Bespoke led the region’s major waterfront sales of the quarter, such as David Beckham’s $72 million purchase on North Bay Road, as well as the $132 million sale of 18 La Gorce. These record-breaking transactions reflect a strong preference for high-value waterfront homes as both lifestyle assets and investment vehicles. That said, it was not only fewer, higher-ticket sales that drove activity. Transaction quantity rose by 44% too, from 48 in Q3 2023 to 69 in Q3 2024, largely led by Miami-Dade County.
Like other alpha markets, buyers prioritized turn-key listings. There was a 62% jump in turn-key year over year, from 32 sales in Q3 2023 to 53 this past quarter, as demand concentrated on move-in-ready homes that allow for seamless occupancy without the need for extensive renovations. The 11% uptick in new construction, from 19 to 21 trades year over year, also highlights buyer interest in homes that require little additional capital investment. Miami-Dade’s strong inventory of turn-key properties and newly built luxury residences, as well as its general architectural culture that leans ultra-contemporary, has made it particularly well-suited to meet these preferences, appealing to buyers who prioritize ultra-contemporary residences and convenience.
Waterfront properties remain central to the region’s performance, with oceanfront trades up by 200% from 5 to 15 trades compared to last year, and waterfront transactions up 45% from 29 to 42. “South Florida’s limited waterfront inventory remains highly sought-after, consistently drawing buyers who view these properties as long-term assets,” says Anonymous. “Demand for prime waterfront locations reflects buyers’ interest in acquiring properties that offer privacy, scenic views, and enduring value, qualities that Miami-Dade’s waterfront neighborhoods have uniquely delivered this year.”
A defining trend in 2024 has been the growth in South Florida’s $10–$20 million price segment, which led transaction volume with a 60% increase year-over-year. Miami-Dade’s offerings in this range—particularly high-quality waterfront condos and select estates—align well with buyer interest. This preference accounted for the uptick in transaction volume, while two transactions each over $70 million drove the increase in sales volume.
Palm Beach County, while stable, saw a more tempered performance compared to Miami-Dade. Dollar volume in Palm Beach was slightly down year-over-year, with the average sale price decreasing by 17%. In contrast to its high-demand period in 2020, Palm Beach has adjusted its inventory to align with today’s evolving buyer interests. Its focus this year has been on competitively positioned inland estates that offer privacy and ample space, appealing to buyers who value tranquility and exclusivity.
This shift highlights how Palm Beach has adapted to attract buyers who prioritize spacious, private estates, even as broader demand trends focus on Miami-Dade’s
urban waterfront.
As South Florida moves into Q4, the market is positioned for continued strength, particularly within Miami-Dade’s waterfront, oceanfront, and turn-key segments, which have shown high contract volume. These high-value trades are likely to persist as buyers finalize their acquisitions in Miami-Dade’s most sought-after locations. “Buyers are focusing on properties that combine immediate livability with long-term value,” says Vichinsky, positioning South Florida’s ultra-luxury market for a strong close to the year.
With Miami-Dade capturing the majority of attention and Palm Beach adjusting to suit a refined buyer demographic, South Florida’s luxury market is well-poised to end 2024 on a high note, reflecting its adaptability and continued appeal as an alpha market.
