Miami goes global

How is the Miami market right now?
Miami has experienced a fundamental shift in its global image and buyer profile. We are seeing a surge of entrepreneurs, finance and tech leaders who are treating the city as their primary base rather than a secondary home. This trend was accelerated by remote work, sociopolitical shifts in other states, and a strong return of international demand in 2022. Google co-founder Larry Page recently purchased two Coconut Grove properties for $173 million cash. That level of all-cash, high-net-worth activity is somewhat new and has pushed our ultra-luxury market into an asset class of its own. Currently we have more $100–$300 million+ assignments than ever before. Roughly 80% of the buyers at this price tier right now are coming from California, driven by proposed billionaire taxes. We are also continuing to see a significant demand from Northeast buyers and we expect this migration to continue.

What impact have global events had?
While interest rates and currency fluctuations remain influential, Miami often benefits from global geopolitical uncertainty. The city has become a lifestyle-forward safe haven for wealth. Latin American and European buyers are coming in very strongly. They’re all looking for privacy, security, quality design and lifestyle. They’re buying an experience as much as a home, and will pay premiums for waterfront properties, for branded residences, for walkability and, of course, proximity to great dining, culture and private airports. Our market is currently up approximately 20% year-over-year, with the ultra-luxury condo segment above $20 million appreciating at an even faster rate.

What trends are you seeing?
Wellness has shifted from a luxury to an expectation. We are also seeing branded residences perform well because buyers value the consistency they provide. They know what to expect when it comes to the level of service, security and the calibre of finishes that each brand offers. Behind-the-scenes, we are increasingly seeing creative capital stacks in development with more preferred equity, more mezzanine lending as banks try to stay selective. Private credit is more prevalent today than we’ve ever seen before.

Which projects are you particularly excited about?
Surf Row Residences in Surfside is a standout boutique development of only 24 units just one block from the ocean in one of the most prestigious zip codes in the country. Designed by architect Boris Pena, the project has exceptional interior design and amenities that are bar none, and is currently achieving some of the highest prices per square foot in the market. Pier Sixty-Six Residences in Fort Lauderdale is a hidden gem developed by Joe Lewis, who is well-known in the UK. I took this project to London myself, and it was a hit because of that connection and the incredible quality of the development. It offers spectacular 360-degree views of all of Fort Lauderdale and is really a game-changing project for the area. We are also excited to launch 619 Brickell, a collaboration of Foster + Partners and Nobu Hospitality’s first ever Miami residential project. They have planned a 74-story tower with 306 residences and 90,000 square feet of amenities – it’s going to be amazing.

As an avid art collector, how does art intertwine with real estate?
Art teaches you how to see things from a different perspective. It’s not just about what’s new or expensive, it’s about provenance, detail, composition. Art is a very emotional purchase, as is real estate. A great home, like great art, should make you feel something. When you walk in, you immediately know. Art also shapes how I think about space, light flow, walls that can hold a collection and design that feels curated rather than generic. That sensibility is how you create value, both in art and in real estate.

How important is the London market?
We are seeing significant interest from the UK. Over the past 18 months, many London buyers have come to get to know the market, the lifestyle, to understand the tax structure and investment landscape. Now we are seeing a shift in people wanting to make the move here full time. Expectations are high and that is pushing developers to deliver better product in response to that migration.

Do you see synergies between Mayfair & Miami?
Absolutely. I love London; the people, the culture, the art scene, the walkability. It’s one of the most sophisticated prime markets in the world and home to many of our clients. I think London buyers understand legacy architecture and long-term value. Many London-based developers and investors are now active in Florida, so the connection is just not client led, it’s industry driven too. That relationship will only deepen.

Where do you see the market heading in Miami and do you think the World Cup will drive interest?
Prime markets will remain resilient as Miami continues to behave more like London – less volatile at the top, more service-led and heavily brand-driven. I anticipate the ultra-luxury boom will continue and, while I remain grounded, I am optimistic about this trajectory. Value and lifestyle will be a key factor and we’re going to continue to see the ultra-luxury market perform well. The upcoming World Cup is a significant catalyst that will shift the traditional seasonal slowdown in South Florida. We are advising clients to align new project launches with this window, and we are planning significant initiatives to capitalise on the global attention the event will bring to the city.