A Record Year Already in the Books
We haven't even reached the fourth quarter, and 2026 has already outpaced all of last year at the very top of the market. Miami-Dade County recorded 194 home sales of $10 million or more in the first eight months of 2026, already 14.1% above the 170 transactions recorded during all of last year. If the current pace holds, sales are projected to reach about 291 by year-end.
The broader luxury tier is moving too. Sales of condominiums and townhomes priced at $1 million and above rose 13% year over year in the first half of 2026, and the bar to reach the very top keeps rising: in the second quarter, the entry point for the top 1% of Miami-Dade condo sales reached $10 million.
Why Cash Changes Everything
The question I hear most from clients is simple: is this sustainable? What I tell them is that Miami's luxury buyers are not leaning on debt. Roughly 82% of Miami condo sales at $1 million or more were paid in cash in 2025.
That matters. When buyers aren't financing, higher interest rates simply don't hit this segment the way they hit the rest of the market. UBS agrees. In its latest Global Real Estate Bubble Index, the firm cited Miami's high share of cash deals as a key reason the luxury segment has held up so well. Miami ranked highest for bubble risk in last year's index and has now been downgraded to "elevated."
UBS also highlighted something I see every single week: steady demand from buyers relocating from higher-cost, higher-tax states, and concluded that a broad price correction looks unlikely in the near term.
A Tale of Two Markets
I always want to give you the full picture. Outside the luxury tier, conditions are softer. Adjusted for inflation, home prices dipped 1.6% year over year, as borrowing costs and affordability pressures cooled demand in non-luxury areas. For sellers below the top end, pricing strategy and presentation matter more than they have in years. For buyers, that can mean real opportunity.
When Bugatti Wants a Miami Address
Nothing captures the moment quite like the brands lining up to build here. Bugatti has chosen Miami for its first branded residential project in the United States: a planned 60-story tower in Brickell at 75 SW Miami Avenue Road, on one of the neighborhood's last waterfront sites. The project will offer 183 residences, including four signature penthouses, along more than 300 feet of Miami River frontage, with sales expected to begin in the first half of 2027.
Bugatti joins good company. Porsche, Aston Martin, Bentley and Mercedes have all put their names on residential towers in the area over the past decade, and Dolce & Gabbana is building a 90-story tower nearby. The developer behind the Bugatti project called Miami a "global epicenter for wealth migration." From where I sit, that's exactly how it feels.
What This Means for You
If you're buying at the top of the market, competition for the finest waterfront homes and penthouses is real, and the best properties often trade quietly. Being prepared, and having the right access, makes all the difference.
If you're selling a luxury property, this is a market that rewards the right positioning. Buyers are liquid, motivated, and arriving from all over the world.
And if you're simply curious what your home is worth in today's market, I'm always happy to talk.
Joelle & Team
Sources: CNBC; Miami Association of Realtors; UBS Global Real Estate Bubble Index 2026; duPont REGISTRY; MotorBiscuit
