Demand for real estate in South Florida is driving up prices Shiny towers

The sky seems to be the limit for luxury residential real estate in South Florida. Billions of dollars worth of luxury condominium towers are in the pre-sales, planning and construction pipeline. In March 2024, a record condo price for the state was set when a penthouse at the Shore Club Private Collection in Miami Beach went under contract for $120 million.

Entertainment, sports and financial figures like Amazon CEO Jeff Bezos and Sylvester Stallone have made the move to South Florida’s tonier cities.

For those seeking prime locations overlooking Biscayne Bay or on the beach with views of the Atlantic Ocean or coastal areas, location and architecture are key differentiators, as is a project’s menu of desired amenities. Partnerships with brands and brand names distinguish these residential towers.

A sampling of the names associated with these towers range from chef Jean-Georges Vongerichten, with the 48-story Jean-Georges Miami Tropic Residences, to Carbone’s Major Food Group, the restaurant group behind the 55-story Villa Miami ( units are equipped with chef’s kitchens, of course), to fashion experts Domenico Dolce and Stefano Gabbana creating custom homes and a hotel at 888 Brickell. The Bentley Residences Miami come complete with a patented drive-in car lift.

Hospitality-branded residences are also a mix, most notably the Four Seasons Private Residences Coconut Grove (70 units over 20 floors; pricing starts at $5.62 million), the Rosewood Residences Miami Beach (44 new residences overlooking the ocean in an art deco complex anchored by the Raleigh) and the two towers of the Residences at Mandarin Oriental Miami (the 66-story South Tower is in pre-sale), along with a hotel, on Brickell Key.

“Miami continues to reinvent itself,” said Camilo Miguel Jr., CEO of Mast Capital, the developer behind the 82-story Cipriani Residences Miami and the Perigon Miami Beach (designed by OMA by architect Rem Koolhaas).

The driving force behind residential real estate development and prices is the amount of enormous wealth that has come to the region. “It was great,” says Miguel. “And the fact that they just want great products and are willing to pay for them,” noting that he hasn’t seen any pushback in his project’s asking prices, which start at $1.7 million at the Cipriani Residences and $4.5 million. million in Perigon.

“There is no delay on the beach. There is no price plateau,” says real estate agent Fredrik Eklund of the Eklund Gomes Team at Douglas Elliman. The price per square foot of luxury apartments hovers around $2,925, according to MLS statistics; The average number of days on market reached a low of 60 days in the fall.

As with all real estate, Miami has several submarkets. Eklund, a former cast member of Bravo “Million Dollar Listing New York,” represents the Ritz-Carlton Residences South Beach, 30 residences in 15 floors (limited due to historic height restrictions halfway along the beach) located directly on the sand, with prices starting at $4 million, topped by a $125 million combination penthouse.

Unlike older buildings, new construction adheres to up-to-date codes to reduce the impact of hurricanes. “These new buildings are designed for the future. They’re like fortresses, with all kinds of tested and proven technology,” and without the insurance issues that plague older apartments, Eklund says.
On its own island overlooking Biscayne Bay, the Mandarin Oriental Residences Miami will range from 2,300 square feet to 5,800 square feet and is designed to appeal to an end user who wants more space, incredible finishes and five-star hotel services, explains Maile Aguila . , senior vice president at Swire Properties, the project’s developer. More than 80,000 square feet of amenities are planned, with everything from screening rooms to private dining rooms and 11 swimming pools combined with the privacy and security of island living. Pre-sales were huge, Aguila says, due to pent-up demand for the iconic waterfront property.

Her opinion sums up the views of Miami real estate professionals on residential real estate: “The future looks very bright.”