Miami Luxury Real Estate 2025: Cash Remains the Rule in an Ultra-High-End Market
In an article published yesterday, Realtor.com highlighted a striking reality in Miami’s upscale real estate market: cash continues to dominate luxury home transactions, especially at the highest price tiers. This pattern underscores a unique dynamic where financial flexibility—more than ever—drives market strength and seller confidence in the region.
Key Insights from Realtor.com:
All-cash transactions are now the norm in Miami’s luxury segment:
Homes priced between $1M–$5M see 53.5% cash sales.
Properties above $10M are purchased with cash nearly 59% of the time.
Ultra‑luxury condos and homes are overwhelmingly cash purchases:
Transaction volumes have soared compared to pre-pandemic levels:
Condo sales over $2,000/square foot increased 631%.
Single-family luxury sales are up a staggering 1,200%.
Miami’s luxury listings are booming:
The metro area had nearly 50,000 active listings in July, with over 20% priced at $1M or more—far above the national average of 13.8%.
Sellers are showing unusual patience:
Luxury homes linger longer—median days on market: 96.5 days, longer than in markets such as New York or Los Angeles.
Many sellers opt to delist rather than lower prices, maintaining confidence in Miami’s cash-rich buyer pool.
The role of international and cash buyers is pivotal:
High-net-worth individuals from around the world look to Miami as a safe, desirable investment—favoring speed, convenience, and privacy over financing.
Market Implications & Context
These all‑cash trends reinforce Miami’s reputation as a global luxury real estate powerhouse—especially when viewed alongside broader market dynamics:
Miami is among a handful of metros with year-over-year home price declines, yet the luxury segment remains resilient.
Delistings remain elevated, reflecting strategic pricing confidence among sellers—even amid cooling demand. Miami had 27 delistings per 100 new listings in May—one of the highest rates nationwide.
Gables Estates in Coral Gables recently overtook Beverly Hills as the most expensive U.S. neighborhood, highlighting Miami’s growing muscle in ultra‑luxury markets.
Top 5 Mainland Miami Preconstruction Condo Development Most Likely to Break $4,000 Per Square Foot
Now the question becomes: what’s next? Which upcoming developments have the potential not only to follow in One Park Grove’s footsteps, but to push values into uncharted territory above $4,000 per square foot on the resale market?
While there’s no way to know for sure (preconstruction contracts aren’t publicly recorded until closings occur), here are the Top 5 mainland Miami preconstruction condo developments most likely to break $4,000 per square foot once they deliver and resales begin.
As one of the most anticipated launches in Miami, the St. Regis Residences Brickell checks nearly every box for record-breaking resale potential. Set on a prime waterfront site with private, gated access, the project pairs a world-class location with the cachet of the St. Regis brand—long synonymous with ultra-luxury hospitality.
Brickell, Miami’s financial district, continues to attract global wealth, and this development’s combination of exclusivity, waterfront views, and brand prestige make it a strong contender to cross the $4,000 per square foot line.
Coconut Grove has quietly emerged as Miami’s hottest neighborhood, with recent sales at One Park Grove proving just how high values can climb. Enter the Four Seasons Residences Coconut Grove, set directly across from Regatta Park, Dinner Key Marina, and Biscayne Bay.
Anchored by the prestige of the Four Seasons brand, the residences deliver sweeping water views of Biscayne Bay alongside Regatta Park and the marina, all within Coconut Grove’s highly walkable setting—an ideal formula for top-dollar resales. If One Park Grove can set new records, Four Seasons Residences Coconut Grove may be the project that takes the next leap.
Brickell Key is one of the most unique enclaves in all of Miami, and The Residences at Mandarin Oriental will rise on the last remaining waterfront lot there. With unmatched exclusivity, panoramic views, and the pedigree of the Mandarin Oriental brand, this project offers buyers a rare opportunity to own in a setting that cannot be duplicated.
