Ritz Carlton Residences Sunny Isles Beach

What the county record shows at 15701 Collins Avenue

The Miami-Dade County Property Appraiser carries 210 folios under 15701 COLLINS CONDO — the county files this building under its address rather than its brand name. 209 are homes. The other carries no building area and is excluded.

This is large-format stock throughout. Heated area runs from 1,447 to 8,569 square feet with a median of 2,137, and the bed mix reflects it: 80 two-bedrooms, 82 three-bedrooms, 40 four-bedrooms, four five-bedrooms and three studios. There is no one-bedroom inventory at all. Three plans carry 120 of the 209 homes in equal share — 2,688, 2,137 and 1,447 square feet, forty homes each.

2026 assessed values run from $1,734,212 to $29,295,000, with a median of $3,772,971. That median is by some distance the highest of any building I have measured, and the top of the range is more than four times the top of most.

Four years, and a rise in every one of them

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

I have measured thirty buildings for this index, and prices per square foot in most of them zigzag from year to year or fall. This is the only one that has risen in every single year: $1,949, $2,076, $2,108, $2,246 — up 15.2% over four years.

What makes that more convincing rather than less is the mix. The median home sold here went from 1,447 square feet in 2023 to 2,137 in both 2025 and 2026. Larger homes almost always trade at a lower rate per square foot than smaller ones in the same building, so a shift towards bigger homes normally drags the per-foot median down. Here it rose anyway. The usual explanation for a rising median — that bigger homes happened to sell — runs the wrong way in this building.

The honest limits: this is a small sample. Eight sales in 2023, five so far in 2026, 39 in total. In a 209-home building at these prices that is expected, but it means I would state the direction with confidence and the exact percentage with caution.

Turnover is roughly one home in twenty-one per year, which is genuinely active for a building where the median sale is measured in millions.

The $37,000,000 sale, and the one that puzzles me

The highest qualified sale in this building’s record is $37,000,000, on 30 May 2023, for Penthouse 5101 — a five-bedroom of 7,161 square feet. That works out at $5,167 per square foot, the highest rate I have recorded in any building in this index.

The same penthouse is on record three years earlier. On 7 May 2020 it sold for $21,000,000, or $2,933 per square foot. Same home, same square footage, no change in what was being bought — up 76.2% in three years. Repeat sales on a single unchanged home are the cleanest evidence a public record can offer, and this one agrees with the direction of the building as a whole.

One other pair I want to put in front of you rather than quietly average away. Upper Penthouse 5201, 5,822 square feet, is recorded selling for $15,825,300 on 27 April 2021 and again for $31,000,000 on 2 August 2021 — a 95.9% increase in just over three months, both flagged qualified by the county. A gap that large over a period that short is not a market movement. The record does not explain it, and I am not going to invent a reason: the most common innocent explanations are a developer closing recorded separately from the retail sale, or two instruments covering one transaction. I am reporting both figures because they are both in the public record, and flagging that neither should be used on its own as evidence of value.

For context on the rest of the top: $25,500,000 in April 2021 for an 8,569 square foot penthouse, and $21,000,000 in May 2020 for the home that later became the record.

Who this building suits, and who it does not

It suits a buyer who wants large-format oceanfront and is pricing against a rising, not falling, record. Across a market where most of the buildings I measure are flat or down, this one has gone up every year.

It suits a buyer who wants comparables at the top end. Three plans of forty homes each, 39 sales in four years and a full set of 2020 to 2022 developer closings mean even eight-figure decisions can be checked against public record.

It suits a buyer looking for value against the wider market badly. At a median assessed value of $3,772,971 and $2,246 per square foot, this is the most expensive building in my index by both measures, and the record gives no sign of that gap narrowing.

If you are selling here, you are in the rare position of being able to price forward rather than defend a decline — the per-foot figure has improved in each of the last four years. Use your own plan and, if you own one of the penthouses, use the repeat-sale evidence: Penthouse 5101 going from $21,000,000 to $37,000,000 on unchanged square footage is a stronger argument than any building-wide median, and it is a matter of public record that any buyer can verify.

Interested in selling at The Ritz Carlton Residences ?

Learn more about selling your condo at The Ritz Carlton Residences with Josh Stein.

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