Gran Paraiso

Three Hundred and Twelve Homes on NE 31 Street

I pulled every folio the Miami-Dade County Property Appraiser holds for Gran Paraiso at 480 NE 31 Street. The county returns 312 folios and all 312 are residential dwellings — no commercial, parking or storage folios sit inside this declaration to strip out.

Heated area runs from 940 to 3,277 square feet, median 1,186. The floorplates repeat in unusually even blocks: 43 homes each at 1,057, 1,649 and 1,871 square feet, and 42 at 1,143. The bed mix is 168 two-bedroom homes (53.8%), 55 four-bedroom homes (17.6%), 47 three-bedroom homes (15.1%), 36 one-bedroom homes (11.5%) and six studios (1.9%).

On the 2026 tax roll, assessed values run from $506,070 to $4,181,469, median $796,568. That floor is worth noting: no home in this building is assessed below half a million dollars, which is a higher entry point than most of the buildings in this series.

Year built, storey count, architect and amenity detail are not in the county file and are not on this page.

Three Straight Years of Softening, on Real Volume

This is one of the few buildings in this series where the sale count is high enough to say something with confidence, and what it says is that prices have come down. The rate per square foot peaked at $888 in 2024 and has fallen in each year since — $888, $801, $765. That is a decline of 13.9% from the 2024 peak, and it rests on 14, 14 and 10 sales, not on one or two.

The median price column is flatter, moving $960,000, $1,065,000, $950,000, $946,250. The gap between the two columns is the usual mix effect — this building runs from studios to 3,277 sq ft four-bedroom homes, so which sizes trade in a given year moves the median price without telling you much. The rate per foot is the measure to follow here, and it has moved one way for three years.

My honest reading: the direction is well supported and the magnitude is reasonably supported too, which is rarer than it sounds. 66 qualified sales across four years on 312 homes is one home in 19 each year — genuinely liquid, and enough transactions that the annual medians are not being set by a single unusual home. I would treat the 2024-to-2026 decline as real. I would still note that 2026 is incomplete, at 10 sales so far, so its $765 figure may move before the year closes.

The county carries 431 qualified sales at this address across its full record.

One of Sixteen Buildings Where More Resales Lost Than Gained

111 of the 312 homes — 35.6% — have a completed round trip on the county record, meaning the same folio was bought and later resold with both legs qualified and arm’s-length. That coverage is low compared with older buildings, and the reason is the hold: a median of 4.1 years. Most homes here simply have not been resold yet.

Of those 111 round trips, 52 sold for more than the previous owner paid and 59 sold for less. None closed at an identical price. The median across all 111 is -1.7% — negative. Among the 52 that gained, the median is 7.6%. The full range is narrow by the standards of this series: -34.8% to +38.9%.

I want to be careful about what that does and does not mean, because it is a genuinely unusual result and it deserves precision rather than drama. I measured this against every building record I hold: of 248 buildings with at least 20 documented round trips, 16 show more losses than gains, and Gran Paraiso is one of them. It is uncommon, not unique, and it is not the most negative of the 16.

It does mean that, on the county’s own record, a slight majority of documented resales at Gran Paraiso have closed below their purchase price, and that the typical documented round trip here returned nothing. It does not mean the building has lost a third of its value — the -34.8% figure is the worst single case, not the norm, and the middle of the distribution sits close to flat.

The critical qualifier is the 4.1-year median hold. Nearly every round trip in this set was bought and sold inside the last few years, which is a short window, and short windows have never been where condominium ownership makes money — transaction costs alone consume a mid-single-digit percentage. A building whose resale record is dominated by four-year holds will look worse than one dominated by twenty-year holds even if both are performing identically over the long run. That is a genuine limitation of this measure and I would rather state it than let the headline number stand alone.

The highest qualified price on the county record here is $4,500,000, closed 17 September 2024, for a 2,935 sq ft home at $1,533 per square foot — roughly double the building’s median rate per foot in that year, and a reminder that the largest homes here trade in a different market from the two-bedroom middle.

Who Gran Paraiso Suits, and Who It Does Not

It suits a buyer who wants a newer, larger home in Edgewater with real liquidity behind it. One home in 19 trades each year, the floorplates repeat in blocks of 42 and 43, and there is a genuine four-bedroom cohort — 55 homes — which is unusual in this part of the market. If you need to be able to sell, this building trades.

It suits badly a short-horizon buyer, and the building’s own record is the reason. 59 of 111 documented resales closed below their purchase price, on a median hold of 4.1 years. Anyone buying here with a three-to-five-year exit in mind should look hard at that number first, because it is precisely the horizon those 111 resales describe.

It also suits badly a buyer hoping the recent decline is over. The rate per foot has fallen for three consecutive years on solid volume; nothing in this record suggests a floor has been established.

If you are selling: price against the current $765 to $801 band rather than the 2024 peak of $888, and expect a buyer to have found the same resale record I did. Your strongest argument is the building’s liquidity — it trades — and, if you own one of the large homes, the $1,533 per square foot achieved in 2024 shows the top of this building is a separate market from its middle.

Interested in selling at Gran Paraiso?

Learn more about selling your condo at Gran Paraiso with Josh Stein.

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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
• Bay House
• Biscayne Beach
• Blue Condominium
• Cite on the Bay
• City 24
• Edgewater Lofts
• Elysee Miami
• Gallery Art Condominium
• 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