An island remade in glass and water. Sixteen new boutique condominiums are reshaping a 0.3-square-mile enclave once known for its mid-century walk-ups, with nearly 400 residences in active sales and more than $300 million in construction financing closed in the past eighteen months.
Bay Harbor Islands has quietly become the most active small-format luxury condo submarket in Miami-Dade. Six developments are under construction, three more have closed financing in the last six months, and the average building in this report houses just 24 residences. The story isn't a single trophy tower, it's a coordinated bet on scarcity.
Eleven of the sixteen profiled buildings have fewer than 35 residences. The median project size is 27 units. There is no high-rise pipeline on the island, and the 8-story envelope is functionally a hard ceiling, creating durable supply constraints.
Twelve of sixteen projects have entry pricing between $1.4M and $5M. Only three projects clear $5M starting (Indian Creek Residences, Onda, Bay Harbor Towers penthouses). This is decisively a mid-luxury submarket, not an ultra-luxury one.
Kobi Karp Architecture is designing eight of sixteen profiled buildings, more than half the active pipeline. Revuelta Architecture follows with three projects. Two firms are shaping the visual language of an entire island.
Onda (95% sold), Alana (87% closeout), and The Well (85%) lead the field. Newer launches like La Maré Bay Villa Collection and Pool Haus have not yet released sales metrics. Buildings approaching delivery are converting fast.
Waterfront-positioned units command roughly $1,500 to $1,800 per SF. Non-waterfront boutique product (Alana, The Well, Pool Haus) ranges from $1,000 to $1,600 per SF. The delta is meaningful but narrower than in Bal Harbour or Surfside oceanfront.
S3 Capital alone has financed three Bay Harbor projects since late 2024 ($55.7M La Maré Regency, $30.5M Origin, plus pending). Total disclosed construction debt across the pipeline exceeds $300 million, signaling lender confidence.
Every active and recently delivered new construction project on Bay Harbor Islands, ranked by status. The "Ultra" tag flags projects that stand at the top of their submarket on finish level, design sophistication, and execution quality.
| Project | Developer | Architect | Units | Delivery | Bedrooms | Size Range | From | % Sold | Status |
|---|---|---|---|---|---|---|---|---|---|
Onda Residences 1135 103rd Street |
CMC / Ugo Colombo | Morabito Properties | 41 | Q1 2024 | 2 to 4 | 1,809 to 3,523 | $4.9M | 95% | Delivered |
Alana Bay Harbor 9901 W Bay Harbor Drive |
Alta Development | Revuelta Architecture | 30 | 2024 | 2 to 3 | 1,229 to 1,662 | $1.2M | ~87% | Closeout |
The Well Bay Harbor 1160 Kane Concourse |
Terra Group | Arquitectonica | 66 | Q3 2025 | 1 to 3 | 950 to 3,262 | $1.4M | 85% | Under Construction |
Bay Harbor Towers 10141 to 10143 E Bay Harbor Drive |
PPG Development & L3C | Kobi Karp | 44 | 2026 | 2 to 4 + Den | 1,857 to 4,902 | $2.6M | ~40% | Under Construction |
La Baia North 9481 E Bay Harbor Drive |
Ian Bruce Eichner | Revuelta Architecture | 57 | 2026 | 2 to 4 + Den | 1,432 to 2,111 | $1.44M | 65% | Under Construction |
La Maré Regency CollectionUltra 9927 E Bay Harbor Drive |
Regency Development | Kobi Karp | 33 | Q2 2026 | 2 to 4 | 1,567 to 4,500 | $1.4M | 60%+ | Under Construction |
La Maré Signature CollectionUltra 9781 E Bay Harbor Drive |
Regency Development | Kobi Karp | 9 | Early 2026 | 2 to 4 | 2,100 to 4,300 | $2.9M | 45%+ | Under Construction |
La Maré Bay CollectionUltra 10301 E Bay Harbor Drive |
Regency Development | Kobi Karp | 9 | 2026 | 3 to 4 + Den | 2,895 to 5,389 | $2.9M | N/A | Pre-Construction |
La Maré Bay Villa Collection 10150 E Bay Harbor Drive |
