South Florida remains one of the most prominent ultra-luxury markets in the country, according to the 2023 Mid-Year Ultra-Luxury report from Compass. Here’s a look at the brokerage’s activity in the $10 million and up price range for the first half of the year.
Miami-Dade
Despite the fact that transactions in the $10 million and up range are actually down 42.45% year over year in Miami, the metro still posted some of the highest sales volumes in the country in the first half of the year. The 305 ranked third in the nation for ultra luxury transactions at 61 and third for total sales volume at $1.01 billion.
“South Florida continues to be the shining light of the U.S. real estate market,” said Compass agent Liz Hogan. “Higher interest rates, political uncertainty and financial market volatility have actually been a catalyst for people to seek out the stability of South Florida. The booming local economy and low tax rates are a driving factor providing certainty to high-net-worth individuals and luxury buyers.”
The most expensive Miami-Dade listing from Compass so far this year was a $14 million home listed by Linda Schechter and Gary Feinberg; the most expensive buyer-represented sale was a $27.5 million transaction brokered by Nancy Batchelor and Michelle Shurtleff.
Palm Beach
Similar to Miami, ultra luxury sales are down from their pandemic-era peaks in Palm Beach County. That’s not to say ultra-luxury sales are nonexistent in the vacation home market — the metro posted an impressive 54 ultra-luxury transactions in the first two quarters of the year with a sales volume of $939 million, making it the fourth-most active ultra-luxury market in the country.
Compass’ most expensive listing in the first half of 2023 was a $22 million property listed by Warren J. Heeg, while its most expensive buyer-represented sale was a $21 million transaction represented by Steve Hall.
Broward
With 12 sales in the $10 million and up range and a sales volume of $175.31 million, Broward County has tripled its volume of ultra-luxury sales since 2020.
“Ultra strong price growth continues in South Florida despite apparent market and geopolitical concerns,” said Compass agent Tim Elmes, who was responsible for the company’s most expensive listing of the year so far at $14.75 million. “A Harbor Beach property sold in April of 2021 for $7.5 million, and we resold it exactly two years later for $14 million.”
Southwest Florida
The Naples market has also been posting strong numbers in the first half of the year, with 28 ultra-luxury sales at a sales volume of $473.81 million.
“The luxury real estate market in Naples in 2023 is thriving,” commented Compass agent Lauren Brooker. “Halfway through 2023, statistics show closed sales for the luxury market are expected to remain the same or even exceed 2021 and 2022 closed sales.”