Despite challenges such as rising insurance costs and concerns about climate change, South Florida’s luxury market remains strong, drawing buyers from around the world, and Miami remains at the forefront of the U.S. luxury real estate market, with recent sales that highlight the city’s enduring appeal among the ultra-wealthy.
One such sale was the $120 million transaction of a waterfront estate on Miami Beach’s exclusive Star Island, setting a new record for Miami-Dade County. The 2.5-acre property, which features a 22,000-square-foot mansion with six bedrooms, seven bathrooms, a pool, a tennis court, and a private dock, was originally purchased in 2009 by billionaire developer Vlad Doronin from retired basketball star Shaquille O’Neal for $16 million.
This sale highlights the strong demand for luxury properties in South Florida. Alongside the Star Island transaction, the region has established itself as a prominent player in the high-end real estate market. In February, a $49 million estate in Manalapan- a prestigious community south of Palm Beach- was sold. Palm Beach County claimed four of the top ten luxury sales in the nation, featuring a $48 million mansion in Jupiter and a $40 million residence on Billionaires’ Row. Noteworthy sales in Miami Beach included a $35.6 million beachfront property in Altos del Mar and a $31 million estate on Allison Island.
With a $285 million property in Manalapan currently leading the U.S. luxury listings, it’s evident that South Florida’s real estate market continues to attract the world’s wealthiest individuals, further solidifying the region’s status as a premier destination for luxury living.
