On January 30, 2026, two different residences inside the Four Seasons Residences at The Surf Club closed on the same day. One went for $17 million, a 4,323-square-foot four-bedroom at 9001 Collins Avenue that had traded in 2020 for about $5.2 million. The other went for $33 million, or about $4,500 per square foot, a 7,400-square-foot unit with seven bedrooms at the same address.
A buyer looking at those two prints and trying to reverse-engineer a market rate for the building will come up short. The gap isn't a floor plan story or a view story. It's that the resale ceiling at 9001 and 9111 Collins is no longer being written by resales at all. It's being written by the new-construction pipeline that Nadim Ashi's Fort Partners has stitched onto the same nine-acre compound.
The Two January Prints, Read Side by Side
The $17 million closing is the cleaner data point. The apartment was brought back to market in mid-2025 at roughly $18.75 million before ultimately closing below that asking price. A 2020 basis of about $5.2 million, a 2026 exit at $17 million, six years of Four Seasons carrying costs in between. The trade line is legible and the discount off the last ask is roughly nine percent.
The $33 million closing does not read as cleanly. The unit last sold in 2018 for $21 million, then it went back on the market in 2024 with an asking price of $42 million. Ximena Penuela with Fort Realty represented the seller, SCS 1011 LLC, and Miltiadis Kastanis with Compass brought the buyer, a trust. Two years on market, a final print at 79% of the ask, and a seller entity aligned with the same developer building the new inventory next door. Read together, the two January prints show a resale market where the top of the stack is negotiable and the middle of the stack is not.
What Seaway North Did to the Comp Set
The competitive pressure on those resale sellers has a specific address. Nadim Ashi's Fort Partners closed its first four sales in the newly completed Seaway at the Surf Club North in Surfside for a total of $161.2 million. Fort affiliate Hillcrest Land LLC sold the units in the 11-story, 10-unit building at 9165 Collins Avenue to a smattering of hidden buyers. Ten units, four gone, an average of roughly $40 million on the first tranche.
The economics behind the building tell the underwriting story. Fort bought the 1-acre site for the condominium for $41.5 million in 2023. Ashi tapped ODP Architecture to design the Seaway North, and started construction in 2024 after securing a $107.6 million construction loan from Madison Realty Capital. Seaway North buyers are also not walking into an amenity-thin building. As part of the extended Surf Club compound, the Seaway North provides residents access to the Surf Club's four pools, private club, restaurants and other amenities.
That last sentence is the entire mechanism. A new-construction buyer at 9165 Collins gets Richard Meier's neighbors, the Four Seasons service culture, and the hotel-serviced beachfront without a 2017-vintage floor plan. A resale seller at 9001 or 9111 Collins is now underwriting against product a developer priced yesterday.
The resale premium at 9001 and 9111 Collins is not a single number. It is the spread between what the original owner-occupier paid for the Richard Meier tower plus hotel service, and what the same amenity access now costs in a taller-priced new-construction unit twenty yards to the north.
Three Products, One Compound
The compound now sells three distinct products at three distinct price mechanics. A buyer treating them as one line item on a spreadsheet is not doing the work.
| Product | Address | Vintage | 2026 pricing signal |
|---|---|---|---|
| Meier resale, standard floor | 9001 / 9111 Collins | 2017 delivery | ~$17M print, ~$3,970/sf average asking as of July 6, 2026 |
| Meier resale, trophy floor | 9001 Collins | 2017 delivery | $33M print at ~$4,500/sf; $44M March penthouse trade |
| New-construction, Fort Partners | 9165 Collins (Seaway North) | 2026 delivery | ~$40M average across first four closings |
The July 2026 baseline for standard-floor resale reads 3 units listed, 115 days average on market, an average of $3,973.25 per square foot, and a median list price of $6,975,000. Those numbers describe the middle of the stack. They do not describe the top, and they do not describe what a buyer would pay for a Seaway North floor plan.
