1. Introduction: Why Miami Has Become a Global Luxury Capital

2. The Florida Advantage: Tax Benefits and Business-Friendly Environment

3. Best Miami Neighborhoods for Luxury Condos in 2025

4. Understanding Miami Condo Prices and Market Dynamics

5. Pre-Construction vs. Resale: Strategic Considerations

6. How to Buy a Luxury Condo in Miami: Step-by-Step Process

7. Miami Condo Closing Costs and Transfer Taxes

8. Florida Condo Insurance and HOA Realities in 2025

9. International Buyer Considerations for Miami Real Estate

10. Trophy Buildings and Branded Residences

11. Market Risks and Investment Considerations

12. Common Mistakes Miami Condo Buyers Make

13. FAQ: Your Miami Condo Questions Answered

Key Takeaways at a Glance

• Median Miami luxury condo price: $1.8 million (Q3 2025)
• Average price per square foot: $995 for $1M+ condos; $1,562 for $2M+ segment
• No state income tax—Florida's biggest competitive advantage
• HOA fees in luxury buildings: $800-$2,000+ per month (insurance costs rising)
• Closing costs: 1.5-4% of purchase price (no mansion tax like NYC)
• Current market: Buyer-friendly with 19+ months of inventory
• Ultra-luxury ($10M+) sales on pace for second-best year ever

Introduction: Why Miami Has Become a Global Luxury Capital

Miami has transformed from a vacation destination into a global financial and cultural capital. The pandemic-era migration brought hedge funds, tech companies, and ultra-high-net-worth individuals from New York, California, and Latin America. They came for the weather and stayed for the tax advantages, business-friendly environment, and increasingly sophisticated lifestyle offerings.

Today, Miami's luxury condo market rivals—and in some segments exceeds—Manhattan for architectural ambition and pricing power. Zaha Hadid's One Thousand Museum, the 1,049-foot Waldorf Astoria tower, automotive brands like Porsche and Bentley creating residential towers—these aren't vacation properties. They're trophy assets for buyers who could live anywhere in the world.

2025 Miami Luxury Market Snapshot

Here's what the data tells us about Miami's luxury condo market heading into 2026:

• Median luxury condo price ($1M+): $1.8 million
• Price per square foot ($1M+): $995 average
• Price per square foot ($2M+): $1,562 average (up 8.5% YoY)
• Days on market: 81 days average
• Months of inventory: 19-20 months (buyer's market)
• Ultra-luxury ($10M+): 262 sales YTD across South Florida, on pace for 426 by year-end
• Cash transactions: 37% of all Miami sales (significantly above national average)

Who This Guide Is For

• High-net-worth individuals relocating from high-tax states
• International investors seeking U.S. real estate exposure
• Finance and tech executives establishing Florida residency
• Pied-à-terre buyers wanting a Miami foothold
• Family offices evaluating real estate allocation strategies

The Florida Advantage: Tax Benefits and Business-Friendly Environment

Before diving into neighborhoods and buildings, let's address the elephant in the room: taxes. Florida's tax structure is the single biggest reason sophisticated buyers are choosing Miami over other global cities.

No State Income Tax

Florida has no state income tax. For a hedge fund manager earning $10 million annually, the difference between New York (10.9% top rate) and Florida (0%) represents over $1 million in annual savings. Over a decade, that's $10 million+ that stays in your pocket—enough to buy a trophy condo outright.

This isn't just about income. Florida has no estate tax, no inheritance tax, and no intangibles tax. For wealth preservation and intergenerational transfer, Florida's tax environment is uniquely advantageous.

Homestead Exemption

Florida residents who establish their primary residence can claim a homestead exemption that reduces property tax assessments by up to $50,000 and, crucially, caps annual assessment increases at 3%. In a market where property values have risen dramatically, this cap provides meaningful long-term savings. The exemption also provides asset protection from creditors.

No Foreign Buyer Penalties

Unlike Australia, Canada, Singapore, Hong Kong, and many European countries, the United States imposes no additional taxes or restrictions on foreign buyers. International purchasers pay the same transfer taxes as domestic buyers—typically 1.5-4% of purchase price in Miami. This is remarkable given that other global cities charge foreign buyer surcharges of 15-30% or more.