Regency Development | Kobi Karp | 3 | TBD | 2 to 4 | 2,100 to 4,200 | $2.65M | N/A | Pre-Construction |
ALMA Bay Harbor 1160 101st Street |
Islands Development | Kobi Karp | 9 | TBD | 3 to 4 | 2,503 to 4,443 | By Appt | N/A | Pre-Construction |
MILA Residences 1125 97th Street |
Islands Development | Kobi Karp | 9 | TBD | 2 to 4 + Den | 2,100 to 3,900 | By Appt | N/A | Pre-Construction |
Origin by ArtefactoUltra 9760 W Bay Harbor Drive |
VDA Origin (Chile) | Revuelta Architecture | 27 | Late 2026 | 2 to 4 | 2,135 to 2,200 | $3.8M | 74% | Under Construction |
Pool Haus 1130 100th Street |
Redhoek+ | Pliskin Architecture | 18 | 2027 | 2 to 4 | 2,200 to 3,400 | $2.0M | N/A | Pre-Construction |
Solina Bay Harbor 1055 93rd Street |
Redhoek+ | Pliskin Architecture | 9 | Q4 2025 | 2 to 4 | 1,400 to 2,600 | $1.7M | 50%+ | Under Construction |
9900 West 9900 W Bay Harbor Drive |
The Horizon Group | Frankel Benayoun | 23 | Q3 2026 | 2 to 4 | 2,560 to 3,360 | $3.0M | ~40% | Under Construction |
Indian Creek ResidencesUltra 9110 W Bay Harbor Drive |
Landau Properties | Kobi Karp | 9 | Q4 2026 | 3 to 5 | 3,500 to 5,800 | $5.6M | 80% | Under Construction |
Bay Harbor Islands divides cleanly into three price tiers, each with its own buyer profile, finish level, and competitive dynamic. The market is not yet ultra-luxury at scale, but the upper tier has matured significantly in the past eighteen months.
Boutique condos with smaller floor plates (1,200 to 2,200 SF), 2 to 3 bedroom layouts, and less expansive amenity programs. Priced for first-time luxury Bay Harbor buyers and downsizers.
Alana, La Baia North, La Maré Regency entry units, The Well, Solina Bay Harbor
Strongest in this tier. Alana is in developer closeout, The Well is 85% sold, La Baia North is 65% sold. Buyers respond to entry-point pricing and the established walkability of the eastern shore.
Larger units (2,000 to 3,500 SF), full chef's kitchens with premium European brands (Poliform, Armory Cucine, Italkraft), expanded amenity decks, and either direct waterfront positioning or distinctive architectural execution.
Bay Harbor Towers, 9900 West, Pool Haus, Origin by Artefacto, La Maré Signature, La Maré Bay Villa
Solid. Origin Residences leads at 74% pre-sold, Bay Harbor Towers is at 40%, 9900 West is at 40%. Buyers in this tier are more deliberate, but conversion picks up as construction progresses past the foundation stage.
Trophy residences with full-floor or near-full-floor footprints (3,500 to 5,400 SF), private elevators, private pools or marina slips included, fully-finished delivery, and ultra-curated finish packages by international designers.
Onda Residences, Indian Creek Residences, Bay Harbor Towers penthouses, La Maré Bay Collection, ALMA, MILA
Onda delivered at 95% sold. Indian Creek Residences is at 80% with only 9 units. The supply ceiling at this tier is structurally tight. Trophy units typically sell quickly when they reach the market because comparable inventory in built stock barely exists.
Bay Harbor Islands sits at a measured remove from Miami, with Indian Creek to one side and a short walk to Bal Harbour Shops on the other. That geography is doing the work that no marketing department could replicate.
Six observations that emerge from looking at the entire pipeline at once, rather than building by building. Some of these are familiar to anyone who tracks the submarket. Some are not.
Every condominium in this report is between 7 and 8 stories. Bay Harbor Islands' zoning effectively caps vertical development at this envelope, and there is no indication that will change. The result: every new building competes on horizontal differentiation, finish level, and amenity programming rather than height or view premium.
