Miami is known for our luxury homes. From private islands with waterfront views to country estates we really have some beautiful homes. The Institute for Luxury Home Marketing classifies a luxury home as being in the top 10% of market, which in Miami-Dade is $1,500,000. We have over 1,000 of them actively listed in Miami right now, just in single family homes alone.
There are, of course, special features that come to mind when you consider what might make a luxury home. High end finishes such as venetian plaster on the walls, specialty moldings and imported flooring are a start, but luxury homes go far beyond just being beautiful on the surface. They have functionality that you just won't find anywhere else. Here are just a few upgrades that help set them apart from the pack:
- Gourmet kitchens with appliances from Viking, Thermador, Sub-Zero etc.
- Double appliances (two dishwashers, two refrigerators, etc.) to accommodate the entertaining the homeowners will undertake
- Quarters for domestic help, sometimes multiple quarters
- Media rooms including cutting edge media equipment and electronics
- Loaded Gyms with spectacular views
- Extensive closet space, especially within the master bedroom. I have seen "Christmas Closets", "Suitcase Closets" and many other specialty storage spaces
- Wine coolers, china closets and other specialty storage
- Safe or panic rooms for hurricanes and/or break-ins
- Elevators, often very beautifully decorated with custom mill-work
- Lavish outdoor living areas with summer kitchens
Our luxury homes are sprinkled across Miami-Dade county, but the Top 50 (+$13,000,000 list price) are clustered in the east, especially on Miami Beach and the other islands.
(click the above picture to see the top 50 listings)
The following cities house the current Miami Luxury Real Estate inventory (homes listed at over $1,500,000) - highest concentrations are in bold
- Aventura - 10
- Bal Harbor - 12
- Bay Harbor Islands - 11
- Coconut Grove - 37
- Coral Gables - 225
- Unincorporated Dade - 4
- Doral - 2
- Eastern Shores - 9
- Fisher Island - 1
- Golden Beach - 58
- Hialeah - 1
- Homestead - 2
- Indian Creek - 5
- Kendall - 1
- Key Biscayne - 98
- Miami (includes such areas as Bay Point, Hibiscus Island, Belle Meade, High Pines, etc.) - 225
- Miami Beach - 245
- Miami Lakes - 1
- Miami Shores - 8
- North Bay Island - 5
- North Miami - 16
- North Miami Beach - 18
- Palmetto Bay - 8
- Pinecrest - 131
- South Miami - 8
- Sunny Isles - 9
- Surfside - 11
If you are looking for a new home in Miami-Dade county or are considering selling you home, use any of our free tools below to assist you, or easier yet, just give us a call, 786-252-4970, we'd love to hear from you!
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Janie, this is a great post on the luxury market. It's definitely a market which requires vast knowledge and I know you possess it. Keep up the good work.