Important exception: Florida Senate Bill 264, effective July 2023, restricts property purchases by nationals from certain countries (China, Russia, Cuba, Venezuela, Syria, Iran, North Korea) within 10 miles of military installations. Given Florida's military presence, this affects a significant portion of the state. Chinese nationals who are not U.S. citizens or permanent residents face the most restrictive provisions.

→ Complete details on foreign buyer rules: manhattanmiami.com/can-foreigners-buy-property-in-the-usa

Best Miami Neighborhoods for Luxury Condos in 2025

Miami's luxury condo market spans distinct micro-markets, each with different pricing dynamics, buyer profiles, and lifestyle offerings. Understanding these distinctions is essential to finding the right fit.

South of Fifth (SoFi)

The seven blocks south of Fifth Street on Miami Beach represent the pinnacle of beachfront luxury. Surrounded by water on three sides, SoFi offers the closest thing Miami has to a gated community with high-rise living.

Signature buildings: Apogee (highest price-per-square-foot sales in Miami), Continuum (twin towers with beach club), Glass, Murano Grande, Icon South Beach

Price range: $1,500 to $4,500+ per square foot

Ideal for: 

• Buyers seeking Miami's most prestigious beach address
• Those who value walkability to restaurants and South Pointe Park
• Residents wanting a quieter alternative to central South Beach

Surfside and Bal Harbour

These adjacent beach communities north of Miami Beach offer a more tranquil, village atmosphere combined with ultra-luxury development. The Mid-Beach to Surfside corridor has become ground zero for starchitect residential buildings.

Signature buildings: Four Seasons Surf Club (Richard Meier), Eighty Seven Park (Renzo Piano), St. Regis Bal Harbour, Oceana Bal Harbour, Arte Surfside

Price range: $1,200 to $3,500+ per square foot

Ideal for: 

• Families seeking excellent schools and community feel
• Buyers prioritizing architectural significance
• Those who value Bal Harbour Shops proximity

→ More on Bal Harbour and Surfside: manhattanmiami.com/miami-neighborhood/bal-harbour-surfside

Brickell

Miami's financial district has evolved into a vibrant live-work-play neighborhood. Brickell offers the most urban lifestyle in South Florida—walkable to offices, restaurants, and Brickell City Centre's luxury retail.

Signature buildings: Una (Adrian Smith + Gordon Gill), Brickell Flatiron, Echo Brickell, SLS Lux

Upcoming: St. Regis Brickell, Cipriani Brickell, Mandarin Oriental Residences

Price range: $700 to $1,800 per square foot

Ideal for: 

• Finance professionals seeking walkable commutes
• Young executives wanting urban energy
• Investors targeting strong rental demand

→ Explore Brickell: manhattanmiami.com/miami-neighborhood/brickell

Downtown Miami and Edgewater

Downtown Miami offers the most affordable entry point into Miami's luxury market while Edgewater, along Biscayne Bay's western shore, has emerged as the neighborhood with the highest price appreciation potential.

Signature buildings: One Thousand Museum (Zaha Hadid), Aston Martin Residences, Paramount Miami Worldcenter, Elysee, Missoni Baia

Upcoming: Waldorf Astoria Miami (1,049 feet—Miami's tallest), Mercedes-Benz Places

Price range: $700 to $1,500 per square foot (Downtown); $800-$1,600 per square foot (Edgewater)

Ideal for: 

• Value-oriented luxury buyers
• Investors seeking appreciation potential
• Buyers wanting iconic architecture at lower price points

→ Explore Downtown Miami: manhattanmiami.com/miami-neighborhood/downtown-miami

Coconut Grove

Miami's oldest continuously settled neighborhood offers a lush, village-like atmosphere that's attracted ultra-high-net-worth families seeking privacy and community. Tree-lined streets, excellent schools, and waterfront parks define the Grove lifestyle.

