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South Florida’s wealth migration continues to reshape the region’s real estate market, with sales of homes priced at $10 million and above accelerating sharply during the first half of 2026. Miami-Dade and Palm Beach are capturing most of that activity — but one statistic shows just how extraordinary the surge has become.

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Covering approximately 481,200 square feet, the permit was the largest among South Florida’s recently reported construction filings.

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Construction progress and a new $25 million state grant are advancing Vero Beach’s One Water Campus—a project that will ultimately allow the city to retire its aging waterfront treatment plant and unlock a key piece of the Three Corners redevelopment site.

Florida’s $1.8 trillion economy is fueling continued wealth migration, and luxury brokers say Vero Beach’s barrier island is emerging as one of the state’s biggest beneficiaries thanks to tax advantages, limited inventory and a growing influx of affluent buyers.

Vero Beach has been recognized as one of four Florida cities offering homebuyers a rare combination of affordability and safety. With an A-range crime grade, median home prices in the low $400,000s, and many homes selling below list price, the coastal community stands out as an attractive option amid Florida’s increasingly expensive housing market.