Miami dethrones NYC, Bay Area as America’s hottest – Business News
Miami has overtaken New York City and the San Francisco Bay Area as the nation’s hottest market for $30 million-plus properties, as rich patrons proceed pouring into low-tax Florida.
A complete of 24 single-family properties and condominiums in Miami-Dade County offered for more than $30 million during the primary six months of 2026 — practically double the quantity from the identical period a yr earlier and enough to put the market on tempo to eclipse final yr’s file of 33 such gross sales, in response to Bloomberg News, which cited real estate analytics firm Analytics Miami.
New York recorded 17 residential gross sales of more than $30 million during the primary half of 2026, in response to Olshan Realty’s luxurious market report cited by Bloomberg, whereas Miami-Dade logged 24. There had been 9 such transactions within the San Francisco Bay Area.
Miami has overtaken New York City and the Bay Area as the nation’s hottest market for properties priced above $30 million, in response to Bloomberg News. Fotoluminate LLC – stock.adobe.com
Luxury real estate broker and “Million Dollar Listing Los Angeles” star Josh Flagg stated demand stays robust even during what’s usually South Florida’s quietest season.
“I have my house in Miami on the market right now for $10 million on North Bay Road,” Flagg advised The Post.
“We’re getting showings every single day, which says a lot considering it’s summertime and most people are not in town or buying real estate in Florida during the summer.”
The surge comes even after the Miami-Fort Lauderdale-West Palm Beach metropolitan space lately overtook higher New York City on the Bureau of Economic Analysis’ newest Regional Price Parities report, a federal measure of regional price ranges that compares the price of a broad basket of items and providers.
Brokers say deep-pocketed patrons proceed flocking to South Florida, fueling bidding wars for the area’s restricted provide of ultra-luxury properties. Anthony Giarrusso – stock.adobe.com
Even so, South Florida continues to lure prosperous patrons seeking to escape increased taxes and what some see as more and more unfriendly business climates in states such as New York and California.
The Post was the primary to report this week that Charles Kushner, the real estate developer and father of President Trump’s son-in-law Jared Kushner, was leaving New York City and decamping to Florida because of Mayor Zohran Mamdani’s alleged antisemitism.
Kushner was additionally crucial of Mamdani’s focusing on of hedge fund billionaire Ken Griffin.
Just earlier than New York City enacted a tax on pieds-à-terre, Mamdani touted the proposal with a video through which he stood simply exterior of Griffin’s penthouse at 220 Central Park South.
“You know, Ken Griffin worked hard to earn all that money,” Kushner advised The Post. “He took a lot of risk to earn all that money. That’s what America’s about.”
Griffin responded to Mamdani’s post by pledging to “double down” on Miami, including that his company, Citadel, would transfer more jobs to South Florida as a substitute of New York within the subsequent decade.
California billionaires are serving to fuel Miami’s luxurious housing increase as some search a foothold in Florida forward of a proposed billionaire tax poll measure, in response to brokers. Aaron – stock.adobe.com
“People are recognizing that their previous places of domicile are seeing an increase in policies that are detrimental to their wealth and businesses,” Ana Bozovic, founder of Analytics Miami, advised Bloomberg News.
The South Florida market has exploded from simply two gross sales above $30 million in 2019.
But brokers say New York’s rich aren’t the first drive behind the most recent wave.
Instead, a lot of the momentum has come from California billionaires and different prosperous residents searching for a foothold in Florida forward of a proposed poll measure that might impose a one-time 5% tax on billionaires, in response to Douglas Elliman agent Dina Goldentayer.
That group contains tech heavyweights Larry Page, Sergey Brin and Mark Zuckerberg, all of whom bought South Florida properties within a roughly two-month span this yr, Bloomberg reported.
Brin paid $51 million for a waterfront property on Miami Beach’s Allison Island in March, in response to public data cited within the report.
The Big Apple’s trophy-home market has misplaced ground to Miami as rich patrons more and more shift capital to Florida. Sergii Figurnyi – stock.adobe.com
Flagg, who owns properties in Florida, New York and Beverly Hills, stated Florida isn’t the suitable match for everybody, significantly these with deep roots elsewhere.
“Not a lot of people who are born and raised in Los Angeles…are willing to leave California just to save a few bucks on taxes,” he stated. “But for a lot of people who move around or have an affinity for Florida, it’s a no brainer.”
“It’s basically the same as California, but with a little bit more unpredictable weather and lower taxes,” Flagg stated.