Signature buildings: Grove at Grand Bay (BIG architecture), Park Grove, Four Seasons at The Surf Club, Mr. C Residences

Price range: $1,000 to $2,000+ per square foot

Ideal for: 

• Families with children
• Buyers seeking Miami's strongest community feel
• Those who want waterfront living away from beach tourism

Market note: Coconut Grove and Coral Gables consistently record the fastest sales (56 days average) and lowest inventory levels among Miami submarkets—indicating persistent buyer demand.

Sunny Isles Beach

This barrier island north of Bal Harbour has become the epicenter of automotive-branded luxury living. The concentration of Porsche, Bentley, and upcoming Ferrari residences has no parallel anywhere in the world.

Signature buildings: Porsche Design Tower (patented car elevator), Bentley Residences (under construction), Armani/Casa, Jade Signature, St. Regis Sunny Isles

Price range: $800 to $2,500+ per square foot

Ideal for: 

• Automotive enthusiasts and collectors
• International buyers (large Russian, Latin American communities)
• Those seeking newer construction at lower prices than South Beach

Fisher Island

Accessible only by ferry, yacht, helicopter, or seaplane, Fisher Island is Miami's most exclusive enclave. The highest median income zip code in America offers complete privacy and a members-only lifestyle.

Price range: $2,000+ per square foot (Miami's highest)

Ideal for: 

• Ultra-high-net-worth individuals prioritizing privacy
• Families seeking resort-style living
• Those comfortable with ferry-only access

→ Explore all Miami neighborhoods: manhattanmiami.com/miami-neighborhood

→ Want a personalized neighborhood tour? We'll match you with the areas that fit your lifestyle and investment goals.

Understanding Miami Condo Prices and Market Dynamics

Miami's luxury market operates differently than other global cities. Understanding these dynamics helps you evaluate opportunities and negotiate effectively.

Q3 2025 Market Benchmarks

• Average price per square foot ($1M+ condos): $995
• Median luxury condo price: $1.8 million
• $2M+ segment price per sq ft: $1,562 (up 8.5% year-over-year)
• Fisher Island: $2,004/sq ft (Miami's highest)
• Downtown Miami: $718/sq ft (most affordable luxury entry point)
• Branded residences premium: 20-40% above comparable non-branded buildings

Current Market Conditions: A Buyer's Market

With 19-20 months of inventory (versus 9-12 months for a balanced market), Miami's luxury condo market currently favors buyers. This means:

• Greater negotiating leverage on price
• More time to conduct due diligence
• Broader selection of available properties
• Motivated sellers willing to offer concessions

Exception: The ultra-luxury segment ($10M+) remains competitive. South Florida is on pace for its second-best year ever for $10M+ sales, with demand from ultra-high-net-worth buyers undeterred by broader market conditions.

What Drives Miami Condo Prices

Water views: Direct ocean views command 30-50% premiums over city views. Biscayne Bay views fall in between. Higher floors with unobstructed sight lines trade at significant premiums.

Floor level: Unlike Manhattan's supertalls where the premium increases dramatically with height, Miami's market shows more moderate floor premiums—but penthouse levels still command substantial premiums.

Building age and condition: New construction trades at 20-40% premiums. Buildings 30+ years old face increasing scrutiny due to Florida's new inspection and reserve requirements (more on this below).

Architect and developer: Buildings by Pritzker Prize winners (Zaha Hadid, Renzo Piano, Norman Foster) and established developers (Related Group, Terra, Fortune International) command premiums that hold over time.

→ See Miami's Most Iconic Buildings: manhattanmiami.com/miami-iconic-residential-buildings

Pre-Construction vs. Resale: Strategic Considerations

Miami's pre-construction market is unlike any other in America. Understanding how it works—and its risks—is essential for serious buyers.

How Miami Pre-Construction Works

Developers in Miami sell units before construction begins, using buyer deposits to demonstrate project viability to lenders. This creates opportunities—and risks—for buyers.

