Record-Breaking Real Estate Deals Define Miami's Luxury Condo and Development Markets

South Florida's luxury real estate market kicked off 2026 with a flurry of record-breaking deals. Nick Pérez, president of Related's condo division, shared insights into the ultra-high-end segment, reporting significant sales activity from his family's Related Group. Between September 2025 and early December 2025, the company sold $450 million worth of condos, with more deals on the horizon. Related and its partners are also completing projects with a combined 1,500 units, including The Crosby at Miami Worldcenter and Nomad Residences Wynwood. Meanwhile, a group of investors recorded the most expensive pending contract of the year, selling their non-waterfront Miami Beach home for nearly $18 million. The deal marked the priciest of seven contracts signed in Miami-Dade County between December 29, 2025, and January 4, 2026. The properties spent an average of 68 days on the market. In Coral Gables, luxury homebuilder Alex Pirez sold his waterfront mansion at 340 Leucadendra Drive for $55 million. Although the sale was recorded for $9 million, sources confirmed a much higher price. Pirez is the founder of Mocca Group and Mocca Realty. The biggest development site sale in Miami and likely the state occurred in Brickell, where Oak Row Equities and Vlad Doronin's OKO Group paid $520 million for a bayfront property. This transaction, which closed in December 2025, added fuel to the narrative that Miami's financial district is a prime market, insulated from the headwinds felt in much of the tri-county region and the nation. Some lenders remain cautious, as South Florida has experienced elevated interest rates. These deals highlight the continued demand for luxury properties in South Florida, with buyers showing confidence in the market despite external economic factors. 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