Blue & Green Diamond

Two towers, 624 homes, one address people confuse

Blue Diamond and Green Diamond are usually spoken about together and are frequently listed as one building. The Miami-Dade County Property Appraiser records them as two condominiums at two addresses: BLUE DIAMOND CONDO at 4779 Collins Avenue, 313 homes, and GREEN DIAMOND CONDO at 4775 Collins Avenue, 311 homes. I pulled both, folio by folio, and I keep them apart here because their sales records are separate and do not always agree.

The two are close to identical in shape. Blue Diamond runs from 370 to 3,540 square feet, median 1,530, with 187 two-bedrooms, 79 three-bedrooms, 39 one-bedrooms, four studios and four five-bedrooms. Green Diamond runs from 370 to 5,520 square feet, also median 1,530, with 190 two-bedrooms, 80 three-bedrooms, 39 one-bedrooms, one studio and one four-bedroom.

2026 assessed values run from $308,979 to $6,131,563 at Blue Diamond, median $1,236,746, and from $278,201 to $6,312,048 at Green Diamond, median $1,254,378. On the tax roll the two buildings are within 1.5% of each other.

What four years of sales can and cannot tell you

65 qualified, arm’s-length sales across both towers in four years. Portfolio transfers are excluded and identical same-day transactions collapsed to one.

Blue Diamond — 4779 Collins Avenue, 313 homes

Green Diamond — 4775 Collins Avenue, 311 homes

Comparing the ends of those columns gives −1.5% for Blue Diamond and +39.9% for Green Diamond. Neither figure is worth the paper it is printed on, and I am not going to offer them as findings. Green Diamond’s 2026 rests on four sales; so does Blue Diamond’s. Five sales carried Green Diamond’s entire 2023. In buildings where homes range from 370 to 5,520 square feet, a year of four transactions describes those four homes and nothing else.

What the record does support is a level and a rough parity. Across the two towers and four years, the middle of the range sits between roughly $1,000 and $1,300 per square foot, with Green Diamond’s 2023 the only print materially below that band. Both buildings assess within 1.5% of each other on the 2026 roll, which is consistent with two towers trading at broadly the same rate.

Turnover is one home in thirty-seven at Blue Diamond and one in forty at Green Diamond — among the slowest in my index. The record sales are close too: $7,000,000 at Blue Diamond in December 2024 ($2,811 per square foot on 2,490 square feet) and $7,325,000 at Green Diamond in April 2024 ($2,743 per square foot on 2,670).

Twenty-four years of ownership, and no losses at all

The developer sold these towers from 2000 to 2004, and the county holds the whole of it: 266 qualified sales at Blue Diamond in 2000 alone, and 228 at Green Diamond in 2001.

Sixty-one homes across the two buildings have resold since the start of 2023 with an earlier purchase on record. Not one sold at a loss. At Blue Diamond, 31 resales with a median gain of 418.3%, ranging from +100.0% to +661.3%, on a median holding period of 24 years. At Green Diamond, 30 resales with a median gain of 379.9%, from +186.3% to +634.5%, on a median hold of 23 years.

Those are among the largest gains I have measured anywhere, and the reason is simply when the buildings were sold. A home bought new here in 2000 or 2001 was bought before two decades of Miami Beach oceanfront appreciation. Nothing about that tells you what a purchase today will do, and the last four years of this page’s own tables show a market that is not moving much at all.

All figures are gross — before commissions, closing costs, taxes, assessments and more than two decades of carrying costs, none of which are in the county record and none of which I am estimating. They also describe only the homes that sold: with 65 sales in four years across 624 homes, the great majority of owners are not represented.

Who should be buying here?

It suits a buyer who wants Mid-Beach oceanfront in a two-bedroom format. Between them the towers hold 377 two-bedrooms, and the median home in both is 1,530 square feet.

It suits a buyer who is comfortable with thin evidence. These are slow-trading buildings, and on any given floorplate a current comparable may not exist.

It suits a buyer who needs to sell quickly badly. One home in thirty-seven and one in forty respectively is about as slow as anything in my index, and 2026 has produced four sales apiece.

If you are selling here, start by making sure the comparable you are quoted is from your building — half the “Diamond” sales a buyer finds belong to the tower next door. Then price to the $1,000–$1,300 per square foot band and to your own floorplate, and treat any single year’s median as anecdote. If you bought in the first sales cycle, the record says you are very far ahead; the practical question is patience, because at this turnover the right buyer arrives on their own schedule, not yours.

Interested in selling at The Blue or Green Diamond?

Learn more about selling your condo at the Blue and Green Diamond with Josh Stein.

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