That combination of scarcity, branding, and location could easily propel resales into the $4,000 per square foot range, especially as international buyers continue to favor turnkey, waterfront branded residences.
While not waterfront, Waldorf Astoria Residences Miami brings something entirely different to the table: height and history. Rising 100 stories, it will be the tallest skyscraper in Miami and the first supertall tower south of New York City.
As the first Waldorf Astoria branded residences in the city, the tower will redefine Miami’s skyline and create a true architectural icon. For collectors of rare, trophy properties, its cachet could easily translate into resales well above $4,000 per square foot.
The final entry on this list is 888 Brickell by Dolce & Gabbana, a bold new development that will stand as the tallest tower in Brickell (tied in height with Waldorf Astoria) and the first branded residence by the Italian fashion powerhouse.
While not on the water, its height, branding, and ultra-luxury positioning could attract global buyers seeking something unique. In a competitive luxury market, 888 Brickell’s mix of design, fashion, and visibility make it one of the strongest contenders to cross the $4,000 per square foot mark on resales.
Final Thoughts
The mainland Miami luxury condo market has already entered a new era, with One Park Grove proving that $3,000 per square foot is not only possible but repeatable. Looking ahead, the next great milestone will be $4,000 per square foot on resales—and these five projects are best positioned to get there first:
St. Regis Residences Brickell – waterfront exclusivity, St. Regis prestige
Four Seasons Residences Coconut Grove – Grove location, Four Seasons brand
Residences at Mandarin Oriental, Miami – last Brickell Key waterfront site
Waldorf Astoria Residences Miami – Miami’s first supertall skyscraper
888 Brickell by Dolce & Gabbana – tallest in Brickell, iconic fashion brand
In a city defined by constant reinvention, it’s only a matter of time before one of these towers rewrites the record books.
Only One Can Be THE One: A Tale of Two Towers
In the battle for supremacy among Miami’s most prestigious residential towers, one project has quietly set itself apart. While many assumed One Thousand Museum — the Zaha Hadid–designed icon in Park West Miami — would long be considered the benchmark for mainland Miami luxury, sales data reveals a different story. The crown belongs to One Park Grove — the OMA•Rem Koolhaas jewel in Coconut Grove — which has accomplished what no other condo on mainland Miami has: breaking $3,000 per square foot (and doing so a number of times). One Thousand Museum was completed in 2019 while One Park Grove was delivered just a year later in 2020.
One Park Grove Redefines the Market
Over the past 12 months, One Park Grove has averaged $3,354 per square foot, a figure that jumps to $3,850 per square foot over the past six months. Even more impressive? The most recent sale that achieved this record was not a penthouse, but rather a standard residence.
The Top 3 Record-Breaking Sales at One Park Grove
Residence 15A – Sold for $12.5M ($3,850 per square foot) on May 15, 2025
Penthouse A – Sold for $22.5M ($3,504 per square foot) on February 14, 2025
Residence 15A – Sold for $10.7M ($3,295 per square foot) on February 13, 2024
Together, these three sales firmly establish One Park Grove as the only condo development in mainland Miami to have crossed the $3,000 per square foot threshold—on multiple occasions.
Echo Brickell: Close, But Not Quite
The next closest challenger to crack $3,000 per square foot was the duplex penthouse at Echo Brickell, which sold in October 2024 for $33 million ($2,982 per square foot). While an extraordinary result, it ultimately fell just short of the coveted $3,000 per square foot milestone. Echo Brickell remains an important player in the luxury market, but its success highlights just how rare and difficult it is to reach this benchmark.
One Thousand Museum: Once the Bellwether, Now Falling Behind
For years, many considered One Thousand Museum the “bellwether” for pricing power in mainland Miami. Its futuristic design by the late Zaha Hadid and iconic silhouette seemed to guarantee record-setting values. Indeed, the building made headlines when David Beckham purchased the top full-floor penthouse in September 2022 for $19.5 million ($2,120 per square foot)—the first time any mainland Miami condo crossed the $2,000 per square foot threshold.
