Billionaires buying up South Florida real estate, corporate expansions and a widening gulf between luxury and everyday home prices are changing Miami-Dade’s economic landscape.
Here’s a roundup of top luxury real estate stories:
Nation’s widest luxury price gap: Luxury homes in West Palm Beach cost 8.9 times more than non-luxury homes and Miami’s gap sits at 8.8 times, the widest and second-widest disparities in the country, according to a new Redfin report. The Miami gap has grown from 7.6 times last year, driven by ultra-wealthy buyers competing for limited inventory.Google quadruples Miami footprint: Alphabet Inc. is expanding its Brickell office from roughly 10,000 to 45,000 square feet, following major Miami-Dade real estate purchases by co-founders Larry Page and Sergey Brin. Page reportedly spent about $188 million on a Coconut Grove estate, while Brin bought a Miami Beach home for $51 million.Luxury sales fuel market rebound: Sales of $1 million-plus homes jumped 29% in Miami-Dade and 35% in Broward in June year-over-year, with nearly 38% of Miami-Dade purchases completed all-cash. Miami-Dade posted its strongest June in three years, extending a 10-month streak of sales growth.Florida slips in business rankings: Florida fell five spots to eighth place in CNBC’s America’s Top States for Business, down from third last year. The drop was driven by worsening infrastructure, softening housing and a high cost of living.Ken Griffin buys historic Brickell cottage: Miami commissioners voted 5-0 to approve the $2.98 million no-bid sale of a 121-year-old cottage to the Citadel CEO, who now owns the entire Brickell block. Dade Heritage Trust plans to relocate the historic building to Coconut Grove.Ultra-luxury market explodes: Twenty-nine single-family homes sold for $30 million or more in Miami-Dade in 2025, nearly doubling the previous record, with 21 already sold at that price point in 2026. Mark Zuckerberg holds the county record at $170 million for his Indian Creek Village mansion.
The summary points above were compiled with the help of AI tools and edited by journalists. The source reporting referenced above was written and edited entirely by journalists.