Bay House

A decline that survives the size test

Qualified sales from the Miami-Dade County Property Appraiser record, pulled 17 August 2026 — arm’s-length transactions only.

Down in every single year: $607, $596, $560, $535 — a fall of 11.9%. The median price fell alongside it, from $902,500 to $805,000, so this is not one of the buildings where the two measures disagree.

On several other pages on this site I have had to tell you that a four-year move was really a change in the size of the homes selling. That is not what is happening here, and this building lets me prove it more cleanly than most.

152 of the 165 homes — 92% — sit in five floorplates between 1,432 and 1,547 square feet. Restrict the record to sales in that narrow band and the trend barely moves:

Held to near-identical homes the building went $603 to $535, down 11.3% — against 11.9% unfiltered. The two series are within a few dollars of each other in every year. The mix is not doing the work. The price is.

That is worth stating plainly, because it is rarer than it sounds: this is a building where I can say the decline is real rather than probable. Most of the corpus does not permit that, either because the homes vary too much or because too few of them trade.

What is actually inside the building

The county returns 166 folios at 600 NE 27 Street: 165 residential homes and a single reference folio. There are no commercial units, no separately deeded parking and no storage folios.

The bedroom mix is the most concentrated I have measured. 158 of the 165 homes — 95.8% — are three-bedrooms, alongside 4 two-bedrooms, one four-bedroom and two six-bedroom homes. No studios. No one-bedrooms.

Heated area runs 1,168 to 3,207 square feet with a median of 1,505, and the smallest home in the building is 1,168 square feet — larger than the median home in a great many of the buildings covered on this site.

Put the two facts together and you have an unusual kind of building: a tower composed almost entirely of one product, the three-bedroom home of about 1,500 square feet. Whatever else that does, it makes valuation unusually legible. The home two floors up is not a rough analogy for yours; it is the same home.

The 2026 assessed values run $255,695 to $1,902,301, with a median of $637,246. The top of that range belongs to the penthouses, which are the only homes here that break the pattern — and the record sale is one of them: $2,375,000 for PH3 in May 2018, 3,171 square feet at $749 per square foot.

The 2015 sell-out and what happened to those buyers

The county holds 283 qualified sales here, and 162 of them fall in 2015 — the sell-out, at a median of $656,400 and $440 per square foot.

96 of those original buyers have since resold in a qualified, arm’s-length transaction. 29 of them — 30.2% — sold for less than they paid, at a median outcome of +15.8%.

That is a middling record, and the shape of it matters more than the headline. Buyers who sold in the strong years after 2020 largely did well; the ones selling into the current decline are the ones supplying the losses. The building sold out at $440 per square foot in 2015 and the four-year median is now $594 — so the average original buyer is still ahead on paper, and getting less so each year the current trend continues.

Across the whole record the county shows 119 resales, of which 37 — 31.1% — lost money, at a median gain of 10.1% over a 6.0-year hold.

Turnover runs at about one home in 15 per year on 43 qualified sales in four years — brisker than most of the buildings measured here, and the reason the decline above is well evidenced rather than a small-sample artefact.

Where the evidence thins out

Three qualifications, and by the standards of this site they are mild.

2026 rests on 5 sales. The 11.9% figure is measured to a partial year. Stopping at the last complete year instead, the fall is $607 to $560 — still down, still every year, just less of it. Nothing in the argument depends on the 2026 row.

The size control is a band, not a single floorplate. The five plates run 1,432 to 1,547 square feet, a 115 square foot spread, and I have pooled them to get workable sample sizes. Run on any single plate the samples fall to one to five sales a year, which is too thin to read. The pooled band is the honest compromise and it is stated here rather than buried.

Age, storeys, amenities and monthly costs are not in this record and are not stated here. The Property Appraiser knows what each home is, what it is worth and what it sold for; it does not know what the association charges.

Who this building suits

It suits a buyer who wants a genuine three-bedroom home in Edgewater and is paying attention to the direction of travel. A four-year median of $594 per square foot, in a band from $493 to $723, at a median price of $855,000, buys about 1,505 square feet — and on this record the per-foot figure has fallen in each of the last four years.

It suits a buyer who values being able to check the price, and there are few better buildings for it. With 95.8% of the homes the same kind of home and 92% of them within a 115 square foot band, a recent sale here is real evidence about your home rather than a starting point for an argument.

It suits an appreciation-led buyer poorly, on the current record. The decline is not dramatic — 11.9% over four years — but it is consistent, it is confirmed at constant size, and it is measured across 43 transactions rather than a handful.

If you are selling here, price against the trend rather than against 2023. The uniformity that helps a buyer check the price also stops you arguing from a different class of home, and a buyer’s agent running the same size control this page runs will arrive at $535, not $607. The honest case for the building is the product itself — a large, consistent three-bedroom home in a liquid building — not the direction of its recent pricing.

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Edgewater Condo & Loft Buildings

Edgewater runs along Biscayne Bay between the Venetian Causeway and the Julia Tuttle. Every building below is covered in this series, with its own county sales record:

• 1800 Biscayne Plaza
• 1800 Club
• Aria on the Bay
• Biscayne Beach
• Blue Condominium
• Cite on the Bay
• City 24
• Edgewater Lofts
• Elysee Miami
• Gallery Art Condominium
• Gran Paraiso
• Icon Bay
• Moon Bay
• New Wave
• One Paraiso
• Onyx on the Bay
• Opera Tower
• Paraiso Bay
• Paramount Bay
• Platinum Condo
• Quantum on the Bay
• The Crimson
• The Grand Condos Miami
• Uptown Lofts