Space 01

Fifty-Three Homes on North Bay Village’s West Drive

I pulled all 53 folios the Miami-Dade County Property Appraiser has on file for Space 01 at 7934 West Drive, North Bay Village, FL 33141 — the county’s own neighborhood field for this address reads North Bay Village. All 53 are residential condominium homes; there are no commercial, parking or storage folios to exclude here. The declaration closes complete on the county’s common-element share test: one folio carries no recorded share and was sized from its square footage.

52 of the 53 homes run a tight range, 1,804 to 1,906 square feet, split across four floorplates: 1,848 sq ft (21 homes, 39.6%), 1,804 sq ft (11, 20.8%), and 1,906 and 1,815 sq ft (10 each, 18.9% apiece) — together the full 52. The county’s bed count records 52 of the 53 homes at 1 bedroom, consistent with an open-plan loft layout. The 53rd home is a combined folio, legally described as “UNITS 501 & 502,” now recorded at 3,721 square feet with 4 bedrooms — nearly double any other unit in the building, and priced separately below rather than folded into the building’s per-square-foot figures.

On the 2026 tax roll, assessed values run from $242,137 to $1,715,200 across all 53 homes, with a median of $623,428.

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.

Twelve Sales in Four Years: A Real Direction, Not a Confirmed One

This table excludes the combined 501/502 folio’s two sales, discussed below — its recorded footage does not reliably apply across its full sale history, so no $/sq ft figure on this page is built from it. Among the building’s ordinary, single-unit homes, median $/sq ft fell 20.3% from 2023 to 2026, $524 to $418, and median price fell further, 19.5%, from $975,000 to $785,000. Only 12 qualified single-unit sales closed across the whole four-year span, as few as 2 in a single year — with volume this thin I’d call the softening direction probably real but I would not treat the exact percentage as a firm number. Against 53 homes, that works out to a turnover of one home in 18 each year for priced sales; counting the combined unit’s two additional sales, 14 total qualified sales closed in the window, one home in 15. 2026 is an incomplete year.

The building’s single-unit record inside this window is $1,125,000, closed 11/18/2025, for a 1,815 sq ft home at unit 902 — $620 per square foot, the highest rate per foot recorded here among ordinary homes in the last four years. The $/sq ft band across the 12 priced sales runs $373 to $620, median $492.

Why Did More Than Half of This Building’s Round Trips Lose Money?

Looking at homes bought and later resold, both legs a qualified transaction over $10,000: 50 of the building’s 53 homes (94.3%) have one. Unlike most buildings in this cluster, the majority did not gain: 28 (56.0%) sold for less than the previous owner paid, against 22 (44.0%) that sold for more. The median change across all 50 is -5.4%, over a median 13.9-year hold; among the 22 gainers alone the median gain is 49.8%. The range runs from -62.2% to +332.8%.

The record explains why. Five qualified sales, dated 2009 through 2012, closed at $160,000 to $205,000 — $87 to $111 per square foot, roughly a fifth of the building’s current rate per foot and well below every other period on this building’s record. Several of the building’s largest round-trip losses trace directly to that stretch: a unit bought for $609,000 in 2006 that sold for $230,000 in 2010 (-62.2%), and another bought for $565,000 in 2006 that sold for $275,000 in 2008 (-51.3%). Owners who bought around the 2006 peak and needed to sell into that downturn account for most of the building’s losing round trips; owners who held past it, including into the current decade, are the ones showing gains.

Separately, the combined 501/502 unit — folio 23-3209-048-0010 — sold twice recently: $2,400,000 on 2/14/2023 and $2,250,000 on 12/18/2025, the two largest prices on this building’s record. I’m reporting both as dollar totals only. That folio’s legal description shows it was formed from two original units, and its sale history includes a 2006 transaction at $519,859 that, divided by today’s 3,721 square feet, would read about $140 a foot — implausibly low next to every other 2006 sale in the building, which points to that footage not applying across the folio’s full history. The 2023 and 2025 prices, at roughly $605-$645 a foot on the current footage, look consistent with the rest of the building’s band, but I’m not building any page superlative on a division I can’t confirm.

Who Space 01 Suits, and Who It Doesn’t

Space 01 suits a buyer looking for a small, tightly-uniform loft building in North Bay Village, between Miami and Miami Beach — 52 of its 53 homes sit within a 102-square-foot band, so a same-size comparable is nearly always available. It also suits a buyer who can hold long: the round-trip data shows real gains for owners who stayed past a downturn, with a 49.8% median gain among the 22 who sold for more.

It suits buyers badly who assume a waterfront-adjacent building is immune to a down cycle. More than half of this building’s completed round trips lost money, and the record includes five sales from 2009-2012 at roughly a fifth of today’s rate per foot. Liquidity is also thin: as few as 2 single-unit sales closed in a given year recently, and the four-year turnover is one home in 18.

If you are selling: price off the $373-$620 four-year $/sq ft band for a standard unit — the building’s four uniform floorplates make this a fairly direct comparison. If you own the combined 501/502 unit, price off its own two recent sales rather than any per-square-foot figure on this page; the county’s older record for that folio isn’t a reliable size basis. With volume this thin, expect the process to take time, and be ready to speak plainly to a buyer’s agent who raises the building’s 2009-2012 record — it’s on the file.

Space 01 — questions buyers ask

How many homes are in Space 01 and what sizes?

53 at 7934 West Drive in North Bay Village. 52 run a tight 1,804 to 1,906 square feet; one is a combined two-unit folio, originally units 501 and 502, at 3,721 square feet.

What is the price direction here?

Median price per square foot fell 20.3% from 2023 to 2026 — but on just 12 qualified single-unit sales across four years. I would call the direction probably real and would not lean on the exact size of the move.

What is the record sale?

$1,125,000 on 18 November 2025, for a 1,815 square foot home at unit 902 — $620 per square foot. The combined 501/502 unit sold for more in dollar terms, $2,400,000 in 2023 and $2,250,000 in 2025, but the county’s sale history for that folio predates the units being combined, so a rate per foot for it would misstate the record.

Have owners here made money?

More than half have not: 28 of 50 completed round trips lost money against 22 that gained, a median change of -5.4%. That is driven by owners who bought around the 2006 peak and sold into the 2009-2012 downturn — five qualified sales in that window closed at $160,000 to $205,000, or $87 to $111 a square foot, roughly a fifth of the building’s current rate.

Who built Space 01?

Ben Klein, with architecture by Chad Oppenheim. It completed in 2006.

Interested in selling at Space 01?

Learn more about selling condo at Space 01 with Josh Stein.

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