501 First Residences

✓Verified 3 August 2026Miami-Dade County Property Appraiser, CondoBlackBook2 sources

Sources

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501 First Residences lit at night, seen from the south — developer rendering

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The lobby at 501 First Residences — developer rendering

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The south access lobby at 501 First Residences — developer rendering

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501 First Residences rising over downtown Miami — developer rendering

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501 First Residences in daylight — developer rendering

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501 First Residences in downtown Miami — developer rendering

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501 First Residences in downtown Miami — developer rendering

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501 First Residences in downtown Miami — developer rendering

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The corner of 501 First Residences at street level — developer rendering

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501 First Residences in downtown Miami — developer rendering

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501 First Residences in downtown Miami — developer rendering

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A residence interior at 501 First Residences — developer rendering

By Josh Stein — Miami real estate sales associate, Florida license SL3057661. Selling Miami luxury property since 2002, with more than $1 billion closed.

501 NE 1st Avenue, Miami, Florida 33132 | Neighborhood: Downtown Miami

501 First Residences finished in 2025 and closed its first homes that December. That makes it one of the newest complete condominium records in Miami — and it means something specific for anyone looking at it: there is no resale history to read. The county holds 432 qualified sales in this building and every one of them is a first sale from the developer. Not a single home here has yet been bought and sold again.

What the county records at 501 First Residences

The Miami-Dade County Property Appraiser records 476 homes and one commercial unit in the declaration 501 FIRST RESIDENCES CONDO. The common-element shares sum to 100.0004%, which is the county’s own confirmation that this is the whole building — every home accounted for, nothing missing from the record.

The homes run 343 to 760 square feet, median 531, and the bedroom mix is unusual: 165 studios, 262 one-bedrooms and 49 two-bedrooms, and no three-bedrooms at all. Six floorplates carry most of the building — 102 homes at 544 square feet, 68 at 359, 34 at 489, 34 at 545, 33 at 535 and 31 at 412.

Assessed values for 2026 run $232,800 to $575,400, median $358,425, a spread of 2.5× across the building — narrow, as you would expect where every home is within 420 square feet of every other one.

The commercial unit is worth noting separately. Unit CU 01 carries a 1.24116% share of the common elements — more than seven times any individual home — and sold on 2 February 2026 for $4,500,000 on a qualified deed. It is the single largest transaction the county records at this address.

The building

Downtown Miami, a block from the Brightline station. These are the developer’s renderings; the county record that follows is the check on them.

A fourteen-month record, and no resales

Every qualified sale in this building falls between 25 February 2025 and 22 April 2026. There is no earlier record. Here is how they landed:

• February 2025 — 1 sale
• December 2025 — 58 sales, following the building’s certificate of occupancy
• January 2026 — 67
• February 2026 — 156
• March 2026 — 141
• April 2026 — 9

364 of the 432 sales — 84% — closed inside the January-to-March run. On 19 December 2025 alone, fifteen homes closed. That is a delivery schedule, not a market. The prices recorded during a closing wave reflect contracts signed two and three years earlier, so they describe what buyers agreed to in 2022 and 2023 rather than what the building is worth in 2026.

The four-year figures: median $903 per square foot across 432 sales, in a band from $489 to $1,338, at a median price of $452,000. Median price per foot moved from $850 in 2025 to $910 in 2026.

Forty-five of the 476 homes carry no sale record of any kind. In a building this new that is unremarkable — they are developer-held or their deeds have not yet been recorded. It is not the same finding as an unsold home in a twenty-year-old building.

🔴 The resale count is the number that matters, and it is zero. Exactly one folio in the building records two qualified sales — and both are for exactly $482,000, on 6 February and 9 March 2026. Five weeks apart at an identical price is the signature of a re-recorded deed, not a resale. So on the county record, no home in this building has yet been bought and sold again.

That means nobody can tell you what a home here resells for, because the evidence does not exist. Any figure quoted to you as a resale value in this building in 2026 is an estimate, not a record. That will change — probably quickly, with 476 homes and a short-stay permission — but it has not changed yet.

Arrival

The lobby and the south access, as rendered.

