Capobella

Eighty homes, and one that used to be four

I pulled all 80 folios the Miami-Dade County Property Appraiser has on file for Capobella at 5025 Collins Avenue, on Miami Beach’s Mid-Beach oceanfront. All 80 are classified as residential homes — there are no commercial folios in this declaration.

The mix is 42 three-bedrooms and 34 two-bedrooms, which together make up nearly every home in the building, plus one four-bedroom, two five-bedrooms and one six-bedroom at the top end. Heated area runs from 1,350 sq ft up to 6,480 sq ft, with a median of 1,860 — nearly a five-fold spread between the smallest and largest home, which matters for how you should read the price numbers below.

On the 2026 tax roll, assessed values across all 80 homes range from $423,444 to $3,799,333, with a median of $1,304,232.

One of those 80 folios is not a single original unit. The building’s largest home — the 6,480 sq ft residence carrying the $3,799,333 assessment at the top of that range — is recorded by the county as four original units, 1002, 1003, 1004 and 1005, merged under one folio. That has a technical consequence: each of the four original units carried its own share of the building’s common elements, and the county never re-summed all four onto the surviving folio. Add up all 80 folios’ recorded shares and they total 97.8% of the declaration, not 100%. I checked for missing homes before writing this page, and there aren’t any — the folio series is complete. The gap is exactly the un-recombined share on this one merged folio, a quirk in how the county rolled up the merger, not evidence of a home I failed to find.

Did prices really triple in 2025?

Qualified sales from the county record — arm’s-length transactions only, with bulk or portfolio transfers collapsed rather than averaged in:

No. Read the median-price column in isolation and you would think Capobella’s values tripled between 2024 and 2025, then fell back in 2026. They did not. The 2025 row is a single sale — the 4,370 sq ft PH-1 penthouse, which closed for $4,250,000 that September. One large home changing hands is enough to swing an entire year’s median in a building this size; it says nothing about where the broader market moved.

The steadier read is $/sq ft. Median price per square foot moved from $939 in 2023 to $907 in 2024, then $973 in 2025 and $963 in 2026 to date — a band of $907 to $973, or 7.3% top to bottom, and a net change of +2.6% across the full four years. Across that same window, nine qualified sales against 80 homes works out to roughly one home in 36 changing hands each year — thin, but not unusual for a small luxury building.

My honest reading: the direction is flat to modestly firmer rather than falling, but nine qualified sales spread across four years — two, three, one and three per year — is a thin record for an 80-home building, and I would not stake a precise percentage on it. Under about ten sales across four years, this record cannot support a confident trend either way; it can rule out a collapse or a runaway spike, and it does that much.

The building’s real record sale isn’t the one a standard pull would show

The highest price in Capobella’s single-folio sales record is $4,450,000, paid in August 2022 for PH-2, the building’s 3,610 sq ft penthouse. That is not the actual record. On August 29, 2018, PH-1 and PH-2 — the building’s two adjoining top-floor penthouses, folios ending 0830 and 0840 — sold together in one deed for $11,840,000. The county’s own description of that sale reads “Qual on DOS, multi-parcel sale,” which is the county’s language for one transaction spanning more than one folio, not two separate buyers closing on the same day at the same price. Priced across the combined 7,980 sq ft, that works out to $1,484 a square foot — the true high-water mark for this building, $7,390,000 above the figure a search of individual-unit sales alone would surface.

Those same two penthouses were later sold apart. PH-2 changed hands again for $4,450,000 in August 2022 ($1,233/sq ft), and PH-1 for $4,250,000 in September 2025 ($973/sq ft) — together $8,700,000, about 26.5% below the combined 2018 purchase price. The county record does not say why the units were split or sold separately; it only shows that they were bought as one deal in 2018 and later sold as two.

Beyond that one transaction, the building’s longer sale history shows real appreciation for patient owners. 64 of Capobella’s 80 homes have a documented round trip — a qualified purchase followed by a qualified resale of the same unit, both legs real, arm’s-length money. 61 of those 64 sold for more than the previous owner paid, a median gain of 215.6% over a median 18.6-year hold, with the three losses all short holds bought and sold inside the late 1990s, between 1.9 and 2.3 years apart. That is a hold-and-appreciate pattern, not a flipping building.

Who Capobella suits, and who it doesn’t

Capobella suits a buyer who wants a Mid-Beach oceanfront address with real range in one building — conventional two- and three-bedroom homes alongside a handful of genuinely large residences, including two penthouses with a documented history of trading as a combined unit. It also suits someone comfortable holding: the round-trip record here rewards long ownership, not a quick resale.

It suits buyers badly who need deep, frequent comparables to lean on. Nine qualified sales across four years, spread one to three a year, means there usually isn’t a recent same-size sale to point to, and the building’s own record includes two extremes on either end — a single $4,250,000 sale that swung an entire year’s median, and an $11,840,000 combined-penthouse deal with no single-unit comparable at all. Anyone shopping the larger residences especially should expect thin data, not a deep comparable set.

If you are selling: price off $/sq ft against a same-size comparable, not the raw price line, and don’t let a buyer’s agent anchor to either the 2025 single sale or the 2018 combined-penthouse figure — both are real, both are on the county record, and neither represents a typical transaction here.

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