Miramar Real Estate Market 2026: What the Latest Sales Data Shows
Miramar · Market Reports · Puerto Rico Real Estate · Luxury Real Estate Lizvette Robles September 29, 2026
Miramar · Market Reports · Puerto Rico Real Estate · Luxury Real Estate Lizvette Robles September 29, 2026
Miramar is often discussed as though it were one relatively small residential market. The 2026 sales data tells a more complicated story. Within the Miramar transactions identified in the MLS dataset analyzed by InvEstate Puerto Rico, closed prices ranged from only $440,000 to $6.65 million.
That is not a normal pricing spread for a market that should be analyzed using one neighborhood average. It reflects what Miramar increasingly represents: multiple property markets operating within the same neighborhood. Established condominiums.
Renovation opportunities. Large luxury residences. High-end towers. Historic properties. And now a new generation of luxury development.
Based on the Miramar properties identified within the supplied 2026 MLS export, five transactions had closed, generating approximately $16.14 million in closed sales volume. But the most important finding is not the number of transactions. It is where the money moved.
2026 Market Metric | Result |
|---|---|
Closed sales identified | 5 |
Closed sales volume | $16.14M |
Median closed price | $2.55M |
Average closed price | $3.23M |
Closed-price range | $440K–$6.65M |
Median sold $/SF | $1,036/SF |
$1M+ closed sales | 3 |
$1M+ share of transactions | 60% |
$1M+ closed volume | $15.1M |
$1M+ share of total volume | 94% |
Cash transactions | 4 of 5 — 80% |
Pending / accepting backups identified | 4 |
The five closed transactions identified in the dataset were Naranjos PH-1 at $440,000, Palma Real 9E at $599,000, The Cosmopolitan 1404 at $2.55M, The Cosmopolitan 1602 at $5.9M and Excelsior Tower 1501 at $6.65M. The immediate takeaway: 60% of the closed transactions generated approximately 94% of the total dollar volume. That is a highly concentrated luxury market.
The five closed Miramar transactions analyzed generated approximately: $16.14 million in total closed volume. The median sale price was: $2.55 million. At first glance, that median could make Miramar appear to be almost entirely a multimillion-dollar luxury market.
It is not that simple. The actual sales ranged from: $440,000; to; and $6,650,000. That spread is enormous. And it demonstrates why the median needs context. The $2.55 million median is being influenced by a very small set of transactions containing several exceptional high-end residences.
It should not be interpreted as:
“A typical Miramar property is worth $2.55 million.”
That would misuse the data.
This may be the strongest statistic in the report. Three of the five Miramar closed transactions sold for $1 million or more. Those three sales generated: $15.1 million of the market's approximately $16.14 million in total closed volume. In other words: 60% of the transactions accounted for approximately 94% of the dollar volume. The other two transactions combined represented only about $1.04 million.
This tells us something important about the 2026 dataset: Miramar's upper end is disproportionately influencing the economics of the market. Transaction count alone does not explain what is happening.
The individual transactions provide more insight than the neighborhood median. Naranjos PH-1, $440,000. The two-level penthouse at Naranjos closed March 30, 2026 for $440,000. The MLS reported approximately: 2,001 SF and $219.89/SF. It was recorded as seller-financed.
This sale occupies a completely different market position from Miramar's multimillion-dollar luxury transactions. It is an excellent example of why a single Miramar price-per-square-foot figure can be misleading. Palma Real, $599,000.
A three-bedroom residence at 2 Calle Madrid, Palma Real closed May 29, 2026 for: $599,000 The MLS reported: 1,441 SF and approximately $416/SF. The transaction was recorded as cash. Now compare that with Miramar's next identified transaction. The market jumps from approximately $416/SF to more than $1,000/SF.
Same neighborhood. Very different product.
Residence 1404 at 555 Monserrate Street closed May 8, 2026 for: $2,550,000 The MLS reported approximately: 2,461 SF and $1,036/SF. It was recorded as a cash transaction. This transaction is important because it represents Miramar's established luxury condominium segment.
The sale price is more than four times the Palma Real transaction. The reported price per square foot is also approximately two-and-a-half times higher. Geographic proximity does not eliminate those differences.
