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Last Updated: June 17, 2026 | By David Nguah, Licensed Real Estate Advisor, Douglas Elliman

Something unprecedented is happening in Miami’s luxury real estate market. In just 60 days this year, developers and sales firms reported over $126 million in sales to buyers relocating from California and New York alone. What was once a seasonal trickle of snowbirds has become a permanent migration of America’s wealthiest residents — and it’s reshaping Miami’s skyline, neighborhoods, and property values in real time.

For high-net-worth and ultra-high-net-worth buyers evaluating a move to South Florida, the window of opportunity is narrowing. Here’s everything driving the 2026 wealth migration to Miami and what it means for the luxury market.

The Tax Squeeze: New York and California Are Pushing Wealth Out

Two seismic tax events are accelerating the exodus from America’s two wealthiest states.

New York City’s Proposed Millionaire Tax

New York City Mayor Zohran Mamdani has proposed hiking the city’s top income tax rate from 3.9% to 5.9%. Combined with New York State’s existing rates, the city’s wealthiest residents would face a combined income tax burden of nearly 17% — the highest in the nation. The reaction has been swift: billionaire John Catsimatidis publicly threatened to close his supermarket chain and sell the business, while even former Governor Andrew Cuomo quipped that “even I will move to Florida.”

The numbers tell the story. New York has lost $111 billion in adjusted gross income over the last decade as high earners relocated to zero-income-tax states like Florida. That migration is now accelerating, with a surge of affluent New Yorkers moving south throughout 2025 and into 2026.

California’s Billionaire Tax Ballot Measure

In November 2026, California voters will decide on the Billionaire Tax Act — a proposed one-time 5% wealth tax on individuals with a net worth exceeding $1 billion. The measure qualified for the ballot with 1.6 million signatures, nearly double the required 874,641.

If passed, the tax would raise an estimated $100 billion over five years from approximately 200 of California’s wealthiest residents. The critical detail: the eligibility cutoff was January 1, 2026, meaning billionaires who remained California residents past that date would be subject to the tax regardless of where they move afterward. Six billionaires — including PayPal co-founder Peter Thiel and former Uber CEO Travis Kalanick — reportedly left California before the deadline.

For ultra-high-net-worth individuals still in California, the message is clear: the cost of staying is rising dramatically, and Florida’s zero state income tax has never looked more attractive.

Miami’s Ultra-Luxury Market Is Breaking Records

This wealth migration isn’t theoretical — it’s showing up in Miami’s sales data in record-breaking fashion.

January 2026 opened with 56 contracts above $10 million in the first three weeks alone, the strongest January on record. In Miami-Dade County, the ultra-luxury threshold — defined as the top 1% of transactions — rose to $13.6 million in Q1 2026, up from $10.4 million just a year earlier. The Miami Association of Realtors has declared South Florida the No. 1 ultra-luxury market in the country.

The landmark transaction of the year so far: Mark Zuckerberg’s $170 million purchase on Indian Creek Island — Miami’s so-called “Billionaire Bunker” — which shattered South Florida’s all-time sales record. More than 80% of sales at the $10 million-plus level are all-cash, underscoring that this demand is driven by wealth migration, not local move-ups.

Where Miami’s Wealthiest New Residents Are Buying

The influx of HNW and UHNW buyers is concentrated in Miami’s most prestigious neighborhoods and new developments. Here’s where the money is flowing:

Miami Beach and the Barrier Islands

Miami’s beachfront properties remain the top draw for relocating buyers seeking waterfront luxury. Star Island, Indian Creek Island, and Fisher Island command the highest prices, with ultra-luxury homes regularly trading above $30 million. The Venetian Islands and Sunset Islands offer a more residential feel while maintaining strong appreciation.

South Beach and South of Fifth

For buyers who want walkability and culture alongside luxury, South of Fifth remains the gold standard. Buildings like Apogee South Beach, Continuum South Beach, and Glass Miami Beach consistently attract New York transplants looking for a full-service condo lifestyle.

