AROUND $500K

1) Established Condo Resales

North Bay Village had a skyline long before the current crop of cranes arrived, and at $500K, buyers are shopping from the city's earlier generation.

The resale market is deep, with one- to three-bedroom condos spread across Harbor Island, Treasure Island, and the causeway, often in buildings from the 1960s through the 2000s.

Current choices range from smaller one-bedroom units in the $200Ks to two- and three-bedroom homes around $400K–$500K, while recent sales show the same broad spread.

That can mean roughly 700 to 1,300 square feet, although some older units surprise you with more room than their newer counterparts.

Water is never very far away at this tier, either.

Depending on the building and floor, buyers may get a balcony overlooking Biscayne Bay, the Miami skyline, or the surrounding islands, along with parking, a pool, fitness space, or even marina access.

Grandview Palace, for example, currently has two-bedroom units around $395K–$459K with roughly 1,000–1,360 square feet, and some include bay views and multiple parking spaces.

The tradeoff comes with the building age and everything required to keep a waterfront condo functioning well.

Association dues can be substantial, and buyers should look beyond the monthly number to reserves, insurance, completed structural work, and whether any major projects are waiting.

A renovated unit with a great view is much easier to enjoy when the association doesn't have an expensive surprise downstairs.

For $500K, North Bay Village offers a genuine way into island living, but the best purchase is usually the condo in a financially secure building.

AROUND $2M

1) Established Non-Waterfront Single-Family Homes

Another way to spend $2M in North Bay Village is to leave the condo towers behind and head onto the residential streets.

Detached homes around this budget are concentrated largely on North Bay Island and Treasure Island, where current listings include four- and five-bedroom properties from roughly $1.35M to just over $2M.

Many were built in the mid-20th century, so buyers are generally not shopping rows of brand-new houses.

Instead, you may find a renovated 1940s or 1950s home, sometimes with impact windows, a newer roof, an updated kitchen, a pool, or an addition that gave the original footprint more room to breathe.

Lots are commonly around 7,000 square feet, which is significant in a municipality where high-rise living makes private land a much scarcer commodity.

North Bay Island adds another distinction because its residential streets are gated, creating a quieter single-family pocket within a city better known for waterfront condo buildings.

A $2M buyer should still expect variation in condition, especially when older plumbing, electrical systems, drainage, or previous additions are involved.

That is not necessarily a drawback, but inspection is advised.

For someone who wants a yard, a pool, and a residential street without leaving a tiny island city between Miami and Miami Beach, this budget opens into one of North Bay Village’s most distinctive alternatives to condo living.

2) Large Luxury Waterfront Condo Resales

North Bay Village also has condos that look far different from the usual apartment floor plan.

At the upper end of the resale market, buildings such as Eloquence on the Bay offer residences approaching 2,500 square feet, with current four-bedroom units around $1.7M–$1.75M.

These are not simply larger versions of the $500K condos.

A two-story waterfront residence can come with 20-foot ceilings, several terraces, wide bay views, marina access, and enough interior space to make the transition from a detached home far less painful.

Some units even have large patios or outdoor areas close to the water, giving them a more residential character than a conventional tower apartment.

The monthly cost grows with the scale.

Current Eloquence listings around this level show association dues above $2,600 per month, so the convenience of shared amenities needs to be something the buyer genuinely values.

That fee can support pools, fitness facilities, marina access, security, and common-area upkeep, but it's also a factor before you can determine affordability.

For buyers who want the water directly outside the windows but have no interest in maintaining a yard or an entire waterfront structure, $2M can buy a distinct house-like condo experience in the Village.

3) New-Construction Luxury Condos

The newest version of North Bay Village is still being poured, framed, and sold.

After years dominated by older condo stock, several major projects are now adding a completely different product to the islands.

Continuum Club & Residences currently starts around $1.05M for a one-bedroom plus den, rises to about $1.45M for two bedrooms, and reaches roughly $1.97M for a two-bedroom plus den.

Tula Residences begins around $1.9M, with just 54 residences planned in a 21-story waterfront building.

Shoma Bay is much larger, with 333 residences and amenities that include a spa, hammam, golf simulators, coworking space, kids club, and a waterfront pool deck.

So a $2M buyer isn't simply choosing newer finishes, but buying into the version of North Bay Village that developers expect to compete with far more established luxury markets across the bay.

That comes with a different purchasing process, especially when a residence is still under construction and deposits are paid before handing the keys.

Timelines, deposit schedules, projected association fees, and exactly what the developer contract promises must be studied because a rendering is very good at showing sunsets and considerably less interested in explaining paperwork.