Only three days before the 1404 closing, another residence in the same building closed for: $5,900,000 Residence 1602 reported approximately: 5,332 SF and $1,107/SF. The transaction was also reported as cash. This sale tells us something else important. Even within one luxury condominium, residence size and configuration can completely change the transaction price.
A $2.55 million unit and a $5.9 million unit can both be legitimate sales in the same building. Same building does not mean same value.
The highest Miramar transaction identified in the dataset was:
The sale closed March 27, 2026. The MLS reported approximately: 5,886 SF of living area and $1,130/SF. It was recorded as a cash transaction. That closing sits at a completely different end of Miramar's market from Naranjos or Palma Real.
And yet all of them are technically Miramar sales. That is precisely the point. $220/SF vs. $1,130/SF Look at the extremes within the closed-sale dataset. Naranjos: $220/SF
Excelsior Tower: $1,130/SF That is more than a fivefold difference in reported sold price per square foot. The variation is too large to dismiss as normal negotiation. It reflects fundamentally different products.
The dataset itself reports approximately $219.89/SF at Naranjos, $415.68/SF at Palma Real, $1,036.16/SF and $1,106.53/SF for the two Cosmopolitan transactions, and $1,129.80/SF at Excelsior Tower. Therefore: “What is the average price per square foot in Miramar?” is not enough.
The better question is: “What type of Miramar property am I comparing?”
Across the five closed transactions, the median reported sold price per square foot was approximately: $1,036/SF. That sounds like a strong neighborhood benchmark. But I would not use $1,036/SF to value a generic Miramar property.
Why? Because three of the five sales are high-end luxury residences trading above $1,000/SF. The lower-end transactions were approximately: $220/SF and $416/SF.
The sample is also small. So the median tells us something about the mix of transactions that closed in this particular dataset. It does not create a universal Miramar valuation rate.
Four of the five Miramar transactions were reported as cash purchases. That represents: 80% of the closed transactions analyzed. The only transaction not recorded as cash was Naranjos, which was reported as seller-financed.
Palma Real and both Cosmopolitan transactions were cash, as was Excelsior Tower. Among the three $1M+ transactions: 100% were reported as cash. Again, the sample is small.
We should not claim that every Miramar luxury buyer pays cash. But within this specific 2026 closed-sale dataset, high-end purchasing activity was clearly cash-heavy.
Miramar's 2026 data bears some resemblance to what we have observed in other segmented Puerto Rico luxury markets. A relatively small number of high-value transactions can move the majority of the dollar volume. In Miramar, the effect is particularly dramatic: 3 sales, generated, $15.1 million, of and $16.14 million total volume.
This means that evaluating market strength based only on transaction count can miss the most important part of the story. Miramar does not need dozens of multimillion-dollar closings for its luxury segment to materially influence the market.
The Naranjos and Palma Real transactions matter too. Together, they demonstrate that buyers can still encounter established Miramar condominium inventory at significantly lower price points than the neighborhood's marquee luxury sales. That is important for the way we describe Miramar.
The market is not: “Everything is $2M+.” And it is not: “Miramar is the affordable alternative to Condado.” Neither description captures the data. The better interpretation is: Miramar contains multiple residential markets stacked on top of each other.
The supplied MLS dataset also contained four Miramar properties recorded as pending or pending-accepting-backups. They included: Miramar Royal Towers, 706 Roosevelt Avenue, $850,000 current price 603 Elliot Street, $925,000; 609 Miramar Avenue, $995,000; and 652 Calle Hernández, $1.45 million. Those properties are particularly interesting because the product mix differs substantially. The pending set includes condominiums and a single-family residence. But their current asking prices are not closed-sale evidence.
This distinction is necessary when analyzing the market. An asking price tells us: where a seller is attempting to position a property. A pending transaction tells us: a buyer and seller reached an agreement subject to closing.
A closed sale tells us: where the transaction actually completed. Those three numbers should never be treated as interchangeable. The pending properties can help us understand where current buyer activity exists.
But they should not be included in: closed sales volume, median closed price, sold price per square foot, or closed-market appreciation calculations.
