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lorida's luxury real estate market has seen a significant surge in recent months, with several high-end properties changing hands for hundreds of millions of dollars. A 15-acre Naples waterfront estate sold for $225 million, setting a new state record and the second-highest home sale price in U.S. history. This follows a string of eight-figure deals across the state, including a La Gorce Island estate in Miami Beach that settled for $75 million.

    The sales are part of a broader trend in which affluent buyers are seeking safe harbor in hard assets with limited supply, such as ultra-luxury real estate in NIMBY-enclaves. The pandemic has created a new class of multi-millionaires, and the demand for high-end residences in rarified communities is expected to remain strong.

    The luxury branded residence space has been on a tear since before the pandemic, outpacing the wider housing market by almost every metric. This trend shows no signs of slowing down, with developers like Property Markets Group (PMG) launching new projects that cater to the needs of high-net-worth individuals.

    One such project is the Waldorf Astoria Residences St. Petersburg, a 50-story tower that will be the tallest and most expensive building in the city once completed. The development is part of PMG's push into the luxury branded residence space, which has seen significant growth in recent years. The company's Managing Partner, Ryan Shear, believes that Florida's Gulf Coast is an under-valued real estate market, particularly compared to cities like Miami and West Palm Beach.

    St. Petersburg, with its vibrant cultural scene, stunning waterfront, and exceptional quality of life, is a hidden gem that has been under the radar for too long. The city's growing reputation as a luxury destination is attracting high-net-worth individuals who are priced out of traditional markets. Shear believes that St. Pete is poised for its next chapter of growth and transformation, and that the Waldorf Astoria brand will help bring global recognition to the city.

    The project's design and amenities reflect the legacy of the Waldorf Astoria brand, with a focus on unparalleled décor and design. The tower's fully finished residences will feature private foyers, custom closets, Italian vanities, chef's kitchens, and expansive terraces with Tampa Bay views. The top two-stories will be combined into a penthouse residence that will encompass 10,000 square feet overall.

    The luxury branded residence space is expected to continue growing, with Shear remaining bullish on the niche market. He believes that there is real depth for branded real estate developments not just in cities like Miami, but also in cities like St. Petersburg too. Residences at the Waldorf Astoria Residences St. Petersburg start in the mid-$2 million range.