Miami’s ultra-luxury real estate market is not a local phenomenon. It is a globally recognized asset class. Luxury condo medians in Miami Beach reached $1.8 million in Q3 2025, up 4.3% year-over-year, even as many U.S. markets softened. Fisher Island — the private island accessible only by ferry, seaplane, or private vessel — holds Miami’s highest price per square foot at $2,708. Key Biscayne’s single-family homes carry a median above $3 million, with oceanfront and canal properties reaching $10 million to $30 million and beyond. In Q4 2025, record annual prices were recorded across Miami’s luxury condo market despite softer volume. Miami now surpasses New York City in the number of active $1 million-plus listings, driven by a buyer base that is overwhelmingly cash-rich, internationally diverse, and structurally committed to Miami as a long-term address.
More than a quarter of Miami’s demand at the luxury level originates from the New York metropolitan area — buyers who have either relocated permanently for tax and lifestyle reasons or who are establishing secondary residences in a city where $1 million buys approximately 58 square meters, compared to 34 square meters in New York and 19 square meters in Monaco. Miami is the world’s luxury real estate bargain — and the buyers who understand that are moving capital here at a pace that has kept pricing firm even as national markets corrected.
For the buyers who do finance Super-Jumbo acquisitions in Miami — and many do, even among the ultra-wealthy, because portfolio management and capital efficiency argue for leverage even when the cash is available — the program requirements are specific, the underwriting is complex, and the lender selection matters. Ryan Lehrman, NMLS #235295, structures Super-Jumbo financing for Miami’s upper-tier market with the discretion, expertise, and documentation fluency that transactions at this level require.
Super-Jumbo mortgages are generally defined as loans above $3 million. In Miami, this tier covers a substantial portion of the financed purchase market in Key Biscayne, waterfront Coral Gables, bayfront Coconut Grove, Miami Beach oceanfront and high-floor tower residences, Fisher Island, and the upper tiers of Brickell’s branded-residence market. It also covers construction loans for custom estate builds in Coral Gables and Coconut Grove, where land cost alone can exceed $2 million on desirable parcels.
Super-Jumbo loans are not backed by Fannie Mae or Freddie Mac and are not insured by any government agency. They are originated and held by lenders according to their own portfolio guidelines — which means program flexibility, documentation requirements, and underwriting standards are entirely lender-dependent. The distinction between a lender who regularly closes $4 million to $10 million transactions in Miami and one who does not is consequential.
Super-Jumbo borrowers in Miami typically have financial profiles that include some combination of:
Investment portfolio wealth (hedge fund returns, private equity, public equities)
Business ownership income — closely held businesses, partnerships, or family offices
International income or assets held in offshore accounts or foreign entities
Deferred compensation, carried interest, or equity compensation from financial sector employers
Trust income and estate assets
Programs exist for all of these structures. The key is matching the documentation approach to the income structure before the application is submitted.
Designed for direct purchases of bayfront and oceanfront estates in Key Biscayne, Coral Gables Waterway, Coconut Grove, and Miami Beach. These programs accommodate purchases from $3 million through $10 million and above, with loan-to-value structures calibrated to the limited comparable sale base in Miami’s most exclusive subsets and underwriting that accounts for the international buyer profile common at this price point.
For buyers whose financial strength is held in investment portfolios rather than current earned income — a profile that describes a significant portion of the Miami wealth-migration buyer base — asset depletion programs calculate qualifying income by dividing eligible assets over a loan term divisor. A buyer with $8 million in liquid investment assets and modest current W-2 income can qualify for a $3 million to $4 million loan on an asset depletion basis without needing the income that a standard program would require. This is one of the most commonly used pathways for buyers who have transitioned to retirement, recently sold a business, or are managing income strategically for tax purposes.
