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The Top Neighborhoods to Find Modern Miami Waterfront Homes Starting at $3 Million

by | Oct 11, 2021

As summer nears to an end, the Miami luxury real estate market shows no signs of slowing down. In fact, the sheer number of sales of Miami waterfront homes is astonishing. At the time of writing this, there have been 173 properties sold for at least $10 million totaling more than $2.9 Billion. As a breakdown, 117 of those were homes & 56 were condos. The average price per square foot is $2,292/ Sq.Ft. Record breaking sales in Miami Beach have taken place from Golden Beach to Gables Estates and everywhere in between.

Let’s put some of these numbers into perspective and focus on Miami waterfront homes, specifically in the primary residential areas of Miami Beach, Coconut Grove, Coral Gables, Golden Beach and Key Biscayne. I am including all of the islands so that includes the Venetian Islands, Palm, Hibiscus and Star Island as well as the Sunset Islands.

In this article we will show you how the different neighborhoods have performed in the last 10 years with a secondary focus on the last 24 months. I am also only focusing on the luxury market with prices above $3 million. Just in the past few months alone, there have been massive waterfront property sales on Star Island Dr Miami, Palm Ave Miami Beach and Allison Island.

The Top Neighborhoods To Find Modern Miami Waterfront Homes Starting At $3 Million

Miami Beach Waterfront Homes

The area with the biggest gains has been the Miami waterfront homes in Miami Beach and the surrounding islands. There has been many record breaking sales as well as tons of new construction projects, which is pushing up the prices of these waterfront homes. Miami Beach has experienced a steady growth over the past 10 years and there are no signs of slowing down.

With the Miami Beach real estate market moving this fast, I have many buyers asking me if the Miami luxury RE market can continue moving like this? While no one knows the answer for sure, we can look at traditional factors such as supply and demand. For the Miami RE market to stop moving, supply either needs to go up or demand needs to cool down and I don’t see either of these happening in the foreseeable future. Homes have been selling like hotcakes on the Venetian Islands, especially on San Marino Dr. , Rivo Alto Dr. and Venetian Way. Some the best new waterfront homes for sale are located on the Venetian Islands in Miami Beach.

Another important factor to consider is the mass migration currently taking place from places like New York and California. In fact, we are still seeing a huge demand for Miami real estate with many relocation buyers coming into Miami and Miami Beach. Florida’s rise in popularity isn’t expected to end any time soon and Florida is expected to gain an average 845 new residents per day until at least 2025. The population in Florida is 2.7 million people and is estimated to reach 3 million people by 2025.

Add to the fact there is a lack of supply of Miami waterfront homes and its no surprise that we are seeing record sales prices taking place in the Miami Beach real estate market, especially in Miami Beach and Miami Beach homes.

The Top Neighborhoods To Find Modern Miami Waterfront Homes Starting At $3 Million

The Pandemic’s Affect on Miami Real Estate

There is no doubt that the Covid Pandemic has accelerated the boom in Miami real estate and continues to fuel it today. But one thing is for sure, the Miami Beach real estate market will continue moving even after the pandemic is behind us. The pandemic was a great accelerator for the market, but it’s not the main reason people were moving to Miami or Miami Beach.

As mentioned in my previous blog posts, one of the main reasons that residents are moving to Miami is Florida’s favorable tax laws, which will unlikely be changed in the near future. These tax laws will continue to ensure a a steady flow of new buyers from out of state. And it’s not just the Hedge Fund guys and Wall Street companies from New York City that are taking advantage of this.

South Florida has done a great job of attracting the technology companies of Silicon Valley. And these tech entrepreneurs from Silicon Valley are not just bringing their businesses and teams but they are creating new businesses here in Miami which includes new jobs and capital investments. Miami’s Mayor Francis Suarez has been an advocate of bringing in new companies, catering to the needs of these incoming tech companies and achieving sustainable growth with these businesses.

From Crypto currency companies to Fintech, Miami is marketing itself as a business-friendly environment and taking the city to the next level. Miami has always been a hotspot for international banking and financial services and now it’s quickly attracting the big hedge funds and private equity firms. Many are relocating to luxury homes in Miami Beach, Coral Gables and Coconut Grove and want to have a boat dock right in their own backyard.

