Meta CEO Mark Zuckerberg<\/a> now holds that record. Earlier this year, he bought a mansion in Indian Creek Village, known locally as the \u201cBillionaire Bunker,\u201d for $170 million. He was part of a wave of Silicon Valley billionaires buying multimillion-dollar waterfront estates this year.<\/p>\n Buyers coming from expensive cities like New York and San Francisco are used to paying more for housing there, which often means they\u2019re willing to pay higher prices in Miami, too, Bozovic said. This has contributed to the luxury real estate market\u2019s rising prices.<\/p>\n \u201cPeople who grew up in Miami think it\u2019s shocking,\u201d said Bozovic, \u201cbut the buyers coming from other cities are used to paying more.\u201d<\/p>\n But while Miami was once considered relatively affordable compared to other major metros, recent data from the Bureau of Economic Analysis<\/a> showed the city\u2019s cost of living is now higher than it is in New York or Los Angeles.<\/a><\/p>\n So far this year, $13.7 billion has been spent on real estate in Miami-Dade, up 19% compared to the first half of the last year and 101% compared to before the pandemic, according to Bozovic\u2019s report.<\/p>\n Mick Duchon, a luxury real estate agent with The Corcoran Group, has been involved in several multimillion-dollar transactions in recent months, including the sale of two neighboring properties in the Venetian Islands in Miami Beach for $33 million last month.<\/p>\n Duchon said not to expect prices for ultra-luxury homes in Miami-Dade to come down any time soon. Even when the market slows, prices for ultra-luxury typically stay where they are.<\/p>\n For instance, he said, when the real estate market in Miami was red-hot during the pandemic, prices went up. When that demand slowed, prices stayed put \u2014 and now that demand has picked back up, prices are rising once again.<\/p>\n Across the whole housing market in Miami-Dade, single-family homes are scarce, with inventory down 30% compared to pre-pandemic levels, according to the Analytics Miami report.<\/p>\n Homes are especially scarce in the most desirable waterfront areas of Miami and Miami Beach. These are the homes ultra-wealthy buyers want, but the supply of this prime real estate is limited, meaning prices for the properties have gone up significantly and will likely continue to do so, Bozovic said.<\/p>\n Bozovic has long attributed the influx of wealthy buyers to higher taxes in states like New York and California, as well as Florida\u2019s more business-friendly policies. She is critical of a proposed billionaire wealth tax in California<\/a>, which would impose a 5% tax on any billionaire who was living in the state as of Jan. 1, 2026.<\/p>\n This story was originally published July 30, 2026 at 5:00 AM.<\/p>\n