For Brickell-based hedge fund managers, private equity partners, and corporate executives with carried interest, year-end bonus concentration, K-1 distributions, and deferred compensation structures. Bank statement programs (12 or 24 months) provide an alternative documentation pathway for buyers whose tax returns — legitimately reduced by fund structure deductions — understate actual cash-generating capacity. Two years of consistent distributions document the income pattern; the bank statement approach captures what actually flows into personal accounts.
For buyers commissioning estate-scale custom homes in Coral Gables and Coconut Grove — where new construction begins near $6 million — and luxury teardown projects in Key Biscayne and Miami Beach.
Construction-to-Permanent Super-Jumbo combines a draw-funded construction period with a permanent mortgage at a single closing, locking the permanent rate before ground is broken on a project that may take 18 to 30 months to complete.
Key Biscayne
A private island municipality of approximately 12,000 residents connected to the mainland by the Rickenbacker Causeway, Key Biscayne is Miami's most exclusive single-family residential address. The island has no room for expansion — its geography is fixed, its residential zoning is controlled, and every transaction reflects genuine scarcity. Single-family medians exceed $3 million, with oceanfront estates at $10 million to $30 million and above. The buyer base is international, cash-heavy, and motivated by lifestyle as much as investment. Financing here is almost exclusively Super-Jumbo, and the international buyer profile requires documentation frameworks that most lenders are not equipped to handle.
Fisher Island
Miami's most expensive zip code and its most exclusive residential address, Fisher Island is a private island accessible only by ferry, seaplane, or private vessel. The price per square foot — $2,708 as of Q3 2025 data — is the highest of any neighborhood in the Miami market. Transactions here are predominantly cash, but financed purchases occur and require Super-Jumbo portfolio lending programs.
Waterfront Coral Gables
The bayfront and canal-front properties along the Coral Gables Waterway, Old Cutler Road, and the Gables' private islands offer some of Miami-Dade's most desirable estate addresses outside of Key Biscayne. Waterfront estate prices range from $5 million to $20 million. The Coral Gables building community is active — new construction estates begin near $6 million, with custom waterfront builds routinely reaching $10 million to $15 million in total project cost.
Coconut Grove — Bayfront and New Construction
The bayfront edge of Coconut Grove, where private streets and lush canopy intersect with direct Biscayne Bay access, represents Miami's most sought-after urban estate environment. Vita at Grove Isle — 65 ultra-luxury residences on a gated private island just off the Grove coast, delivered in 2025 with prices from $1.4 million to $10 million — represents the boutique residential tier that defines Coconut Grove's luxury ceiling. Custom single-family estates on private bayfront lots begin at $8 million.
Miami Beach Oceanfront and High-Floor Residences
Miami Beach luxury condo medians hit $1.8 million in Q3 2025, with oceanfront units, penthouse levels, and residences at the city's branded towers (Aman Residences at Mid-Beach, the Rosewood Residences at the former Raleigh site on South Beach) reaching $10 million to $30 million and beyond. Miami Beach outpaced all other luxury submarkets in year-over-year sales growth in Q3 2025, with Surfside and Bal Harbour emerging as the top-performing specific submarket.
888 Brickell by Dolce & Gabbana and Branded Super-Luxury Residences
The pre-construction branded-residence tier in Brickell represents a new category of Miami Super-Jumbo. 888 Brickell, Cipriani Residences, and the St. Regis Residences are all delivering product in the $5 million to $20 million range for upper-floor and penthouse units. These are Super-Jumbo transactions by definition, and buyers who are financing any portion of their purchase need programs that match the asset.
Super-Jumbo programs through $10 million and beyond for Miami's waterfront and branded-residence market
Asset depletion and portfolio income programs for investment-wealth buyers at every price point
Executive and financial sector income documentation — carried interest, K-1 distributions, bank statement programs
International buyer familiarity — documentation structures for buyers with offshore income and foreign entity ownership
Construction-to-Permanent Super-Jumbo for estate builds in Coral Gables and Coconut Grove
Discreet, confidential service for high-net-worth clients
Ryan Lehrman, NMLS #235295
Credit Profile: 720 to 740 minimum for most Super-Jumbo programs, with the most competitive pricing available at 760 and above. International buyers with limited U.S. credit history may have additional documentation requirements.