This is why Kobi Karp's eight buildings on the island look notably different from one another despite a single architect's hand. The constraint forces creativity at the facade and floor-plate level.
Chicago-based Regency Development Group has four products under construction simultaneously on Bay Harbor (Regency, Signature, Bay, and Bay Villa Collections). Combined inventory: 54 residences. This is the largest single-developer pipeline on the island.
The four-building strategy lets Regency offer a tiered product line within a unified brand language (Kobi Karp + Debora Aguiar Arquitetos), capturing buyers from $1.4M up to ~$6.3M without diluting the La Maré identity.
Premium kitchen branding has become a primary differentiator at the mid and upper tiers. Poliform appears in three La Maré buildings. Italkraft is at ALMA, MILA, and Alana. Armory Cucine debuts at La Maré Bay Villa Collection. Bay Harbor Towers uses Wolf and Sub-Zero with Dornbracht fittings.
This is a meaningful competitive shift from five years ago, when "European cabinetry" was a generic claim. Buyers in this submarket now ask brand-specific questions, and developers are responding with named partnerships rather than generic spec packages.
Several developers have explicitly cited self-financing as a competitive advantage. Multiplan REAM in neighboring Surfside is self-financed. Islands Development Group's ALMA and MILA are operating on a private appointment-only sales model that suggests internal capital.
The advantage is real: self-financed projects can compress construction timelines and avoid the lender-required pre-sale thresholds that delay debt-financed launches. In an environment where construction costs are rising, twelve months of timeline savings translates directly to margin.
Conventional wisdom assumes waterfront positioning commands a 50%+ premium per SF. On Bay Harbor Islands, the actual delta is roughly 15 to 25%. The Well (non-waterfront) lists at $1,400 entry with strong amenities. Onda (bayfront) cleared at $1,500 entry. Pool Haus (non-waterfront) starts at $2.0M with a private pool concept.
The reason: every building on the island is within a 5-minute walk of either Indian Creek or Biscayne Bay, and the boutique amenity programs compress the experiential gap.
Six of sixteen profiled buildings have exactly 9 residences: ALMA, MILA, La Maré Signature, La Maré Bay Collection, Indian Creek Residences, and Solina. This is not coincidence. The format has emerged as a sweet spot for boutique developers who want to operate without hotel-style management overhead, achieve full-floor or half-floor residences, and qualify for lower-density zoning treatment.
Expect this format to proliferate. It is the closest thing Bay Harbor has to a standard product type.
A small group of architects and interior designers are responsible for the visual language across nearly the entire active pipeline. Their cumulative footprint shapes how Bay Harbor Islands will look for the next decade.
Bay Harbor Towers, La Maré Regency, La Maré Signature, La Maré Bay Collection, La Maré Bay Villa Collection, ALMA, MILA, Indian Creek Residences
Alana Bay Harbor, La Baia North, Origin by Artefacto
Solina Bay Harbor, Pool Haus. New York based firm bringing a Brooklyn boutique sensibility to the North Side luxury corridor.
La Maré Regency, La Maré Signature, La Maré Bay Collection, La Maré Bay Villa Collection. Brazilian interior firm responsible for the entire La Maré aesthetic.
Bay Harbor Towers. Italian Hessentia / Cornelio Cappellini furniture collection on exclusive partnership.
Four products under construction simultaneously, totaling 54 residences across the La Maré master plan. Largest single-developer footprint on the island.
Four signals will define whether Bay Harbor Islands consolidates its position as a top-tier boutique submarket or sees activity slow as the existing pipeline delivers.
Indian Creek Residences and the La Maré Bay Collection are testing $5M to $9M+ pricing on units that, three years ago, would have struggled to clear $4M. The next Q4 closings will tell us whether buyers are paying ask, paying a discount, or walking away. Watch the trade-out reports on Onda for the leading indicator.
The micro-format is unproven at scale. Six new 9-unit buildings will deliver in the next 18 months. Their HOA economics, sales velocity at the 50% mark, and resale liquidity will determine whether the format becomes the new island default or remains a niche product.
