Miami Luxury Buyers Face Scarce, Off-Market Homes
Brokers say buyers in the $1 million to $10 million range are struggling to find homes they can afford.
Updated on Nov. 4, 2026 in Residential
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Miami homebuyers shopping at the top of the market are finding almost nothing to buy, as brokers say ultra-luxury inventory is so short that many deals now happen off-market. Buyers with budgets between $1 million and $10 million are also struggling to find homes in their range.
Why it matters
With so few ultra-luxury listings, prices for the handful of properties available have ballooned, and most of the activity is happening quietly before a home ever reaches the public market. Whether the squeeze eventually spreads down to mid-range buyers is the open question brokers are watching.
Ellison's 2.2-acre addition brought his Manalapan compound to a combined purchase price of $207.4 million, while Miami Beach waterfront homes rarely ask under $15 million. Brokers have not provided a count of how much top-tier inventory is currently available or how that compares with earlier periods.
The players
Larry Ellison
Tech executive who added 2.2 acres to his 16-acre Manalapan compound, bringing the combined purchase price to $207.4 million.
Goldentayer
Miami broker who calls a new listing's neighbors first to gauge their interest in buying.
The details
Brokers say top-tier residential inventory in Miami is short, pushing many ultra-luxury transactions into off-market deals at skyrocketing prices. Wealthy buyers are also picking up adjacent properties to build larger estates, a trend known as landmaxxing, and Larry Ellison's expansion of his Manalapan compound is one example. Interest from international buyers has picked up, with potential Brazilian buyers rising since Brazil's presidential election in late October. Brokers attribute properties that struggle to sell mainly to poor pricing or weak staging.
Timeline
This summer: Larry Ellison added 2.2 acres to his Manalapan compound.
Late October: Brazil's presidential election was followed by a rise in Brazilian buyer interest.
Wednesday, November 4, 2026: A Miami Forum panel will discuss the luxury market.
Beyond the 305
Ellison's expansion is a textbook example of landmaxxing, the trend of wealthy buyers assembling adjacent parcels into larger estates. Here it is playing out on the Gold Coast, where tight supply already makes off-market dealmaking the norm.
If you are shopping in the $1 million to $10 million range, expect a thin list of homes and be prepared to learn about deals before they hit the public market. Sellers with overpriced or poorly staged properties may find it harder to move them, so pricing and presentation matter more than ever.
The takeaway
Top-tier Miami inventory is scarce, so off-market deals are where much of the action is. If you are buying or selling, watch how the Miami Forum panel on November 4 characterizes the luxury market in the weeks ahead.
What happens next
On Wednesday, November 4, 2026, a Miami Forum panel will discuss the luxury market, a session that may offer more detail on current inventory and pricing.
Further reading
For more on how the top of the market is moving, explore Residential coverage across the 305.
Source note: This article includes information reported by The Real Deal New York.
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