What’s surprising, however, is what’s happened since. Not only has One Thousand Museum failed to approach $3,000 per square foot, it hasn’t even come close to its prior peak. In fact:
A sale in August 2024 closed at just $940 per square foot
Over the past 12 months, five sales at the tower have averaged only $1,214 per square foot
Far from being the market leader, One Thousand Museum appears to be moving in the opposite direction.
Comparing Other Top Developments
Other ultra-luxury developments on mainland Miami are also lagging behind the astronomical numbers achieved at One Park Grove:
Elysee in Edgewater (completed in 2021) – 11 sales over the past 12 months averaging $1,168 per square foot
While impressive, these averages underscore just how far ahead One Park Grove stands in today’s market.
The Tale of Two Towers
The contrast is striking. Both One Park Grove (OMA • Rem Koolhaas) and One Thousand Museum (Zaha Hadid) were designed by world-renowned starchitects. Neither building is situated directly on the water, instead overlooking public parks. Yet their market trajectories couldn’t be more different.
One Park Grove has quietly, repeatedly achieved record-breaking pricing power.
One Thousand Museum, once considered the benchmark, has slipped to averages comparable to projects with far less architectural notoriety.
The Top 5 Sales in Mainland Miami by Price Per Square Foot
One Park Grove #15A – $12.5M ($3,850 per square foot) – May 15, 2025
One Park Grove #PHA – $22.5M ($3,504 per square foot) – February 14, 2025
One Park Grove #15A – $10.7M ($3,295 per square foot) – February 13, 2024
Echo Brickell Penthouse – $33M ($2,982 per square foot) – October 21, 2024
One Park Grove #15D – $7.2M ($2,828 per square foot) – May 17, 2024
Final Thoughts
When it comes to record-breaking condo sales in mainland Miami, only one building has repeatedly proven itself: One Park Grove. Its ability to command over $3,000 per square foot—something no other development has achieved—marks a defining moment in Miami’s luxury real estate market.
Meanwhile, One Thousand Museum, once thought to be the inevitable market leader, now finds itself playing catch-up.
In the ever-competitive landscape of Miami luxury condos, it’s clear: only one can be THE one.
Miami Tops Altrata’s 2025 Report as the Global Epicenter for Ultra-Wealthy Second Homes
According to Altrata’s newly released Residential Real Estate 2025 report, Miami has officially cemented its position as the top destination in the world for ultra-high-net-worth (UHNW) individuals seeking second homes. With over 13,200 UHNW individuals owning secondary residences in the Magic City, Miami now outranks all other U.S. cities—including New York and Los Angeles—in this category. Globally, it ranks #1 as the most popular second-home destination for the ultra wealthy, a testament to its rising global status and appeal among elite buyers.
Several factors continue to make Miami an irresistible draw for the ultra-wealthy. Florida’s tax-friendly policies—particularly the absence of a state income tax—have long made Miami a haven for wealth preservation and strategic investing. But beyond financial benefits, Miami offers a lifestyle that few global cities can match. Its year-round sunshine, vibrant arts and culture scene, thriving culinary destinations, and pristine beaches combine to create an ideal environment for both full-time living and seasonal retreats. Furthermore, Miami’s geographic location and international airport offer unmatched access to Latin America, Europe, and key financial hubs, making it a practical and prestigious base for international UHNW individuals.
The report also places Miami among the top five cities worldwide in total UHNW residential footprint, alongside global heavyweights like London, Hong Kong, New York, and Los Angeles. This reinforces a growing trend: the ultra wealthy are increasingly viewing Miami not just as a vacation destination but as a cornerstone in their global real estate portfolios. As the global UHNW population is projected to grow by more than 33% over the next five years, Altrata anticipates that demand for high-end residential real estate will follow suit—and Miami is poised to absorb a significant portion of that surge.