The eastern and western shores of the island are now substantially built or in active construction. Future developments will likely come from teardown of mid-century walk-ups in the interior or land assemblage of two or three smaller parcels. The cost basis on those acquisitions will set the floor for the next pricing cycle.
Five years ago, "Bay Harbor Islands" was a real estate descriptor. Today it is becoming a recognized luxury brand on par with "Bal Harbour" or "Surfside" in buyer conversations. If this branding consolidation continues, the submarket will gain pricing power that allows it to push past the current $5M ceiling at the mid-tier and approach Bal Harbour Village benchmarks.
Eight data tables and three visualizations that surface the underlying economics of the Bay Harbor Islands pipeline. These are the metrics a developer, broker, or investor would build their own model from. Where data is publicly disclosed, it is sourced. Where it is not, the cell reads "Not disclosed" rather than a guess.
Site acquisitions on Bay Harbor Islands, 2017 to 2024. Total disclosed land basis exceeds $135 million across the active pipeline.
| Project | Parcel Cost | Year | Acres | $/Acre | Sellable SF* | $/Buildable SF | Source |
|---|---|---|---|---|---|---|---|
Onda Residences |
$20.5M | 2017 | 1.20 | $17.1M | ~109,000 | $188 | TRD |
Alana Bay Harbor |
$5.9M | 2018-22 | ~0.30 | ~$19.7M | ~43,000 | $137 | TRD |
The Well Bay Harbor† |
$31.5M | 2021 | 1.82 | $17.3M | ~120,000 | $263 | TRD |
Bay Harbor Towers |
$32.0M | 2022 | 1.03 | $31.1M | ~140,000 | $229 | TRD |
La Baia North |
$12.0M | 2021 | ~0.50 | ~$24.0M | ~100,000 | $120 | TRD |
La Maré (combined) |
$22.5M | 2022 | ~1.20 | ~$18.8M | ~135,000 | $167 | TRD |
La Maré Bay Collection |
$4.5M | 2022 | 0.30 | $15.0M | ~38,000 | $118 | TRD |
Origin by Artefacto |
$4.5M | 2021 | 0.50 | $9.0M | ~58,000 | $78 | TRD |
Pool Haus |
$5.6M | 2022 | 0.50 | $11.2M | ~50,000 | $112 | TRD |
Solina Bay Harbor |
$2.2M | 2022 | 0.30 | $7.3M | ~18,000 | $122 | TRD |
Indian Creek Residences |
$8.5M | Sept 2022 | ~0.40 | ~$21.3M | ~42,000 | $202 | TRD |
Aire Residences Boutique |
$7.5M | 2024 | ~0.30 | ~$25.0M | ~14,000 | $536 | TRD |
9900 West |
Not disclosed | — | — | — | ~67,000 | — | — |
ALMA Bay Harbor |
Not disclosed | — | — | — | ~31,000 | — | — |
MILA Residences |
Not disclosed | — | — | — | ~27,000 | — | — |
La Maré Bay Villa |
Not disclosed | — | — | — | ~9,500 | — | — |
*Sellable SF estimated as units multiplied by midpoint of disclosed unit size range. Includes residential only, excludes amenity and circulation space. †The Well is a mixed-use site, residential allocation is partial.
Total projected sellout per project, calculated as units multiplied by average asking price. Aggregate Bay Harbor Islands new construction sellout exceeds $1.5 billion.
