Paraiso Bay

What the county record shows at 650 NE 32nd Street

The Miami-Dade County Property Appraiser carries 365 folios under PARAISO BAY CONDO, of which 364 are homes. The remaining folio is a parcel recorded under an older plat with no building area, and it is excluded here. There are no commercial units and no separately deeded parking folios in this condominium.

The bed mix has a genuine oddity in it. The 364 homes are 107 one-bedrooms, 192 two-bedrooms, 27 three-bedrooms, 37 four-bedrooms and one five-bedroom — that is more four-bedroom homes than three-bedroom ones, which I rarely see. Heated area runs from 706 to 6,676 square feet, median 1,151.

Four plans carry most of the building in near-equal share: 706 square feet (43 homes), 1,198 (43), 898 (42) and 1,067 (42). That is 170 of the 364 homes across four repeated layouts, so like-for-like comparables exist if you look for them by size rather than by bedroom count.

2026 assessed values run from $425,384 to $4,203,431, median $688,762.

Three years up, then a fourth I would not lean on

72 qualified, arm’s-length sales across four years. Portfolio transfers are excluded and identical same-day transactions collapsed to one.

The per-foot column rose in each of the three complete years: $787, $834, $860, a gain of 9.3% across 64 sales. Then 2026 prints $739, which taken at face value is a fall of 14.1% in a single year.

I do not believe that number carries the weight people will want to put on it, and I would rather say so on the page than let it stand. It rests on eight sales in a year that is not finished. Three consecutive rising years on 64 transactions is evidence; eight sales is a sample that a couple of well-bought homes can move by that much on their own. The direction I am prepared to state is that this building rose through 2025. What 2026 is doing is not yet established, and I will know more when the year completes.

The median column tells a milder version of the same story and should be read with its usual caveat — it fell 6.5% across four years while the per-foot figure rose then fell, because the size of the home that sold moved between 1,121 and 1,198 square feet from year to year.

Turnover is roughly one home in twenty per year. The highest qualified price on record is $4,176,800, in April 2018, for the 6,676 square foot penthouse — a developer sale, and at $626 per square foot a lower rate than most of the building trades at, because size and rate move in opposite directions. The highest sale of the last four years is $3,450,000, in March 2023.

What the first owners actually got

Paraiso Bay was delivered and sold in a tight window, and that makes its original cost base unusually legible: the county records 387 qualified sales here across 2018 and 2019, at a median of $712,900. Effectively the whole building changed hands from the developer inside two years.

180 of those first owners have since resold in a qualified transaction — the largest resale cohort I have been able to assemble in any building. 135 sold above what they paid and 45 sold below. The median change was +15.0%.

The recent sellers have done better than that. Of the chains whose most recent sale falls in 2025 or 2026, 26 in total, not one sold at a loss, and their median gain was 23.8%. That is consistent with the per-foot series rising through 2025, and it is the strongest argument that the 2026 figure above is a sample-size artefact rather than a turn in the market.

One number in the distribution needs flagging rather than quoting. The worst chain in the set shows a 1,151 square foot two-bedroom bought at $820,900 in April 2018, resold at $745,000 in March 2019, and then recorded again at $299,400 in December 2021 — about $260 per square foot in a building trading near $800 at the time. The county has it flagged as qualified, but it does not behave like an open-market sale, and I am not going to present it as evidence of what a home here is worth. Excluding it, the worst outcome in the cohort is −24.2%: a one-bedroom bought at $870,900 in 2018 and resold at $660,000 in February 2022. That is a real loss and it belongs on the page.

Who should be buying at Paraiso Bay?

It suits a buyer who wants a larger home in Edgewater. Thirty-seven four-bedrooms in a 364-home building is real depth in a format most towers on this stretch simply do not carry.

It suits a buyer who wants a visible cost base. With 387 developer sales on record and 180 resales measured against them, you can see what the people ahead of you paid and what they got — and check every figure yourself in the same public record.

It suits a buyer who needs certainty about right now badly. The three-year direction is up; the current year has eight sales and says something different. If you need to know what your home is worth this quarter, this record cannot tell you with confidence, and nobody quoting you a 2026 figure from this building should pretend otherwise.

If you are selling here, use the 2025 evidence and your own floorplate, not the 2026 median. Twenty-six original owners have sold since the start of 2025 and every one of them was ahead — by 23.8% at the median. If a buyer quotes $739 per square foot at you, the answer is that it comes from eight transactions in an unfinished year, while $860 comes from eighteen in a completed one.

Interested in selling at Paraiso Bay?

Learn more about selling your condo at Paraiso Bay 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
• Gran Paraiso
• Icon Bay
• Moon Bay
• New Wave
• One Paraiso
• Onyx on the Bay
• Opera Tower
• Paramount Bay
• Platinum Condo
• Quantum on the Bay
• The Crimson
• The Grand Condos Miami
• Uptown Lofts