O
n North Bay Road, a picturesque stretch of Miami Beach where palm trees sway and Biscayne Bay glimmers, the ultra-wealthy have descended since the pandemic turned the city into a magnet for high-net-worth individuals. This narrow, tree-lined street has transformed into Miami-Dade County's priciest enclave, with 150 waterfront properties valued at over $1.7 billion.
The area is experiencing unprecedented growth, driven by newcomers seeking Florida's tax benefits and laid-back luxury lifestyle. Since 2020, North Bay Road has seen a staggering $1.19 billion in sales, with 24 deals topping $20 million. The street's cachet mirrors elite pockets like Malibu's Paradise Cove or Palm Beach's Billionaires' Beach, where the superrich cluster in tight-knit enclaves.
Notable residents include Apollo co-founder Josh Harris, who purchased a 9,400-square-foot estate for $32.25 million in 2021; supermodel Karlie Kloss and venture capitalist Joshua Kushner, who acquired a 15,000-square-foot mansion for $21.5 million in 2020; and soccer icon David Beckham and designer Victoria Beckham, who made headlines with their $72.25 million purchase of a 12,500-square-foot retreat.
The pandemic has sparked this gold rush, as people from the Northeast and beyond seek Miami's weather, lifestyle, and tax advantages. "Nice street – nice bend in the road," media titan Barry Diller said of his plans for a family compound on a $45 million lot he purchased in April 2024.
New or move-in-ready homes fetch top dollar, with buyers willing to pay premiums for instant gratification. Scarcity has intensified the feeding frenzy, with brokers resorting to making outrageous offers to secure sales. Yet many homeowners, like Robert Zarco, are refusing to sell their homes no matter the exorbitant offers made.
For some, it's about more than money; it's about the quality of life and the company they keep. Anand Khubani, founder of IdeaVillage Products, bought a $40 million spec home in January 2025, drawn by "the quality of the owners." Director Michael Bay, who paid $17 million for an 18,000-square-foot modernist masterpiece in 2007, echoes the sentiment: "It isn't about the money. Nope, I want to live here."
Paradise comes at a cost, however. Zarco's insurance has ballooned to over $100,000 annually, and others plow millions into hurricane-proofing, a necessity in a region prone to extreme storms. Still, for those who call North Bay Road home, the benefits far outweigh the costs. As Zarco says, "Sitting out on my dock watching the sunset at the end of the day, there is nothing like it. It's like the fountain of youth. It ages you in reverse."