| Project | Units | Average Asking $/SF | Avg Unit Size (SF) | Avg Unit Price | Total Sellout |
|---|---|---|---|---|---|
Onda Residences |
41 | $1,500 | 2,650 | $3.98M | $163M |
Alana Bay Harbor |
30 | $1,200 | 1,445 | $1.73M | $52M |
The Well Bay Harbor |
66 | $1,400 | 2,100 | $2.94M | $194M |
Bay Harbor Towers |
44 | $1,650 | 3,200 | $5.28M | $232M |
La Baia North |
57 | $1,500 | 1,750 | $2.63M | $150M |
La Maré Regency Collection |
33 | $1,550 | 2,400 | $3.72M | $123M |
La Maré Signature Collection |
9 | $1,650 | 3,200 | $5.28M | $48M |
La Maré Bay Collection |
9 | $1,700 | 4,140 | $7.04M | $63M |
La Maré Bay Villa Collection |
3 | $1,400 | 3,150 | $4.41M | $13M |
ALMA Bay Harbor |
9 | $1,500 | 3,470 | $5.21M | $47M |
MILA Residences |
9 | $1,500 | 3,000 | $4.50M | $41M |
Origin by Artefacto |
27 | $1,800 | 2,150 | $3.87M | $104M |
Pool Haus |
18 | $1,000 | 2,800 | $2.80M | $50M |
Solina Bay Harbor |
9 | $1,300 | 2,000 | $2.60M | $23M |
9900 West |
23 | $1,238 | 2,960 | $3.66M | $84M |
Indian Creek Residences |
9 | $1,600 | 4,650 | $7.44M | $67M |
| Total Bay Harbor Sellout | 396 | $1,495 avg | — | — | $1.45B |
Sales velocity expressed as units sold per month since launch, plus the construction window from groundbreaking to expected delivery.
| Project | Sales Launch | Months Active | Units Sold | Absorption /Mo | Groundbreaking | Est. Delivery | GB to Delivery |
|---|---|---|---|---|---|---|---|
Onda Residences |
Q1 2021 | ~36 | 39 of 41 | 1.08 | Q4 2021 | Q1 2024 | ~27 mo |
Alana Bay Harbor |
2022 (relaunch) | ~24 | ~26 of 30 | 1.08 | May 2023 | Late 2024 | ~18 mo |
The Well Bay Harbor |
2022 | ~36 | ~56 of 66 | 1.56 | Q3 2023 | Q3 2025 | ~24 mo |
Bay Harbor Towers |
Q1 2024 | ~24 | ~18 of 44 | 0.75 | Mid 2024 | Q3 2026 | ~26 mo |
La Baia North |
Oct 2022 | ~42 | ~37 of 57 | 0.88 | Oct 2024 | Q1 2027 | ~28 mo |
La Maré Regency Collection |
Q3 2023 | ~30 | ~20 of 33 | 0.67 | Dec 2024 | Q2 2026 | ~18 mo |
La Maré Signature Collection |
Q3 2023 | ~30 | ~4 of 9 | 0.13 | Sept 2024 | Early 2026 | ~18 mo |
Origin by Artefacto |
Q3 2023 | ~30 | 20 of 27 | 0.67 | April 2025 | Late 2026 | ~18 mo |
Solina Bay Harbor |
2024 | ~18 | ~5 of 9 | 0.28 | Mid 2024 | Q4 2025 | ~18 mo |
9900 West |
2024 | ~24 | ~9 of 23 | 0.38 | 2024 | Q3 2026 | ~24 mo |
Indian Creek Residences |
2023 | ~30 | ~7 of 9 | 0.23 | Feb 2024 | Q4 2026 | ~33 mo |
Pool Haus |
Oct 2024 | ~18 | Not disclosed | — | Pending | 2027 | — |
La Maré Bay Collection |
2024 | ~18 | Not disclosed | — | Pending | 2026 | — |
ALMA / MILA |
By appointment | — | Private | — | Pending | TBD | — |
Median absorption across the active pipeline: 0.67 units per month. Top performers (The Well, Onda, Alana) cluster around 1.0 to 1.6 units per month. The Maré Signature Collection's slow absorption reflects its 9-unit micro-format where each contract represents 11% of the building.
Cash-out structure, rental flexibility, and carrying costs for every active project. The most important table in this report for any buyer running a yield calculation.
