Tiny North Bay Village Embraces $2 Billion In New Condo Developments Through 2030

Miami Real Estate Investing Podcast With Peter Zalewski

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Introducing the new weekly podcast The Peter Zalewski Show that features interviews with South Florida business leaders focused on real estate, finance and the economy.

The program - hosted by Peter Zalewski of the Miami Condo Investing Club™ - is broadcast live every Wednesday at 4 pm (Miami time) at MiamiCondo.Club and on social media sites.

The objective of the show is to deliver straight talk, share institutional knowledge and provide data-driven analysis on the macro and micro economic forces shaping South Florida.

In the Oct. 22, 2025, episode of The Peter Zalewski Show podcast, host Peter Zalewski interviews Andy Daro, a real estate professional and the leader of The Daro Team with Compass Real Estate and a commissioner for the City of North Bay Village.

The discussion focused on the history of the three-island municipality, the political challenges of managing a $2 billion new development pipeline and the contrasting valuations between new luxury towers and the existing stock of Vintage condos that are at least 30 years old.

Daro described the North Bay Village market cycle as having transitioned from its historically seasonal status to a mega metropolitan year-round business center, largely fueled by post-pandemic migration.

Zalewski countered this by framing the South Florida real estate year in two distinct seasons: the Winter Buying Season (November through April) for shopping and kicking tires, and the Summer Buying Season (May through October) for transacting and closing deals.

Daro acknowledged that while business now occurs year-round, the traditional winter months still represent the peak season for realtors and sales activity.

Daro, who relocated from New York to Miami-Dade County, ultimately settled in North Bay Village in 2017, driven by the high value of waterfront condos compared to prices in areas like the Brickell Avenue Area submarket of Greater Downtown Miami.

He noted that two-bedroom, water-view units were selling for less than $500,000, a stark contrast to the higher costs of one-bedroom units elsewhere.

His passion for the area led to his election as a commissioner, making him highly visible to the nearly 9,000 residents in the small, engaged island community.

Daro confirmed that North Bay Village has close to $2 billion in new development projects in its pipeline, a figure he supports due to the critical need for tax dollars and infrastructure upgrades within the city’s tight $11 million annual operating budget.

The city has not seen new condo construction since 2008, but the current wave includes major players such as Continuum Club & Residences and Pagani Residences and the Related Group has approved two projects totaling more than 400 residences.

In total, Daro estimates the current pipeline will deliver between 2,000 to 3,000 new residences, which could increase the city’s population by 20 percent to 40 percent in the next five years.

Zalewski endorsed Daro’s prodevelopment stance, arguing that historical data from the Great Recession proved new development is necessary to bolster the tax base and maintain solvent credit ratings, urging critics to become “YIMBYs.”

Daro emphasized that new construction is selling at an average blended price of $1,500 per square foot, placing it at the highend luxury tier alongside downtown Miami and Miami Beach product.

However, the existing resale market offers strong value, with units trading below $500 per square foot, a substantial variance suggesting that the new development is an inevitable rising tide that will lift all property values.

A significant community enhancement is the Island Walk, a roughly two-mile-long continuous waterfront path being required by new developments on North Bay Village’s Harbor and Treasure islands.

This enhancement, comparable to the path around Brickell Key, is viewed by Zalewski as adding long-term value and putting the community on the map, despite resistance from a minority of existing residents.

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