Brickell’s New Development Corridor

Brickell is undergoing a transformation with approximately 4,500 new luxury units expected to deliver by 2030. The most anticipated projects include Baccarat Residences Miami — a 75-story tower at 444 Brickell Avenue where the Miami River meets Biscayne Bay — and The Residences at 1428 Brickell, a 70-story tower by Ytech designed by Antonio Citterio with 195 ultra-luxury homes and 80,000 square feet of amenities. St. Regis Brickell adds another tier of branded luxury to the neighborhood.

Bal Harbour and Surfside

North of Miami Beach, Oceana Bal Harbour, Rivage Bal Harbour, and Arte Surfside are drawing buyers who want oceanfront living with lower density and proximity to Bal Harbour Shops — one of the highest-grossing luxury retail destinations in the world.

Cash Is King: Why Mortgage Rates Don’t Matter at the Top

While the broader housing market grapples with mortgage rates, Miami’s luxury segment operates in a different universe. All-cash purchases account for 44% of Miami closings — well above the national average of 27%. At the $10 million-plus level, that figure exceeds 80%.

This cash-driven demand insulates Miami’s luxury market from interest rate volatility and creates a fundamentally different competitive dynamic. For relocating buyers from New York and California, the tax savings alone often justify the purchase price: a household earning $5 million annually saves over $650,000 per year in state and city income taxes by moving from Manhattan to Miami.

Market Conditions Favor Buyers — For Now

Despite the record activity at the top, Miami’s overall market has shifted toward balance. Inventory across Miami-Dade County sits at a 13.7-month supply, giving buyers more negotiating power than they’ve had in years. Homes are taking approximately 90 to 105 days to sell, and the median single-family home price sits at $699,990.

For luxury buyers, this means more options and less pressure. But that window may be closing: as California’s November ballot measure approaches and New York’s tax proposals advance, expect another wave of relocations to tighten Miami’s most expensive listings heading into 2027.

Browse the 100 newest luxury listings in Miami to see what’s available right now.

The Quality Question: Due Diligence Matters More Than Ever

Not every luxury tower delivers on its promises. In the first five months of 2026 alone, condo associations at three newly built luxury Miami towers — including Aston Martin Residences, Missoni Baia, and Estates at Acqualina — have sued their developers over construction defects ranging from cracked concrete and leaking roofs to non-functioning elevators and cheaper materials than promised.

This underscores why working with an experienced local advisor is essential, especially for out-of-state buyers unfamiliar with Miami’s development landscape. A knowledgeable agent can identify which developers have strong track records, which buildings have passed thorough inspections, and which new developments are worth the premium.

What This Means for Buyers Considering Miami in 2026

The convergence of tax policy, wealth migration, and record luxury demand makes 2026 a pivotal year for Miami real estate. Here’s what savvy buyers should know:

• Act before the November ballot: If California’s wealth tax passes, expect another surge of relocations that will tighten inventory and push prices higher in Miami’s ultra-luxury segment.
• Leverage current inventory: With 13.7 months of supply, buyers have more negotiating power than at any point since 2019. That won’t last if migration accelerates.
• Prioritize due diligence: The construction defect lawsuits are a reminder that brand names don’t guarantee quality. Work with a local expert who knows the developers.
• Consider pre-construction: Projects like 1428 Brickell, Bentley Residences, and The Perigon Miami Beach offer the opportunity to lock in pricing before the next wave of demand.
• Think beyond the condo: Waterfront single-family homes on Miami Beach’s islands offer privacy, land value, and long-term appreciation that condos can’t match.

Frequently Asked Questions

Why are wealthy people moving from New York to Miami in 2026?

New York City’s proposed millionaire tax would push the combined state and city income tax rate to nearly 17% for top earners. Florida has no state income tax, making Miami an attractive destination for high-net-worth individuals looking to reduce their tax burden while maintaining access to world-class amenities, culture, and business infrastructure.

How does California’s 2026 wealth tax affect Miami real estate?

California’s Billionaire Tax Act, set for the November 2026 ballot, would impose a one-time 5% tax on individuals with a net worth over $1 billion. The eligibility cutoff was January 1, 2026, prompting many ultra-wealthy Californians to establish Florida residency. This is driving demand for Miami’s $10 million-plus properties.

