Miami's Elite Real Estate Market Roars Ahead: Record-Breaking Sales Reach $1 Billion

Miami's luxury real estate market is off to a strong start in 2026, with record-breaking sales and new development projects underway. According to Nick Pérez, president of the condo division at Related Group, his family's company sold over $450 million worth of condos between September and early December of last year, and they are set to complete 1,500 new condo units in partnership with other developers by March.

One of the most significant sales of the season was a non-waterfront Miami Beach home that fetched nearly $18 million in a deal signed at the beginning of the year. The sale marked the most expensive of seven contracts signed in Miami-Dade County between December 29 and January 4, according to a report by Eklund-Gomes. Luxury homebuilder Alex Pirez also made headlines with the sale of his waterfront Gables Estates mansion for a reported $55 million.

The biggest development site sale in Miami and likely the state took place in Brickell, where Oak Row Equities and Vlad Doronin's OKO Group paid $520 million for a bayfront property. The sale added fuel to the real estate industry's narrative that Miami's financial district is a prime market, insulated from the headwinds felt in most of the rest of the tri-county region and much of the nation, including elevated interest rates.

Despite the strong sales, some lenders remain skittish, as South Florida has felt the sting of economic uncertainty in recent years. However, with continued demand from domestic and international buyers, the Miami luxury real estate market is poised for another strong year.

Sources:

• Related’s Nick Pérez on the state of South Florida’s condo market
• $18M Sunset Islands deal tops pending contracts at year’s start
• Luxury home developer Alex Pirez sold his Gables Estates mansion for $55M
• Map: Inside Miami’s biggest dev site sales following record $520M Brickell deal