Columbus International, your trusted real estate boutique specializing in Miami’s most exclusive properties, has witnessed firsthand the transformation of South Florida into a global ultra-luxury destination. With decades of experience in facilitating transactions for clients with various wealth levels and a deep understanding of local market dynamics, Columbus International stands out as the premier choice for discerning investors looking to capitalize on Miami’s unparalleled real estate boom.

What some might call a bubble, market experts define as the new normal in South Florida’s ultra-luxury real estate sector. As the region continues to attract global wealth and corporate relocations, nine-figure properties have become increasingly common in Miami-Dade and Palm Beach counties.

The first quarter of 2025 has already seen several properties commanding astronomical prices, both on and off the market. Among these prestigious offerings is the magnificent Banyan Ridge Estate, a 11,855-square-foot masterpiece in Coconut Grove, currently available at $135 million. Meanwhile, a rare three-house compound in Miami Beach has hit the market at $150 million, offering an unprecedented opportunity for the ultra-wealthy buyer seeking the ultimate in privacy and luxury.

The northern corridor of South Florida’s luxury real estate market is equally robust, with a remarkable spec house in Manalapan commanding attention at $285 million. Adding to the intrigue, sources indicate that a custom-built residence on the prestigious Indian Creek Island, owned by a prominent sports figure, might be quietly available at $150 million.

These stratospheric prices, while striking, reflect a fundamental shift in South Florida’s luxury real estate landscape since the pandemic. The region’s appeal to ultra-high-net-worth individuals, attracted by the favorable tax climate and year-round sunshine, has created a new benchmark for luxury properties. This trend was solidified when a prominent hedge fund billionaire acquired portions of his Palm Beach compound for over $100 million in separate transactions during 2019 and 2022.

In Naples, on the Gulf coast of the peninsula, a vast estate at 100 Bay Road, known as Gordon Pointe, made headlines last year when it was listed for $295 million. The asking price was subsequently reduced to $210 million. The latest record was set in Miami when an Australian infrastructure investor purchased 10 Tarpon Isle in Palm Beach for $152 million last May. Miami’s condo market is seeing similar prices. Notably, a well-known tech entrepreneur is said to be considering a $100 million condo in West Palm Beach.

Billionaires bring their businesses with them. Along with several Fortune 500 companies that have relocated to South Florida in recent years, last month Amazon signed a lease for 50,333 square feet of space at Miami’s Wynwood Plaza. But while some link the sky-high listings to a real estate bubble that experts warn is growing in Miami, according to the CEO of a major appraisal firm, these properties are in a category of their own.

“The super-luxury market segment has very little to do with the local real estate market,” says an expert. “A $150 million sale is a global listing.”

Agents are capitalizing on this momentum. There were seven closings over $100 million in 2024, the second-highest per year in US history after nine in 2021. And for every shocking list price that gets media attention, several other properties are kept secretly off-market.

The values of these properties haven’t quintupled overnight. A large amount of wealth has poured into Florida and the perception of value has changed.

The elections have also given confidence to the market. As is common nowadays, value is often perceived in terms of how little work a home needs. Defining the phenomenon as the “Uber or Amazon effect,” buyers want instant gratification: “A billionaire, for whom money is not an issue, seeks to save time and have the perfect home.”

With 13 bedrooms and 18 bathrooms, 3585 Anchorage Way boasts more than 180 feet of waterfront across seven lots on Biscayne Bay. The estate also features a century-old banyan tree, waterfalls, a saltwater fish pond, and an infinity pool.

The property on Indian Creek Island Road was built from scratch after purchasing the lot for $17 million in 2020. The bayfront home has a pool, a separate gym, and a cabana.

The property at 190 Palm Avenue comprises three mansions with a total of 21 bedrooms, plus three pools, parking for 20 cars, and 300 feet of waterfront with multiple docks.

The comparable prices are there because there have been, in the last six months, highly publicized and significant deals in this order of magnitude. Linear feet of ocean frontage are the new luxury, the new bragging rights.

Source: New York Post