Gables Club Tower II

One condominium, two towers

Gables Club is a single condominium. The Miami-Dade County Property Appraiser files all 195 homes at 10 and 60 Edgewater Drive under one declaration, and the common-element shares only close when both towers are counted — each accounts for roughly half on its own.

The practical consequence is that assessments, reserves, insurance and governance are shared across both buildings. A budget or reserve study for “Gables Club” covers 195 homes, not 99, and a shortfall arising in the other tower is your assessment too.

This page covers the 99 homes at 60 Edgewater Drive. Tower 1 has its own page.

The two towers are not the same building. Tower 2 holds the smallest home in the whole condominium at 1,117 square feet; nothing in Tower 1 is under 2,570. It also holds more three-bedrooms — 32 against 12 — and a wider spread of floorplates. If you have been treating them as interchangeable, the county record says otherwise.

What twelve years did to the penthouse

One home in this tower has a long enough record to say something real, and it is the most valuable thing on this page.

The 10,190 square foot penthouse — the largest home in either tower — has traded three times:

• $6,600,000 on 1 June 2006 — $648 per square foot
• $9,000,000 on 19 July 2010 — $883 per square foot, up 36.4%
• $9,250,000 on 28 November 2022 — $908 per square foot, up 2.8%

All three are qualified, arm’s-length transactions in the county record, and the last of them remains the highest price ever recorded in the condominium.

Read the middle and the end together. The home gained 36.4% in the four years to 2010, and then 2.8% in the twelve years after it. Twelve years of ownership on the best home in the building returned two and a half per cent before any carrying cost at all — taxes, insurance, assessments and the association’s share of two towers.

I am not going to tell you why, because the county record shows transactions and not reasons. It does not tell you what condition the home was in at either sale, what was included, or what either party was trying to achieve. What it establishes beyond argument is that the top of this building has not compounded. If you are being shown Gables Club as a store of value, this is the transaction to put next to that claim.

What is actually inside Tower 2

The county holds 99 folios at 60 Edgewater Drive, and every one is a residence — no commercial units, no separately assessed parking, cabana or storage.

The mix is 63 two-bedrooms and 32 three-bedrooms, plus two four-bedrooms, one six-bedroom and a single one-bedroom. Heated area runs 1,117 to 10,190 square feet, with a median of 3,165. Four floorplates carry most of it: 3,100 square feet (28 homes), 3,165 (28), 2,960 (14) and 4,530 (14).

The 2026 assessed values run $502,601 to $7,252,172, with a median of $1,421,602.

Qualified, arm’s-length sales at 60 Edgewater Drive:

Ten qualified sales in four years, in 99 homes — about one home in forty each year, and two of those years rest on a single transaction. No trend can be drawn from that and I am not going to draw one.

What the record supports is a band. Across both towers over four years Gables Club has traded between roughly $790 and $990 per square foot. Set that against the oceanfront buildings measured on this site, which traded between roughly $1,500 and $2,500 per square foot over the same period in Miami Beach and Bal Harbour. Waterfront Coral Gables is priced at close to half of oceanfront, for homes that are considerably larger.

2025 is the one year here with a usable sample, and it is worth reading: five sales spanning $721 to $903 per square foot in a single year, on homes of 2,960 to 4,530 square feet. That spread — 25% between the cheapest and dearest foot in the same twelve months — tells you how much position and condition matter in this building relative to size.

Who this building suits

It suits a buyer who wants substantial space on Biscayne Bay and is not paying for an oceanfront address. A 3,165 square foot median at $790 to $990 per square foot buys roughly twice the home that the same money buys on the sand, and Tower 2’s wider floorplate range means there is more to choose from than in Tower 1.

It suits a buyer expecting appreciation badly, and the penthouse is the reason. The best home in the condominium gained 2.8% across twelve years. That is one transaction and I would not build a forecast on it, but it is the longest clean record the building has, and no one selling you a unit here is likely to raise it.

Liquidity is the thinnest of the two towers — one home in forty each year, with single-sale years in both 2024 and 2026. If you might need to exit inside three years, that is a genuine constraint rather than a footnote.

Ask for the declaration, the budget and the reserve study across both towers before you commit. One condominium means one set of obligations.

If you are selling here, price against the band and against your own line, not against the strongest recent comparable — 2025 alone produced a 25% spread in price per foot. And be realistic about time: ten sales in four years across 99 homes is a small pool of buyers. Ask me for the comparables in both towers before you set a number.

Interested in selling at Gables Club Tower II?

Learn more about selling your condo at Gables Club Tower II with Josh Stein.

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