Wall Street South Miami | Ultra-Luxury Real Estate Market Guide 2026

Updated February 2026

Miami has transformed from vacation destination to global wealth capital. What began as "Wall Street South" — the migration of hedge funds and financial firms — has expanded into a full-scale relocation of tech founders, billionaire entrepreneurs, and ultra-high-net-worth families. The result: an ultra-luxury real estate market commanding $4,000+ per square foot on Miami Beach and $2,800+ in Brickell, with unprecedented demand for trophy properties.

What Is Wall Street South?

Wall Street South refers to Miami's emergence as a major U.S. financial hub, driven by the relocation of hedge funds, private equity firms, and wealth management companies from New York, Chicago, and other traditional finance centers.

The movement arguably began in 2018 when Barry Sternlicht relocated Starwood Capital Group—his $115 billion investment firm—from Greenwich, Connecticut to Miami Beach. At the time, it was a contrarian bet. But Sternlicht saw what others would soon discover: Florida's zero state income tax, business-friendly environment, and improving talent pool made it a viable alternative to traditional finance hubs.

The migration accelerated during the COVID-19 pandemic, when Florida remained largely open for business while New York, California, and Illinois imposed strict lockdowns. Finance, tech, and crypto professionals who relocated temporarily discovered what Sternlicht already knew—and many never left.

Today, more than 500 money-management firms headquartered in Florida manage approximately $300 billion in assets. Miami now ranks among the world's top 25 financial centers.

The Citadel Effect: Ken Griffin's $2.5 Billion Bet on Miami

The defining moment came in 2022 when Ken Griffin announced Citadel—his $65 billion hedge fund—would relocate from Chicago to Miami. Griffin assembled over $670 million in Brickell real estate and is now constructing Miami's most significant commercial development: a 1,049-foot supertall tower at 1201 Brickell Bay Drive designed by Foster + Partners. The $2.5 billion project (up from an original $1 billion estimate) will house Citadel's global headquarters across 1.3 million square feet of Class A office space, topped by a 212-room luxury hotel. Construction begins early 2026, with future phases to include additional office space and a 100-unit residential tower. When complete, it will be the tallest building in Miami and one of the tallest on the East Coast outside New York.

Citadel's arrival catalyzed a broader migration. Goldman Sachs expanded its asset management division to West Palm Beach with over 100 traders. Blackstone established Miami operations. Carl Icahn relocated Icahn Enterprises headquarters to Sunny Isles Beach. Thoma Bravo and Millennium Management opened offices in Brickell. The momentum has been self-reinforcing—each major arrival validates Miami for the next.

Big Tech Follows Wall Street

The corporate migration extends beyond finance. Microsoft leased 50,000 square feet at 830 Brickell for its Latin America regional headquarters in 2021. Amazon signed the largest office lease in Wynwood history—75,000 square feet at Wynwood Plaza—in 2025, while also building a 1 million square foot fulfillment center in South Dade. Apple expanded with 45,000 square feet in Coral Gables and a flagship retail store at Miami Worldcenter.

Global Law Firms Plant Their Flag

Where finance goes, BigLaw follows. The nation's largest law firms have rushed to open Miami offices to serve their relocating clients:

• Kirkland & Ellis — 115,000 SF at 830 Brickell, the largest new-to-market office lease in Miami in 2022
• Sidley Austin — opened Miami office at 830 Brickell
• Winston & Strawn — expanded to 830 Brickell
• Baker McKenzie — leased space at 830 Brickell

830 Brickell—developed by Vlad Doronin's OKO Group—has become the de facto headquarters building for corporate Miami, housing Citadel's interim offices, Microsoft, Thoma Bravo, and four of the nation's top law firms. At $125–$150 per square foot, rents exceed the average Manhattan asking rate.

Which Billionaires Have Moved to Miami?

The wealth migration extends far beyond Wall Street. Tech founders, venture capitalists, and global billionaires are establishing Miami as their primary or secondary residence—and the pace is accelerating as California's proposed wealth taxes push tech billionaires to seek tax-friendly alternatives.

Tech Founders & the California Exodus

Jeff Bezos — Relocated from Seattle in late 2023, assembling a $237 million compound on Indian Creek Island (Billionaire Bunker)

Larry Page — Google co-founder acquired $188 million+ in Coconut Grove waterfront property (December 2025–January 2026), including three estates to form a compound

Sergey Brin — Google co-founder reportedly shopping for Miami Beach estates

Mark Zuckerberg - Facebook/Meta's CEO, as of February 2026, is in contract to buy a $150 - $200 million compound on Indian Creek Island 

That makes 4 of the top 10 richest people in the US having their primary residence in Miami; all within the last three years. 

