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Who’s Buying Up Miami’s Most Luxurious Condos?

The country’s most luxurious, over-the-top condos aren’t always overlooking Central Park in Manhattan, nor are they all soaring high over San Francisco.

Right now, there are almost 50 condos listed for sale in Miami with price tags topping $15 million and almost 300 units topping $5 million. The luxe list is crowned by a stunning $55 million penthouse in the Faena House building, which offers over 7,000 square feet in outdoor terrace space to survey the ocean below.

We spoke to Kevin Venger, a luxury building developer in Miami, to see what’s shaking in South Florida. Venger’s responsible for Regalia, a 46-story development with 39 units on Sunny Isles Beach, which includes a 17,000-square-foot Beach House unit for $35 million.

He’s also the man behind the One Thousand Museum, a 62-story high-rise designed by Zaha Hadid Architects and named for its location across from Museum Park in downtown Miami.

Who are the buyers?

Venger couldn’t pinpoint a single age group snapping up these units. Instead, he says buyers range from multigeneration families to young couples or single adults.

However, the developer has seen intriguing international trends at the two developments. “1000 Museum draws from the Middle East due to Hadid, while Central American and Mexico [buyers] are more popular at Regalia,” says Venger.

Reinforcing South Florida immigration trends, “both [buildings] pull [buyers] from South America.” As for domestic dwellers, residents of New York, California, and Texas are buyers at both of these posh addresses.

Another reason for high-net-worth individuals to purchase in South Florida? To meet favorable tax residency requirements by spending more time in the state.

“They’re selling their $20 million home, wherever that is, and they want to buy a $10 million apartment,” says Venger.

Whatever the motivation for wealthy buyers, there are just two units remaining on the market at Regalia, while One Thousand Museum has already sold half of its 83 units.

Why Miami?

“There’s more luxury product as people have identified Miami as being a top five city,” says Venger, pointing to the city’s weather, eclectic dining, and entertainment districts. “If you live in South Miami, you can get here relatively easy from New York, [as] it’s a three-hour flight.”

According to Venger, Miami’s also transforming from just a vacation destination to a place where buyers are putting down permanent roots, whether it’s a first, second, or third home. Developments in the Wynwood Art District include galleries and restaurants, while downtown Miami recently welcomed a crop of new boutique hotels with restaurants.

New posh perks

New to these developments—and catering to buyers’ kids and grandkids—are common rooms (called playhouses) dedicated to kids. They feature video game consoles and TVs, plus lockers and couches. Common theater rooms, says Venger, are not as popular as they used to be, which has opened the door to multipurpose rooms.

Two adult-focused perks we’ve seen in these luxury Miami developments are temperature-controlled wine storage and in-house spas. Regalia will store two cases of wine for residents. Buildings are also offering private bank vaults that can be “unlocked” with touch identification.

How has the luxury condo market in Miami morphed?

It’s easier to buy bigger units. Just five years ago, “if you were buying 4,000 or 5,000 square feet,” says Venger, “you were buying the penthouse of a normal building.” These days, a quick look at the listings in South Florida shows many condos currently on the market cresting 6,000 square feet.

It’s also a different landscape for developers—buyers have broken the habit of purchasing promises. “The next wave of buyers,” says Venger, “they’re not presale buyers. They want to see the finished unit.”

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