Ultra Luxury Condos & Wealth Coming To Miami

The Evolution of Ultra Luxury in Miami Real Estate – From $1,000/SqFt to $6,000/SqFt! Miami’s luxury real estate market has transformed dramatically over the past decade, and it all started with The St. Regis Bal Harbour in 2011. At the time, $1,000 per square foot was unheard of in Miami, but when this project sold out, developers took notice. How Miami Became an Ultra-Luxury Hub - The demand for large, high-end residences led to the rise of projects like Ritz-Carlton Residences, Fendi Château, Four Seasons, and Arte by Antonio Citterio. - Developers built for the rich—and in doing so, they brought the rich to Miami. - The market has evolved, and now, new projects are launching at $5,000 to $6,000 per square foot. What’s Happening Now? - Buyouts of older condos – Developers are acquiring entire buildings to make way for new luxury projects. - Limited land availability – The few remaining beachfront parcels are commanding record-breaking prices. - Massive demand from high-net-worth individuals – Miami is attracting top 1 percent buyers from around the world. A Lesson for Sellers If you own property in Miami, pay attention to developer buyouts. Holding out might not always be the best strategy—just ask those who passed on early offers and later regretted it. The market moves fast, and those with bigger pockets often determine the outcome.