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Florida’s condo market is increasingly divided — and the ultra-luxury segment remains firmly in the lead.
Ultra-luxury condos are achieving record preconstruction pricing near $4,000 per square foot, driven by high-net-worth buyers seeking exclusivity, privacy, and long-term value. Demand is strongest in waterfront and landmark locations, where limited supply and thoughtful product differentiation support pricing power, according to Nick Pérez, President of the Condo Division at Related Group, in an interview with The Real Deal.
“The strength is definitely in the ultra-luxury product,” said Nick Pérez.
By contrast, the mid-range and entry-level luxury condo segment, typically priced between $1,000 and $1,400 per square foot, is facing oversupply and intensified competition. Many developments are targeting the same buyer pool, particularly investors, making it harder to stand out and sustain price growth.
As Florida’s condo market continues to adjust, momentum remains concentrated at the top — where scarcity, location, and quality continue to define the most resilient segment.
SOURCE:
TheRealDeal.com – Related’s Nick Pérez on the state of South Florida’s condo market
