The Miami real estate market can\u2019t stop making headlines. <\/p>\n
A rush of tech billionaires and business titans have raised the bar for South Florida prices in only a handful of years. The most recent convert of the Sunshine State is Google co-founder Sergey Brin, who just shelled out $51 million for the Allison Island home of LVMH CEO Michael Burke, the Real Deal first reported<\/a>.<\/p>\n The deal marks yet another high-profile, waterfront lot purchase within Miami\u2019s ultra-exclusive communities, like Allison Island, Star Island and Indian Creek.<\/p>\n Sergey Brin\u2019s recent purchase follows similarly high-priced deals made by Larry Page and Mark Zuckerberg. Bloomberg via Getty Images<\/p>\n Allison Island numbers among Miami\u2019s ultra-wealthy island enclaves with in-demand waterfront lots. Jeffrey Greenberg\/Universal Images Group via Getty Images<\/p>\n The current wave of tech execs<\/a> snapping up trophy properties has been largely linked to a proposed California ballot initiative targeting billionaires.<\/p>\n Brin joins his Google co-founder Larry Page, who spent the new year assembling a 4-plus acre estate<\/a> in Coconut Grove, now worth more than $188 million.<\/p>\n Mark Zuckerberg officially landed in the ultra-exclusive Indian Creek Island community early this week, shelling out a record-setting $170 million<\/a> for just 1.84 acres a few doors down from Jeff Bezos.<\/p>\n \u201cThere are many buyers that are buying here as a hedge in the scenario that there is a wealth tax implemented in their state,\u201d Mick Duchon of Corcoran told The Post. \u201cSo just the threat of it is enough of a reason for them to buy here.\u201d<\/p>\n Google co-founder Larry Page joined Miami\u2019s Coconut Grove set earlier this year. Zak Bennett for New York Post<\/p>\n The impact of these mega-watt transactions on the city\u2019s luxury tier is tangible. <\/p>\n A mystery buyer previously paid $110 million for an empty patch of Indian Creek<\/a> next door to two of Bezos\u2019 plots. The 1.6-acre Coconut Grove property next to Ken Griffin\u2019s record-setting, two-parcel estate listed this month<\/a> for $110 million \u2014 an unthinkable price in the not-so-distant past.\u00a0<\/p>\n The last record-setting price boom took place in 2022, driven by wealth migration, remote work and a flood of liquidity among the ultra-wealthy. <\/p>\n Cash-heavy transactions nearly doubled Miami\u2019s ultra-luxury price threshold, according to Realtor.com data, from $9.9 million in mid-2020 to a peak of $19.6 million in 2022.<\/p>\n Mark Zuckerberg paid $170 million cash for his record-setting acquisition on Indian Creek Island. SplashNews.com<\/p>\n That boom has unwound somewhat as supply returned and buyers cooled off. The cost of entry into the top 1% of Miami\u2019s housing market sat at $15 million as of February, according to Realtor.com data. That threshold has fallen since 2022, but remains nearly 69% above pre-pandemic levels.<\/p>\n Miltiadis Kastanis of Compass told The Post that even homes in the $5 to $10 million range \u201care getting eaten up\u201d this season. Anything waterfront is selling like hotcakes.<\/p>\n \u201cThey\u2019re now transacting at a pace that we haven\u2019t seen for a long time,\u201d Kastanis said, adding that his preferred home inspector for luxury listings currently needs to be booked two weeks in advance.<\/p>\n Miami\u2019s feverish luxury tier stands in stark contrast to the rest of the market, as unaffordable, unwanted inventory piles up. be free \u2013 stock.adobe.com<\/p>\n Lourdes Alatriste, a Douglas Elliman broker, told The Post that wealthy buyers interested in off-market properties have been calling consistently since November. <\/p>\n