What is the average price of ultra-luxury real estate in Miami?

As of Q1 2026, Miami-Dade County’s ultra-luxury threshold (top 1% of transactions) is $13.6 million, up from $10.4 million in 2025. In Brickell, ultra-luxury units above $3 million average $1,800 or more per square foot.

Is Miami’s luxury market slowing down in 2026?

The broader Miami market has normalized with 13.7 months of inventory and 90-105 day selling times, but the ultra-luxury segment ($10M+) continues to break records. January 2026 saw 56 contracts above $10 million in the first three weeks — the strongest January ever recorded.

What are the best luxury neighborhoods in Miami for relocating buyers?

Top choices include Star Island and Indian Creek Island for ultimate privacy, South of Fifth for walkable oceanfront luxury, Brickell for new high-rise developments, Fisher Island for exclusive island living, and the Venetian and Sunset Islands for waterfront single-family homes. Each offers distinct lifestyle advantages depending on buyer preferences.

How much can you save in taxes by moving from New York to Miami?

A household earning $5 million annually saves over $650,000 per year in state and city income taxes by relocating from Manhattan to Miami. Over a decade, that represents more than $6.5 million in tax savings — often enough to fund the purchase of a luxury waterfront property outright.

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David Nguah · Luxury Real Estate Advisor · Douglas Elliman

Miami  ·  Palm Beach  ·  New York  ·  The Hamptons  ·  Los Angeles  ·  Aspen

A presidential retreat. A cinematic icon. Nearly 900 feet of waterfront on Key Biscayne. And now, Miami-Dade County’s most expensive listing ever.

By David Nguah | Miami’s Real Estate | +1 (786) 200-3966 | April 23, 2026

If you follow ultra-luxury real estate — or if you’ve ever watched a certain 1983 Al Pacino film — you already know this house. The estate at 485 West Matheson Drive, Key Biscayne just hit the market at $237,000,000, making it the most expensive residential listing in Miami-Dade County history. If it sells anywhere near the asking price, it would shatter the current county record of $170 million set earlier this year when Mark Zuckerberg purchased a compound on Indian Creek.

But this property isn’t just about the price tag. It’s about legacy, location, and the kind of irreplaceable provenance that money alone can’t manufacture.

A Property With Presidential — and Cinematic — History

In 1969, President Richard Nixon acquired this waterfront compound and designated it his “Winter White House.” During his presidency, world leaders and dignitaries arrived by helicopter to the estate’s private landing pad — a massive concrete platform constructed specifically for presidential use and still standing today. The estate was the backdrop for some of the most consequential diplomatic moments of the Nixon era, hosting heads of state from around the globe.

Then, in the early 1980s, the property took on a second life in American pop culture. It was selected as the primary filming location for the 1983 film Scarface, appearing on screen as drug lord Frank Lopez’s compound — the setting where Tony Montana’s rise to power begins. Much of the home’s original design from that era has been preserved, including the iconic glass elevator featured prominently in the film. The estate was later featured in the hit television series Miami Vice, further cementing its status as one of the most recognizable private residences in entertainment history.

What $237 Million Gets You

The main residence spans approximately 13,000 square feet across three levels. The main living level features roughly 4,500 square feet of expansive marble floors and floor-to-ceiling glass with unobstructed bay views. At the center of the home, the iconic glass elevator from Scarface remains fully functional. This level includes a kitchen, guest suite, private office, and gym.

The private upper level houses three bedrooms and an open sitting area, with the primary suite occupying a prominent position complemented by a dedicated office and expansive walk-in closets. Below, a 7,000+ square-foot lower level offers a game room, music studio, staff accommodations, and extensive storage — a scale of flexibility rarely found in waterfront properties.

See All Photos, Floor Plans & Full Property Details for 485 W Matheson Drive →

The Marina and Helipad

The estate’s defining outdoor feature is its 20,000+ square-foot presidential helipad, which now functions as a world-class private marina capable of accommodating yachts up to approximately 200 feet, alongside additional slips for secondary vessels. The deed also includes over 34,000 square feet of submerged land, providing rare control over the adjacent waterway. The helipad platform has also been demonstrated as a venue for large-scale private events with capacity for 100+ vehicles.

