record carries — none of that is in the property record, and I’d rather say so than fill it in from a listing site.

The Four-Year Price Record: Real Direction, Thin Volume

Median price and median $/sq ft agree here, which isn’t always the case: price is down 4.6% since 2023 ($419,500 to $400,000) and $/sq ft is down a bit more, 7.5% ($432 to $400). Only 22 qualified sales closed across the whole four-year span, and single years ran as thin as 3 sales — 2024 and 2026 to date both cleared just 3 transactions. With volume that low, a single unusually large or small unit can move the year’s median on its own, so I’d call the softening direction probably real but would not lean hard on the exact magnitude. 199 homes against 22 sales over four years works out to a turnover of one home in 36 each year — a slow-moving building for its size. 2026 is an incomplete year.

The building’s current record inside this window is $820,000, closed 6/15/2023, for a 1,376 sq ft penthouse home at unit PHII07 — $596 per square foot, both the highest price and the highest rate per foot recorded here in the last four years.

What Explains a Round-Trip Range From -67% to +181%?

NEO Lofts closed 553 qualified sales across its full county history against just 199 homes — more than two and a half sales for every home since the building opened, which points to a building that turned over heavily as a rental and investor property in its first decade, well beyond the one-in-36 annual pace of the last four years.

That history includes a cluster worth disclosing plainly: five of the building’s qualified sales, all dated 2011-2012, closed between $88,000 and $100,418 — $93 to $101 per square foot, a small fraction of the roughly $350-$600 per foot this building has traded at in every other period on record, including today. Those sales sit outside the current four-year table and don’t affect any figure in it, but they are on the county’s record and they explain the wide spread in the building’s completed round trips.

Looking at homes bought and later resold, both legs a qualified transaction: 166 of the building’s 199 homes (83.4%) have one. 116 sold for more than the previous owner paid, 48 sold for less, and 2 closed at an identical price. The median change across all 166 is a gain of 19.4% over a median 12.6-year hold; among the 116 gainers alone the median gain is 36.2%. The range runs from -67.3% to +181.3%, and it isn’t random: the biggest losses belong to owners who sold into 2011-2013, and the biggest gains belong to owners who bought around 2004 at $130,000-$275,000 and held until 2023-2024, when the same floorplates were fetching $375,000-$430,000. Timing the sale, not the unit itself, is the main variable in this building’s history.

Who NEO Lofts Suits, and Who It Doesn’t

NEO Lofts suits a buyer looking for an entry point into a Miami River-side, near-downtown location at a lower price point than most of the buildings in this cluster — the current four-year band runs $367 to $596 a foot, and the 2026 assessed range tops out at $568,219. It also suits a buyer comfortable holding for the long term: the round-trip data shows the building has rewarded patience, with a median 12.6-year hold behind its gains.

It suits buyers badly who need to sell on a fixed timeline or who want a building with a track record of resilience through downturns — nearly a third of this building’s completed round trips lost money, and the five lowest sales on record, all from 2011-2012, closed at roughly a quarter of the building’s normal rate per foot. Liquidity is also thin right now: one home in 36 changes hands here in a typical year, and three of the last four years closed fewer than six qualified sales apiece.

If you are selling: price off the current $367-$596 four-year $/sq ft band and your unit’s specific floorplate. With volume this thin, expect the process to take longer than in a more liquid building, and be ready to hold firm on price if the calendar doesn’t favor you — the building’s own record shows how much timing has driven outcomes here.