Miami luxury housing boom accelerates

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Corcoran Group CEO Pamela Liebman speaks exclusively to Fox News Digital about a historic residential project in Miami’s Design District, and the overall real estate boom across the local market. foxbusiness.com

Art deco buildings on Miami Beach foxbusiness.com

Douglas Elliman Exclusive Group co-founder Devin Kay takes Fox News Digital inside a multi-million dollar Allison Island home in the same tight-knit neighborhood where Google’s Sergey Brin moved to. foxbusiness.com

Living room in Miami Design Residences foxbusiness.com

Louis Vuitton store in Miami Design District foxbusiness.com

Kevin Brady, former House Ways and Means Committee chairman and an advisor to Americans for Free Markets, told FOX Business that steep taxes and heavy regulation are driving businesses and individuals to leave blue states. foxbusiness.com

Los Angeles and Miami buildings. foxbusiness.com

Flag of California Republic in San Francisco. foxbusiness.com

Homes Las Vegas foxbusiness.com

Real estate agent giving a man the keys to his new home foxbusiness.com

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Miami’s luxury property market is accelerating again, with sales data showing the top end pulling away from the rest of the city.

Corcoran Group chief executive Pamela Liebman told Fox News Digital that Miami has become a “mecca” for ultra-wealthy buyers, pointing to a new 26-storey condo tower in the Design District—Miami Design Residences by Chipperfield—that pairs 143 apartments with a Fouquet’s hotel. Units start at $1.8 million, a price point that is marketed as entry-level for a neighbourhood built around luxury retail and fine dining. Liebman said she has personally bought a unit in the project, describing it as a rare “no-brainer” bet.

The numbers she cited underline how bifurcated the market has become. Fox Business reports first-quarter condo sales in Miami were up 17%, while sales of homes priced above $5 million rose almost 10%. At the same time, Liebman described a “painful” reality for buyers outside the luxury tier: high mortgage rates, rising insurance costs and property taxes, and a shortage of new supply in the middle of the market. The result is a city where the marginal buyer increasingly arrives with cash, while financed buyers face a tight funnel of underwriting, monthly carrying costs and building assessments.

That split is mirrored on the other coast. A separate Fox Business piece summarising a California Policy Lab report finds that Californians who leave the state typically move to neighbourhoods where monthly housing costs are about $672 lower. The lab tracked migration using anonymised credit bureau data from 2016 to 2025 and found that, after seven years, movers were 48% more likely to own a home than those who stayed. The report’s headline finding is scale: the average destination housing market is nearly $400,000 cheaper.

The destinations are not the usual political talking points. According to the study, Nevada is the top state for California out-migration, followed by Idaho, Oregon and Arizona. The moves are often regional rather than cross-country, suggesting households are arbitraging housing costs while keeping some proximity to jobs, family networks and familiar labour markets.

Taken together, the two stories describe the same mechanism working in opposite directions. In Miami, high-end demand concentrates in a few neighbourhoods and pushes the local baseline higher, leaving middle buyers to negotiate over ageing stock and unpredictable insurance bills. In California, the price of staying increasingly looks like a permanent surcharge on household formation.

In Miami’s Design District, $1.8 million is being sold as the starting line. In the California Policy Lab data, the reward for leaving is simply being able to buy at all.