Prive Island

What’s Actually Inside Privé Island

Privé Island Estates is one Miami-Dade County condominium declaration — PRIVE CONDO — spanning two addresses, 5000 and 5500 Island Estates Drive in Aventura. The county’s roll carries 161 folios for the property. 160 of those are residential homes; the remaining folio is a non-residential trustee/common-area parcel and holds no dwelling.

Homes here run from 2,339 to 5,824 square feet, with a median of 2,956. The bed mix skews large: 90 of the 160 homes (56.3%) are 3-bedroom, 47 (29.4%) are 4-bedroom, and the building holds a smaller run of 2-bedroom (10), 5-bedroom (8) and 6-bedroom (5) layouts. On the 2026 tax roll, assessed values across those 160 homes run from $1,695,578 at the low end to $7,244,700 at the high end, with a median of $2,670,216.

I don’t have a confirmed year built, story count, architect or amenity list for this building — none of that is in the county’s property record, and I’d rather leave it out than fill it from memory or a listing site.

How Has Privé Island’s Market Actually Moved?

24 qualified sales closed across the building in those four years, against 160 homes — a turnover of one home in 27 each year, which is a slow-moving market by any measure. 2026 is an incomplete year: the 4 sales above run only through late August.

I want to flag a divergence here rather than paper over it, because it’s exactly the kind of thing a median sale price hides. The median sale price climbed from $3,163,000 in 2023 to $3,475,000 in 2026 to date — up 9.9%. Median $/sq ft over the same span moved only 1.1%, from $1,150 to $1,163. Those two numbers should roughly agree if the building were selling a consistent mix of homes each year; they don’t, because they aren’t. 2025 posted the highest median price of the four years, $3,620,000, on the lowest median $/sq ft, $1,088 — larger, lower-per-foot homes traded that year. 2024 was the reverse: a lower median price, $3,418,100, but the highest $/sq ft, $1,264. Read the price line and you’d think the building’s value climbed steadily; read the $/sq ft line and the honest picture is closer to flat. I trust the $/sq ft line more.

With four to nine sales in any single year, and 24 across the full four-year window, I can say the $/sq ft trend is essentially flat rather than rising — the direction is close to zero and the sample is thin enough that I wouldn’t stake much on the exact +1.1%. The building’s own $/sq ft band across 2023–26 runs from a floor of $969 to a ceiling of $1,506, median $1,152.

The Building’s Own Record, Told Twice

The single highest confirmed sale in the county record is $9,700,000, closed 1/14/2022, for unit 1501 in the North building — 5,824 square feet, the largest floorplate in the building, at $1,666 a square foot, also the building’s highest price per foot on record.

What makes it worth a closer look is that it isn’t a one-off. The same unit sold once before, for $8,000,000 on 12/28/2017, at $1,374/sf — a 21.3% gain on the identical 5,824 square feet over roughly four years. Two more of the building’s largest homes, both 5,753 sq ft, traded near the top of the sales list within a day of each other in mid-January 2021: $7,904,000 for a unit in the South building and $7,625,000 for a unit in the North building. Taken together, that’s a consistent pattern — the largest floorplates in this building command both the highest prices and the highest $/sq ft, repeatedly, not as a single lucky sale.

One sale in the record deserves a caution rather than a headline. A 2,877 sq ft home sold for $446,800 on 9/1/2021 — $155 a square foot, roughly a seventh of the building’s normal band. That same unit resold for $3,150,000 in January 2023, which on paper reads as a 605.0% gain, and it is in fact the single largest gain in the building’s round-trip record. I don’t trust the 2021 number. Nothing else at Privé Island has ever traded anywhere near $155/sf, and the county’s “qualified” flag is not proof of an arm’s-length price — I’ve seen the identical pattern at other buildings in this dataset, where a nominally qualified sale prices tens of percent below the building’s own band. I’m disclosing this sale and its resulting figure rather than using it to characterize the building’s appreciation.

Who Privé Island Fits Best

This is a building for a buyer who wants one of the largest floorplates on the market and is prepared to hold. The size range (2,339 to 5,824 sq ft, median 2,956) and the bed mix (over 85% of homes are 3- or 4-bedroom) point at full-time or seasonal owners of large households, not a starter-condo or rental-yield buyer — there is very little small inventory here to begin with.

The turnover rate — one home in 27 each year — cuts both ways. For an owner who wants privacy, low turnover in the building, and isn’t looking to resell inside a few years, that’s a feature. For a buyer who wants a deep set of recent comparable sales before making an offer, or who might need to sell quickly, it’s a real constraint: only 4 to 9 homes changed hands in any of the last four years.

To a seller: with this few closings a year, price discovery here is thin. I would not lean on the most recent single sale, whatever it was, to set an asking price — I’d anchor to the building’s own $969–$1,506 per-square-foot band from 2023–26 and adjust for your unit’s floorplate against the sizes that have actually traded, since floorplate size is clearly driving the mismatch between median price and median $/sq ft shown above.

Interested in selling at Prive Island?

Learn more about selling condo at Prive Island with Josh Stein.

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