Miami’s ultra-luxury market continues to operate under tight inventory conditions, but condos and single-family homes are behaving very differently, according to Cyril Bijaoui, Principal at Longstead at The Corcoran Group. With more than two decades in luxury real estate and over $1 billion in closed sales, Bijaoui says understanding these distinctions is essential for buyers navigating today’s competitive landscape.
Bijaoui says the top end of the market remains exceptionally tight for both condos and single-family homes. Over the past several months, he’s seen limited supply in both categories, though each segment responds differently to price pressures and buyer demand.
Condos remain the simplest way for wealthy newcomers to enter Miami. Bijaoui notes that investors and relocating buyers often prefer condos because transactions are faster and the commitment is lower while they get to know the market. This makes luxury condos a frequent first purchase before buyers transition into single-family homes.
Detached homes have experienced some of the steepest price growth in the region. Properties once capped below $20 million now regularly exceed that threshold, reflecting major sales such as Ken Griffin’s high-profile $110 million purchase. In elite enclaves like Palm Beach, active listings above $200 million are no longer unusual.
At the lower end of the luxury spectrum – particularly below $3 million – condos greatly outnumber available houses. But once buyers reach the $5 million–and–up range, both categories become extremely constrained.
Recent building completions can create the illusion of excess condo supply. Buyers who secured pre-construction units several years ago often list them soon after delivery, leading to short-term bumps in resale inventory. Bijaoui cautions that these temporary waves don’t necessarily signal long-term issues with the building.
For investors, resale levels inside a building matter. Bijaoui uses a general benchmark:
He adds, however, that this rule doesn’t apply to newly completed buildings, where early resales are normal and not necessarily a warning sign.
With such limited supply, sourcing properties often requires direct outreach. Bijaoui says top agents are now proactively contacting owners in premier buildings and neighborhoods. In one case, he sent letters to residents of a high-end condominium where only one unit was listed, hoping to surface off-market opportunities for clients.
Bijaoui expects inventory pressure to continue across Miami’s ultra-luxury segment. Rising prices, minimal new supply, and deep buyer competition suggest that scarcity will remain the defining feature of the market. For buyers, that means moving decisively; for agents, it means using every tool available to uncover deals in one of the country’s most competitive luxury markets.
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