Why the studios cost more per foot

Price per square foot in this building runs backwards to size, consistently, across every floorplate with enough sales to measure:

• 489 sq ft — 30 sales, median $976 per sq ft
• 359 sq ft — 64 sales, median $939
• 535 sq ft — 30 sales, median $897
• 412 sq ft — 30 sales, median $887
• 544 sq ft — 93 sales, median $875
• 545 sq ft — 32 sales, median $852

The exception is the top of the building: the 760 sq ft two-bedrooms trade at a median $978 per square foot across 21 sales, the highest reading in the building, because those are the high-floor homes.

In absolute terms the ladder is conventional — studios at a median $336,000, one-bedrooms at $478,000, two-bedrooms at $719,500. The cheapest recorded sale is $302,000 for a 409 sq ft home in February 2026; the highest is $853,000 for a 760 sq ft two-bedroom on 24 March 2026, at $1,122 per square foot.

If you are comparing this building to a larger-format tower on price per foot alone, you will conclude it is expensive. That comparison is not meaningful. Small homes in short-stay buildings price on income potential per unit, not on floor area.

The residences

Studios through two-bedrooms. The section above explains why the studios cost more per square foot than the larger units — these are the layouts it is describing.

Two figures we corrected on this page

We publish this because it explains why earlier versions of this page were wrong, and because a buyer may have seen those figures elsewhere:

The address. This building is widely marketed as 501 NE 1st Avenue. The county’s site address of record is 121 NE 5th Street. Both describe the same building; only one returns the property record. Every county search on the marketed address returns nothing at all.

The unit count. The building was marketed as 448 residences and the county records 476 homes. Marketing counts and legal declarations count differently, and where they disagree this page uses the declaration. For the same reason we publish the county’s size range of 343 to 760 square feet rather than the marketed 385 to 835.

Amenities

A pool deck, a greenhouse lounge, a co-working floor, a clubroom and a gym.

Who this building suits, and who it does not

This building suits a buyer who wants a new, small, short-stay-permitted home in Downtown Miami at an entry price near $300,000, and who understands they are buying into a record with no resale history. The completeness of the county record here is genuinely good — 476 homes, shares closing at 100.0004%, 432 documented sales in fourteen months — so you can see exactly what every home in the building sold for, at first sale.

It does not suit a buyer who wants evidence that homes here hold value. That evidence requires resales, and there is one. It also does not suit anyone who needs three bedrooms, or more than 760 square feet: those homes do not exist in this building.

Interested in buying at 501 First Residences?

Learn more about buying pre-construction at 501 First Residences with Josh Stein.

FIND ME THE BEST DEAL

501 First Residences Amenities

• Elegant porte-cochère with 24/7 valet service upon entry

• Mid-century, modern-inspired interior finishes and furniture in residential lobby with 25’ ceiling heights

• Ground level food and beverage concept

• Secure bicycle storage in enclosed and air-conditioned space

• Centrally-located personal storage for all owners

• Boardrooms with video conferencing and smart technology

• Exclusive private art and music events

• East rooftop coworking area with powered banquette seating and secluded pods shaded by wood trellises and pergolas

• Pet bath station to cater to furry residents

• Centrally-located personal storage for all owners

• Luxer One Package Room featuring a techforward, contactless digital package delivery system, cold storage and dry-cleaning service

• Fully integrated digital property access system offering secure, smart and convenient video
intercom solutions

• Greenhouse, an urban oasis featuring soothing greenery and plants year-round to relax and unwind at your leisure

• Private club suite with game tables

• Entertainment chef’s kitchen

• Media Room & Library with expansive cultural offerings

• World-class fitness center with indoor gym designed by HOMAGE Fitness. HOMAGE is the vision behind celebrity trainers, Eric Johnson and Ryan Johnson, blending the science of health and fitness with the art of hospitality.

• State-of-the-art indoor gym

• Yoga/meditation

• Private fitness training rooms

• Sunrise terrace with stunning views

• First-of-its-kind rooftop deck with:

• 75-foot resort

• Style lap pool

• Hot hydrotherapy bath and oversized swim-spa

• North-facing private rooftop movie theatre experience

• Grill & Chill on the Sunrise and Sunset Decks

• Outdoor Game Lawn

501 First Residences Prices

501 First Residences SOLD OUT!