1 Hotel & Homes South Beach

What is actually in the building

The county returns 241 folios for 102 24th Street. 239 are homes. One is a reference folio carrying no dwelling. And one is the hotel: a single commercial condominium unit of 28,905 sq ft, holding a 9.7% undivided interest in the building. If you have wondered how a hotel and a set of private residences share one address on the tax roll, that is the answer — the hotel is one folio, and the homes are the other 239.

The homes run from 580 sq ft to 3,675 sq ft, median 893. The bedroom mix is 156 one-bedrooms, 27 two-bedrooms and 56 three-bedrooms. For 2026 the county assesses them between $581,720 and $11,630,254, median $1,534,672.

That spread — a median of 893 sq ft against a top end of 3,675 — is the single most important fact about reading prices here. This is not one building with a range of homes. On the sale record it behaves like two buildings that happen to share a lobby.

The price record

Two numbers, one record. Median price is up 118.2% over four years. Median price per square foot is up 11.6%. The second figure is the one about the market.

The reason is in the size column. The median home sold was 944 sq ft in 2023 and 1,628 sq ft in 2026 — a 72.5% larger home. A building does not double in value in three years because bigger homes came to market, and anyone quoting the 118.2% at you is describing the sample, not the asset. I have written the same warning on The Floridian, where the identical mechanism runs in the opposite direction and makes a modest decline look like a rout. It cuts both ways, and it is the most common error in Miami condo reporting.

What the per-foot column does support is a real and unusually strong level. At $2,812 per square foot in 2026, this is among the most expensive buildings in my Miami Condo Index: 112 of the other 116 trade below it, on twelve qualified sales here, which is enough to take seriously. The four-year band runs from $2,102 to $3,968 per sq ft, and there is not a single outlier in it: no sale sits anomalously high or low against the building’s own range. That is rare and it makes the record trustworthy.

Liquidity is modest: 37 qualified sales across four years on 239 homes, about one home in 26 per year. The record price is $13,500,000, paid in November 2018 for a 3,181 sq ft home — $4,244 per square foot, and still the highest rate the building has recorded. The best of the last four years is $8,000,000 in March 2024, for 2,565 sq ft at $3,119.

The third of the building that has never sold

Here is the finding that changed how I read this building, and it took retrieving all 241 folios individually to see it.

78 of the 239 homes are 700 sq ft or smaller — they come in five sizes: 580, 592, 594, 598 and 693 sq ft. That is 32.6% of the building.

Not one of them has ever recorded a qualified sale. Not in the last four years, and not at any point in the county record. Each of the 78 carries exactly one transfer, all of them in 2015, and the county flags every one of those 78 transfers as a transaction between affiliated parties — its own classification for a transfer that is not evidence of open-market value.

I am not going to tell you why, because the county record shows transactions and not reasons, and I have no primary source for the ownership arrangement behind those 78 homes. What I can tell you is exactly what it means for a buyer and a seller.

It means every price figure on this page describes the other 161 homes. The $2,812 per square foot, the $4,910,000 median, the four-year band — all of it comes from homes of 701 sq ft and up, because those are the only homes that have traded. If you are looking at one of the small residences, the honest position is that the public record contains no arm’s-length evidence of what it is worth, and any valuation you are shown is an inference from larger homes in the same building.

And among the homes that do trade, size splits them again. Over four years, homes of 701 to 1,200 sq ft cleared a median $2,534 per square foot across fourteen sales; homes above 1,200 sq ft cleared $2,904 across twenty-three. That is 14.6% more per foot for the larger homes — the reverse of the usual pattern, where bigger homes trade at a lower rate. In most buildings the per-foot figure falls as size rises. Here it climbs.

Who this building suits, and who it does not

It suits a buyer of a large residence who wants recorded per-foot evidence behind them. Twenty-three qualified sales above 1,200 sq ft in four years, a clean band with no outliers, and a level that only 4 of the other 116 buildings in my index exceed: that is a well-documented position at the top of the market, and it is documented in public record rather than in marketing.

It suits badly a buyer who wants price certainty on a small home. A third of this building has no qualified sale on the record at all, and the homes immediately above that threshold trade at a per-foot rate 12.7% below the large ones. If you are buying at the small end, you are buying into the least evidenced part of the least liquid third of a building that turns over once in 26 years per home. That is not a reason to walk away. It is a reason to have your own view of value rather than accepting the building’s headline.

It also suits badly anyone who needs to sell quickly. One home in 26 per year is thin, and thinner still if yours is one of the 156 one-bedrooms.

If you are selling here, know which of the two markets your home sits in before you set a price. Above 1,200 sq ft you have twenty-three recent, genuinely comparable sales, and the building-wide per-foot figure is 11.6% above 2023: price to the record and defend it. Between 701 and 1,200 sq ft you have fourteen, at a rate 12.7% below the larger homes, and you should expect a buyer’s agent to know that. And if your home is 700 sq ft or under, understand before you list that you will be establishing the first arm’s-length price the county has ever recorded for a home that size in this building — which is a genuine opportunity, and an argument for patience rather than a fast sale.

Interested in selling at 1 Hotel & Homes?

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