Market Pulse

Bedding Industries of America founder Stuart Carlitz paid $17.1 million for a duplex penthouse at the under-construction Waldorf Astoria Residences Pompano Beach, at 1350 South Ocean Boulevard, setting a Pompano Beach condo price record, according to The Wall Street Journal on June 4. The penthouse spans about 6,600 square feet, and Carlitz had earlier agreed to roughly $5.3 million for a lower-floor unit in the same tower before trading up, the report notes. When finished, the property will hold 92 units with an oceanfront pool deck and a 19-slip marina on the Intracoastal, per local coverage. A buyer paying more than three times his original contract to move up in the same building tells me top-floor ocean inventory in Broward is scarce enough that serious buyers are committing years before delivery, so if a penthouse is your goal, get under contract early.

Hard Rock International chairman and Seminole Gaming CEO James Allen and his wife paid $35.8 million for a waterfront mansion at 1300 Brickell Drive in Fort Lauderdale, in an off-market deal next door to their own home, according to The Real Deal on June 5. The lot last traded for $7.3 million in 2021, the report notes, and a new three-story, five-bedroom house is now going up on the 38,000-square-foot site. The deal lands during a strong run for Fort Lauderdale's luxury market, where Insurance Care Direct co-chairman Seth Cohen sold a 1.4-acre waterfront property for $42.7 million in March. Off-market trades like this one tell me the top of the Broward market is moving on relationships, not listings, so if you want the best waterfront lots you have to be in the conversation before they hit the MLS.

South Florida's branded condo wave is being tested as supply catches up with demand, according to The Real Deal on June 1. Partnering with a name brand can still lift values by as much as 30 percent, the report notes, with a non-branded Surf Row project selling above $2,000 a foot and nearly 50 percent presold, while two Mandarin Oriental penthouses went under contract near $50 million each, about $6,300 per square foot at a 2030 delivery. The report also flags softer spots, including about 10 percent of buyers at a roughly 800-unit Mercedes-Benz Places project reportedly looking to exit. My read is the brand name no longer carries a deal by itself, so vet the developer's track record and the floor plan before you pay the premium, because not every badge ages the same.

13th Floor Investments and Key International launched sales of 619 Brickell by Nobu after locking in more than $1 billion in unit reservations, according to The Real Deal on June 4. The 75-story, 296-unit bayfront tower, designed by Foster + Partners, prices units from $3 million to more than $60 million for penthouses, averaging $2,500 to $2,700 per square foot, with construction expected to start in the second quarter of 2027. It is the first Nobu-branded residential building in South Florida, carrying a $25 million wellness amenity budget across more than 90,000 square feet. A billion in reservations before contracts even open tells me Brickell demand at the top end is still deep, so if you want a unit here, talk to me before the summer contract conversion tightens inventory.

One Thousand Group and Bangkok-based Minor Hotels will develop Anantara Miami Resort & Residences, a 50-story, 650-foot tower above Biscayne Bay, according to South Florida Agent Magazine on June 3. The building will hold 100 private branded condos, 120 resort residences that can be rented to hotel guests, and 50 hotel suites, with architecture by Kohn Pedersen Fox and interiors by Patricia Urquiola in her first U.S. residential project. It is the Anantara brand's first U.S. property, targeting a 2030 opening, with sales expected to launch later this year. A five-star operator planting its first American flag on Biscayne Bay tells me the global hospitality brands now see Miami as a primary market, not a side bet, so I expect more branded launches to follow this one.

J.P. Morgan increased the loan backing Mid-Beach's Faena District by $55 million to $225 million, refinancing the debt for Len Blavatnik's Access Industries, The Real Deal reported June 1. The new loan lowers the effective rate through a reduced spread and covers the Faena Hotel at 3201 Collins, the Faena Forum, and the 38-key Casa Faena. The prior loan stood at $170 million since 2022. When a major bank writes a bigger check at a tighter rate on Collins Avenue, that is the clearest read I have on where institutional money sees Miami Beach luxury heading.