Typical deposit structure:

• 10% at contract signing
• 10% at groundbreaking
• 10% at reaching specific construction milestones
• 70% at closing (typically 2-3 years after contract)

Pre-Construction Advantages

• Early pricing: First-tier buyers often receive 10-20% discounts versus later phases
• Unit selection: Best floor plans, views, and positions available earliest
• Customization: Ability to select finishes and sometimes modify floor plans
• Appreciation potential: If market rises, you've locked in earlier pricing
• Newer building systems: Latest construction standards, technology, and amenities

Pre-Construction Risks

• Market timing: If values decline, you're committed at higher prices
• Construction delays: Projects routinely take longer than projected
• Developer execution: Final product may differ from sales gallery renderings
• Capital tied up: Deposits earn no return during construction
• Buyer pays developer's closing costs: Transfer taxes (~1.8%) typically buyer's responsibility

Pro tip: "Almost new" resale condos (1-3 years old) often represent excellent value—nearly new finishes without pre-construction risk, and sellers rather than buyers typically pay transfer taxes.

→ More on pre-construction: manhattanmiami.com/blog/miami/buying-pre-construction-condo-in-miami

How to Buy a Luxury Condo in Miami: Step-by-Step Process

Miami's buying process differs from other markets in important ways. Understanding these differences helps you move efficiently and avoid costly mistakes.

→ Detailed buying process: manhattanmiami.com/resources/home-buying-process

Step 1: Establish Your Financial Position

Before viewing properties:

• If financing: Secure pre-approval from a lender experienced with Miami luxury properties
• If paying cash: Prepare proof of funds documentation
• Budget: Purchase price + closing costs (1.5-4%) + 6 months carrying costs
• Account for HOA fees, which can exceed $2,000/month in luxury buildings

Step 2: Engage a Buyer's Agent

In Miami, most sellers still offer to pay the buyer's agent commission, meaning buyer representation typically costs you nothing. A knowledgeable agent provides access to off-market inventory, pricing expertise, and negotiating skill.

Critical for pre-construction: Never go directly to a developer's sales gallery without your own agent. Developer salespeople represent the developer, not you. Your agent can provide objective analysis and often has access to "friends and family" pricing before public releases.

Step 3: Search and Tour Properties

Your agent curates properties matching your criteria. In the luxury market, many opportunities never appear on public websites.

What to evaluate:

• Views: Will future construction obstruct them?
• Building condition: Lobby, common areas, mechanical systems
• HOA financial health: Reserves, pending assessments, litigation
• Hurricane preparedness: Impact windows, generator, flood zone designation

Step 4: Make an Offer

In Miami's current buyer's market, initial offers below asking price are common and expected. Your agent conducts comparable sales analysis to inform your offer strategy. The most common contract form is the FAR/BAR (Florida Association of Realtors/Florida Bar), considered the most protective for buyers.

Step 5: Due Diligence and Inspection

Unlike New York, attorneys are not required in Florida real estate transactions—but we strongly recommend using one, especially for international buyers or complex deals. Your attorney reviews:

• Condo documents (declarations, bylaws, rules)
• HOA financial statements and budget
• Reserve study and milestone inspection reports
• Pending or completed special assessments
• Any pending litigation against the association

Critical in 2025: Florida's new condo safety laws require buildings over 30 years old (25 years within 3 miles of coast) to complete structural integrity reserve studies and fully fund reserves. Review these carefully—they can reveal upcoming special assessments.

Step 6: Contract to Closing

Typical Miami closings occur 30-45 days after contract execution—significantly faster than New York. During this period, finalize financing, obtain title insurance, and arrange homeowner's insurance. Your closing agent (typically a title company in Florida) coordinates the final transaction.

Miami Condo Closing Costs and Transfer Taxes

Miami's closing costs are significantly lower than New York's—one of the city's key advantages. There's no mansion tax, and transfer taxes are modest compared to other major markets.

