Neo Vertika

Four Hundred Forty-Two Homes Near the Miami River

I pulled all 447 folios the Miami-Dade County Property Appraiser has on file for Neo Vertika at 690 SW 1st Court, Miami, FL 33130 — the county’s own neighborhood field for this address reads Brickell West. Of the 447, 442 are residential condominium homes; the remaining one, plus a small number of unsummed shares, are handled as noted below. The declaration closes at 99.57% on the county’s common-element share test, close enough to complete that I’m treating the pull as whole.

The building’s floorplates cluster around six sizes: 795 sq ft (99 homes, 22.4%), 638 sq ft (98, 22.2%), 1,113 and 1,255 sq ft (56 each, 12.7% apiece), 602 sq ft (20, 4.5%) and 1,337 sq ft (16, 3.6%) — together 345 of the 442 homes, 78.1%. Overall size runs 602 to 1,337 square feet, median 795. The county’s bed count records 441 of the 442 homes with no bedroom on file — consistent with an open-plan loft layout, which several floorplates here support even at over 1,300 square feet, but I’m reporting what the record shows rather than asserting every unit’s actual layout.

On the 2026 tax roll, assessed values run from $101,613 to $538,295 across the 442 homes, with a median of $318,461.

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.

A Real, Moderate Decline Backed by Ninety-Two Sales

92 qualified sales closed across the four years, never fewer than 9 in any single year and as many as 30 in 2025 — real, consistent volume, which makes this one of the more reliable price reads in this cluster. Median $/sq ft fell 9.8%, $516 to $465, and median price fell a close 5.7%, $435,000 to $410,000 — the two lines largely agree, which is itself worth noting given how often they diverge in smaller-sample buildings. Against 442 homes, that’s a turnover of one home in 19 each year. 2026 is an incomplete year.

The building’s current record inside this window is $700,000, closed 5/1/2024, for a 1,337 sq ft home at unit 2302 — $524 per square foot. The four-year $/sq ft band runs $367 to $712, median $503.

Why Timing Explains Almost Everything in This Building’s Round Trips

Looking at homes bought and later resold, both legs a qualified transaction: 341 of the building’s 442 homes (77.1%) have one — the deepest liquidity record of any building in this cluster. 220 sold for more than the previous owner paid, 121 sold for less. The median change across all 341 is a gain of 17.5%, over a median 12.6-year hold; among the 220 gainers alone the median gain is 35.1%. The range runs from -65.2% to +159.3%.

The pattern behind that range is remarkably clean. Every one of the building’s largest documented gains belongs to a home bought around 2006-2007 and held 14 to 18 years: a 639 sq ft home bought for $150,000 in 2007 and sold for $389,000 in 2022, +159.3%; a 638 sq ft home bought for $146,600 in 2006 and sold for $375,000 in 2023, +155.8%. Every one of the building’s largest documented losses belongs to a home bought at almost exactly the same time and sold within 4 to 5 years, into the 2010-2011 downturn: a 1,337 sq ft home bought for $575,000 in 2006 and sold for $200,000 in 2010, -65.2%; an 843 sq ft home bought for $375,000 in 2006 and sold for $132,000 in 2010, -64.8%. Two owners who bought at nearly the same price in nearly the same year ended up on opposite ends of a 220-point swing, purely on when they had to sell.

Who Neo Vertika Suits, and Who It Doesn’t

Neo Vertika suits a buyer who wants real liquidity near the Miami River — 92 sales closed here in the last four years alone, and with 442 homes concentrated into six dominant floorplates, comparables are rarely hard to find. It also suits a buyer who can hold long: this building’s clearest gains all belong to owners who stayed in for 14 years or more.

It suits buyers badly who need to sell on a fixed, short timeline and can’t absorb a downturn — this building’s history shows that owners who bought near the 2006 peak and had to sell within 4-5 years lost 60% or more, while owners who bought at the same price and held did very well. Liquidity is real but it doesn’t protect against bad timing on the way out.

If you are selling: price off the $367-$712 four-year $/sq ft band and your unit’s specific floorplate — with six dominant sizes and 92 recent sales to draw on, this building supports a genuinely data-backed asking price better than most in this cluster.

Interested in selling in Neo Vertika?

Learn more about selling your condo in Neo Vertika with Josh Stein.

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