Venture Capital & Tech Ecosystem

The founders brought an ecosystem with them:

• Founders Fund (Peter Thiel's VC firm) — established Miami presence
• Keith Rabois (Khosla Ventures GP) — one of Miami's most vocal tech advocates, invested heavily in local real estate
• Atomic (Jack Abraham's venture studio) — relocated HQ from San Francisco
• David Vélez (Nubank founder, Brazil's richest person) — based in Miami
• Numerous crypto, fintech, and AI startups now call Miami home

Other Notable Residents

Other Indian Creek Residents: Tom Brady, Ivanka Trump & Jared Kushner, Carl Icahn — See all billionaire neighborhoods

The Weeknd (Abel Tesfaye) — Recent mega-mansion purchase in Coconut Grove, joining Larry Page in that neighborhood

The California Pipeline

The pace of wealth migration is accelerating. Reports indicate at least three unnamed California billionaires worked with Miami brokers in December 2025 to establish Florida residency, with five more actively shopping South Florida properties. Florida's billionaire count has surged from 6 to 119 in recent years—though many older billionaires have settled in Palm Beach (quieter, more established old money) while Miami-Dade attracts younger founders, tech executives, and those seeking a more urban lifestyle.

The "wealth migration" driving these results shows no signs of slowing. Florida gained 1,350 people per day in 2025 (a new record), with the Southeast capturing 1.7 million of the nation's 3.3 million total population growth. ISG projects this as "year five of a 20-year migration pattern."

The numbers confirm the trend: Florida recorded 17 ultra-luxury sales over $50 million in 2025 (a new record)—compared to just 12 in New York and 10 in California. Miami has surpassed New York as the top destination for ultra-high-net-worth buyers seeking second homes.

Source: ISG Q4 2025 Report; Knight Frank Wealth Report 2025; Christie's International Real Estate year-end data

Miami Ultra-Luxury Real Estate: Understanding the Price Tiers

For the first time, Miami is witnessing true ultra-luxury residential development at scale. The definition of "luxury" has shifted dramatically—what qualified at $600,000 a decade ago now begins closer to $2.5 million, while ultra-luxury starts at $10–15 million.

Ultra-luxury thresholds differ by submarket:

• Miami Beach (Surfside, Bal Harbour, South Beach, Fisher Island): $10M+ / $4,000+ PSF
• Downtown Miami (Brickell, Coconut Grove, Coral Gables): $10M+ / $2,800+ PSF

Miami Beach submarkets command higher price per square foot due to oceanfront scarcity and branded residence premiums, while Downtown areas have lower entry points but are pushing upward rapidly—Aston Martin Residences and Four Seasons Coconut Grove have both set mainland records in recent years.

Miami Ultra-Luxury Sales by Year

Source: ISG Q4 2025 Report

Highest Price Per Square Foot Developments

===>>> View Available Miami and Miami Beach Condo Listings >$10M

Record Single-Family & Condo Sales (2024–2026)

Jeff Bezos has spent $237M+ assembling his Indian Creek compound. Larry Page has spent $188M+ (and counting) in Coconut Grove.

===>>> View Available Miami and Miami Beach Single-Family Home Listings >$10M

Why Ultra-Luxury Condos Are Gaining Ground

While trophy mansions continue to command record prices, supply constraints and practical realities are driving more ultra-wealthy buyers toward high-end condominiums.

Limited waterfront inventory: Miami's most coveted single-family enclaves—Indian Creek (41 lots), Star Island (34 lots), and Fisher Island—have virtually no available land. Buyers like Bezos and Page must acquire existing estates and often assemble multiple properties to achieve the scale they want.

The hidden cost of Miami mansion ownership: South Florida's humid, salt-air climate is punishing on waterfront estates. Exterior maintenance, landscape upkeep, hurricane preparation, and staff management can cost $500,000 to $1 million+ annually—before property taxes. Insurance adds another layer: waterfront mansion policies in Miami now routinely exceed $200,000–$500,000 per year, with some ultra-luxury estates facing $1 million+ annual premiums after recent hurricanes tightened the market. Many billionaires accustomed to multiple residences find this operationally burdensome.

The rise of "easy living" ultra-luxury: Branded residences like Four Seasons, Aman, and St. Regis offer an alternative: $4,000–$6,000+ per square foot penthouses with hotel-level service, full-time staff, and turnkey maintenance. For buyers splitting time between Miami, New York, and Aspen, a $30–50 million condo with concierge services can be more practical than a $100 million estate requiring a full household operation.

