Miami's Scorching Summer: Luxury Prices Defy the Gravity of High Rates
2026-09-07 · Weekly Market Brief
While some predicted a summer slowdown, Miami's luxury market posted double-digit price gains as supply continued to shrink. Here is what's actually happening on the ground.
Every summer, we hear the same predictions. People tell me the Miami market is bound to cool off once the heat kicks in and the snowbirds head back north. Well, we just wrapped up the summer of 2026, and the numbers tell a completely different story. According to the latest data from Mansion Global, Miami’s luxury housing market just had a scorching summer. While other parts of the country are feeling a chill, Florida's luxury sector is pulling away from the pack. Redfin reported that Miami and Tampa are both posting double-digit price increases in the luxury segment. On top of that, Realtor.com points out that our overall housing supply is shrinking while our prices continue to stay well above the national average. I’m seeing this reality play out on the ground every day. Buyers keep waiting for a massive wave of inventory to bring prices down, but the high-quality product is actually getting harder to find, and sellers who don't have to move are holding their ground. It’s simple economics: high demand, shrinking supply, and prices that refuse to budge.
The Legal Saga in Edgewater is Finally Over
If you've been following local real estate news at all, you know about the massive legal battle over the Biscayne 21 condominium in Edgewater. It was the ultimate "zombie condo" saga, watched closely by developers and real estate attorneys all over the state. I'm happy to report that Two Roads has finally reached a settlement with the holdout condo owners. This officially ends the legal drama and clears the path for them to build the 649-foot EDITION Residences. This is a massive deal for Edgewater. When these major termination disputes get tied up in court, it puts a damper on the whole neighborhood's momentum. Now that the air is clear, we can expect the skyline in this pocket of the city to keep marching upward. It also shows that even the most complicated buyouts can eventually get done if the location is valuable enough.
South Brickell Gets a Formula One Endorsement
We talk a lot about preconstruction and new developments—and with 91 new developments in Miami in 2026, there is plenty to choose from. But some projects just grab the spotlight. In South Brickell, Formula One legend Rubens Barrichello just closed on a unit at the Colette Residences for $7.95 million. South Brickell has always had a slightly different, more residential vibe than the bustling, high-traffic core of North and Central Brickell. This purchase is just another data point showing that ultra-high-net-worth buyers are still looking at Miami's boutique, high-end buildings as the ultimate place to park their capital and live. They aren't looking for massive, chaotic towers; they want exclusivity, and they are willing to pay nearly $8 million to get it.
What I'd Do About It
If you’re sitting on the sidelines waiting for Miami real estate to get cheap again, you might want to rethink that strategy. With supply shrinking and luxury prices posting double-digit gains, the entry point for quality properties is only going up. If you're a buyer, look for projects that have already cleared their legal and construction hurdles. The resolution at Biscayne 21 is a great reminder that development in Miami is a long game, but the finished product is almost always worth the wait. Focus on boutique buildings in high-demand pockets like South Brickell or Edgewater where inventory is naturally capped. If you're a seller, don't buy into the narrative that the market is dead. If you own a prime piece of real estate, you still hold the cards. Just make sure you price it realistically—buyers are willing to pay a premium, but they aren't foolish.