Miami’s Latest Reinvention Is Futuristic and Forward-Thinking

While Miami has undergone radical transformations over the years, its balmy weather, permanent vacation vibes, and status as a cultural mecca continue to lure new residents looking for a luxury tropical lifestyle. 

Decades of Reinvention

They call Miami “the Magic City.” After Henry Flagler’s railway brought Miami its first major expansion, it became a bona fide city overnight—like magic—and continues to reinvent itself decade after decade, showing no signs of slowing down. In the 1980s, Tony Goldman transformed South Beach from a modest retirement neighborhood to a globally coveted vacation destination and then, in 2004, began redeveloping Wynwood into what would become a world-class arts district spanning several blocks. Craig Robins came onto the scene in the 1990s, and his metamorphosis of the Miami Design District continues to unfold today and attract luxury brands like Balenciaga, Hermes, and Dior, which have set up flagship stores there. Last year, before the onset of COVID, Miami was ranked the fastest growing real estate market in the United States and fifth in the world. A Douglas Elliman report found that the average sale price of a luxury Miami Beach condo reached $4,553,993 in the first quarter of 2019, up from $4,290,644 in the previous year. But in 2020, prices have either remained flat or decreased, indicating a buyer’s market. Favorable tax laws continue to draw high-net-worth individuals from overseas to the tropical weather, year-round aquatic lifestyle, and culturally diverse milieu that the city offers. 

Miami’s enclaves offer something for everyone—from Coconut Grove’s world-class sailing and Coral Gables’ smattering of historic places to the museums, private collections open for viewing, and art galleries throughout Downtown, Wynwood, and Little River. The luxury design and fashion boutiques found throughout the Miami Design District (an art installation unto itself), Brickell City Centre, Miami Ironside, and the Bal Harbour Shops are another enticement. And the front-row seat Miamians have to Art Basel and its auxiliary shows makes Miami a collector’s paradise.

As an international hub, Miami’s world-class food scene offers no shortage of flavorful cuisine to excite the palate. Celebrity chef-led restaurants serve up everything from fresh seafood to authentic Argentinian asado, nostalgic Cuban dishes, and more.