Miami's luxury real estate landscape is being redrawn in real time. From a record-breaking $565 million construction loan in Brickell to a sinuous 53-story bayfront tower just unveiled in Edgewater, the announcements keep coming — and they keep getting bigger. For buyers, investors, and market watchers, 2026 is not a year to sit on the sidelines. It is a year defined by groundbreakings, presale launches, brand debuts, and a seismic shift in where American — and global — wealth is choosing to plant its flag.
This article cuts through the noise and delivers what you actually need to know right now: the latest projects, the freshest data, and the breaking developments transforming Miami's new construction luxury market.
Table of contents
- Miami Officially Overtakes New York: The Numbers Behind the Headlines
- The Biggest New Construction Announcements of 2026
- Neighborhood Spotlight: Where the Action Is
- Who Is Buying? The New Face of Miami's Luxury Buyer
- Investment Perspective: Why the Fundamentals Still Win
- What Buyers Need to Know Right Now
- FAQ
- Key Statistics
Miami officially overtakes new york: the numbers behind the headlines
The headline landed in January 2026 and sent shockwaves through the real estate world: Miami had officially overtaken New York as the major U.S. city with the most $1 million homes, with 10,591 listings priced at $1 million and above compared to New York City's 10,176, according to Realtor.com's luxury housing report.
This is not a blip. The crossover marks a sharp break from the last decade, when the Big Apple held a substantially larger inventory of residential properties priced at $1 million and above. What drove this historic shift? A confluence of structural forces that show no signs of reversing.
Realtor.com senior economist Anthony Smith explains that both markets saw their luxury housing inventory shrink in the wake of the pandemic, but Miami has benefited from a stronger recovery with fewer seasonal dips. "New York's luxury inventory follows a more traditional cycle, with spring and early summer buildups followed by sharper late-year drawdowns," says Smith.
The gravity of Miami's pull on New York buyers is staggering. More than one-quarter of demand in the Miami metro originates from the New York metro — a share larger than the next eight metros combined. As one market expert put it, "This shift is not simply about people leaving New York. It reflects what Miami has become. Miami is now casting a global net, attracting high-income earners and families who are buying at $1 million, $3 million, $5 million-plus as a baseline."
Meanwhile, the Realtor.com 2026 luxury outlook confirms that Miami has firmly established itself as a leading luxury hub, with more than 1 in 5 listings priced above $1 million. For a city that had fewer than 4,000 million-dollar listings in early 2022, the trajectory is nothing short of extraordinary.
📊 10,591 — surpassing New York City's 10,176 – Miami Active $1M+ Listings (Dec 2025)
The biggest new construction announcements of 2026
1428 brickell: a $565 million vote of confidence
Perhaps no single transaction better encapsulates the institutional conviction in Miami's luxury pipeline than the financing deal closed for The Residences at 1428 Brickell. JLL's Capital Markets group secured $565.35 million in construction financing for The Residences at 1428 Brickell, an ultra-luxury 70-story condominium tower in Miami's prestigious Brickell Financial District, with JLL representing the borrower, Y-Tech, in arranging the 4.25-year, floating-rate loan through JP Morgan and Sculptor.
The scale of the project matches its financing. The development will offer an unprecedented 80,000 square feet of amenities dedicated exclusively to residents, including resort-level pools, a two-story Owners Club, wellness facilities, and a rooftop observatory. And the market has responded: as of October 2025, The Residences at 1428 is 57% presold, demonstrating strong market demand for ultra-luxury product in Brickell.
"JLL secured $565.35M in construction financing for The Residences at 1428 Brickell, one of South Florida's largest condo construction loans"
— JLL Capital Markets
619 brickell by nobu: foster + partners comes to miami
The architectural world took notice when Nobu Hospitality announced its first-ever residential development in Miami. 619 Brickell is a luxury waterfront condominium tower planned for 619 Brickell Avenue, marking the first residential development in Miami from Nobu Hospitality, the globally recognized lifestyle brand founded by Chef Nobu Matsuhisa along with actor Robert De Niro and producer Meir Teper.
The design pedigree is extraordinary. Rising approximately 74 stories, the tower is being designed by the internationally acclaimed architecture firm Foster + Partners in collaboration with Sieger Suarez Architects, and is being developed by 13th Floor Investments and Key International. Residents will enjoy more than 90,000 square feet of private indoor and outdoor amenities, plus a new Nobu restaurant located at the ground level, making it the brand's second location in Miami and integrating world-class dining directly into the residential experience.
Lilli: OKO group's sinuous bayfront masterpiece
May 2026 brought one of the most talked-about new project reveals of the year. OKO Group revealed plans for Lilli, a 53-story waterfront condominium tower at 717 NE 27th Street in Miami's Edgewater neighborhood, designed by Adrian Smith + Gordon Gill Architecture, yielding 117 condominium residences overlooking Biscayne Bay. The 636-foot-tall tower is planned to contain around 360,679 square feet of space and is among the final major undeveloped bayfront parcels in Edgewater.
