New York
A stellar year is anticipated for New York’s resilient superprime real estate with a surge in mega sales that shows no signs of slowing down. Trophy investments worth $20 million plus have seen a significant uptick over the past year, with some serious global-leading sales at the top end. While inventory remains low, international investors remain consistently confident in Manhattan’s status as a sound asset. Economic stability, super high-end developments, and the city’s influence as a financial and cultural centre are all contributing factors. Buyers at the top end look for statement homes with voluminous space, panoramic views, walkable streets, and very specific locations.
Palm Beach
An increase in global wealth creation is driving growth in the ultra-prime property market. Economic stability, quality of life, and favourable tax conditions for high earners make Palm Beach an attractive choice for investors. The past year has seen a surge in real estate sales of over $10 million, with huge estates far exceeding this as UHNW buyers pay record sums for prestige investments. One of the biggest sales in 2024 was Palm Beach’s only private island, reportedly purchased by Australian investor Michael Dorrell for $150 million. The relatively low inventory shows signs of increasing, but many sales at the top end are conducted quietly off-market.
Miami
With its upscale waterfront developments, cultural allure, vibrant economy, and tax benefits, Miami’s ultra-prime real estate landscape is thriving. Ocean views, private pools, home offices, and smart technology are particularly popular features with increased interest post-pandemic from remote workers seeking state-of-the-art amenities. Indeed, some of the world’s most successful captains of industry have moved to or purchased property in Miami in recent years, including Amazon founder Jeff Bezos, further sealing its ranking as a hub for the wealthy elite, leaving cities like London and Paris in its wake. Fisher Island, Coral Gables, and islands off Miami Beach fetch some of the highest prices in the area with prestigious waterfront mansions and huge penthouses.
The Hamptons
In contrast to the post-pandemic boom, demand in the Hamptons has cooled over the past year, leaving the market less robust than Miami and Palm Beach. Yet, UHNW buyers’ appetite for high-end homes near the beach will likely remain stable throughout 2025, albeit with more caution. While higher interest rates have affected current trends, ultra-wealthy cash buyers aren’t affected, continuing to view the Hamptons as a sound long-term investment, provided the conditions are right! There’s also increased interest from investors in renting out their properties during peak seasons, particularly with current trends amongst New Yorkers for far-flung experiential travel.