There is another interesting signal in the pending data. All four of the Miramar pending properties identified in the export were currently priced between: $850,000 and $1.45 million. That sits well below the $2.55M, $6.65M upper end represented by the luxury closings.
This may suggest that current transaction activity is occurring across more than just Miramar's highest luxury tier. But until those properties close, we should not use them to declare a new pricing trend. They are market signals, not completed evidence.
Miramar differs from Condado in one particularly important way: its housing stock is more varied. A buyer may encounter: historic properties, traditional condominiums, renovated luxury residences, large penthouses, and new construction. That means property type should be established before the comparable search begins. A historic residence should not automatically be valued from a modern luxury condo. And a traditional apartment should not be valued from a 5,000-square-foot high-end residence merely because both addresses say Miramar.
The two 2026 closings at 555 Monserrate are particularly useful because they provide more than one transaction within the same luxury building. Residence 1404: $2.55M; 2,461 SF; and $1,036/SF. Residence 1602: $5.9M; 5,332 SF; and $1,107/SF.
Both traded above $1,000/SF. That gives us stronger evidence that a distinct established luxury condominium segment exists in Miramar. But even here, we should not simply assign $1,070/SF to every unit in the building.
Floor, condition, view, terrace, parking, renovation and layout. And residence size still matter.
The $6.65 million Excelsior Tower closing demonstrates that Miramar's luxury market is not limited to one building. Its reported $1,130/SF sale sits close to the approximately $1,107/SF achieved by Cosmopolitan 1602. That does not mean the buildings are interchangeable.
But it does provide another data point supporting a multimillion-dollar high-end urban segment within Miramar. For buyers and sellers, this is much more useful than saying: “Miramar averages X.” We can begin identifying which properties participate in the same luxury buyer pool.
Miramar's existing sales evidence is already segmented. New development makes that segmentation even more important. OPUS Miramar introduces new-construction residences that should be evaluated separately from traditional Miramar resale.
Developer asking prices for new construction should not be inserted into the closed-sale dataset. They are a different type of market evidence. But they are relevant when analyzing future competition.
A buyer considering a multimillion-dollar resale residence may now ask: “What else can I buy for this price?” And OPUS can become part of that answer.
This distinction is important for sellers. A new-development asking price does not automatically establish the value of: an older condominium, a historic home, or an unrenovated apartment nearby.
Likewise, an older Miramar resale may not be the appropriate comparable for a new OPUS residence. They can coexist in the same neighborhood without operating at the same pricing level. New development creates a new segment. It does not erase the existing ones.
The market data also explains why Miramar should not be treated simply as an alternative pricing zone for Condado. Condado's strict 2026 dataset contained far more closed transactions. Miramar's dataset is much smaller.
The housing stock is also different. Comparing neighborhood medians without accounting for transaction volume and product mix could create misleading conclusions. A buyer choosing between the neighborhoods should compare: actual competing properties rather than: Miramar median vs. Condado median.
Only carefully. Suppose Miramar's five-sale median is approximately $1,036/SF while Condado's broader closed-sale median is substantially lower. It would be incorrect to conclude: “Miramar is more expensive than Condado.”
Why? Because the Miramar dataset contains only five closings and three of them are high-end multimillion-dollar luxury residences. The transaction mix is completely different.
This is exactly why market statistics require interpretation. A number without the underlying product mix can tell the wrong story.
For buyers, the 2026 data gives us several practical lessons. First: Do not value Miramar from one neighborhood-wide $/SF figure. Second: Separate: traditional condo from luxury condo from historic property from new construction.
Third: Understand whether you are paying for: condition, size, parking, view, building quality, architecture, or new-construction scarcity. Fourth: Use closed transactions before relying heavily on asking prices. And finally: Ask what the property would actually compete against if you resold it tomorrow.
Sellers face the same issue in reverse. Owning a property in Miramar does not mean the $6.65M Excelsior closing is your comparable. A seller in an older condominium cannot automatically price from The Cosmopolitan.
