South Florida luxury residential real estate is booming, with billions of dollars in luxury condominium towers in the pre-sales, planning, and construction pipeline. In March 2024, a record condo price for the state was set when a penthouse at Miami Beach’s Shore Club Private Collection went under contract for $120 million.
Entertainment, sports, and finance figures like Amazon’s CEO Jeff Bezos and Sylvester Stallone have made the move to the tonier cities in South Florida. The appeal of prime locations overlooking Biscayne Bay or on the beach with Atlantic Ocean or intercoastal views is undeniable. Location and architecture are major differentiators, as well as a project’s menu of desired amenities. Partnerships with brands and brand names further distinguish these residential towers.
Some notable names attached to these towers include Chef Jean-Georges Vongerichten, Carbone’s Major Food Group, and fashion designers Domenico Dolce and Stefano Gabbana. The Bentley Residences Miami even come complete with a patented drive-in car elevator.
Hospitality company branded residences are also part of the mix, with projects like the Four Seasons Private Residences Coconut Grove, the Rosewood Residences Miami Beach, and the Residences at Mandarin Oriental Miami offering luxury living options.
Miami’s sheer wealth has been a driving force behind the development and rising residential real estate prices in the area. Developers like Camilo Miguel Jr. of Mast Capital have seen strong demand for high-quality products, with prices starting at $1.7 million at the Cipriani Residences and $4.5 million at the Perigon.
According to real estate broker Fredrik Eklund, there is no slowdown in the luxury real estate market in Miami. Price per square foot for luxury condos is around $2,925, and average days on the market have reached a low of 60 days. Different submarkets within Miami cater to varying tastes and preferences, with new construction adhering to up-to-date codes to withstand hurricanes.
Projects like the Mandarin Oriental Residences Miami offer spacious living options with top-notch finishes and five-star hotel services. With over 80,000 square feet of amenities planned, including private dining rooms and multiple pools, these residences aim to provide a luxurious lifestyle on Biscayne Bay.
Overall, Miami’s real estate professionals are optimistic about the future of residential real estate in the area, with bright prospects ahead. The luxury market continues to thrive, attracting high-profile buyers and setting new records in pricing and amenities.