This shift explains why developments like Shore Club Private Collection and The Raleigh are pricing above $4,500 per square foot and finding buyers—the ultra-wealthy increasingly want the address without the operational headache.

Source: Miami Downtown Development Authority 3D Map

Brickell's Transformation: Branded Residences Reshape the Skyline

Brickell—Miami's financial district—is undergoing its most dramatic transformation in decades. And there's a reason: the buyer profile has fundamentally changed.

For decades, Miami Beach was the default for luxury buyers—but those were primarily second-home purchasers seeking vacation properties. The Wall Street South migration has brought a different buyer: executives, founders, and financiers relocating their primary residence. For someone commuting to an office at 830 Brickell or Citadel's new headquarters, a 30-minute drive from Miami Beach that stretches to an hour in rush hour traffic makes little sense. Brickell offers walkability to work, Brickell City Centre for retail and dining, proximity to Coconut Grove and Coral Gables, and easy access to private aviation at Opa-locka or Miami International.

This shift explains why Brickell's branded residence pipeline has exploded—and why pricing is converging with the beach markets. Primary-home buyers want urban convenience, not resort living.

OKO Group's $520 Million Acquisition

In December 2025, Oak Row Equities and Vlad Doronin's OKO Group closed on the largest land acquisition in Florida history: $520 million ($122 million per acre—a new record) for 4.25 acres at 1001 and 1111 Brickell Bay Drive with 485 feet of continuous bayfront. The site is zoned for over 3 million square feet of development—enough to accommodate multiple supertall towers up to 1,049 feet—making it comparable in density to a single Hudson Yards tower in Manhattan. It is the last remaining waterfront development site of this scale in Brickell.

Doronin—owner and CEO of Aman—appears to be launching a third hotel brand, Atma, for larger urban mixed-use developments. Trademark filings and financing documents referencing "Atma Miami by Aman" (185 suites) suggest the Brickell Bay site may debut this new brand.

Pre-Construction Branded Residences in Brickell

Why Are Billionaires Moving to Miami? (Tax, Tech & Lifestyle)

The migration began accelerating after the 2017 Tax Cuts and Jobs Act capped the state and local tax (SALT) deduction at $10,000—a provision that disproportionately impacted high earners in New York, California, and other high-tax states. For ultra-high-net-worth individuals paying millions in state income tax, the SALT cap eliminated the federal deduction that had softened the blow, making Florida's zero income tax significantly more attractive.

The fundamentals driving Miami's ascent:

1. Zero State Income Tax — Florida has no personal income tax, saving high earners 10–13% compared to New York or California
2. Proposed Wealth Taxes — California's billionaire tax proposals accelerating tech founder departures
3. Remote Work Revolution — Post-pandemic, tech companies no longer require SF/NYC presence
4. Business-Friendly Environment — Regulatory climate welcoming to wealth creation and crypto/fintech innovation
5. Global Connectivity — Major international airport, proximity to Latin American capital and tech markets
6. Lifestyle — Year-round weather, world-class dining, Art Basel, beaches
7. Network Effects — Once Bezos, Griffin, and top VCs moved, the ecosystem followed

International Buyers & the Art Basel Effect

Miami's luxury market has always been international, but the buyer profile has evolved dramatically. Latin American wealth—particularly from Brazil, Argentina, Colombia, Mexico, and Venezuela—has long anchored the market, with buyers seeking political stability, dollar-denominated assets, and proximity to home.

Art Basel Miami Beach, held every December since 2002, transformed Miami's global perception. What began as an art fair became a week-long convergence of billionaires, collectors, fashion, and finance. The event put Miami on the map for European and Middle Eastern wealth, introducing buyers who might otherwise have looked only at New York, London, or Monaco.

Today, international buyers account for a significant share of Miami's ultra-luxury transactions. Buildings like Faena House, Surf Club Four Seasons, and Aman Miami Beach are designed with this global buyer in mind—offering the service levels, privacy, and design sensibility that resonate with collectors and family offices from São Paulo to Geneva.

The result: Miami competes not just with New York and Los Angeles, but with global wealth capitals. A $20 million penthouse in Miami offers more space, better weather, and lower carrying costs than comparable properties in London or Singapore—with no state income tax.

Miami has become the #1 destination for ultra-high-net-worth second-home buyers, just ahead of New York.

