Miami Beach vs. Florida Keys: Ultra-Luxury City Living or Private Island Serenity?

In 2025, the luxury conversation in South Florida is less about where prices peaked and more about where terms can be negotiated without compromising lifestyle. Miami Beach is increasingly a two-speed market: trophy assets and best-in-class buildings still command attention, while broader condo inventory and longer selling timelines create real openings for prepared buyers. The Florida Keys, by contrast, remain driven by scarcity and water access, yet even there longer days on market are shifting the tone from urgency to selectivity. For buyers weighing a full-time residence against a second-home retreat, the question is not simply “Beach or Keys?” It is which micro-market matches your preferred rhythm: walkable, amenity-dense city living, or boating-first privacy with a different ownership profile. Below, MILLION Luxury outlines where leverage is showing up, where it is not, and how to underwrite the decision with clear eyes.