For buyers comfortable purchasing into the city’s next chapter rather than its existing skyline, $2M now provides options that North Bay Village barely had a few years ago.

AROUND $5M+

1) Newer Gated-Island Single-Family Homes

$5M buys privacy before it buys waterfront in North Bay Village.

Newer houses inside the gated island have created a small but established upper market for buyers who want contemporary single-family living without paying the direct-bay premium.

A 2018 home at 7501 Coquina Drive is currently asking about $4.75M for five bedrooms and 4,650 square feet, while a newly built 2026 residence at 7701 Coquina Drive is asking $5.45M for five bedrooms and 4,410 square feet.

These houses are dramatically larger and newer than the established homes available around $2M.

Here, pools, open-plan interiors, high ceilings, modern kitchens, large bedroom suites, and neat landscaping are much more realistic expectations.

The appeal is also geographic.

North Bay Island gives owners a single-family setting behind a controlled entrance while remaining surrounded by a municipality whose skyline is becoming increasingly vertical.

What the buyer does not get is direct Biscayne Bay behind the backyard, and on these islands that distinction is worth several million dollars.

For someone who wants a substantial modern house and would rather spend the premium on the residence itself than on a seawall and dock, $5M can make North Bay Island particularly compelling.

2) Established Bayfront Homes and Redevelopment Properties

Did you know that Treasure Island lets you spend roughly the same money for the bay?

Of course, that may have a renovation plan later.

A 1956 waterfront home at 1680 S Treasure Drive sold for $4.85M in March 2026, with four bedrooms, a 9,000-square-foot lot, 60 feet of bay frontage, and unobstructed views toward Miami.

The listing openly presented three possibilities—use the existing home, renovate it, or redevelop the site—which says plenty about how value works along this shoreline.

Nearby, 1510 S Treasure Drive sold for $6.15M in March 2026 despite the existing home dating to 1950.

At this level, buyers are paying for a direct position on Biscayne Bay, lot size, frontage, views, and boating access.

The house may be perfectly livable, but it might not be in the final chapter.

A buyer considering a major rebuild needs to understand current zoning, setbacks, elevation requirements, seawall condition, and how much of the lot can support the next residence.

At $5M–$6M, the most valuable feature may be the chance to create the house you want on a waterfront site that already has the hard part—the location.

3) Newer Trophy Bayfront Homes

Put a newer luxury house on that same water, and North Bay Village changes the tune instantly.

The current six-bedroom estate at 1460 S Treasure Drive is asking about $11M for roughly 6,800 square feet, a pool, dock, and wide-open bay views.

Another newer waterfront home at 7520 W Treasure Drive is asking nearly $14M for six bedrooms, about 4,700 square feet, and a private dock.

That gap from the older $5M–$6M waterfront market shows how much buyers at this level pay to combine the right site with a finished modern house.

Instead of inheriting a 1950s structure and deciding whether to renovate or rebuild, the expensive work has already been done.

The architecture is designed around the water, with larger openings, contemporary outdoor spaces, pools, docks, and entertaining areas positioned to use the bay rather than merely sit beside it.

Of course, newer does not remove the responsibilities that come with the shoreline.

Dock upkeep, seawalls, salt exposure, storm protection, and insurance remain part of owning a house directly on Biscayne Bay no matter how new the jacuzzi is.

For buyers who want the finished waterfront experience rather than a waterfront project, the realistic budget moves well beyond $5M and into eight figures surprisingly fast.

4) Ultra-Luxury New-Construction Condos and Penthouses

If you asked the locals a decade ago, Paganini wouldn't be a name associated with  North Bay Village condo shopping.

But it's here now, and Pagani Residences is under construction on West Drive, with residences starting around $3.9M and a private marina, rooftop pool, private garages, and services aimed squarely at the ultra-luxury market.

The building also has a separate penthouse collection with four- and five-bedroom layouts, private pools, hot tubs, and wraparound outdoor space.

This puts a multimillion-dollar branded residence on the same islands where established condos can still trade below $500K.

Here, the buyer is paying for new construction, direct water views, private marina access, low unit count, high-end service, and a global luxury brand that are being bundled into a product meant to compete far beyond North Bay Village itself.

It also opens a future-value question that inspires buyers to bet on how the municipality will look once the current wave of development is complete.

For someone who wants the newest, most serviced version of North Bay Village without owning a detached waterfront estate, $5M+ now has an answer that did not exist in the city’s previous real estate cycle.

THE REAL COST OF BUYING IN NORTH BAY VILLAGE

So, which budget works best in North Bay Village?