Mei Miami Beach

What is actually in the building

The county returns 132 folios for 5875 Collins Avenue, and all 132 are homes — no commercial units, no parking or storage folios, no reference folio. That is unusually clean and it means every figure below rests on the whole building.

The homes run 778 sq ft to 3,047 sq ft, with a median of 1,322. The mix is 24 one-bedrooms, 74 two-bedrooms, 33 three-bedrooms and a single four-bedroom. For 2026 the county assesses them between $451,368 and $3,773,651, median $1,170,000.

What matters most for reading the price record is what the building does not have: a dominant floorplan. The five most common plans hold 17, 17, 17, 17 and 16 homes — an even spread rather than one plan setting the tone. In a building like The Floridian, where 59% of homes sit on two plans, the mix of what sells is fairly stable year to year. Here it is free to swing, and it does.

The price record

Only four qualified sales have been recorded in 2026, so no four-year change is published for this building and it carries a dash in my Miami Condo Index. Across 2023 to 2025 the building rose 24.4% per square foot, from $1,096 to $1,363 — but on seven sales and then six, I would call that direction plausible and the magnitude unproven.

The four-year band runs $672 to $2,232 per square foot, median $1,245, and I want to name both ends rather than let them sit inside an average. The high is $3,850,000, paid on 10 April 2023 for a 1,725 sq ft home — $2,232 per sq ft, 79.3% above the building’s median rate. The low is $560,000, on 7 January 2026 for an 833 sq ft home — $672 per sq ft, 46.0% below it. Both are recorded by the county as qualified transactions and both remain in the counts, but neither should be used as a comparable without an explanation.

The record is $5,000,000, paid in May 2021 for the building’s single largest home at 3,047 sq ft — $1,641 per square foot. 24 qualified sales against 132 homes is about one home in 22 per year.

Why 2026 looks like a collapse and is not

Take the median price column at face value and this building fell 55.1% in a year — $1,837,500 in 2025 to $825,000 in 2026. That would be a dramatic decline. It has not happened.

Here is every qualified sale recorded in 2026:

Every one of them is a small home. The largest is 1,084 sq ft against a building median of 1,322, and the median home sold in 2026 was 833 sq ft — 37.0% smaller than 2025’s 1,323. The building has 33 three-bedrooms and a 3,047 sq ft home; not one of them has traded this year.

Control for size and the picture is far less dramatic: median price per square foot went from $1,363 to $1,025, a fall of 24.8%. That is still a real move and I am not going to explain it away — but about a tenth of it is the one low January sale at $672 per sq ft (without it the 2026 median is $1,060 and the fall is 22.2%), and the whole figure rests on four transactions in an incomplete year. Four sales cannot establish where a 132-home building is.

This is a common way a condo building gets misreported: a 55% headline that is mostly a 37% change in what happened to sell.

Who this building suits, and who it does not

It suits a buyer who wants a mid-sized home on Collins Avenue with a genuine spread of choice. With no dominant floorplan and a range from 778 to 3,047 sq ft, this is a building where you can actually shop — 74 two-bedrooms and 33 three-bedrooms give real optionality, which many towers of this size do not.

It suits badly a buyer who wants certainty from the record. Twenty-four sales in four years, no dominant plan, and a per-foot band running from $672 to $2,232 means the honest range for any particular home here is wide. You will need to value on the specific home rather than on the building.

It also suits badly anyone selling a larger home who reads the 2026 figures and panics. Nothing above 1,084 sq ft has traded this year — the market for your home has not been tested, in either direction.

If you are selling here, the 2026 numbers are your problem and your opportunity. A buyer’s agent will open with $825,000 as this year’s median and the 55% fall as the story. Both are true and neither describes your home unless it is under 1,100 sq ft. The counter is on the public record and it is simple: every 2026 sale in this building was a small home, the largest was 1,084 sq ft, and the per-foot figure fell 24.8% rather than 55% — on four transactions. If your home is a three-bedroom, there is no 2026 comparable for it at all, and you should say so before anyone prices you off one.

Interested in selling at Mei Miami Beach?

Learn more about selling your condo at Mei Miami Beach with Josh Stein.

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