Ilona

Common name: Ilona, also known as Ilona Lofts. The condominium is named Ilona Condo.

Building type: Low-rise condominium, 16 residences

Architect and developer: Chad Oppenheim

Floors: 5, with elevator

Amenities: Heated pool, garage and assigned parking, common outdoor space.

Source: The Roebling Research Desk.

Ilona is a 16-residence building designed and developed by Chad Oppenheim. It was completed in 2002.

Comparables are limited; widen the search to other small South of Fifth buildings.

The building is five stories, with a heated pool and garage.

South of Fifth is the southern tip of Miami Beach, below Fifth Street. It runs from the commercial blocks of Washington Avenue and Collins Avenue to South Pointe Park, a waterfront park at the point where Government Cut meets the Atlantic, with a pier, a promenade and views of the cruise-ship channel. The district has a restaurant cluster along Washington Avenue and Second Street and a residential grid of low-rise and mid-rise buildings west of it.

Jefferson Avenue sits one block west of Washington Avenue. The ocean beach is east of Ocean Drive, a short walk, and the bay side of the island is a few blocks west. The neighborhood's larger towers, including Continuum and Murano Grande, are toward the south end of it.

Oppenheim's building has five floors and 16 residences, with an elevator. The building is also known as Ilona Lofts.

Parking is available on site, with assigned spaces and a garage. A heated pool and common outdoor space are on site.

With 16 residences, each owner carries a larger share of any special assessment.

Standard asks for any Florida condominium purchase apply: the current budget and recent financial statements, the structural integrity reserve study (SIRS) and reserve funding, and the inspection report. Florida's milestone inspection and structural integrity reserve study rules apply to condominium buildings of three or more stories; ask for the inspection report, the reserve study and any assessment history. Ask about roof, waterproofing and balcony work.

Policies, fees and applications, including pets, leasing, minimum lease terms, guest rules and any resale approval, are set by the association and should be confirmed at offer stage.

One recorded sale, February 2026, at $687,000. It is one sale, not a building price; the figure depends on the unit's size and floor.

Unit-level transaction history is maintained in The Roebling Research Library and shared with clients during diligence.

Expect few comparables. Pull recent sales in Ilona and in other small South of Fifth buildings, and adjust for size and floor.

Read the reserve documents. Ask for the SIRS, the budget, financial statements and the current reserve balance.

Get unit specifics. Ask for size, ceiling height, parking assignment and any outdoor space.

Price against the building's own history. Use the last sale in your line as the reference, adjusted for condition.

Have the documents ready. Budget, financials, SIRS and the leasing and pet rules shorten diligence.

These towers are South of Fifth context, not pricing comparables for a 16-residence low-rise. For pricing, use sales in Ilona and other small South of Fifth buildings.

• Continuum South Tower — a 40-story South of Fifth high-rise completed in 2002.
• Murano Grande — a 37-story South of Fifth tower at 400 Alton Road, completed in 2003.
• Apogee South Beach — a 22-story, 67-residence condominium at 800 South Pointe Drive, completed in 2008.