The Fisher Island Community Association sued developer HRP Group and filed a lis pendens this week to freeze the title on the island's marine fuel depot, the parcel HRP bought for $180 million last year to clear for luxury towers, The Wall Street Journal reported June 2. The 28-million-gallon depot fuels PortMiami cruise ships, and Miami-Dade is now negotiating to buy the land back for a reported $400 million to keep it running. Until the title clears, no high-rise gets built here. For buyers eyeing Fisher Island, this is the moment to track the entitled, shovel-ready parcels, not the ones tied up in court.

A waterfront home at 5300 N. Bay Road in Miami Beach sold for $27 million in an all-cash deal, the New York Post reported June 1. The sellers paid $16.1 million in 2024, renovated, and walked with a profit above $10 million, even after cutting the price from a $32.5 million ask last October. The buyer is described as a tech entrepreneur new to North Bay Road. All-cash at this level tells you the same thing I see on the ground: serious capital is still landing on Miami Beach water, but only at the right price, so price it to the comps and it trades.

South Street Partners has acquired Solé Miami, the 249-key oceanfront condominium hotel in Sunny Isles Beach, the firm announced May 28. South Street runs roughly $3 billion in assets and has deployed more than $1.7 billion in equity, per its own release, and it plans guest-room and common-area upgrades at the resort. When a fund that size writes a check for a Sunny Isles oceanfront block, it is voting on the next five years of this submarket, so if you own here, your basis just got validated by institutional money.

A waterfront mansion at 200 Casuarina Concourse in Coral Gables sold for $25.4 million, according to The Real Deal. The same house traded for $12.3 million in 2020, so the seller roughly doubled the price in about six years. The residence spans around 10,200 square feet with five bedrooms and four and a half baths. A 10,000-foot Gables waterfront doubling in six years is not a fluke, it is what a fixed supply of deep-water lots does in a market this deep, so if you want a Coral Gables waterfront, call me before the next owner doubles it again.

Robert Finvarb Companies launched sales of NoBe Parc Miami Beach, a 15-story, 232-unit short-term-rental-friendly condo at 7140 Abbott Avenue in North Beach, according to The Real Deal. Units run from studios to three bedrooms, priced from $570,000 to $2 million, with Arquitectonica on design, Crate & Barrel furnishings, and a fifth-floor amenity deck. Completion is set for the end of 2028. North Beach is where I send buyers who want a flexible-rental condo at a real entry point, so if you want in at $570K before the 2028 delivery prices reset, call me and I will walk you through which stack actually cash-flows.

A waterfront home at 6853 Sunrise Court in Coral Gables sold for $16.2 million, according to The Real Deal. The sellers had paid $2.1 million for the site in 2004, so the trade marks close to an eightfold gain over 22 years. Built in 2023, the residence spans 5,400 square feet with six bedrooms, seven and a half baths, and a six-car garage, pricing the deal at about $3,000 a square foot, and it had last asked $17 million. When a newly built Gables waterfront clears within 5 percent of ask at $3,000 a foot, it tells me buyers are still paying up for finished product on the water, so if you want a Coral Gables waterfront, call me before you wait for a correction that is not coming.

A newly built waterfront spec home at 1745 West 24th Street in Miami Beach traded for $34 million on May 26, 2026, pricing the 6,200-plus square foot residence at nearly $5,500 per square foot, according to The Real Deal. A trust took title from an LLC linked to Chile's Grupo Empresas FPY, which had built the six-bedroom, eight-and-a-half-bath house earlier this year. The deal sits at the top of Mid-Beach single-family pricing and shows Chilean capital rotating into U.S. trust structures. When sellers can exit at $5,500 a foot on brand-new product, I tell my buyers the Miami Beach waterfront floor has reset, so waiting for a discount on West Bay houses is a losing trade right now.

A Palazzo Del Sol residence at 7085 Fisher Island Drive sold for $26.7 million, more than double the $13 million paid for it in 2018, according to The Real Deal. The 7,600 square foot, five bedroom unit was listed at $28.9 million before settling 8% below ask. A trust took title from Vicalnic, Corp., extending Fisher Island's run of $20M-plus closings deeper into 2026. Fisher Island is the only Miami address where I still see resale units double in eight years, and that is why I keep my Latin American clients focused on inventory there over the next 90 days.

