New Launches Push Miami’s Luxury Inventory Forward

The Miami-area real estate market is poised to launch a new round of super-luxury condo developments on the heels of a boom in Florida home sales.

“Covid certainly changed our market forever,” said Ron Shuffield, president and CEO of Berkshire Hathaway HomeServices EWM Realty, which is based in Coral Gables. “We have many more people here on a permanent basis. We still have a lot of second-home buyers but many more who are becoming permanent residents.”

“So many big companies, like Citadel, are moving here,” he added. “That is bringing a lot of wealth to South Florida. As trite as it is, the South Florida weather is still a real draw for people.”

Low inventory is no longer the concern that it was two years ago, at the height of pandemic-related buying, Mr. Shuffield said. “Overall we’re back up to five or six months of supply. At one point, we were down to a month and a half.”

Six to nine months of supply, in all categories, is a good balance and benchmark for the Miami-Dade market, he said. “We had so many new projects announced in the last two years. We definitely have enough inventory coming.”

Overall, prices have held steady. The median price for a single-family home increased 4.8% year-over-year to $545,000 in January, the 134th consecutive month—equating to more than 11 years—that prices have risen in Miami-Dade County, according to a recent report from the Miami Association of Realtors. Existing-condo median prices increased 11.1% year-over-year, from $360,000 to $400,000 in January. 

Among the new spring launches is Shoreclub, a forthcoming resort that includes the Robert A.M. Stern-led rebirth of the iconic Shore Club building, a 1940s example of Miami Modernism, on the sands of South Beach. Let’s take a look at the landmark and four other projects that are drawing headlines.

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