What to expect
This budget typically covers larger condos in central and beach areas, newer buildings with amenities, houses with pools in many suburbs and, with careful search, some entry-level waterfront. Prime oceanfront and branded residences are generally above this level.
Prices differ by area and change over time, so use the live search for real examples.
Lifestyle and use
Decide whether this is a primary home, second home or investment. Second homes and rentals have different taxes, insurance and rules than a homestead residence.
Short-term rental rules vary by city and building; confirm before you rely on income.
Waterfront considerations
Waterfront homes have additional factors: seawall condition, dock rights, flood zone, elevation and insurance. Request a seawall inspection and elevation information.
See our waterfront guide for the checklist.
Luxury building details
In upscale buildings check amenities, the reserve funding, the developer's reputation, the guest and rental rules and the fee schedule. Amenities add cost that you pay monthly.
Ask for the budget and the last year of minutes.
Taxes and insurance
At this level the property tax and insurance premium are significant. Estimate them using the purchase price and request quotes for the specific property.
Foreign buyers should also review estate tax and FIRPTA rules with an advisor.
Financing
Jumbo financing may have stricter documentation and larger down payments. Compare lenders and plan reserves.
Cash purchases are common at this level and give negotiating power.
Common mistakes
Paying for views and amenities without checking the building's finances, ignoring flood and insurance, assuming rental income will cover costs and not budgeting for maintenance.
Another mistake is skipping a survey and inspection on a house.
How to compare options at this price
Compare per-square-foot value only within the same building type and area. A view, a floor plan and a building's condition can matter more than a headline price per foot. Ask for recent sales in the same building, the age of the major systems and the monthly cost, then compare two or three homes side by side.
Checklist
Define use: residence, second home or investment. Request insurance quotes and tax estimates. Review building or HOA documents. Inspect the property, and for waterfront add seawall and elevation checks. Keep reserves for maintenance and unexpected costs.
Next step
See our live listings from $1 million and tell us about your lifestyle priorities. We will build a shortlist. Lidiya Tretyak is a licensed Florida real estate agent with Douglas Elliman and speaks English, Russian and Ukrainian; the first consultation is free.
This guide is general information, not legal or tax advice. Laws and programs change — confirm details with a Florida attorney and a US tax professional.
Official sources
