How Miami Condominiums Are Appraised

The building is the market

In a high-rise, the strongest comparable is almost always another unit in the same building — ideally the same line, which shares floor plan, exposure, and terrace configuration. Neighborhood sales matter far less than in a single-family assignment, because amenities, maintenance standards, and reserve health differ sharply from tower to tower along Brickell Avenue or Collins.

Floor height and view corridor

Higher floors often sell for more, but the premium is not a fixed per-floor figure. In a building where a mid-rise neighbor blocks the bay until the 20th floor, the value break occurs at that floor rather than spreading evenly. The appraiser plots same-line sales by floor and tests whether the pattern is supported before applying any adjustment.

• Direct ocean, direct bay, city, intracoastal, and pool-deck views price differently
• Corner and end units frequently carry a premium for light and terrace width
• A protected view can be worth more than a higher floor with future obstruction risk

Fees, assessments, and reserves

Monthly maintenance affects how much price a buyer can carry, and since Florida's milestone inspection and structural reserve requirements took effect, pending assessments have become a central marketability question. The appraiser identifies whether an assessment is levied, pending, or funded, states how it was treated, and supports that treatment with sales evidence rather than assumption.

Interior condition and renovation quality

Two units in the same line can differ by a wide margin when one is original and the other has been fully rebuilt. The appraiser rates quality and condition on the same scale across all comparables, and distinguishes designer-grade work from cosmetic refresh, because the market pays differently for each.

When outside comparables are necessary

Newer towers, small boutique buildings, and lines with no recent turnover may not offer usable in-building sales. The appraiser then moves to competing buildings of similar age, quality, amenity level, and location, and discloses the reasoning. Widening the search is a judgment call that the report should explain, not hide.