Income Documentation: Full W-2 and tax return documentation for employed borrowers. Two years of personal and business tax returns with K-1s for partnership income. Bank statement programs (12 or 24 months) for business owners and self-employed borrowers. Asset depletion schedules for investment-wealth buyers. Foreign income documentation for international buyers.
Loan-to-Value: Most Super-Jumbo programs allow 65% to 75% LTV. Loans above $5 million typically require 25% to 35% down. Property type and collateral quality affect LTV parameters — single-family estates and well-managed luxury condo buildings are treated differently than new construction or properties with HOA financial concerns.
Reserves: 12 to 24 months PITI in liquid or near-liquid assets is standard for Super-Jumbo programs. Portfolio accounts, retirement assets, and investment holdings typically count at 60% to 70% of market value for reserve purposes.
Confidential Consultation — A private, no-obligation conversation about the property, loan amount, income structure, and documentation approach. For Super-Jumbo transactions, the consultation should happen before offer submission — not after.
Documentation Planning — Ryan identifies the exact documentation path based on income type — whether that is a standard tax return package, bank statements, asset depletion schedules, or a combination. Assembling documentation proactively removes the primary source of delay in Super-Jumbo underwriting.
Appraisal and Property Review — Miami Super-Jumbo appraisals require appraisers with direct experience in the specific neighborhood's comparable sale base. In thin markets like Key Biscayne and Fisher Island, the appraiser selection is a material factor in the underwriting outcome.
Underwriting and Conditions — Ryan maintains direct communication throughout the underwriting process, addressing conditions promptly and coordinating with the buyer's attorney, real estate advisor, and closing team.
Closing — Super-Jumbo closings in Miami frequently involve multiple professional advisors and out-of-state or international parties. Ryan coordinates the timeline and ensures all parties are aligned well before the scheduled closing date.
Yes, through an asset depletion program. Asset depletion calculates qualifying income by dividing eligible assets by a divisor — typically the loan term in months — to produce a monthly income figure. On a $12 million eligible asset base over a 30-year term, that calculation produces substantial qualifying income regardless of your current W-2. The specific divisor and eligible asset types vary by program, which is why the consultation conversation matters before any application is submitted.
Yes, with the right program and documentation structure. Foreign income can be used for qualification when it is documented through two years of foreign tax returns, business financials translated into English, and currency conversion documentation. Some programs require a larger down payment for borrowers whose primary income is foreign-sourced. The complexity of international income documentation is manageable with proper preparation — it is not an obstacle to financing, but it does require more lead time than a domestic income package.
Florida's post-Surfside legislation mandates structural inspections and full reserve funding for condo associations above certain age and height thresholds. This has created a distinction in the financing market between newer buildings with fully funded reserves and older buildings facing special assessments of $50,000 to $200,000 or more per unit. Lenders underwriting Super-Jumbo condo purchases review the building's financials, reserve study, and inspection reports as part of the approval process. Buyers should obtain complete condo documents before contract execution — and any building with unresolved structural findings or significantly underfunded reserves warrants careful review before financing proceeds.
Super-Jumbo transactions benefit from early engagement. Let’s have a confidential conversation about your property and financial profile.
Originally from Harrisburg, Pennsylvania, I moved to Phoenix to attend Arizona State University and have proudly called Phoenix home ever since.
My journey into the mortgage industry began with a friend’s encouragement, who saw how my energy and people-first mindset could make a difference. He was right — I found my calling.
I’ve always embraced what makes me different. With ADHD as my secret weapon, I thrive in fast-paced, detail-heavy environments. I’ve built my career on clear communication, creative problem-solving, and putting clients first, always.
Outside of work, my greatest motivation is my wife and three amazing kids. I’d be honored to help guide you through your lending journey with care, clarity, and commitment.
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