The Grounds

Set across nearly two acres of meticulously designed grounds, the estate features mature tropical landscaping, a distinctive piano-shaped pool, and more than 500 integrated landscape lights that bring the property to life at night. With approximately 862 feet of direct Biscayne Bay frontage, the estate ranks among the most significant privately held waterfront positions in all of South Florida.

How the Scarface Estate Stacks Up: Every $100M+ Home for Sale in the U.S. Right Now

At $237 million, the Scarface Estate enters a rarefied tier of American residential real estate. To put the listing in context, here is a look at every home currently on the market in the United States with an asking price above $100 million, sourced from Douglas Elliman’s property database.

Source: Douglas Elliman property database via Elli AI, April 2026. Listings subject to change. Contact David Nguah at +1 (786) 200-3966 or info@miamisrealestate.com for the latest availability and private showings.

What This Listing Means for the Miami Luxury Market

The Scarface mansion listing in Miami signals a broader trend that anyone watching Miami real estate should pay attention to. South Florida now dominates the ultra-luxury tier in the United States — eight of the ten $100M+ listings in the country are located in Florida, with the majority concentrated between Miami-Dade and Palm Beach counties.

The current Miami-Dade record of $170 million was set just months ago with Mark Zuckerberg’s Indian Creek purchase. If the Scarface Estate sells at or near its asking price, it won’t just set a new county record — it will establish Key Biscayne as a player in a pricing tier previously reserved for Indian Creek, Star Island, and Palm Beach’s oceanfront corridor.

For buyers and investors, the takeaway is clear: Miami’s ultra-luxury market continues to appreciate, driven by international capital, favorable tax policy, and a supply of trophy-caliber properties that simply doesn’t exist anywhere else in the country.

Explore Miami’s Most Exclusive Neighborhoods

The Scarface Estate sits in the same ultra-premium tier as Miami’s most coveted addresses. If you’re exploring the top of the market, these neighborhoods represent the pinnacle of South Florida luxury living:

Indian Creek Island — Known as “Billionaire Bunker,” this private island is home to some of the world’s wealthiest residents, including recent record-setting sales.

North Bay Road — One of Miami Beach’s most prestigious waterfront corridors, featuring sprawling estates with open bay views.

Star, Palm & Hibiscus Islands — Iconic Venetian island estates with some of the most recognizable addresses in Miami Beach.

La Gorce Island — A guard-gated private island in Miami Beach offering waterfront mansions with exceptional privacy.

Sunset Islands — Four exclusive residential islands west of Miami Beach, prized for their quiet streets and bay-front living.

For ultra-luxury condominiums, explore Faena House, Apogee South Beach, and Continuum South Beach — three of the most sought-after buildings on the beach.

For a comprehensive look at gated communities and secure residences, visit our guide to Miami’s Most Secure Condos and Neighborhoods.

Interested in Miami’s Ultra-Luxury Market?

Whether you’re exploring properties in this price range, curious about what’s available off-market, or looking to understand how Miami’s luxury market can work for your portfolio — I’m here to help.

As a Miami-based realtor specializing in luxury and waterfront properties, I can provide private access to listings, market intelligence, and the white-glove service that transactions at this level demand.

Start here: Explore the Full Listing for the Scarface Estate at 485 West Matheson Drive, Key Biscayne

Send an Inquiry

Call +1 (786) 200-3966
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info@miamisrealestate.com | +1 (786) 200-3966 | Miami’s Real Estate

Final Thoughts

The Scarface mansion in Miami is more than a house — it is a piece of American history, from the halls of presidential diplomacy to the silver screen. Properties with this kind of dual provenance simply do not come to market. Whether it ultimately trades at $237 million or sets a new negotiation benchmark, this listing is a defining moment for Miami real estate in 2026.

Stay tuned for updates on this listing — view the current listing for 485 W Matheson Drive, Key Biscayne here and the broader Miami luxury market. And if you’re in the market for something extraordinary, reach out — the best properties often move before they ever appear on a public listing.