The project is led by OKO Group CEO Vlad Doronin — also the owner of Aman — in collaboration with Adrian Smith + Gordon Gill Architecture, the designers behind some of the world's most ambitious skyscrapers, including Dubai's Jeddah Tower. Prices start at $1.65 million, with penthouses approaching 7,000 square feet. At Lilli, amenities are organized around four "living pillars" — movement, recovery, nourishment, and connection — and include a waterfront garden, infrared saunas, cold plunge pools, a treatment room, a movement studio, and a rooftop saltwater pool.
📊 636 feet, 53 stories, 117 residences from $1.65M – Lilli Tower Height
Four seasons coconut grove: groundbreaking achieved
In a neighborhood known for its understated elegance, the Four Seasons brand has officially broken ground. CMC Group and Fort Partners have officially broken ground on Four Seasons Private Residences Coconut Grove, rising on a prime 1.16-acre bayfront site at 2699 S. Bayshore Drive as a 20-story boutique development featuring just 70 total residences. Remarkably, the project is already over 50% sold, underscoring strong market demand. Residences are priced from $5 million, cementing Coconut Grove's position as one of Miami's most coveted ultra-luxury addresses.
Neighborhood spotlight: where the action is
Brickell — the urban epicenter of ultra-luxury
Brickell remains ground zero for Miami's most ambitious new construction. Beyond 1428 Brickell and 619 Brickell by Nobu, PMG recently launched sales for the next phase of its Brickell condo development featuring innovative office suites — a sign of how developers are evolving the live-work-play concept for today's hybrid-lifestyle buyer. The pipeline also includes St. Regis Brickell (152 residences from $5.6M+), Cipriani Residences Brickell (397 units from $2.2M+), and the 90-story Dolce & Gabbana Residences at 888 Brickell Avenue. The pre-construction pipeline across Miami now comprises 66 active luxury developments representing more than $5 billion in combined inventory.
| Project | Stories | Units | Starting Price | Delivery |
|---|---|---|---|---|
| The Residences at 1428 Brickell | 70 | ~150 | $3.9M+ | Q4 2028 |
| 619 Brickell by Nobu (Foster+Partners) | 74 | ~300 | $2.6M+ | TBD |
| St. Regis Residences Brickell | N/A | 152 | $5.6M+ | 2027 |
| Cipriani Residences Brickell | N/A | 397 | $2.2M+ | 2027 |
| Dolce & Gabbana Residences | 90 | 259 | $3.5M+ | TBD |
Edgewater — miami's fastest-rising luxury corridor
Edgewater is the neighborhood story of 2026. Edgewater has become one of Miami's most concentrated zones for high-end new condos, especially along Biscayne Bay, with developers and global brands reshaping the corridor with towers that prioritize views, services, and design. The newly unveiled Lilli joins an already impressive roster including Aria Reserve, Villa Miami, EDITION Residences Edgewater, and ELLE Residences. Edgewater leads with bayfront condo momentum, with new-build pricing characterized around $850 to $1,100 per square foot, positioned below Brickell and Miami Beach ranges — making it a compelling entry point for buyers seeking waterfront luxury with strong appreciation upside.
Coconut grove — historic charm, modern ultra-luxury
The Four Seasons groundbreaking is not Coconut Grove's only headline. The neighborhood is cementing its identity as Miami's most refined enclave for buyers seeking privacy, greenery, and bayfront serenity. The Four Seasons Private Residences join Vita Coconut Grove (64 units from $5.32M) in offering a caliber of boutique living that stands apart from the density of Brickell.
Miami beach — trophy sales & record prices
Miami Beach continues to generate jaw-dropping transaction headlines. A Miami Beach estate recently sold for $24 million, while a financier listed what has been described as a "tropical compound" for a staggering $110 million — the kind of trophy pricing that signals continued ultra-high-net-worth demand at the very top of the market. Bayfront Miami Beach properties are fetching megamillion prices with no sign of softening, as Aman Residences Miami Beach (just 22 residences, designed by Kengo Kuma, from $4M+) and Rosewood Residences at The Raleigh (40 residences from $8M+) cater to the most discerning global buyers.
Who is buying? the new face of miami's luxury buyer
The buyer profile powering Miami's new construction boom is both broader and more global than ever. Foreign buyers invested a record $4.4 billion in South Florida residential real estate in 2025 — a 42% jump from the previous year — and international purchasers now account for roughly 15% of all residential dollar volume in the Miami metro area, an astonishing 52% of new-construction, pre-construction, and condo-conversion sales.
Colombia remains the #1 source country for foreign buyers for the third consecutive year (15% of all foreign buyers and 23% of new-construction purchases), with Argentina firmly in second place (12%), and Mexico and Brazil each around 7%. Latin American buyers seeking a combination of lifestyle, safety, and long-term wealth preservation are particularly drawn to pre-construction opportunities where they can lock in pricing before delivery.
Domestically, the migration from high-tax states continues unabated. Cash buyers account for 44% of closings in Miami, well above the national average of around 27%, with the prevalence of liquidity-driven buyers — including international purchasers and domestic migrants relocating from New York and California — helping insulate the Miami real estate market from mortgage rate volatility.
"Foreign buyers accounted for 52% of new-construction and pre-construction condo sales in South Florida in 2026"
— MIAMI Association of Realtors / Tom Day Properties(https://limova-public-v2.s3.eu-central-1.amazonaws.com/blog-images/blog-image-1781183079390-rgrz8vce.jpeg)
