Inventory of homes and condos across the coastal Miami mainland and Miami Beach and the barrier island markets fell in the first quarter, marking the first big inventory drops since 2023.  

The Corcoran Group’s first quarter reports don’t cover all of Miami-Dade County, but they offer insight into how the coastal markets, which have a higher share of luxury properties, are performing.

In Miami Beach, Sunny Isles Beach, Bal Harbour, Bay Harbor Islands, Surfside, Miami Beach, Fisher Island and Key Biscayne, single-family home inventory dropped 15 percent annually to 398 listings, and condo inventory was down 13 percent to 3,919 listings. 

On Miami’s coastal mainland markets, which include Aventura, Miami Shores, Upper East Side, Edgewater, downtown Miami, Brickell, Coral Gables and Coconut Grove, inventory slipped 4 percent to 4,584 condo listings and 555 single-family listings, down 6 percent year-over-year. 

Here’s a closer look at the market: 

Miami Beach and the barrier islands

Single-family sales rose 13 percent year-over-year to 85 closings, the first time they have increased since the second quarter of 2024. Condo closings rose 15 percent to 693 closings, the first increase since the last quarter of 2024. 

Pricing dropped, with the median price of single-family homes down 4 percent to $3.5 million and the median condo price down 9 percent to $640,000. The average price per square foot was nearly flat at $1,119. 

Still, buyers set records with their purchases. Billionaire Facebook founder Mark Zuckerberg paid $170 million for the waterfront mansion at 7 Indian Creek Island Road, and Starbucks billionaire Howard Schultz paid $44 million, or $7,949 per square foot, for a penthouse at the Four Seasons Residences at The Surf Club. 

Coastal mainland 

Sales of single-family homes on the coastal mainland rose 16 percent to 220 closings. While markets like Coral Gables experienced declines in condo and single-family home sales, Coconut Grove home sales surged — up over 100 percent for single-family homes to 47 closings and up 55 percent to 87 condo closings. Condo sales rose 13 percent to 759 closings. 

The median price of single-family homes across the coastal mainland rose 11 percent to just over $2 million. The median price of condos increased slightly, up 1 percent, to $602,000. 

The priciest deals in the first quarter were the $32 million trade of 12 Tahiti Beach Island Road in Coral Gables, and the $19.8 million sale of a penthouse at Vita at Grove Isle. 

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A cult-favorite serving of New York-style Chinese dining is headed to Miami Beach. Hospitality veterans and NYC natives Marc Rose and Med Abrous—the duo behind L.A.-based hospitality group Call Mom—are bringing Genghis Cohen to Sunset Harbour, marking the 42-year-old institution’s first expansion outside of Los Angeles.

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Set to open in late 2026, just in time for Chinese food on Christmas, Genghis Cohen Miami Beach will take over the former Sardinia space at 1801 Purdy Avenue. The new outpost promises to channel everything that’s made the original a legend: New York-style Chinese comfort food, a buzzy retro vibe and just enough kitsch to keep things fun.

For those not in the know, Genghis Cohen has long been a late-night staple in L.A., beloved for its mash-up of classic Chinese-American dishes and downtown New York sensibility. That same spirit will anchor the Miami Beach location, with a menu featuring the restaurant’s greatest hits (oversized egg rolls, queen chicken, crab rangoon) alongside a cocktail program led by its signature “foo foo” drinks.

Design-wise, expect a faithful homage rather than a carbon copy. The Miami iteration will recreate the original’s signature red booths and throwback ‘80s energy, reimagined for Sunset Harbour’s polished, pedestrian-friendly setting. But it will also lean into its new environment as well, with a menu that will likely evolve to include fresh seafood and more Miami delights.

For Rose, the move is also personal. He spent childhood holidays in South Florida, and both he and Abrous have long had their eye on Miami as a site for a proper NYC-style Chinese spot. After years of scouting, they landed on Sunset Harbour as the ideal mix of walkability, proximity to the beach and built-in neighborhood energy.

That combination could prove key to Genghis Cohen’s next chapter. Miami has no shortage of flashy openings, but few carry the kind of built-in legacy this one does. By importing a concept with decades of history and a fiercely loyal following, the team is betting that nostalgia, when done right, can feel just as fresh as the latest trend.