Miami’s Condo Market: Buyers Are Searching for a Single-Family Feel
In today's difficult economic climate, which properties are selling? Ugo Colombo and Christine Martinez de Castro of CMC Group weigh in.
In a reportedly saturated condo market like Miami, having a good track record is crucial for successful sales. Demand for ultra-luxury properties exists despite the challenging financial environment and Ugo Colombo, one of the oldest condo developers in South Florida, believes it is mainly coming from the wealth migration, and buyers increasingly looking for large units that provide a single-family home feel.
In this interview with Multi-Housing News, the CMC Group Founder, along with Vice President of Sales and Marketing Christine Martinez de Castro, discuss the dynamics shaping the Miami condo market today, highlighting notable projects and revealing the next condo development hotspots.
What would you say are the top three trends in Miami’s condo market today?
Colombo: The first trend would be a flight to quality and timeless design, spurred by buyers seeking homes to live in year-round. The second would be larger units to give residents the feel of living in a single-family home. The third is about less focus on the number of amenities in package, but more so the selection and how appealing the usages are. As seen at Vita at Grove Isle, a luxurious pool space, tennis, padel and pickleball courts will always be in demand.
Which Miami submarkets would you say are the most attractive for condo development today?
Martinez de Castro: One of Miami’s most attractive neighborhoods for condo development right now is Coconut Grove. The tree-lined streets, curated retail and restaurant mix, as well as being home to the top schools in the area has made it a stronghold for high-net-worth individuals moving to the city. Low luxury condo and single-family home inventory has also added to overall demand.
Vita at Grove Isle is the first new development on Grove Isle in more than 40 years. All images courtesy of CMC Group 
The property is set to include three-, four- and four-plus den-bedroom units, ranging between 2,500 and 6,500 square feet. 
Each condo unit will feature fully accessorized kitchens with designer appliances and cabinetry. 
Bathrooms are slated to feature custom Italian designer cabinetry. 
Plans call for a limited collection of 12 penthouses, each with a private rooftop terrace. 
Every penthouse will offer expansive living rooms with ocean views. 
Penthouses will range from 3,400 to 6,600 square feet, with up to 6,100 square feet of additional outdoor terrace/rooftop space. 
The spa will have men’s and women’s saunas and steam rooms. 
A fitness center and a dedicated yoga studio are included in the project.
Is it hard to read the market? What type of buyers are interested in condos today?
Colombo: With CMC Group developing in the ultra-luxury sector, demand is more consistent and isn’t affected by market conditions, especially for exceptional product. Right now, the general Miami condo market is seeing demand from the continued wealth migration of new residents from out-of-state and overseas. This demographic is made up of company executives and their families, business owners, in addition to jet setters who want a second or third home in Miami. The demand for single-family homes has also led certain locals to ‘right-size’ into a condo to sell their estates in the hot market.
From your experience, what sales strategies work best in a market like Miami? How has the buyer pool changed over the past few years?
Martinez de Castro: The best sales strategy is to have a good track record. CMC Group’s portfolio of iconic developments such as Bristol Tower, EPIC Residences & Hotel, Brickell Flatiron, Onda Residences and now Vita at Grove Isle has created a following that allows the firm and its properties to stay a cut above the rest.
Nowadays, we are seeing more domestic buyers who are looking to live here full-time. We are beginning to see the return of international buyers, especially from Latin America, due to the political environment over there and the desire to have a homebase in the U.S.
Almost a year ago, you broke ground on Grove Isle’s first new development in more than 40 years. Tell us more about Vita at Grove Isle.
Colombo: After clearing some hurdles, we were able to garner approval from the city and move forward with Vita at Grove Isle. Construction is now underway with delivery slated for late 2025, early 2026. It is located on the last waterfront parcel in Coconut Grove, offering unobstructed views of Biscayne Bay from each of the 65 estate-like residences. Unit sizes range from two-story penthouses, all of which feature expansive rooftop decks, full-sized swimming pools and ocean views, to three-, four- and four plus den-bedroom units between 2,500 and 6,500 square feet.
Amenities will include a private bayfront pool, poolside bar and lounge, a state-of-the-art fitness center and spa, a children’s playground, in addition to a house membership to the Vita at Grove Isle Club, which offers a club pool and adjacent bar. Additional amenities include lighted tennis, paddle ball and pickleball courts and boat slips. There’s really nothing else like it in Miami’s core that not only offers unparalleled luxury, but also privacy and exclusivity due to the private, gated island. Prices start at $6 million.
Scheduled for completion this year, Onda Residences is set to include 41 residences. All images courtesy of CMC Group 
The eight-story waterfront tower will provide views of Biscayne Bay. 
Kitchens at Onda Residences are set to be fully accessorized. 
The lobby area will have a front desk reception and integrated digital concierge. 
Floor-to-ceiling, impact resistant sliding glass doors and windows at an Onda residence. 
The swimming pool is set to include sundecks with lounge areas. 
The gym facility at Onda Residences. 
Sauna and steam bath, indoor yoga studio and massage/treatment rooms will also be available at Onda.
Given the unique environmental challenges in South Florida, what sustainable and resilient building practices are you implementing at your projects?
Martinez de Castro: Our construction plans strictly adhere to FEMA codes to stand the test of time through all kinds of Florida weather. In addition, our residences are located on the second floor onward, so that in event of a flood, residents will have more peace of mind and protection. Essentially, the buildings are designed to be built on stilts in case of extreme climate conditions.
What will be a market differentiator for condo developers going forward?
Colombo: While we can always attest to quality and a good track record, in this market, it ultimately comes down to the ability to secure capital. We have long-standing relationships with banks. Recently, we secured a $239 million construction loan for Vita.
How do you spot the next hot area for luxury condo development? What’s on your radar and what does the future hold for Miami’s condo market?
Colombo: I always like to develop in areas that have yet to catch wind. CMC Group was early to build in Brickell, Downtown, Bay Harbor Islands and Coconut Grove. It comes down to a combination of surrounding retail and office offerings, the existing resident mix and the location of the land, especially in proximity to the coast. I feel like I’ve come full circle since delivering Grovenor House in 2005 in Coconut Grove. Now, the area is hotter than ever and I think we can really make a positive impact on the market by delivering new, luxury condo product.
