Key Takeaways
- The median home is 2,957 square feet — and it has traded between $260 and $440 per square foot, the lowest per-foot pricing of any building in this series.
- 67 residences only at 720 NE 69th Street, with no commercial folios.
- There is no small inventory — the smallest home is 1,763 square feet. The mix is 42 three-bedrooms and 21 two-bedrooms.
- The 2026 median assessed value is $484,433 — for homes averaging nearly 3,000 square feet on Biscayne Bay.
- Per-foot pricing has risen sharply from $260 in 2024 to $422–440 since.
- It barely trades — five, four, one and two qualified sales across 2023–2026.
720 NE 69th Street, Miami, Florida | Neighborhood: Upper East Side
The most space per dollar I have measured
Counted against the Miami-Dade County Property Appraiser record on 17 August 2026, Palm Bay Towers returns 68 folios, of which 67 are residential, with no commercial folios.
The numbers are genuinely unusual. Heated area runs 1,763 to 5,914 square feet, with a median of 2,957 — meaning a large share of the building consists of its largest floorplate. The mix is 42 three-bedrooms, 22 two-bedrooms, two four-bedrooms and one five-bedroom, with nothing smaller.
Yet the median assessed value is just $484,433. Set that against buildings elsewhere in this series carrying similar assessed values at 800 to 1,100 square feet, and the comparison is stark: you are getting roughly three times the floor area for the same assessed value, on Biscayne Bay in the Upper East Side.
Rising sharply from a very low base
Qualified sales from the county record — arm’s-length only.
| Year | Qualified sales | Median price | Median $/sq ft |
|---|---|---|---|
| 2023 | 6 | $912,500 | $278 |
| 2024 | 4 | $517,500 | $260 |
| 2025 | 1 | $1,300,000 | $440 |
| 2026 to date | 2 | $1,047,500 | $422 |
Two things are true at once here, and both matter.
Per-foot pricing has risen substantially — from $260 in 2024 to $422 so far in 2026, roughly 60% above the low. And it remains the cheapest per-foot pricing in this entire series, at a time when Edgewater buildings a few miles south trade at $400–$700 and Miami Beach buildings at $600–$1,800.
The caveat is unavoidable: the 2025 row is a single sale and 2026 is two. Thirteen qualified sales across four years in a 67-home building is a very thin record, and the 2023–2024 medians of $825,000 and $517,500 show how violently the headline number swings when only four or five homes trade.
What I would take from it: the direction is clearly upward, the level is clearly low relative to comparable waterfront stock, and the sample is too small to be precise about either.
Who this building suits
This suits a buyer who wants maximum space on the water and is genuinely indifferent to a prestige address. On floor area per dollar, nothing else I have measured comes close.
It requires patience in both directions. Twelve sales in four years means inventory rarely appears, and an exit is a project rather than a transaction. That thin volume is also part of why pricing has lagged — few trades means few comparables, and few comparables makes buyers cautious.
If you are selling here, the recent per-foot record is the strongest argument you have had in years. If you are buying, this remains one of the genuine value propositions on Biscayne Bay, provided you accept the liquidity.
Verified 17 August 2026 against the Miami-Dade County Property Appraiser record for 720 NE 69th Street — all 68 folios retrieved individually, then filtered to dwelling-sized residential units before any figure here was calculated. Sale samples are very small and are described as such throughout. Building age and storey count are omitted: published sources conflict and none has been confirmed. Re-check when the next tax roll publishes.
Palm Bay Towers — Frequently Asked Questions
How many units are in Palm Bay Towers?
The Miami-Dade County Property Appraiser records 68 folios at 720 NE 69th Street, of which 67 are residential. There are no commercial folios.
How big are the homes at Palm Bay Towers?
Heated area runs from 1,763 to 5,914 square feet, with a median of 2,957 — a large share of the building is its biggest floorplate. The mix is 42 three-bedrooms, 22 two-bedrooms, two four-bedrooms and one five-bedroom, with nothing smaller.
Why is Palm Bay Towers so inexpensive per square foot?
Qualified sales have run between $260 and $440 per square foot, the lowest in this series. The most likely contributors are its very thin trading history — thirteen qualified sales in four years — and an Upper East Side bayfront location that carries less of a price premium than Miami Beach or Brickell. Few comparable sales tends to keep pricing conservative.
What do condos at Palm Bay Towers sell for?
Two qualified sales so far in 2026 show a median of $1,047,500 at $422 per square foot. The prior year recorded a single sale at $1,300,000 and $440 per square foot. These are very small samples.
Are values rising at Palm Bay Towers?
Per-foot pricing has risen from $260 in 2024 to $422 in 2026, roughly 60% above the low, but on very few transactions. The direction is clear; the precision is not.
Is Palm Bay Towers a good investment?
It offers more floor area per dollar than any building I have measured against this record, on the bay. The trade-off is liquidity — with roughly three qualified sales a year, you should not count on selling quickly.
Sources and further reading
Palm Bay Towers Condos
720 NE 69th St, Miami, Florida 33138 | Neighborhood: Upper East Side
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Palm Bay Towers is an intimate bayfront enclave offering comort, design and several high-end amenities including a pool deck, fitness center and tennis courts.
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