Miami continues to attract people from all over the world with many relocating to South Florida from other parts of the US, largely due in part to its favorable tax climate and they end up staying because of its lifestyle.

The Top Neighborhoods To Find Modern Miami Waterfront Homes Starting At $3 Million

Investing in Miami Luxury Real Estate

As most real estate professionals in South Florida will tell you, there is currently a shortage of Miami luxury homes on the market and it’s a great time to be a seller. However, there is the issue of where do these sellers go after they sell, even if they do get top dollar. With the supply being so tight in the Miami real estate market, these sellers may not have anywhere to go and this is no doubt causing a big problem with many sellers now. And from the looks of it, there is no potential change in sight. There is a lack of both brand new construction homes and new Miami and Miami Beach luxury condos.

Rental prices are also at all time highs, so renting something now and trying to wait out the next market correction would not make much sense. The luxury rental market is extremely tight and prices are skyrocketing. Just as an example, Joan and I recently rented out a 4 bedroom at Icon South Beach for $20,000 per month which is a new record in the building.

So what about buying a Miami Beach luxury condo rather than single family home? There are some great luxury condos in Miami Beach, but downsizing to a condo might be a big adjustment. In addition, there is also a lack of new luxury condos being built.

With President Biden’s proposed new Capital Gain Tax Plan, there is chance that some sellers may choose to sell faster than anticipated, but it won’t have that much of an impact on the Miami FL housing market. The best priced homes are getting multiple offers and there are bidding wars are common practice now. In addition, you are seeing many off-market deals take place between private sellers and buyers. This is especially true with some of the best waterfront homes in Coral Gables and Bal Harbour.

The Top Neighborhoods To Find Modern Miami Waterfront Homes Starting At $3 Million

Will Prices in Miami Drop Anytime Soon?

So what do we think about the state of the current market and can we expect prices to come down anytime soon. In my opinion, the answer is no. If anything, we will see prices slow down a bit and stabilize, but I don’t see prices coming down anytime soon. The luxury real estate market, especially for single family homes, has always been stable and has continued its upward trajectory for decades now.

With demand up and an extremely limited supply, I believe that the Miami real estate market will continue to gain traction. It will probably be much less common to see these massive price gains in the next few years, but I doubt that prices will go down.

Looking back at Miami’s single-family home markets, there have been steady increases over the past 10 years. Miami Beach, Bal Harbour and the areas around Coral Gables saw the highest value increases. Again, Miami Beach saw the highest increase in home values during the past few years, especially with Covid. Many of the buyers relocating to Miami opted to buy a home on Miami Beach. This is also true around many of Miami’s top private schools.

So the golden question is? “If I am buying a Miami Waterfront Home or Luxury Condo now, will I be paying at the top of the market? Or Should I just wait and see what happens?” In my opinion, the Miami luxury market will continue to get stronger and prices are not coming down anytime soon. If you want to invest in Miami, then now is the time. Don’t wait for prices to go up. Miami and Miami Beach are constantly changing and growing and there is no end in sight.

One of the Top Real Estate Professionals in Miami

Josh Stein is a leading real estate professional in Miami and specializes in condos and homes for sale throughout Miami, including neighborhoods such as Miami Beach, North Miami Beach, Bay Harbor Islands, Golden Beach, Gables Estates an d Bal Harbour. Just has sold of the most spectacular Miami Beach homes and waterfront homes in Miami. He also has experience outside of Miami Dade County and can help you in Fort Lauderdale and Palm Beach.

To get the latest inventory and follow new listings in Miami, FL visit joshsteinrealtor.com. For more information, please contact me at +1 (305) 695-8257 or email me at hello@joshsteinrealtor.com.

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Have questions? Need advice?

We're experts in the South Florida Luxury Real Estate market and are available to help you with anything you need. Whether you’re interested in buying, renting or selling a home or condo, we're available to you 24/7.
Give us a call +1 (305) 695-8257 or email hello@joshsteinrealtor.com

Josh Stein
Josh Stein

Global Luxury Realty

+1 (305) 695-8257

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