And right in the center of it all, a new wave of luxury living is taking root. The most recent and exciting of these developments — called Perigon — is still under construction. This award-winning project includes 73 luxury residences contained in dramatic glass-enclosed high rises, set on the broadest stretch of Miami Beach. Construction seems to be moving along at an alarming pace. With Perigon expected to top out by February, it will be the fastest milestone yet for Mast Capital’s development.
Perigon aims to create a “serene, private enclave designed by global icons,” attracting attention from ultra-high net worth individuals. The homes range widely in both square footage and cost. You’ll discover one-bedroom flats as large as 1,200 square feet, and two-bedroom models beginning close to $8.6 million. You’ve got some big, beautiful choices ahead of you! Three, four- and five-bedroom homes start at $10.5 million ($4,791 per square foot) and exceed $22 million, depending on the floor level.
The development’s real crown jewels are the twin penthouses that sit atop the complex. Each features a private rooftop pool to boot and are on the market individually for $69 million and $55 million, or you can buy both together for $125 million.
A Competitive Landscape
The opening of Perigon also happens to align perfectly with the beginnings of another high-profile project’s very speedy construction in the neighborhood—the Cipriani building. Rising to 940 feet, 80 stories high, Cipriani is set to be Miami’s future tallest building. Its construction speed has been called impressive with a record pace of two months to the 54th floor.
Michael Patrizio, managing director of Bibs Capital, underscored how competitive the luxury space is. He pointed to the positive momentum both trends have created and the interest they’ve sparked.
“Activity at Perigon right now from the ultra, ultra high net worths is really staggering.” – Michael Patrizio
New residents hoping to pick up and move to Miami Beach face a stark reality. Most important of all, they are lured by the cutting-edge high-end amenities and the dynamic lifestyle this growing coastal city offers. Pietro Belmonte highlighted that many buyers are primarily second-home purchasers, indicating that while they might spend part of the year in Miami, they maintain residences in other luxury destinations.
“They’re all second-home buyers. No one’s going to be here during the summer; they’ll be here for the six months and a day to make it their main residence then they’re going to be in St Tropez, they’ll be in Italy, in the Hamptons, in the Berkshires, wherever they are they’ll have the second home.” – Pietro Belmonte
Demand from Ultra-High Net Worth Individuals
The appetite for high-end condos in Miami Beach has exploded during high-stakes bidding wars. Patrizio drove home the point that today’s buyers are not just looking for another building, they’re investing their money into something real and original and beautiful.
“What really matters to them is that the offering is authentic, it’s got to be real, it’s got to resonate.” – Michael Patrizio
Wealthy Americans are demanding more than just luxury. They prioritize quality of community over quality of commute, and lifestyle over low taxes. Christine Martinez de Castro noted that many buyers had been preparing for their investments well before the current market shift.
“People buying $10-15 million residences were already planning for this ahead of time.” – Christine Martinez de Castro
This surge of rich buyers has been exacerbated by corporate relocations of big names like Citadel and Blackstone. This movement is a strong statement of intent to make Miami a genuine home for high-net-worth migrants.
“There’s the relocation of major businesses, Citadel, Blackstone, Starwood Capital. That’s how we know it’s real when you see an uptick in applications for the private schools. That means people are relocating.” – Michael Patrizio
A Sustainable Market
Some observers argue that this new trend confirms a widespread retreat from established markets such as New York City. Some see this change as a sign of increasingly deliberate choices by consumers. Despite some volatility in price and trading volume, Belmonte is optimistic that the market activity represents thoughtfulness over threat.
“I don’t see it as a mass exodus; I see it more as a thoughtful exodus.” – Pietro Belmonte
For those who have invested in properties like Perigon, the focus remains on quality living rather than merely escaping unfavorable conditions elsewhere. Martinez de Castro emphasized that most of these purchasers were already multi-home owners. They aren’t making decisions based on knee jerk reactions to today’s news cycle.
“Most of these people already have second and third homes, right? So they’re not necessarily running to us and saying, ‘We’re escaping New York,’ and I can’t tell you there was this immediate peak.” – Christine Martinez de Castro
Patrizio’s agreement was palpable. He emphasized the long-term appeal of Miami as one of the best markets to attract cash wealthy buyers from New York City and other locations.
“New York has always been a primary market for south Florida, particularly Miami, Miami Beach, and it feels like a lot of New Yorkers somehow tend to have ties to Miami in some fashion.” – Michael Patrizio