What $5M Buys: Miami Beach vs. Brickell Condos

If you had $5 million to spend on a Miami condo, would you choose sunrise over the Atlantic with a private beach club, or a glass-wrapped skyline home where you can walk to dinner and the office? If you are relocating to Miami or investing from abroad, the choice between Miami Beach and Brickell sets the tone for your lifestyle and your carrying costs. You want clarity on space, views, amenities, fees, and rental options before you commit. This guide breaks down what $5M typically buys in each submarket so you can match the property to your goals. Let’s dive in.

Quick take: who each area fits

• Miami Beach: You prioritize direct ocean views, resort services, and outdoor living. You may use the property as a second home and value brand recognition and private beach access.
• Brickell: You want a larger floor plan, a modern urban tower, and a walkable location near offices, dining, and services. You value steady long-term rental demand and newer inventory.

What $5M buys at a glance

Space and design differences

In Brickell, $5M typically buys more interior square footage for the money. You can expect larger 3 to 4 bedroom layouts, sometimes half-floor or high-floor residences with floor-to-ceiling glass and modern finishes. Many towers skew toward professional lifestyles with flexible spaces for offices and entertaining.

In Miami Beach, $5M often trades for direct ocean views and private beach access rather than raw interior size. If you want the beach and resort services, plan for a smaller interior than a comparable Brickell property. If you pivot off the sand to a non-beachfront or boutique building, you can gain more interior area at the same price point.

Views and waterfront realities

Direct Atlantic views command a meaningful premium on Miami Beach, especially in branded or trophy buildings. Terrace depth and orientation matter because outdoor living is a core part of the value. Brickell offers wide Biscayne Bay vistas and dramatic skyline scenes. While bay and city views are prized, they usually carry a lower premium than direct oceanfront.

If a view drives your decision, confirm whether it is truly unobstructed and how future development could affect it. Ask for sightline studies, view corridor notes, and floor height comparisons when you evaluate units.

Amenities and services

• Miami Beach: Expect private beach access, beach attendants, resort pools with cabanas, full-service spas, valet, and multiple dining options. Some properties include private docking or marina access. Larger landscaped grounds and bigger terraces are common in this resort model.
• Brickell: Expect rooftop pools, state-of-the-art fitness centers, spa facilities, concierge and valet, resident lounges, coworking and conference rooms, and screening rooms. Pools feel resort-like, but services focus on daily urban living rather than beach operations.

Carrying costs to budget

At the $5M level, carrying cost discipline matters. HOA dues vary by building and amenity stack. In heavier-service buildings, dues can range into the low five figures per month. In buildings with fewer services, dues often sit in the mid four figures per month. Always verify what the HOA covers, including master insurance, reserves, and utilities.

Property taxes and insurance are material in Miami-Dade. For non-homesteaded properties, expect full millage rates. Flood and windstorm coverage are key, especially oceanfront, and can be embedded in HOA master policies or borne individually. Miami Beach resorts tend to have higher staffing and maintenance needs, which can push dues higher.

Florida has no state income tax, which is attractive for many buyers. Still, plan for property tax, insurance, HOA, and utilities when modeling your annual cost.

Rental use and rules

Rental demand differs by submarket. Miami Beach sees strong leisure-driven demand with pronounced seasonality. Gross nightly rates can be high during peak season, but occupancy fluctuates and expenses vary. Brickell offers steadier long-term and corporate rental demand, including furnished leases for executives, with less seasonality.

Regulations are decisive. The City of Miami Beach and the City of Miami have different rules, and many condominiums set their own minimum lease terms. Before you assume any rental income, check the municipal code, the condo documents, licensing and registration requirements, and any HOA rental caps or owner-occupancy periods. Expect net yields on high-end condos to be modest; many investors prioritize lifestyle use and long-term appreciation over high current cash yield.

Three $5M buyer profiles and example comps

Below are archetypal profiles to show how $5M often maps to product in each submarket. These are examples, not current listings. You should confirm live details from the MLS, HOA documents, and tax records when you shortlist properties.