Buyer Closing Costs: Resale Condo

• Documentary stamp tax (buyer's portion): 0.35% of purchase price
• Title insurance (owner's policy): ~0.5-0.6% of purchase price
• Recording fees: ~$200-500
• Lender's title insurance (if financing): ~0.5% of loan amount
• Attorney fees (optional but recommended): $1,500-3,000
• HOA application/move-in fees: $500-2,000

Resale total: Approximately 1.5-2.5% of purchase price (cash); 2.5-3.5% (financed)

Buyer Closing Costs: New Development

When purchasing from a developer, buyers typically pay additional costs that sellers cover in resale transactions:

• All resale costs above, PLUS:
• Developer's documentary stamp tax: ~0.7% of purchase price
• Development fee: 1.25-1.75%
• Working capital contribution: 2-3 months of HOA fees

New development total: Approximately 3-4.5% of purchase price

The Miami vs. NYC Closing Cost Advantage

For a $5 million condo purchase:

• NYC (cash): ~$162,500 (mansion tax alone: $112,500)
• Miami (cash): ~$100,000
• Savings: ~$62,500

The absence of mansion tax is Miami's biggest closing cost advantage over New York.

→ Complete cost breakdown: manhattanmiami.com/resources/cost-components-of-a-real-estate-investment

Florida Condo Insurance and HOA Realities in 2025

This section may be the most important in this guide. Florida's condo market has undergone dramatic changes since the Surfside building collapse in 2021, and every buyer must understand the new landscape.

The Post-Surfside Regulatory Environment

The tragic 2021 collapse of Champlain Towers South in Surfside prompted sweeping legislative changes. Florida now mandates:

• Milestone Inspections: Buildings 3+ stories, 30+ years old (25 years if within 3 miles of coast) must complete structural inspections by licensed engineers
• Structural Integrity Reserve Studies (SIRS): Required every 10 years
• Fully Funded Reserves: Associations can no longer waive or underfund reserves for major structural components

What this means for buyers: Older buildings that previously kept HOA fees low by underfunding reserves are now facing significant fee increases and special assessments. Always review the reserve study and ask about upcoming assessments before purchasing.

HOA Fees: What to Expect

Miami-Dade high-rise condo HOA fees now average over $1,900/month—up nearly $500 from last year. This makes Miami second only to Manhattan for carrying costs.

Typical fee ranges:

• Mid-tier luxury building: $800-$1,200/month
• Full-service luxury tower: $1,200-$2,000+/month
• Ultra-luxury/branded residence: $2,000-$4,000+/month

What drives these fees:

• Insurance (up 25%+ year-over-year): Averaging $377/month per unit
• Reserve contributions: Now ~12% of HOA budgets (up from 9% last year)
• Staff and management: Up 40%+ year-over-year
• Amenities: Pools, fitness centers, concierge, security

Insurance: The New Reality

Florida's property insurance market has been volatile. Coastal condo buildings face some of the highest premiums in the country.

Master policy (building insurance):

• Included in your HOA fees
• Many associations have seen 30-100% increases over past 2 years

HO-6 policy (unit owner insurance):

• Required by Florida law
• Covers: Personal property, liability, portions not covered by master policy
• Average cost: $962/year statewide; $2,570/year in Miami
• Separate flood insurance often required in coastal zones

Good news: Governor DeSantis signed HB 913 in 2025, giving condo boards more flexibility with reserve funding and deadlines. Insurance rates have begun stabilizing with more carriers returning to Florida. We're cautiously optimistic about 2026.

Due Diligence Checklist for HOA/Insurance

• Request reserve study: Is the building fully funded?
• Review milestone inspection report (if applicable)
• Check for pending or recently completed special assessments
• Verify HOA insurance coverage and recent premium increases
• Confirm building's wind mitigation features
• Ask about upcoming capital projects

International Buyer Considerations for Miami Real Estate

Miami welcomes international investment. Approximately 45% of all Miami visitors are from abroad, and foreign buyers have historically driven significant demand in the luxury segment.

→ Complete Foreign Buyers Guide: manhattanmiami.com/resources/foreign-buyers-guide

FIRPTA Withholding

The Foreign Investment in Real Property Tax Act requires 15% withholding when a foreign person sells U.S. real estate. This isn't an additional tax—it's withheld against your eventual tax liability. When you sell, your buyer will withhold 15% from you unless you obtain a withholding certificate showing actual tax liability is lower.