| Project | Down at Contract | Pre-Close Total | Rental Policy | HOA $/SF/Mo | Asking $/SF | Comp Resale $/SF* |
|---|---|---|---|---|---|---|
Onda Residences |
20% | 40% | 6M Min / 2x Year | $1.65 | $1,500 | $1,525 (active) |
Alana Bay Harbor |
20% | 40% | 30 Day / 12x Year | $1.45 | $1,200 | $1,123 (active) |
The Well Bay Harbor |
20% | 40% | 6M Min / 2x Year | $1.85 | $1,400 | — |
Bay Harbor Towers |
20% | 40% | 6M Min / 2x Year | $1.75 | $1,650 | — |
La Baia North |
20% | 40% | 3M Min / 4x Year | $1.50 | $1,500 | — |
La Maré Regency Collection |
20% | 40% | 3M Min / 4x Year | $1.20 | $1,550 | — |
La Maré Signature Collection |
20% | 40% | 3M Min / 4x Year | $1.20 | $1,650 | — |
La Maré Bay Collection |
20% | 40% | 3M Min / 4x Year | $1.20 | $1,700 | — |
La Maré Bay Villa |
20% | 40% | 3M Min / 4x Year | $0.29 | $1,400 | — |
Origin by Artefacto |
20% | 40% | 4M Min / 3x Year | $1.40 | $1,800 | — |
Pool Haus |
20% | 40% | Pending | $1.10 | $1,000 | — |
Solina Bay Harbor |
20% | 40% | 30 Day / 12x Year | $1.20 | $1,300 | — |
9900 West |
20% | 40% | 4M Min / 3x Year | $1.30 | $1,238 | — |
Indian Creek Residences |
20% | 40% | 6M Min / 2x Year | $1.50 | $1,600 | — |
*Comparable resale data only available where deliveries have occurred. Onda (delivered Q1 2024) and Alana (delivered late 2024) are the only directly comparable benchmarks. Source: MyBrokerOne, MiamiCondoLifestyle MLS aggregations, April 2026.
Gross and net yield projections based on observed Bay Harbor boutique rental rates from delivered comparables. Net yield assumes HOA, property tax (1.8% of purchase price), and insurance.
| Scenario | Purchase Price | Est. Rent / Mo | Annual Rent | Gross Yield | Annual HOA | Annual Tax | Net Yield |
|---|---|---|---|---|---|---|---|
| Entry tier (Alana/La Baia 2BR) | $1,500,000 | $6,500 | $78,000 | 5.20% | $24,500 | $27,000 | 1.77% |
| Mid tier (La Maré Regency 3BR) | $2,875,000 | $11,000 | $132,000 | 4.59% | $34,500 | $51,750 | 1.59% |
| Upper tier (Onda/Indian Creek) | $5,600,000 | $19,000 | $228,000 | 4.07% | $66,000 | $100,800 | 1.09% |
Net yields cluster between 1.0% and 1.8% across all tiers. Bay Harbor Islands is functionally an appreciation market, not a cash-flow market. Buyers underwriting to current cash flow alone will be disappointed. Buyers underwriting to appreciation plus pre-construction discount have a defensible thesis at the entry tier.
Sponsor risk classification based on prior delivery history. Tier 1 developers have completed multiple Miami luxury projects on schedule. Tier 2 are established elsewhere but newer to South Florida. Tier 3 are emerging entrants.
Average asking price per SF for new construction across the four key Northern Miami-Dade luxury submarkets, based on Q1 2026 data. Bay Harbor Islands sits at a meaningful discount to its oceanfront neighbors.
Bay Harbor Islands trades at roughly 33% of Bal Harbour pricing and 53% of Surfside / Sunny Isles, while sharing the same five-minute walk to Bal Harbour Shops. The pricing gap is the single strongest argument for the submarket. Source: Q1 2026 South Florida New Development Market Report (Nelson Duque, Jan 30, 2026).
Active pipeline stacked by expected delivery quarter. Q4 2025 to Q1 2027 will see the bulk of new inventory hit the market.
Q3 2026 is the peak delivery window with approximately 67 units coming online from three buildings. Watch this quarter for pricing pressure, particularly on resales of newly closed Onda and Alana inventory as those owners reach the end of their initial occupancy period.
Percentage sold relative to months active in market. Top-right quadrant is mature and converted. Bottom-right is mature but slow. Top-left is fast-converting newer launches.
Indian Creek Residences is the standout outperformer: 80% sold on a 9-unit luxury offering at $5M+ entry. Onda, Alana, and The Well have all converted at scale. La Maré Signature and Bay Harbor Towers sit in the slower quadrant relative to time on market, but both have passed the foundation stage where conversion typically accelerates.