For Miami’s real estate professionals, developers, and investors, the data presents clear opportunities. Demand is expected to skyrocket for luxury condos, waterfront estates, and gated communities—particularly in neighborhoods like Miami Beach, Brickell, Coconut Grove, and Coral Gables. New development projects that prioritize privacy, design sophistication, top-tier amenities, and global branding will have a distinct edge in this new landscape. Additionally, marketing strategies must be tailored to UHNW sensibilities, highlighting security, exclusivity, and long-term asset value.
Looking ahead, Miami’s luxury real estate market is entering a new era of international significance. With the UHNW population projected to grow rapidly and Miami emerging as a clear favorite, we can expect a rise in upscale development, increased buyer competition, and a greater emphasis on properties that deliver both lifestyle and legacy value. For agents, investors, and developers, now is the time to double down on Miami’s unprecedented momentum.
The Residential Real Estate 2025 report from Altrata doesn’t just confirm what many in the industry already suspected—it quantifies it. Miami isn’t just hot. It’s global, it’s elite, and it’s leading the charge in the future of luxury residential real estate.
First Glass Installed at Waldorf Astoria Residences Miami
A major milestone has recently been reached at Waldorf Astoria Residences Miami — the first glass panels have officially been installed, marking a visually striking chapter in the rise of Miami’s most iconic residential skyscraper.
Currently under construction at 300 Biscayne Boulevard, this architectural marvel is being developed by PMG (Property Markets Group) in collaboration with Greybrook Realty Partners, and designed by world-renowned architect Carlos Ott in partnership with Seiger Suarez Architects. The project broke ground in late 2022.
What makes the Waldorf Astoria Residences Miami unlike anything else is its bold and imaginative design. The tower is comprised of nine stacked and staggered cubes. As of now, construction has reached the third cube, which is where the dramatic staggering begins — making it one of the most visually captivating structures taking shape on the Miami skyline.
Set to be completed in Q1 2028, the Waldorf Astoria Residences Miami will redefine the city’s skyline and history. Upon completion, it will become Miami’s first supertall skyscraper and the tallest residential tower south of New York, rising to an astonishing 1,049 feet.
Demand for this once-in-a-generation property has been unprecedented — 93% of the building is already sold. Remaining availability includes:
One-Bedroom Residences from $3.1 Million
Two-Bedroom Residences from $3.3 Million
Three-Bedroom Residences from $4.5 Million
Four-Bedroom Residences from $7.5 Million
If you’re interested in owning a piece of this architectural icon, contact Lucas Lechuga at [email protected] for available inventory and private presentations.
Waldorf Astoria Residences Miami-A $50 Million Penthouse Epitomizing Luxury and Investment Potential
In the heart of Miami, an architectural masterpiece rises, setting a new benchmark for luxury living and investment opportunities. The Waldorf Astoria Residences Miami, an iconic structure unparalleled in its design, has unveiled its crown jewel: a $50 million penthouse located in its ninth cube. This penthouse doesn’t just offer a residence; it offers a statement, positioning its inhabitants atop the highest residential edifice south of the Big Apple.
This penthouse is more than just a living space; it’s a testament to opulence and strategic investment. Spanning 13,119 square feet, it boasts features that cater to the discerning tastes of hedge fund magnates: a private gym for those early morning workouts, a theatre for private screenings, a wine room showcasing the world’s finest vintages, and a library that can double as a space for strategic meetings. The 360-degree views encompassing Miami Beach, Downtown Miami, and the vast expanse of the Atlantic Ocean are bound to inspire and invigorate its residents.
The penthouse’s design is both lavish and functional, with six spacious bedrooms, nine state-of-the-art bathrooms, and expansive floor-to-ceiling windows that flood the space with natural light. The primary suite is a haven, complete with luxury walk-in closets and Italian-crafted marble-finished vanities. The flexibility to tailor spaces, be it a personal gym or a contemporary kitchen, adds a personal touch, ensuring that each resident’s unique needs are met. The renowned design firm, BAMO, has lent its expertise to the interiors, ensuring that every inch exudes sophistication.