Example A: Miami Beach oceanfront, resort or branded

• Unit profile: 2 to 3 bedrooms, roughly 2,000–2,400 sf interior plus meaningful terraces
• View: Direct, unobstructed Atlantic
• Experience: Private beach access, full resort services, on-site spa and dining
• HOA: Higher due to beach staff, master insurance, and extensive amenities; verify inclusions
• Rental: Strong vacation demand; short-term rentals only where city and building allow; seasonality is significant
• Buyer fit: You value the oceanfront lifestyle, brand cachet, and premium services more than raw interior size
• What to verify: Exact HOA per month and coverage, terrace square footage, rental minimums and licensing requirements, last year’s property tax bill, recent closed sales in the building, and whether flood and windstorm are included in HOA insurance

Example B: Miami Beach non-beachfront, larger residence

• Unit profile: 3 to 4 bedrooms, roughly 2,800–3,500+ sf interior, larger family-style layouts
• View: City or partial bay; bigger indoor areas and terraces than oceanfront at the same price
• Experience: Classic luxury or boutique setting with privacy; fewer resort operations
• HOA: Moderate to high depending on services; confirm reserves and master policy scope
• Rental: Often better suited to long-term or seasonal leases; short-term rentals may be limited by building rules
• Buyer fit: You prioritize interior space, privacy, and daily living flow while staying close to the beach
• What to verify: Minimum lease term, HOA reserves and any pending assessments, parking allocations, storage, and recent sales to gauge price trend

Example C: Brickell high-floor residence in a modern tower

• Unit profile: 3 to 4 bedrooms or large half-floor layout, roughly 2,500–3,500+ sf interior
• View: Biscayne Bay and dramatic skyline; sunrise or sunset outlooks depending on exposure
• Experience: Full-service urban tower with fitness, spa, coworking, lounges, and concierge
• HOA: Varies by building; often lower per square foot than beachfront resorts but can be high in full-amenity towers
• Rental: Steady long-term and corporate demand; furnished executive leases common
• Buyer fit: You want large interior space, modern amenities, and a walkable urban ecosystem
• What to verify: HOA per month and services, minimum lease term, any rental caps or owner-occupancy requirements, last year’s property tax bill, building sales over the last 12–24 months, and sound attenuation between units for privacy

How to choose: a practical checklist

• Clarify your primary use: full-time, part-time, or investment with occasional personal use.
• Rank your must-haves: direct ocean, bay view, terrace size, bedroom count, private elevator, or brand services.
• Set a carrying cost target: decide your acceptable HOA and insurance range before you tour.
• Decide on rental flexibility: confirm minimum lease terms and licensing requirements early.
• Validate view security: ask how future construction could impact your view.
• Compare service levels: list which services you value most and whether they justify the premium.
• Model two scenarios: primary residence costs and investor costs with realistic rent and vacancy.
• Confirm building health: reserves, recent assessments, staff levels, and master insurance scope.

Next steps

Both Miami Beach and Brickell offer compelling $5M options. If you want the beach club lifestyle and a powerful brand signal, Miami Beach delivers unmatched oceanfront experiences. If you want more interior space, walkability, and year-round rental stability, Brickell is your urban flagship.

You do not have to choose in the abstract. I can assemble a live, building-by-building shortlist with current HOA figures, view analyses, recent comps, and rental rule summaries. I can also coordinate introductions to property managers, real estate attorneys, and tax advisers so you move forward with full clarity. To explore a tailored $5M plan for Miami Beach or Brickell, schedule a private consultation with Santiago Ferreira.

FAQs

What will $5M buy in Miami Beach vs Brickell condos?

• Miami Beach emphasizes direct ocean views and resort services, often with smaller interiors for the price; Brickell typically delivers larger floor plans, bay or skyline views, and urban amenities.

How do HOA dues compare at $5M in these areas?

• Expect higher dues in amenity-heavy beachfront buildings and variable but often lower per square foot in Brickell; always verify exact monthly amounts and what the HOA covers.

Are short-term rentals allowed in Miami Beach and Brickell?

• Rules differ by city and by building, and many condos set minimum lease terms; confirm municipal code, condo documents, and licensing before assuming any STR income.

Do branded residences justify the premium?

• Branded properties offer elevated services and global recognition that can aid resale, but they also carry higher carrying costs; the premium makes sense if you value the service level and brand halo.

Which area offers better rental stability at $5M?

• Brickell tends to offer steadier long-term and corporate rental demand year-round, while Miami Beach can achieve higher peak-season rates with greater seasonality and regulatory considerations.