How Luxury Properties in South Florida Have Changed in the Past 20 Years

The past few years have resulted in changes throughout the housing industry, but the luxury market has continued to thrive throughout shifts in the market. Whether you’re ready to buy or sell, you want to work with someone you trust to stay on top of the latest information and guide you toward the best investment. Here is some information regarding the changing trends of luxury properties in the past two decades.

To make a smart investment in the luxury market, you want a clear sense of current market trends and how they’ve changed over time. According to DQYDJ’s research, the median value for single-family homes was around $158,000 in 2002. Now, that looks more like $388,000 in 2022. That’s a significant jump over the years, but how does that trend play out in the luxury housing market? The Institute for Luxury Home Marketing released a recent report suggesting that the Miami area is currently in a buyer’s market, meaning there’s solid inventory. If you’re looking for a luxury property in this area, you can work with your realtor to find the home with all the amenities you’re looking for, and you’ll likely have several options to choose from. So, what are some of the hottest areas around Miami to purchase a luxury home? Miami Beach, Sunny Isles Beach, and Aventura.

If you’re looking for houses for sale in Miami Beach, you won’t be disappointed. A hub for executives, celebrities, and exclusive communities like Bay Harbor Islands and Bal Harbor in northern Miami beach, this is truly luxurious living. Here, you have premiere restaurants like Makoto serving delicious Japanese food and Le Zoo offering exquisite French cuisine. You also have privacy, immaculate grounds, and a variety of high-end yacht clubs to join.

Sunny Isles Beach real estate offers a relaxed atmosphere with outstanding oceanfront views. This town provides all the luxury amenities from valet parking to spas and access to impeccable beaches. You’ll also experience lovely green spaces like Heritage Park and Samson Oceanfront Park. If you like a mix of water activities like swimming, boating, and paddle boarding, while still having all of your comforts just steps away, this should be high on your list of places to invest.

This is an upscale modern city nestled on the mainland just minutes from Miami Beach and Ft. Lauderdale. Here, you’ll find excellent shopping, fine dining, and access to stunning beaches. Home to Aventura Mall, the third largest mall in the U.S., this area is every shopper’s dream. Within the mall, you’ll also find fabulous eateries like CVI.CHE 105 with award-winning Peruvian fare. If you’re looking at Aventura homes for sale, you’ll likely find magnificent high-rise condos and a select few neighborhoods with single-family homes and townhomes.

In the past several years, we’ve seen a significant shift in the approach to home design. Open floor plans aren’t going anywhere, but the demand for private spaces and reimagining outdoor areas is rising along with other trends like patterns and bold colorways. People want to create a home that works for them and has all the luxury amenities they can dream up, from stunning poolscapes to home gyms and sophisticated offices.

The need for private spaces became clear at the beginning of 2020 when everyone, including children, was stuck at home all day. That meant work, school, and housekeeping were all happening simultaneously in the same building and sometimes even in the same room. This reality resulted in a desire for privacy to enable more efficient learning, a quieter work environment, or just somewhere to be alone and decompress. That desire hasn’t dwindled, and people are ready to invest in top-tier amenities to account for all aspects of their lives, from work to fitness and beyond.

Having a home office is no longer considered a nice-to-have but is instead an essential component of a luxury space. Having a private room to hold meetings, conferences, and keep your work separate from the rest of the house is fast becoming the gold standard for the work-from-home lifestyle. Home offices provide a functional workspace and help erect a mental barrier between your job and the rest of your life outside of work. This ability to walk away from your dedicated home office and leave work behind plays a significant role in maintaining your mental health and creating a work-life balance.

Outdoor spaces were once low on the list of desired luxury amenities, but recent years have proven that’s no longer the case. That could look like a beautiful pool or an expansive fenced-in yard for children and pets, but outdoor spaces are now considered an important extension of the home. You can have sections for lounging, cooking, swimming, or areas for play, exercising, or other recreational sports at your fingertips.

Beyond the need for private spaces, home offices, and lush outdoor areas, one of the hottest trends is using bold patterns and colors. With the time we’re spending inside the home, people are moving toward curating their space as if it were a museum of art. Each room is an opportunity to dazzle and delight not only the homeowners themselves but also guests and the surrounding community. Visually interesting wallpapers, contrasting patterns, and decadent textures work together to develop an aesthetic experience that brings a space to life. This shift is a departure from minimalism and neutrals, leaning toward the excitement of maximalism and the sophisticated layering of different aesthetic elements.

Whether you’re buying or selling, Ivan Ramirez and the RS team will be there with you every step of the way. Ivan, Vice President of Sales at ONE Sotheby’s International Realty, leads the RS (Ramirez Sarmiento) team with Monica Sarmiento, Global Real Estate Advisor. They’ve been successful in real estate for more than 20 years and constantly work to improve their client’s experience with the best properties in South Florida. When you’re ready to buy or sell luxury properties in the Miami area, reach out to Ivan and Monica for expert guidance.