Prices for mega-mansions in Miami Beach surge 61%

The median price of a single-family home in the luxury segment of Miami Beach’s real estate market soared 61% in the first quarter compared to a year ago, as new tax laws shifted demand away from other, high-end property markets elsewhere in the nation. There were nine “mega-estates” that sold in Miami Beach and the surrounding islands in the first three months of the year, said Jonathan Miller, president of Miller Samuel. The median sale price in the luxury segment, defined as the top 10% of transactions ranked by sale price, was $10.1 million, Miller said in a report he released with Douglas Elliman Real Estate.