Miami's Luxury Real Estate Market Heats Up: Record-Breaking Ritz-Carlton South Beach Condos Lead February Sales Surge

Miami Luxury Market Accelerates with 33 High-End Properties Under Contract

The final week of February marked a significant uptick in Miami's luxury real estate sector, with the planned Ritz-Carlton Residences in South Beach stealing the spotlight. Two yet-to-be-built ultra-luxury condos, priced at a staggering combined $46 million, secured buyers during a remarkably active sales period that saw 33 luxury contracts signed across Miami-Dade County.

The Eklund-Gomes report, which tracks properties listed at $4 million and above in the Multiple Listing Service, revealed an impressive $274.4 million in total asking volume for properties that went under contract between February 24 and March 2. This performance significantly outpaced the previous week's $184 million from 21 properties, signaling renewed vigor in Miami's high-end market.

While 58 new luxury listings entered the market, bringing the total available inventory to 1,333 properties, the standout transactions demonstrate that premium properties with exceptional amenities and prime locations continue to command significant buyer interest despite the expanded selection.

Single-Family Luxury Homes: Waterfront Properties Lead the Charge

The single-family home segment saw 15 properties enter into contract with an average asking price of $8.6 million. These homes spent approximately 167 days on the market before securing buyers, totaling $128.8 million in asking dollar volume.

The crown jewel among single-family transactions was an exquisite waterfront mansion located at 9320 Gallardo Street in Coral Gables' prestigious Old Cutler Bay neighborhood. Listed by Douglas Elliman's Lourdes Alatriste for nearly $17 million, this 2007-built estate showcases luxury living across 8,360 square feet. The property features eight bedrooms, nine-and-a-half bathrooms, and sits on 0.6 acres of prime waterfront land.

What sets this property apart are its premium amenities designed for the discerning buyer: a generous 100-foot dock perfect for yacht enthusiasts, a spacious four-car garage for luxury vehicle collections, and a state-of-the-art home theater for private entertainment. This sale reinforces the continued appeal of Miami's waterfront properties, particularly those offering extensive space and resort-style amenities.

Luxury Condo Market: Pre-Construction Ritz-Carlton Units Dominate

The luxury condominium sector demonstrated even stronger performance, with 18 units securing buyers. These properties commanded an average asking price of $8 million and spent significantly less time on the market compared to single-family homes—just 130 days on average. The total asking dollar volume for condos reached an impressive $145.6 million, exceeding the single-family segment by nearly $17 million.

The standout transactions came from the pre-construction Ritz-Carlton Residences, South Beach development at 1671 Collins Avenue. Units 12A and 11A, priced at $24 million and $22 million respectively, topped the luxury condo contracts for the week. Both units will offer identical luxurious layouts: five bedrooms, six bathrooms, one half-bathroom, and 4,481 square feet of interior living space.

These record-breaking sales highlight the continued allure of branded residences in Miami Beach, particularly those associated with prestigious hospitality brands like Ritz-Carlton. The development represents a collaborative effort between industry powerhouses Lionstone Development, Flag Luxury Group, and the Ben-Josef Group, bringing world-class design and amenities to South Beach's luxury landscape.

Fredrik Eklund and Pietro Belmonte of the renowned Eklund-Gomes team, who authored the market report, are also the listing agents for these premier units—demonstrating their team's dominant position in Miami's ultra-luxury market.

Market Comparison: Miami vs. New York Luxury Real Estate

While Miami's luxury market showed remarkable strength, it's worth noting the contrasting performance with New York's high-end real estate sector during the same period. According to the latest Olshan report, New York saw a similar number of contracts signed—32 properties compared to Miami's 33—but with a lower combined asking price of $232.6 million versus Miami's $274.4 million.

Perhaps the most striking difference lies in the average time on market: Miami's luxury properties found buyers after approximately 130-167 days, while New York's typical high-end home lingered for a staggering 636 days before securing a buyer. This dramatic disparity suggests Miami continues to benefit from stronger demand and greater market liquidity in the luxury segment compared to New York.

The comparison underscores Miami's position as one of the nation's hottest luxury markets, with properties moving more quickly and commanding premium prices despite increasing inventory levels.

Insights: Miami Luxury Real Estate Expert Analysis

Why are branded residences like the Ritz-Carlton commanding such premium prices in Miami?

Branded residences offer buyers a unique combination of luxury residential ownership with hotel-level services and amenities. The Ritz-Carlton brand, in particular, carries significant cachet and provides assurance of quality, design excellence, and white-glove service. These properties typically maintain stronger resale values and appeal to international buyers seeking recognized luxury brands. The South Beach location adds further value, placing residents in one of Miami's most vibrant and internationally recognized neighborhoods.

Is waterfront property still the most valuable segment in Miami's luxury market?

Absolutely. Waterfront properties, especially those with direct ocean or bay access and private docks, consistently command the highest premiums in Miami-Dade County. The Gallardo Street mansion exemplifies this trend, offering not just luxurious living spaces but the increasingly rare amenity of a 100-foot dock in a guard-gated community. With limited waterfront inventory and continuous demand from wealthy buyers seeking Florida's boating lifestyle, these properties remain the gold standard in Miami luxury real estate.

How is Miami's luxury market performing compared to pre-pandemic levels?

Miami's luxury market has significantly outperformed pre-pandemic levels in terms of both sales volume and pricing. The influx of wealthy buyers from high-tax states, international investors returning to the market, and the persistent appeal of Florida's lifestyle and tax advantages have created sustained demand that exceeds available inventory in many luxury submarkets. While we're seeing increased inventory with over 1,300 luxury listings, premium properties in prime locations continue to move quickly, especially those offering unique amenities or exceptional locations.