📍 Five Park: A Closer Look at Miami Beach’s Hidden Condo Supply
What if I told you that roughly 36% of Five Park in Miami Beach may still be available for purchase—but a large portion of that inventory isn’t even visible on the MLS?
As a luxury project newly delivered to the market, Five Park offers more than meets the eye. While a quick MLS search shows just 33 active listings, public records reveal that the developer still owns 53 units—which could significantly impact both pricing and perception in the marketplace.
Let’s explore the real numbers, and why they matter for buyers, sellers, and agents alike.
🏢 Project Overview: Welcome to Five Park
Located at 500 Alton Road and 501 West Avenue, Five Park stands tall on the western edge of South Beach, bringing new energy and skyline presence to the neighborhood.
The building began closings around November 2024 and includes 226 total residences spanning one to four-bedroom layouts.
Amenities include:
- Rooftop sky deck with ocean and city views
- Luxury spa and wellness center
- High-tech coworking spaces
- Fitness studios and yoga rooms
- Children’s learning lab + teen club
- Pet spa
- Private resident-only park next door
It’s an impressive addition to Miami Beach’s limited supply of new construction luxury condos.
📊 What the MLS Shows vs What’s Really Available
As of July 10, 2025:
- The MLS lists 33 active units
- 29 are resales
- 4 are developer listings
However, public records from the property appraiser’s office reveal that TCH 500 Alton LLC, the developer entity, still owns 53 units outright.
Combine those 53 units with the 29 resales, and the true available or potential inventory sits at 82 units—that’s over 36% of the entire building still up for grabs.
📌 Takeaway: Most buyers and even agents are operating with incomplete information if they’re only looking at the MLS.
🔍 Floorplan Breakdown: Where the Hidden Units Are
Let’s take one-bedrooms as an example.
According to the records:
- The developer still owns 9 units in line 04
- And 5 units in line 08
That’s 14 one-bedroom units held by the developer.
But the MLS only shows 7 total one-bedroom listings, just 1 of which is developer-owned.
When we combine public records and MLS data, it’s likely there are around 20 total one-bedroom units still available—not 7.
📈 That’s nearly 3x more inventory than the market might assume.
💰 Price Reductions & Developer Strategy
Of the 33 MLS-listed units, 11 have already seen price reductions.
That could signal shifting expectations from resale owners—or it might reflect the normal price discovery process for a newly delivered building.
Interestingly, most of the developer-held inventory is not actively listed, a common strategy in phased selling. Developers often:
- List a limited number of units
- Monitor market response
- Adjust timing and pricing for future releases
By holding back units, they retain leverage and avoid flooding the market with supply.
💡 Why This Hidden Inventory Matters
For Buyers:
- You may think there’s limited selection—when in fact, you may have more choices and stronger negotiating power.
For Sellers:
- You might be competing with a quiet wave of developer inventory that isn’t listed publicly but affects pricing and absorption.
For Agents:
- If you’re only looking at the MLS, you’re only seeing half the chessboard.
- Use public records to build your strategy and better guide your clients.
📣 Have you seen similar hidden inventory situations in your building? Let me know in the comments.
🧭 What’s Next: Developer Behavior & Market Outlook
If the developer decides to list more of its 53 remaining units, inventory could increase rapidly—and that could apply downward pressure on resale pricing, especially with interest rates still elevated.
But if they choose to hold inventory, it could signal long-term confidence and create scarcity value.
Either way, it’s clear: a significant percentage of Five Park is still unsold, and how that inventory is released will shape pricing and buyer behavior for months to come.
✅ Key Takeaways
- 📌 Five Park has 226 total units
- 🏗️ 53 units are still owned by the developer
- 📉 MLS shows just 33 active listings—far below the true supply
- 🛏️ One-bedroom inventory appears significantly undercounted
- 💵 11 MLS units already show price reductions
- 📊 Developers may be holding back supply intentionally
The Bottom Line:
Whether you’re buying, selling, or advising in this market—look beyond the MLS, use public records, and stay ahead of the curve.
Subscribe for weekly real estate breakdowns you won’t find anywhere else.