Florida’s luxury real estate market is experiencing a significant boom, drawing high-profile buyers and developers to its coveted coastal properties. From multi-million dollar estates to ambitious new developments, the Sunshine State continues to solidify its position as a premier destination for investment and high-end living.
Key Takeaways
- Florida’s luxury real estate market is attracting significant attention from both international buyers and domestic developers.
- Major cities like Miami, Palm Beach, and areas within South Florida are seeing record-breaking sales and substantial development projects.
- International buyer interest is strong, with Canada, Colombia, and Brazil leading in dollar volume, though price and interest rates remain factors.
- Developers are focusing on urban cores, prioritizing location, walkability, and amenities in new projects.
Record-Breaking Sales and High-Profile Buyers
Florida has cemented its status as a leader in the nation’s luxury real estate sector. In December alone, the state dominated the most expensive home sales, with a $101.5 million Miami estate linked to Google co-founder Larry Page topping the list. This Biscayne Bay compound in Coconut Grove, a highly exclusive enclave, underscores Miami’s appeal as a lifestyle and financial hub. Two Palm Beach properties also secured spots among the top sales, fetching $97.5 million and $66.1 million respectively. Overall, six of the top 10 most expensive sales nationwide in December were in coastal Florida cities, highlighting the state’s outperformance against other luxury markets.
International Appeal and Investment Trends
International buyers are a significant force in Florida’s real estate market. A report from Florida Realtors indicates a substantial increase in international buyer dollar volume, reaching $10.4 billion between August 2024 and July 2025, a 50% rise from the previous year. Canadians led in dollar volume with $1.9 billion, followed by a resurgence from Colombian buyers. Despite this growth, factors like high prices and economic uncertainty continue to temper overall buyer activity, with sales remaining below pre-pandemic levels. Nevertheless, Florida remains a compelling option for international investors, with 90% visiting before purchasing and a notable 60% paying all-cash.
Developers Eyeing South Florida’s Future
South Florida is a focal point for real estate developers in 2026, with a strong emphasis on urban cores like Downtown Miami and Brickell. Developers are strategically placing their bets on areas proximate to commercial hubs that also offer a high quality of life, good walkability, and abundant dining and retail options. Projects like the Citadel tower, slated to be the tallest office building in South Florida, and the expansive Miami Worldcenter mixed-use development are shaping the urban landscape. Developers are increasingly focusing on smaller, amenity-rich products, recognizing that location and surrounding conveniences are paramount for today’s buyers. Areas such as Edgewater, Wynwood, and the vicinity of the Brightline transit system are also expected to see continued growth and development.
Shifting Development Strategies
Developers are adapting their strategies to meet market demands and cost constraints. The focus is shifting towards smaller unit sizes, with an emphasis on the surrounding amenities rather than expansive living spaces. This trend is driven by the high cost of land and construction, making it challenging to offer properties below $1,000 per square foot in prime urban areas. Consequently, many new developments are categorized as ‘New and Prime,’ reflecting higher price points due to these cost factors. Additionally, there’s a growing interest in ‘Live Local Projects,’ which combine multifamily housing with workforce housing components, alongside continued condo development. Beyond new construction, established neighborhoods like Coconut Grove, Coral Gables, and South Miami are seeing redevelopment of existing single-family homes.
Sources
- International Real Estate Profile | Florida Realtors, Florida Realtors.
- South Florida Top Real Estate Deals: Thursday, Feb. 19, 2026, The Real Deal.
- Florida dominates December’s most expensive luxury home sales across US, Fox Business.
- Where South Florida real estate developers are placing their bets for 2026 – NBC 6 South Florida, NBC 6 South Florida.
