The luxury real estate market in Miami-Dade County recorded 11 new contracts for properties valued at over $4 million during the first week of September. Data covering the period from August 31 to September 6 shows a combined contract value of approximately $80 million, reflecting a cooling trend compared to the same timeframe last year, when 15 contracts accounted for $132 million in sales.
The week’s most significant transaction involved a waterfront residence in Golden Beach, an exclusive municipality in northeastern Miami-Dade. The six-bedroom property, which features access to the Intracoastal Waterway, entered into contract for $17 million. This sale underscores the continued prominence of Golden Beach, a small community with fewer than 1,000 residents, as a focal point for high-end real estate activity.
Market Highlights and Notable Transactions
Beyond the Golden Beach estate, the market saw substantial activity across several key neighborhoods. In Coral Gables, two properties secured top-tier contracts: a six-bedroom home at 4867 SW 82nd St. reached an agreement for $8 million, while a five-bedroom waterfront residence at 3499 N. Prospect Dr. was placed under contract for $7.1 million.
The condominium sector also saw significant movement, particularly in South Beach. A pre-construction unit at the Ritz-Carlton Residences, South Beach, secured the highest condo contract of the week at $10.5 million. The development, situated near Lincoln Road, is currently slated for completion in 2028. Additionally, a unit at Five Park—the tallest building in Miami Beach at 519 feet—entered into a $4.3 million contract.
Regional Distribution of Luxury Sales
Activity remained concentrated in established luxury corridors. Sunny Isles Beach featured prominently with two major deals: an $8.4 million contract at a Ritz-Carlton branded tower and a $4.5 million agreement at the Armani-branded residential tower. Meanwhile, Key Biscayne recorded two notable contracts valued at $6.9 million and $4.5 million, respectively.
While existing inventory dominated the weekly contract figures, new developments continue to shape the market's upper echelon. Notably, a new condominium at Seaway at The Surf Club in Surfside was recently listed for just under $60 million, marking a significant entry in the ultra-luxury segment. Other notable contracts during the week included properties in Miami Shores and South Miami, both valued at $4.4 million.
