Faena House

What is actually inside the building

The Miami-Dade County Property Appraiser holds 44 folios at 3315 Collins Avenue, every one of them a residence. There are no commercial folios in the declaration and no parking, cabana or storage units carried separately.

That number is worth pausing on, because this building is usually described as having 47 residences — the figure in the note at the top of this page. I cannot reconcile the two from the public record, and I am not going to pretend otherwise. What I can tell you is that the county’s 44 folios account for exactly 100.0000% of the common elements. Under Florida condominium law those shares must sum to the whole, so the county is not missing three homes. Either three residences were combined into their neighbours before the declaration was recorded, or the marketing count and the legal count were never the same number. Ask for the declaration before you rely on either.

The mix is unusual and it is the most useful thing on this page for anyone comparing buildings. Twenty-two of the 44 homes are four-bedrooms, with eleven two-bedrooms, nine one-bedrooms, one three-bedroom and one five-bedroom. Heated area runs 699 to 7,443 square feet, with a median of 3,869.

Four floorplates carry almost the whole building: 4,381 square feet (ten homes), 2,030 (nine), 3,869 (nine) and 1,185 (eight). That matters for a buyer, because it means genuine like-for-like comparables exist here — which is rare at this price and is what makes the rest of this page possible.

The 2026 assessed values run $1,814,400 to $27,476,885, with a median of $8,904,002.

The price record, and what it will not support

Qualified, arm’s-length sales from the county record, counted 20 August 2026.

Nine qualified sales in four years, in a 44-home building. That is roughly one home in twenty trading each year, and it is not enough to establish a price direction. I would rather set out the limits of this data than draw a line through it.

Read the table as written and it says values here jumped 30.9% between 2025 and 2026. That reading is wrong, and the reason is visible in the record. Every sale from 2023 through 2025 was a smaller home — 699 to 2,030 square feet. All three 2026 sales were larger ones: 2,030, 3,869 and 4,381 square feet. The table is not measuring a rising market. It is measuring a change in which homes happened to sell.

The honest comparison is the one the floorplate concentration makes possible. The identical 2,030 square foot plate has traded four times since February 2024: $6,700,000 in February 2024 ($3,300 per square foot), $6,150,000 in February 2025 ($3,030), $7,125,000 in June 2025 ($3,510) and $7,070,000 in January 2026 ($3,483). That is a gain of 5.5% across two years on the same product — a flat market with noise in it, not a rising one, and nothing like the headline table implies.

One more thing the record shows, and I offer it as a pattern rather than a finding: in this building the larger homes trade at the higher price per square foot, which is the reverse of the usual pattern. The three 2026 sales run $3,483 at 2,030 square feet, $4,135 at 3,869 and $4,565 at 4,381. Three sales is not proof. It is worth knowing before you assume a bigger residence here should cost less per foot.

A note on the figure in the box at the top of this page. That $2,750 per square foot for 2025 comes from a published market report; the county’s four qualified 2025 sales give a median of $3,160. The two are measured differently — this page counts only qualified, arm’s-length transactions recorded by the county — and I cannot reconcile them from public records. Both are on the page because a buyer should see both. The $20 million sale that note describes is the same transaction as the 4,381 square foot sale in the table above — the county recorded it on 28 May 2026 at $4,565 per square foot; it was reported the following month.

What happened to the $60 million penthouse?

This is the part of the record that no marketing page will show you, and it is the reason I would read this building carefully.

On 21 September 2015 two penthouse folios — Unit PH at 7,443 square feet and Unit PH-B at 3,889 — were conveyed together for $60,000,000. The county describes it as a qualified multi-parcel sale. Across the combined 11,332 square feet that is $5,295 per square foot, and it remains the highest price ever recorded in the building.

It is also invisible to most price tools, which read one folio at a time and report this building’s record as $35,000,000.

The two halves were then sold separately. Unit PH went for $35,000,000 on 9 December 2020 ($4,702 per square foot). Unit PH-B went for $11,150,000 on 17 June 2021 ($2,867 per square foot). Both are qualified sales in the county record.

$35,000,000 plus $11,150,000 is $46,150,000, against $60,000,000 paid in 2015 — down 23.1% over five to six years, on the most celebrated home in one of the most celebrated buildings in Miami Beach.

I want to be precise about what that does and does not mean. It compares one combined purchase against two later separate sales, so it is not a clean like-for-like round trip, and the county record shows transactions rather than reasons — it does not tell you why anyone sold. What it does establish, beyond argument, is that the trophy home in this building did not hold its 2015 price.

Set against that, the clearest single-home round trip in the record runs the other way. Unit 10A, 4,381 square feet, was bought for $18,500,000 in November 2015 and resold for $20,000,000 on 28 May 2026 — up 8.1% in ten and a half years. A gain, and one that a decade of carrying costs at this address would comfortably have exceeded.

Who this building suits

It suits a buyer who wants a large, genuinely family-sized oceanfront residence and is buying it to live in. Half the building is four-bedroom homes and the median residence is close to 3,900 square feet — there is very little else on Miami Beach at that scale with this level of finish, and the four dominant floorplates mean you can price a purchase against real comparables instead of guesswork.

It suits an investor badly, and I would say that to anyone who asked me. Nine qualified sales in four years is thin liquidity: if you need to exit inside a year, you are relying on one or two buyers existing at that moment. The per-foot record has been flat since 2024 on like-for-like product, the building’s trophy home resold 23.1% below its 2015 price, and the note at the top of this page records maintenance costs rising 50 to 60% and unresolved litigation from 2020. None of those is fatal. Together they are a reason to underwrite conservatively rather than on the building’s reputation.

If you are selling here, price against the like-for-like floorplate evidence, not against the headline four-year table — and expect a well-prepared buyer to arrive with the same county record I have used. The 2,030 square foot plate has four recent comparables; the larger plates have very few, which cuts both ways. Ask me for the current comparables before you set a number, and be prepared for the marketing count of 47 residences to be questioned.

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