Older Buildings vs. New Construction: What Buyers Should Know

Media coverage of Florida condo assessments has caused buyer confusion. Important context:

The 2021 Champlain Towers South collapse in Surfside (98 deaths, building from 1981) led to new state legislation requiring structural inspections and full reserve funding for buildings over 30 years old. Many older associations now face special assessments of $50,000–$100,000+ per unit.

These issues affect buildings from the 1970s–1990s—not luxury or ultra-luxury developments. Properties like Surf Club Four Seasons, Aman, Una Residences, and Shore Club were built to modern engineering standards with proper reserve funding and institutional-grade management. Condo prices for buildings under 30 years old appreciated 13% over 2023–2025, according to ISG.

2026 Market Conditions

Financing Environment

Mortgage rates have eased from 7.25% in January 2025 to approximately 6.25% in January 2026, with forecasts projecting mid-5% rates by mid-2026. However, this has limited impact on the ultra-luxury segment—70% of transactions over $1,000/SF are all-cash purchases.

Construction Pipeline

The current development pipeline includes 153 buildings with 16,400 total units, of which 8,200 are under construction. Approximately 60% of units are pre-sold, indicating healthy absorption. This is a disciplined pipeline compared to prior cycles—developers have maintained pricing power by limiting supply.

Record Transaction Volume

Total MLS dollar volume reached $62.2 billion in 2025, a new record, up from $52.6 billion in 2024. Closed transactions hit 66,700—also a new record—demonstrating broad-based market strength beyond just the ultra-luxury tier.

Frequently Asked Questions

What does "Wall Street South" mean?

Wall Street South refers to Miami's transformation into a major U.S. financial center following the relocation of hedge funds, private equity firms, and wealth management companies from New York and Chicago to South Florida. Barry Sternlicht's Starwood Capital pioneered the move in 2018, relocating from Greenwich to Miami Beach. The migration accelerated during COVID-19 when Florida remained open while other states locked down, and was reinforced by Florida's zero state income tax and business-friendly environment.

Why did Ken Griffin move Citadel to Miami?

Ken Griffin relocated Citadel from Chicago to Miami in 2022 citing quality of life, business-friendly environment, and Florida's zero state income tax. He has since invested over $670 million in Brickell real estate and is constructing a $2.5 billion headquarters tower—the most expensive single tower ever planned in Miami.

How much do ultra-luxury condos cost in Miami?

Ultra-luxury condos in Miami start at $4,000+ per square foot on Miami Beach (Surfside, Bal Harbour, South Beach) and $2,800+ per square foot in Downtown Miami (Brickell, Coconut Grove). Entry-level ultra-luxury typically starts at $10–15 million, with trophy penthouses exceeding $50 million. The record Miami-Dade condo sale is $86 million at Seaway in Surfside.

Which billionaires live in Miami?

Notable billionaires who have relocated to Miami include Jeff Bezos (Amazon), Ken Griffin (Citadel), Larry Page (Google), Carl Icahn, and Tom Brady. Many reside on Indian Creek Island, known as "Billionaire Bunker." Explore billionaire neighborhoods in Miami and Billionaires Beach.

Is Miami real estate a good investment in 2026?

Miami ultra-luxury real estate has achieved pricing parity with New York, London, and Singapore while continuing to attract unprecedented capital inflows. The market benefits from wealth migration (1,350 people/day moving to Florida—a new record), limited waterfront land supply, and Florida's tax advantages. However, buyers should conduct due diligence on building age and reserve funding.

What is the most expensive condo building in Miami?

The highest recorded price per square foot in Miami is $6,731 at Surf Club Four Seasons in Surfside. Pre-construction developments like Shore Club Private Collection are projecting $4,500–$11,000 per square foot.

2026 Outlook: FIFA World Cup & Beyond

With the 2026 FIFA World Cup expected to draw up to one million visitors to Miami, global attention will intensify. The market fundamentals remain strong:

• Continued wealth migration from high-tax states (1,350 people/day—a new record)
• Limited supply of waterfront land
• Institutional-quality new development pipeline (153 buildings, 60% pre-sold)
• Growing international finance presence
• Easing mortgage rates (forecast mid-5% by mid-2026)

As Ken Griffin observed: "Miami represents the future of America."

The question is no longer whether Miami belongs alongside New York, London, and Singapore—it's whether Miami could surpass them.

Manhattan Miami Real Estate specializes in Miami's luxury and ultra-luxury markets, with expertise spanning Brickell, Miami Beach, Coconut Grove, and Coral Gables.

Contact: Anthony Guerriero | aguerriero@manhattanmiami.com