The Waldorf Astoria Residences Miami itself is a marvel, with its nine offset glass cubes enveloped in a shimmering “glass skin.” This 1,049-foot tower will house 360 private residences, alongside 205 guestrooms and suites that form part of the luxury hotel. The hotel’s signature spaces, private amenities, and the renowned Peacock Alley of the Waldorf Astoria brand are all housed within the first three cubes. The visionary design was a collaborative effort between Sieger Suarez Architects and the illustrious architect Carlos Ott.
For those who seek exclusivity, the tower offers a plethora of amenities. From a resort-style pool deck, holistic wellness spa, and a state-of-the-art fitness center to an owners-only lobby and bar, every detail has been meticulously curated. The integration of the latest smart home technology via a dedicated mobile app ensures that residents have access to a myriad of services at their fingertips, from spa reservations to dog walking services.
Hilton Management Services, known for its commitment to unparalleled service, will manage the Waldorf Astoria Residences Miami. This ensures that both residents and visitors experience the epitome of luxury and world-class experiences.
If you or someone you know have an interest in purchasing at Waldorf Astoria Residences Miami, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
New Renderings Released for Hilton Hotel Concept at Okan Tower
The projected Hilton Hotel inside the Okan Tower has just released new renderings.
Okan Tower recently underwent thorough piling tests, as required by the city’s building ordinance for extremely tall structures. The pile drilling phase has begun, and the developer declared, after all, the pilings passed their testing successfully. The foundation work’s contractor is named Jacob Companies Inc on permits issued by Miami’s Building Department. Ant Yapi Construction, a Turkish company with a Miami office, and Civic Construction, a Miami-based company, are the general contractors for Okan Tower.
Okan Tower, a mixed-use development with 70 stories and a tulip-shaped design that is destined to become a landmark in Downtown Miami, has revealed a new exterior rendering. The 902-foot towering megaplex, which was created by Okan Group and Behar Font & Partners, is situated at 555 North Miami Avenue at the intersection of Miami’s shoreline, with great dining, entertainment, and culture. A Hilton Hotel will be the development’s focal point, and there will be a variety of upscale facilities available in the homes.
When Okan Tower is finished, it will include more than 900,000 square feet of space, including a 64,000 square foot “Class A” office building, a 316-key Hilton Miami Bayfront Hotel, 163 Sky Residences with amenities solely for owners, 236 Short-Term Rental Residences powered by Hilton Hotels & Resorts, and 236 such residences. The development is slated to grow to be one of Miami’s tallest structures.
According to the architect’s website, the Okan Tower’s delicate profile was modeled after the tulip in honor of the company’s Turkish roots, where the tulip is the national flower.
Amenities:
24-hour reception and concierge
70th-floor rooftop pool and sky deck with private cabanas
12th-floor lap pool with clubroom and lounges
State-of-the-art health and fitness center with yoga studio, Peloton bikes, and fitness MIRROR.
Sauna, steam, and treatment rooms
Children’s sensory and playroom
Theater
Wine cellar
Owner’s lounge
The completion date for Okan Tower is set to be in 2027. If you or someone you know have an interest in purchasing at Okan Tower, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Urban Network Capital Group Unveils the Luxury Condo Hotel-Visions at Brickell Station
‘Visions at Brickell Station,’ a luxury condo-hotel aimed at elevated luxury or business visitors searching for an enhanced experience, has been unveiled by Urban Network Capital Group (UNCG).
After the nearly sold-out Visions Orlando Spa & Resort, which is a 354-unit luxury vacation hotel community set to commence development soon, Visions at Brickell Station is the second Visions project for UNCG. Visions is a recently introduced brand by UNCG, with the company’s first such developments taking place in Orlando and now Miami.
The recently finished assemblage, which cost a total of $8,500,000 to purchase, comprises of three Miami-area parcels at 1120, 1130, and 1136 SW 3rd Avenue. Around 70 new properties in the single-family and multifamily markets have been developed by UNCG, with deals worth over $2 billion successfully completed.
