Miami land sold for a record US$520 million
Land in Miami has always been in high demand. Given the warm climate and the availability of resort locations, this is not surprising. Despite the recent market slowdown, there have been signs of recovery since the end of 2024.
In early 2025, the Miami property market saw a record transaction: a parcel of land in a prestigious waterfront location was sold for US$520 million. Apartment Investment & Management sold the property, and Oak Row Equities, founded by Eric Rutter and David Weitz, bought it.
The deal involved the sale of two combined waterfront parcels totalling 1.7 hectares. The land is located in an upscale area of downtown Miami, and it was in high demand following the arrival of new financial firms and an influx of residents.
The site’s buyer, Eric Rutter, noted the site’s potential:
– geometrically flat site;
– ideal location in terms of infrastructure;
– the presence of the bay, which creates a scenic view;
– good zoning characteristics.
This makes the land an excellent location for major development. The buyer intends to build an ultra-luxury condominium. The land’s zoning allows for the construction of two buildings, each up to 320 metres high. An office building and apartments currently occupy the site. A 148-metre-long embankment adds to the future project’s attractiveness.
The transaction was the largest in the local market’s history, beating the previous record. Previously, the most expensive purchase was the US$363 million site, which Ken Griffin bought in 2022.
With such an optimistic start, experts expect the year to be extremely successful for the Miami market. Other notable developments include the US$565 million financing of a skyscraper in the Brickell area.
Miami residential market overview
The residential market in Miami, as in the state as a whole, is characterised by stable demand. The main growth drivers are the population increase and the region’s attractiveness. However, global economic challenges have affected current market trends.
According to Zillow, the median home value in the region was US$389,400 in January 2025. This figure is 0.5% lower than in 2024.
As for Miami, it has traditionally seen an increase in home prices. Between 2012 and 2022, the cost of property will increase by 174%. However, since 2023, the growth dynamic has slowed due to higher interest rates and insurance costs. In addition, the severe hurricanes that have hit the region in recent years have forced many to postpone property purchases. However, experts believe that the market will recover relatively quickly as the mortgage costs fall.