Riviera Horizons broke ground on Pagani Residences on May 19, 2026, the first U.S. condominium project from Italian automotive designer Horacio Pagani and Pagani Arte, according to PROFILEmiami. The 30-story tower in North Bay Village will deliver 70 all-corner units designed by A++ Architecture, with starting prices at $3.9 million and a 240-foot waterfront boardwalk plus marina access. Completion is targeted for 2027. North Bay Village is collecting branded towers fast, and I am steering clients there before the next wave of pricing catches up to the Edgewater corridor.

Foreign buyers accounted for more than half of new development condo sales across 66 South Florida projects from January 2024 through October 2025, with Latin Americans making up 86% of that foreign demand, according to The Real Deal. Colombia, Mexico, Argentina, and Brazil lead the buyer list, and developers are now pitching World Cup tickets plus Latam Airlines miles to lock contracts during match season. Fortune International Group is running watch parties at its sales centers while buyers wait between games. When 86% of foreign capital traces to four Latin American countries, my Brazilian and Colombian clients are not the exception, they are the median pre-construction buyer in 2026.

South Florida condo terminations reached $558.9 million across five towers in 2026, with Portofino South and Flagler Yacht Club leading at $430 million combined, according to The Real Deal. The wave includes the St. Louis on Brickell Key, where The Related Group and Terra Group are pursuing the island's first condo termination at roughly $1.5 million per unit across 134 owners. Bayshore Park, Harbor Towers, and Miami Beach Club round out the five active deals. When five 1950s and 1960s towers come down at once, it tells me Miami's next $5,000-a-foot listing inventory is being built on what is currently a sub-$2,000-a-foot footprint.

A 4,500-square-foot home at 6380 North Bay Road in Miami Beach closed for $25.5 million on May 21, putting the 4-bedroom house at roughly $5,700 per square foot, according to The Real Deal. Richard and Barbara Lane sold to Varuna 6380 NBR LLC after paying $9 million for the property in 2020, locking in about 2.8x in six years. The last asking price was $26.5 million, so the close cleared roughly 96% of ask. When a 6-year-old trade on North Bay Road prints $5,700 a foot inside the asking gap, it tells me Miami Beach single-family pricing is still tightening, not softening, even with new condo supply rising across the bay.

A waterfront home at 216 Bal Bay Drive in Bal Harbour closed for just under $29 million on May 14, putting the 1950s, 3,000-square-foot, three-bedroom house at roughly $9,667 per square foot, according to The Real Deal. A trust managed by attorney Mark Meland bought it from a trust tied to Luis Arevalo, who paid $7.5 million for the property in 2015. When a 3-bedroom tear-down candidate on Bal Bay prints almost 4x its 2015 basis, it tells you the trade is for the land and the water, not the house, and that Bal Harbour dirt is still repricing higher heading into summer.

A six-bedroom home at 285 Woodcrest Road in Key Biscayne closed for $6.7 million on May 13, slightly above its $6.66 million asking price, according to The Real Deal. The seller, an LLC tied to PK Management Group CEO Pedro Kolychkine, had paid $1.9 million for the 1950s, 3,600-square-foot house in 2022, locking in roughly 3.5x in under four years. When dated inventory on a 1.4-square-mile island still trades above ask, it confirms how thin true Key Biscayne supply remains heading into summer.

A 6,100-square-foot penthouse at UNA Residences in Brickell closed for $17.8 million on May 12, pricing the unit at roughly $2,900 per square foot, according to The Real Deal. The buyer is NZC Miami LLC. At a 47-story waterfront tower in Brickell, this close confirms that institutional demand for branded, move-in-ready product at the top of the market remains firm heading into the summer season.

Spec developers are back building ultra-luxury mansions across Miami after finished home prices climbed to $4,500 to over $6,000 per square foot, according to The Real Deal. Developer Todd Glaser spent $105 million on a Miami Beach site where he plans a $300 million mansion, and developer Miguel Bubis paid $10.3 million for a Bay Point lot targeting a $33.8 million exit at $4,500 per square foot. When builders can pencil those margins, it confirms that demand for turnkey luxury product has outpaced supply at the top of Miami's market.