Who Is Actually Buying, and Why It Matters
The names on the recent trades are a signal, not just gossip. Earlier this month, New York real estate developer Richard Cohen bought a $20.5 million condo in the Surf Club, with plans to make the unit his primary residence. In March, ex-Starbucks CEO Howard Schultz paid $44 million for a penthouse at the Surf Club, also for a primary residence. Both trades were flagged as primary residences, not seasonal use. That is the buyer profile lifting the ceiling.
The deals are the latest pricey sales in the Surf Club complex of condos, which has seen a wave of wealth migration-fueled deals. A resale seller pricing against a primary-residence buyer pool has a different negotiation than one pricing against a seasonal or investment buyer pool. Days on market compress at the top and extend in the middle, which is exactly what the January prints show.
What the Compound Premium Actually Buys
The resale premium at 9001 and 9111 Collins compounds four things that most buyers price as one:
- 965 feet of oceanfront across a nine-acre site, one of the largest oceanfront frontages of any residential enclave in South Florida
- The Four Seasons hotel service culture and staffing model, integrated on the same property
- Richard Meier's exterior and interior architecture for the two twelve-story residential towers, with 150 residences in total
- Access to the Surf Club's private club, four pools, restaurants and spa
Part of the draw is the blend of private-residence scale with hotel-style services. Owners at The Surf Club tap into restaurant, spa and private-beach offerings along with staffed amenities that appeal to buyers who want a turnkey beachfront setup. A Seaway North buyer receives the amenity access without the Meier tower. That distinction is what the market is now pricing.
Diligence for a Resale Buyer Inside the Compound
A serious buyer at 9001 or 9111 Collins in the back half of 2026 should be doing four things before writing an offer:
- Pull the closed comps at both Meier addresses for the trailing twelve months and separate them by exposure, floor band, and terrace depth. A $4,500 per square foot print on a trophy floor is not a comp for a mid-floor line.
- Model the Seaway North closings as a ceiling test. If new-construction floors are trading around $40 million, a resale ask above that number must justify the delta on view, layout, or scale, not on brand alone.
- Read the reserve study and the maintenance history for the tower being purchased. The hotel-service model does not exempt the residential associations from Florida's post-2022 structural and reserve requirements, and the buyer's monthly carry is a real number that should be underwritten against the current fee schedule, not the marketing sheet.
- Confirm the current scope of hotel services available to owners in writing. The service package is contractual and it is the largest component of the compound premium.
What This Changes for a Seller
A seller at 9001 or 9111 Collins in 2026 is pricing into a market where the buyer has an alternative that did not exist in 2023. The alternative is one hundred yards up the beach and it is new. The pricing discipline that produced the $17 million January print, a nine percent trim off the last ask on a shorter marketing timeline, is a better template than the one that produced the $33 million January print, which took two years and a nearly twenty-one percent trim.
The market has moved from "list high and wait" to "price to the Seaway North comp and negotiate on scale." That is the shift the median numbers do not capture.
FAQ
Is the Four Seasons Surf Club still setting price records in Surfside? Yes, but the records are being set inside the extended compound rather than exclusively inside the two Meier towers. The Seaway North is the latest in a series of projects attached to Ashi's Four Seasons Residences at the Surf Club, which have proven enormously popular with Miami's luxury buyers and set multiple price records in recent years.
Do Seaway North owners really get the same access as Meier tower residents? The developer's public position is that Seaway North residents access the Surf Club amenity set including the four pools, private club and restaurants. The specific scope for any individual buyer should be confirmed in the purchase documents before closing.
What does the resale inventory look like right now? As of mid-July 2026, active listings at 9001 and 9111 Collins ranged from roughly $5.7 million at the entry to $31.5 million at the top of the stack, with a small standing inventory and average marketing times above one hundred days on standard-floor product.
If you are underwriting a purchase or preparing a sale inside the Surf Club compound, the useful conversation is about which of the three product tiers your unit actually competes with. Bryan Halda and The Halda Group at Compass work quietly with buyers and sellers on Collins Avenue and welcome a confidential call. Let's Connect.
