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South Florida

Editor’s note

Stuart Elliott
Stuart Elliott

Well, it was bound to happen.

After using verbs like “soaring” and “booming” and “skyrocketing” to describe Miami’s luxury residential market for the past five years, momentum may be slowing. 

Fueled by a buildup of inventory and a strengthening U.S. dollar, which has driven away some foreign buyers, cracks in the armor are starting to appear.

Read our story about the changing conditions of the luxury market on page 8, and get more information on the state of new development in South Florida on page 120.

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Despite the suggestion of a chill in the market, Miami Beach has seen an uptick in the building of multimillion-dollar spec homes — though not everyone is pleased. Check out some of the city’s gorgeous old homes and beautiful new construction on page 32. And for a peek inside the abodes of some of the real estate industry’s most recognizable names, go to page 14.

We also took an in-depth look at several major development projects in this issue, including Richard LeFrak’s joint venture with the Soffers (page 58) and the American Dream Miami project, slated to be the biggest mall in the U.S. (page 40). But not every project comes to fruition, and we gathered some of the biggest also-rans on page 64.

Meanwhile, New York developer Moishe Mana has swept into Wynwood and downtown Miami in a big way in recent years, and we talked to him about his vision for the large amount of property he has amassed (page 48). We also got to know Leonard Steinberg, the president of the fast-growing brokerage Compass, a darling of the venture-capital world, which is valued at $800 million and now has an office in Miami (page 138).

Down in the Florida Keys, hotels are doing big business (page 26) and the office-condo trend has spread from South America to Miami (page 102). We also took a deep dive into some of the Greater Miami areas with the most building activity on page 82.   

And because sun, sand and celebs are a given in Miami no matter the state of the market, we have the latest on all the A-list real estate moves in South Florida on page 140. Enjoy the issue.