A newly built waterfront home at 845 East Dilido Drive in Miami Beach sold for $35 million, according to The Real Deal. The seller, an LLC managed by Michael Parker, had purchased the 6,100-square-foot property in 2025 for $19.5 million, capturing a $15.5 million gain in under a year. The buyer is a trust tied to a San Francisco address. At $5,737 per square foot, this close confirms that turnkey waterfront product in Miami Beach continues to attract cash-flush out-of-state buyers even as broader inventory climbs across Miami-Dade.

Fort Partners' Seaway at The Surf Club North in Surfside is approaching a full $400 million sellout across just 10 units, averaging $38.6 million per closing, according to The Real Deal. The most recent unit, Penthouse 9, traded at $41 million, or $5,190 per square foot. Boutique luxury product at this scale is repricing the ceiling on what buyers will pay for oceanfront in Miami-Dade.

Spec developer Francisco Perez sold the waterfront property at 1727 West 24th Street in Miami Beach for $38.5 million, according to The Real Deal. Perez paid $13 million for the site in 2022, generating a $25.5 million gain over four years. The buyer is a trust tied to Robert Johnson. This close confirms that Miami Beach waterfront spec product at this price point still attracts deep-pocketed buyers in spring 2026, even as inventory above $20 million climbs across Miami-Dade.

A merger of two of the largest residential brokerage networks will form a 180,000-agent platform spanning more than 110 countries and 8,500 franchisees, with the deal expected to close in H2 2026. Miami is the named global headquarters. A platform of that scale choosing Miami as its base confirms the city's position as the premier hub for international real estate capital.

Surf Row Residences in Surfside closed a $30.5M construction loan for its 24-unit luxury project, according to The Real Deal's May 4 South Florida deal roundup. Vertical construction is now cleared to begin, with a 2027 delivery target. At 24 residences, this is among the most boutique projects in the current South Florida pipeline. Surfside new luxury consistently prices between $2,000 and $3,000 per square foot, a range that has held since 2023 and reflects the structural-safety premium buyers now pay for post-SB-4D-compliant new construction in the Surfside and Bal Harbour corridor.

Related Group and Merrimac Ventures' Waldorf Astoria Residences Pompano Beach has topped out at 28 stories on the Broward County oceanfront. The 92-residence tower at 1350 South Ocean Boulevard is more than 85% under contract, with summer 2027 delivery confirmed. Design by Nichols Architects, interiors by BAMO. The project marks Related Group's second Waldorf-branded residential tower in South Florida.

The Real Deal's May 4 South Florida deal roundup includes a Fisher Island condo at Fisher Island Drive that sold for $10.2 million. The three-bedroom unit spans about 3,800 square feet, placing the per-square-foot price at roughly $2,700. Financial planner Mariano Henin sold to attorneys William and Juliean Charouhis. Fisher Island trades at among the highest per-square-foot prices in Miami-Dade, consistently above $2,500 since early 2024.

Also in the same deal roundup: an oceanfront mansion at 3052 North Atlantic Boulevard in Fort Lauderdale sold for $26 million, with WeatherTech founder David MacNeil's LLC selling to Pablo Umansky's Urban Group Realty Corp. Two-county luxury deal velocity remains consistent with Q1 2026 trends reported by the Keyes Q1 2026 Luxury Report, which recorded 504 Miami-Dade luxury condo closings, up 15.9% year over year.

SB Development and Hazelton Capital Group officially launched sales and broke ground on The Cove Residences in Miami's Edgewater neighborhood. The 40-story waterfront tower at 1800 N Bayshore Drive will deliver 134 one- to four-bedroom condominiums. With Edgewater averaging $1,400 per square foot for new construction, The Cove enters a submarket that has absorbed every luxury launch since 2022 without a meaningful price pullback.

On the same day, Constellation Group and The Boschetti Group broke ground on CORA Merrick Park, a 74-unit wellness-focused boutique condominium at 4241 Aurora Street in Coral Gables. The building was reportedly sold out before this groundbreaking, which tells you everything about buyer demand for boutique product in walkable Miami suburbs. When a developer breaks ground on a sold-out building, that is not a soft market.