Visions at Brickell Station is a boutique condo/hotel complex with 111 residences ranging from studios to one-bedroom units, with no rental limitations, and is situated in the center of the city at 1120 SW 3rd Avenue. Owners can engage in a professionally run Hotel Program or rent it out through a booking platform of their choice.
A wide range of people are drawn to the distinctive, modern architecture created by DTI Architects, and UNCG can choose from a variety of price points, starting at $299,448 for a 321-square-foot studio, $413,124 for a 451-square-foot junior suite, and $501,960 for a 539-square-foot one-bedroom unit.
The eight-story skyscraper will provide spectacular style, intimacy, exclusivity, and a wide range of wellness-focused amenities that meet residents’ every need once it is finished in 2025. A state-of-the-art gym with interactive gym equipment, rooftop Infinity pool and terrace, on-site restaurant with food and beverage service, front desk check-in, laundry services, and a bike-share program are just a few of the distinctive features that improve the experience of being an owner at Visions at Brickell Station.
Keyless electronic entry, floor-to-ceiling windows with panoramic views of Miami’s famous skyline, a ceramic tile floor that looks like wood, quartz countertops, custom Italian cabinetry, and 75″ Smart TVs are just a few of the luxurious amenities found in each tastefully furnished designer residence. Visions at Brickell Station were designed by UNCG with in-unit wellness-focused luxuries such as advanced HVAC systems offering purified air and probiotic eco-sanitizing diffusion, nontoxic wall coverings, filtered water, aromatherapeutic diffusers, Vitamin C diffusion therapy showers, and lighting to relax and balance the mind. UNCG specializes in building communities that are both eco-friendly and wellness-certified.
Together with other private investors, the project is backed by V&V Investments, a Peruvian company. With more than 25 years of experience, V&V is the top real estate development company. The group’s total projects, which total more than $1.5 billion, span eleven portfolio projects in Aventura, Coral Gables, Fort Lauderdale, Port Charlotte, Cocoa Village, and now Brickell. V&V entered the U.S. market in 2021.
Approval Pending for Construction on 10 Story Residential Tower in Miami Beach
An application has been submitted for design review approval to build a new 10-story mixed-use building at 6940 Abbott Avenue, the location of a former BellSouth office and parking lot that is no longer in use in the North Beach neighborhood of Miami Beach. The application was filed by 6940 North Beach LLC, a joint venture between entities controlled by Rainer Viete, Jose Boschetti, and Eduardo Otaola.
The 130-foot-tall structure will feature 134,573 square feet of space, including 96 multi-family units, 21 of which would be co-living units, 2,192 square feet of ground floor retail, and 90 parking spaces. It was designed by Arquitectonica with Biscayne Engineering serving as the land surveyor and civil engineer.
Unit floor plans include studio, one, and two bedrooms. The regular size units would be between 550 and 1,250 square feet, while studio units (co-living) will be between 403 and 437 square feet. A cafe, fitness facility, pickle-ball court, and a lap pool will all be on the rooftop.
The traffic engineer is David Plummer & Associates, while the landscape architect is Christopher Cawley Landscape Architecture. The interior of the building will be thoroughly illuminated by natural light thanks to the use of grey glass windows and a glass railing. Mixing these materials will produce a striking, modern appearance that blends nicely with the nearby North Beach neighborhood. A stunning concrete frame with spherical motifs grouped in a bond-like pattern wraps around all elevations of the residential component of the building, emphasizing its distinctive form.
The development organization has also offered hurricane-proof impact windows, passive cooling systems, resilient planting, a study of the elevation of the property and the elevation of neighboring properties, and a recycling or salvage strategy for partial or complete deconstruction. To integrate the loading and parking driveways, they also ask for a waiver. The granting of this waiver will enable the project to be better designed while still adhering to the TC-C district’s development restrictions and without the requirement for variances. The project’s anticipated construction cost is approximately $14,692,224.
