M
iami's luxury residential market is on fire, driven by a influx of new billionaires and record demand from wealthy buyers. Top agents at The Real Deal South Florida Real Estate Forum pointed to Jeff Bezos, Ken Griffin, and Barry Diller as examples of high-net-worth individuals who've invested in the city, fueling record deals and attention. Despite high demand, supply remains tight, with luxury homes selling quickly and prices continuing to rise.

    Agents like Douglas Elliman's Dina Goldentayer and Corcoran Group's Julian Johnston emphasized that pricing is key to getting sales closed. "The market tells every single seller what they're worth," said Jill Hertzberg of the Jills Zeder Group, who ranked first in TRD's 2024 Miami-Dade County broker ranking.

    When it comes to what buyers want, new construction and proximity to top schools are at the top of the list. With many private schools in Miami-Dade reaching capacity, agents like Riley Smith of Compass said they're seeing a surge in demand for homes that meet these criteria. Finding new construction is also challenging due to low inventory.

    Working with ultra-high net worth clients requires a personal touch, according to the agents. "It's about meeting their needs," said Johnston. Agents agreed that it's essential to be available, understand their needs and desires, and have a good personality fit. Building relationships and networking are crucial in finding these high-end clients, who often prefer referrals over cold calls.

    Goldentayer noted that no broker is perfect for every client, and Hertzberg emphasized the importance of relationship building. "There's usually someone that I know that they know," she said, describing how first contact works with billionaires.