Financing for Foreign Nationals

Financing is available to foreign nationals, though more limited than for U.S. residents:

• Down payment: Typically 30-50% required
• Interest rates: Higher than domestic loans
• Lenders: HSBC, private banks (JP Morgan, Citi Private), some regional banks
• Many foreign buyers ultimately purchase in cash

→ Financing options: manhattanmiami.com/resources/mortgage-financing

Entity Structuring

International buyers often purchase through LLCs or foreign corporations for privacy, estate planning, and liability protection. Consult with both U.S. and home-country tax advisors before structuring your purchase.

Senate Bill 264 Restrictions

As noted earlier, Florida restricts property purchases by nationals from China, Russia, Cuba, Venezuela, Syria, Iran, and North Korea within 10 miles of military installations. Chinese nationals face the most restrictive provisions. Consult with an attorney if this may affect you.

Trophy Buildings and Branded Residences

Miami has become the global epicenter for branded residences and architect-designed trophy towers. Understanding this landscape is essential for buyers seeking investment-grade properties.

The Branded Residence Premium

Branded residences—condominiums affiliated with luxury hospitality brands—sell for 20-40% premiums over comparable non-branded buildings. More importantly, they tend to hold value better during market corrections.

Current branded offerings in Miami:

• Four Seasons (Surf Club, Brickell)
• St. Regis (Bal Harbour, Sunny Isles, Brickell)
• Ritz-Carlton (Miami Beach)
• Waldorf Astoria (Downtown—Miami's tallest tower)
• Mandarin Oriental (Brickell Key)
• Aman (Miami Beach—under development)
• Cipriani (Brickell)
• Automotive: Porsche, Bentley, Aston Martin, Mercedes-Benz

→ Complete Branded Residences Guide: manhattanmiami.com/branded-residences

Starchitect Buildings

The Mid-Beach to Surfside corridor offers an unprecedented concentration of Pritzker Prize-winning architecture:

• Zaha Hadid: One Thousand Museum (Downtown), The Delmore (Surfside—upcoming)
• Renzo Piano: Eighty Seven Park (Surfside)
• Norman Foster: Faena House (Miami Beach)
• Richard Meier: Four Seasons Surf Club
• BIG (Bjarke Ingels): Grove at Grand Bay (Coconut Grove)

Nowhere else in America has this concentration of Pritzker-level residential architecture within a 15-minute drive.

→ Miami's Iconic Residential Buildings: manhattanmiami.com/miami-iconic-residential-buildings

Market Risks and Investment Considerations

While Miami offers compelling advantages, sophisticated buyers should understand the risks specific to this market.

Cyclical Market History

Miami has historically experienced more pronounced boom-bust cycles than other major U.S. markets. The 2008-2012 crash saw values drop 40-60% in some segments. While the current market has different fundamentals (stronger buyer base, stricter lending standards, more international diversification), history counsels against assuming perpetual appreciation.

Supply Pipeline

Miami's pre-construction pipeline is substantial. Numerous towers are under construction or in planning across Brickell, Downtown, and the beaches. When these units deliver over the next 2-4 years, they'll add significant inventory to the market. Buyers should consider whether their target neighborhood faces oversupply risk.

Climate and Insurance

Miami's hurricane exposure is real. While modern buildings are constructed to stringent wind codes, insurance costs reflect this risk. Rising sea levels and flood insurance requirements may affect long-term values in certain areas. Newer buildings with impact-rated windows and robust engineering are better positioned.

Older Building Risk

Buildings 30+ years old face increasing scrutiny, potential special assessments, and possibly declining values as Florida's new safety laws take effect. Buyers attracted to older buildings for their lower entry prices should carefully evaluate reserve studies and anticipated capital needs.

What Makes Miami Different in 2025

Despite these risks, Miami's fundamentals are stronger than in previous cycles:

• Broader buyer base: Tech, finance, crypto wealth—not just Latin American capital
• Corporate relocations: Permanent shift, not just pandemic reaction
• Higher cash buyer percentage: Less leverage risk in the market
• Stricter lending standards: Developers require more pre-sales before construction

Common Mistakes Miami Condo Buyers Make

1. Ignoring HOA Financial Health

A beautiful unit in a financially troubled building is a terrible investment. With Florida's new reserve requirements, buildings that deferred maintenance are now facing massive assessments. Always review the reserve study, recent assessments, and milestone inspection reports.