Two boutique groundbreakings in a single morning in May confirms the pre-construction absorption story I track every week: undersized, well-located buildings in Miami continue to clear inventory faster than the pipeline can replace it. If you are waiting for a price correction before entering pre-construction, these launches are evidence you are watching the wrong signal.

The Real Deal's May 4 weekly deal roundup confirms the priciest South Florida home sale for the period ending May 1: a waterfront lot at 6465 Pine Tree Drive Circle, Miami Beach, sold for $12.2M to Sean Tolkin, co-founder of Press On Ventures. The buyers plan to raze and build new. Miami Beach waterfront land in this price range continues to draw tech founders and finance executives relocating from the northeast.

S&P Case-Shiller data released today shows Miami home prices rose 0.55% month over month in February 2026, with the year-over-year change flat at -0.03%. Monthly gains confirm price floor stability in the Miami metro. For buyers pricing pre-construction contracts in the $2M to $5M range, consistent monthly appreciation means current list prices carry limited near-term correction risk.

According to Miami-Dade County records analyzed by The Real Deal, nearly 50 buyers have now closed at Una Residences, the 47-story luxury tower at 175 SE 25th Road in south Brickell. Combined dollar volume from those closings stands at $172 million, putting the average closed unit price at roughly $3.44 million. The tower received its Temporary Certificate of Occupancy from the City of Miami on February 26, 2026, and closings have been accelerating since.

Una Residences has 135 total units, designed by Adrian Smith and Gordon Gill (the same firm behind Burj Khalifa) for developer OKO Group. With the building reported over 90% sold, these closings validate a price floor in the south Brickell luxury corridor that will anchor comparable new inventory for the next several years. When 50 buyers close at a $3.44M average in under 60 days post-TCO, the market is not speculating. It is executing.

For buyers considering the rest of the pre-construction pipeline in Brickell, Coconut Grove, and Edgewater, Una Residences closing data confirms that ultra-luxury buyers are not discounting. They are closing at or near ask. That is relevant context for anyone pricing a new contract in the $2M to $5M range today. If you want a breakdown of how Una Residences comps affect current pre-construction pricing in south Brickell, call me directly at (305) 964-8614.

The Park West neighborhood just entered a new chapter. CBRE is marketing the Miami Business and Entertainment District, a 6.6-acre site in downtown Miami, at an asking price of $500 million. It is the largest remaining contiguous development parcel in the urban core, with entitlements for over 10 million square feet of mixed-use density and up to 6,602 residential units. This is the kind of land trade that reshapes a skyline.

For context on scale: 6,602 residential units at buildout is roughly equivalent to adding an entire new Edgewater to the downtown grid. The site is positioned for phased development across residential, hotel, office, and retail, which means the buyer will likely be an institutional developer or a capital consortium rather than a single-project shop.

What this signals for buyers and investors right now: land at this scale in Miami's core does not transact quietly. A $500 million land deal draws global capital attention. If this closes, expect the surrounding Park West and downtown streets to accelerate in value as development timelines get set. For anyone tracking pre-construction entry points in the Brickell adjacency corridor, this is the story to follow this quarter.

I will update this page as the transaction progresses. If you want to understand how a deal like this affects the buildings I currently track for clients, reach out directly.

The numbers for Q2 2026 are in and they confirm what I have been seeing on the ground. Properties priced above $1 million saw sales volume jump 21% compared to the same period last year, with 1,454 total properties sold at an average price of $1,215,244 (up 17.5% YoY). Cash buyers accounted for 44% of all closings in January, nearly double the national average of 27%.

Coral Gables led all neighborhoods with an average sold price of $3.4 million, followed by Bal Harbour at $3.2 million. The luxury segment is clearly separating from the broader market: while overall inventory has expanded to give buyers more negotiating room, the top tier is absorbing quickly. According to the Miami Association of Realtors, the list-to-sold price ratio sits at 93.3%, meaning sellers are still commanding strong prices for well-positioned product.

The takeaway: if you are buying in the $1M+ range, the market is competitive. If you are looking under $1M, you have more negotiating power today than at any point in the last three years.