And a historic-home seller should not simply use OPUS asking prices to justify value. Prestige creates context. It does not create comparability. The strongest pricing strategy is the one that identifies the buyer most likely to purchase the property, and then studies the alternatives available to that same buyer.
The 2026 dataset is too small to make a defensible neighborhood-wide appreciation claim. That distinction matters. Five transactions are enough to identify meaningful market segmentation.
They are not enough, by themselves, to conclude: “Miramar prices increased X%.” To establish appreciation properly, we would need comparable historical datasets with similar methodology and property segmentation. What we can say from the current data is: Miramar contains an established high-end segment capable of producing $2.5M, $6.65M closed transactions while a broader residential market continues to transact below $1M.
That statement is directly supported by the sales.
Among the five Miramar closed transactions identified in the analyzed MLS export, the median was $2.55 million.
Because the sample is small and contains several exceptional luxury transactions, that figure should not be used as a generic valuation benchmark.
We identified five closed Miramar transactions in the supplied MLS dataset.
Approximately $16.14 million.
The highest closed transaction identified was Excelsior Tower #1501 at 805 Ponce de León, which closed for $6.65 million on March 27, 2026.
Naranjos PH-1 closed for $440,000 on March 30, 2026.
The median reported sold price per square foot across the five identified transactions was approximately $1,036/SF.
However, individual transactions ranged from approximately $220/SF to $1,130/SF, so neighborhood-wide $/SF should not be used alone to value a property.
Three of the five identified transactions, or 60%.
Those transactions generated approximately 94% of the total closed volume.
All three $1M+ transactions in this particular dataset were reported as cash purchases. Four of the five total closed transactions were cash.
Yes. Four Miramar properties were identified as pending or pending-accepting-backups in the dataset, with current prices ranging from $850,000 to $1.45 million.
No.
New-development asking prices and reservations should not be included in closed-sale market statistics until qualifying transactions actually close.
The most useful conclusion from Miramar's 2026 market data is not the $2.55 million median. It is the spread.
$440,000 → $6,650,000
And:
$220/SF → $1,130/SF
That spread demonstrates that Miramar is not functioning as one homogeneous real estate market. Traditional condominiums continue to exist at substantially lower price points. Established luxury buildings are producing multimillion-dollar closings above $1,000 per square foot.
Historic properties create another category. And new construction such as OPUS is introducing yet another tier. So the question should never simply be: “What does property cost in Miramar?”
The better question is:
“Which Miramar market does this property actually belong to?”
Because: Same neighborhood. Different products. Different buyers. Different comparables.
At InvEstate Puerto Rico, we analyze the property behind the address. That means identifying: the relevant closed transactions, the product category, the buyer pool, current competition, new-development alternatives, and the comparable properties that actually influence value.
Whether you are considering a historic Miramar residence, an established condominium, The Cosmopolitan, Excelsior Tower, OPUS Miramar or another San Juan property, the objective is not to apply a neighborhood average. It is to understand the specific market in which the property competes. The right comparable isn't necessarily the closest property. It's the property competing for the same buyer.
This report is based on an InvEstate Puerto Rico analysis of the MLS export supplied and reviewed in September 2026. The original export contains 123 records and includes Condado, Miramar and multiple adjacent San Juan submarkets. For the Miramar statistics presented here, properties clearly identifiable as belonging to Miramar were isolated and surrounding submarkets were excluded. The resulting strict Miramar closed-sale set contains five transactions, with closing dates through May 29, 2026. Four additional Miramar properties were identified as pending or pending-accepting-backups and were excluded from all closed-sale calculations. MLS information is deemed reliable but is not guaranteed and may not include transactions conducted outside the reporting system.
Related reading: Living in Miramar, Puerto Rico: Real Estate, Historic Homes & Luxury Condos · OPUS Miramar: What Buyers Should Know · Condado vs. Miramar: Where Should You Live in San Juan? · Living in Condado, Puerto Rico (2026): Walkability, Healthcare Access & Urban Luxury Lifestyle · Buying a Historic Home in Miramar: What Buyers Should Know.
Antonio Cartagena, Broker Lic. C-13471 · Lizvette Robles, Lic. 23765 · (787) 717-6443
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