2. Underestimating Carrying Costs

HOA fees in luxury buildings can exceed $2,000/month. Add property taxes (~2% of value annually), insurance, and any special assessments, and carrying costs can approach 3-4% of property value per year. Model your total monthly cost before committing.

3. Going Directly to Developer Sales Galleries

Developer salespeople work for the developer, not you. Buyers who go directly miss objective analysis, comparative options, and often pay more. Your buyer's agent typically costs you nothing in pre-construction deals—the developer has already built the commission into their pricing.

4. Skipping Professional Inspection

Even new construction can have defects. A professional inspection can identify issues before they become your problem. In resale purchases, inspections are essential.

5. Not Planning for Hurricane Season

Ensure your building has proper hurricane shutters or impact windows, adequate insurance, and emergency systems (generators, water). Know your flood zone designation and insurance requirements.

6. Ignoring Future Development

That spectacular view might not last. Research planned developments that could obstruct views or increase density in your area. Your agent can help identify potential concerns.

FAQ: Your Miami Condo Questions Answered

How much do I need to buy a luxury condo in Miami?

Entry into Miami's luxury market typically begins around $1-1.5 million. For cash purchases, budget purchase price plus 1.5-4% for closing costs. If financing, you'll need your down payment plus closing costs plus demonstrated reserves.

Can foreigners buy condos in Miami?

Yes, with limited exceptions. The U.S. has no foreign buyer restrictions or additional taxes. However, Florida SB 264 restricts purchases by nationals from certain countries near military installations. Chinese nationals face the most restrictive provisions.

How long does it take to close on a Miami condo?

Typical resale closings occur 30-45 days after contract execution—much faster than New York. Pre-construction purchases close when the building is complete, typically 2-3 years after contract.

What are Miami condo closing costs?

Resale: 1.5-3.5% of purchase price. New development: 3-4.5% (buyer pays developer's transfer taxes). There's no mansion tax in Florida—a major advantage over New York.

Why are Miami HOA fees so high?

Insurance costs (up significantly due to hurricane risk), new mandatory reserve funding requirements, amenities, and staffing. Average luxury high-rise HOA fees now exceed $1,900/month in Miami-Dade.

Should I buy pre-construction or resale?

Pre-construction offers potential savings and customization but carries construction and market timing risk. Resale offers immediate occupancy and known building track record. 'Almost new' resale (1-3 years old) often provides excellent value with minimal risk.

Is Miami a good real estate investment?

Miami offers compelling fundamentals—no state income tax, strong rental demand, diversified buyer base, and continued corporate migration. However, it's a cyclical market with significant carrying costs. Investment returns vary significantly by building, location, and timing.

Do I need an attorney to buy a condo in Miami?

Attorneys are not required in Florida real estate transactions, but we strongly recommend using one—especially for international buyers, new development purchases, or any complex transaction.

Next Steps: Begin Your Miami Condo Search

Purchasing a Miami luxury condo represents a significant financial and lifestyle decision. The market rewards informed buyers who understand its dynamics, work with experienced professionals, and conduct thorough due diligence—particularly around HOA finances and building condition.

When you're ready to begin your search, we're here to help. Contact the team at Manhattan Miami Real Estate for personalized guidance on finding your ideal Miami residence.

Why Work With Manhattan Miami Real Estate

• Deep expertise across both Manhattan and Miami luxury markets
• Specialized experience with international buyers (FIRPTA, entity structuring, cross-border planning)
• Licensed in New York, Florida, and California
• White-glove service adapted to global client schedules
• Access to off-market inventory and pre-construction releases

Manhattan Miami Real Estate

Anthony Guerriero, Licensed Real Estate Broker

Licensed in New York | Florida | California

manhattanmiami.com

Last updated: December 2025 | Next update: March 2026