Miami Luxury Real Estate

Executive recommendation

I recommend a staged entry into Miami, but not an immediate full-studio or showroom launch.

The opportunity is real. Miami-Dade recorded 483 existing-home sales above $1 million in June 2026, 29.1% more than a year earlier, while total sales rose 14.3%. A tally of the association's published monthly figures gives 2,553 existing $1 million-plus closings in the first half of 2026. Year to date, million-dollar single-family sales were up 22.8% and million-dollar condo/townhome sales were up 13.0%. At the very top of the market, South Florida recorded 306 sales above $10 million through June, with 88% paid in cash. These figures exclude much of the new-construction and off-market market, so they understate the full luxury transaction base. (MIAMI Association of Realtors, June 2026; South Florida million-dollar report)

The more important finding is that Miami is not one uniform market. It is two overlapping markets:

1. A liquid, cash-rich luxury market concentrated in prime single-family homes, newer condominiums, branded residences and trophy properties.
2. A stressed older-condominium market facing reserve funding, inspection, insurance, financing and assessment pressure.

That split should determine how we enter. The first market supports high-value, design-led work. The second can create renovation demand, but only after building-level financial, engineering and approval diligence. A broad “Miami luxury” strategy would expose us to the wrong inventory and obscure where buyers can actually fund discretionary interiors.

Our best initial proposition is:

A move-in-ready Miami residence, designed and delivered for owners who are not always in Miami.

The service should combine interior architecture, furnishing, art integration, procurement, installation and transparent remote project control. It should be delivered in English and Spanish where our team can do so credibly. This directly addresses a documented market reality: 65% of South Florida's foreign buyers completed their purchase with two visits or fewer, and 11% bought without visiting. (2025 MIAMI International Report)

The recommended beachhead has two parts:

• Post-close personalization of new luxury condominiums and branded residences in Brickell, Edgewater, Coconut Grove, Miami Beach, Bal Harbour, Surfside and Sunny Isles Beach. Developer-appointed studios already control the base building and model-residence design, so our opportunity begins where their standardized package ends: purchaser-specific planning, bespoke millwork, lighting, art, window treatments, furniture, accessories and turnkey installation.
• Referral-led renovations and ground-up residential work in Coral Gables, Coconut Grove, Key Biscayne, Pinecrest and Miami Beach, sourced through architects, luxury brokers, owner's representatives and high-quality general contractors.

We should operate for nine to twelve months as a partnership-led market cell, using appointment-based presentation space and local delivery partners. A permanent Miami studio should be a result of traction, not a substitute for it.

Decision snapshot

1. Scope, definitions and method

For this report, “luxury” is not a single price threshold. Three definitions are useful for different decisions:

• $1 million-plus: the best public monthly transaction series and the broadest addressable affluent market.
• $3 million-plus and $10 million-plus: better signals of clients likely to support extensive interior architecture, custom work and premium furnishing.
• Top 5% or top 10% of local sales: useful for comparing Miami with other metropolitan markets, but not directly comparable with a fixed dollar threshold.

The report triangulates trade-association MLS data, national listing and brokerage analytics, official Florida and Miami-Dade sources, developer/project materials and competitor websites. The latest public data available as of July 22, 2026 is used where possible.

There are four important limitations:

1. MIAMI Association of Realtors is a market participant and promoter. Its data is useful, but its interpretation is not treated as neutral.
2. MLS statistics exclude much new construction and off-market activity. That omission is material in Miami.
3. Public sources do not disclose private renovation budgets, designer fee realization or project profitability. Market sizing therefore uses explicit scenarios, not false precision.
4. This is secondary research. No brokers, developers, buyers, architects, contractors or competing designers were interviewed. Primary interviews are a required validation step before a fixed-cost launch.

2. Market state: luxury strength inside a mixed housing market

2.1 Current quantitative picture

Sources: MIAMI Association of Realtors, June 2026, South Florida million-dollar report, and Redfin luxury report. The H1 total is this report's sum of the association's January-through-June monthly releases and covers existing MLS transactions.

This is not a scarcity-only story. Miami ended 2025 with more active $1 million-plus listings than any other U.S. metropolitan market. Realtor.com counted nearly 11,000 such listings during 2025 and found a 114-day median marketing period for the top 10% of listings. Depending on price tier, roughly 54% to 59% of $1 million-plus purchases were cash. High inventory and long selling times indicate abundant choice and a wide gap between aspirational asking prices and executable demand—not an absence of affluent buyers. (Realtor.com Miami luxury spotlight; December 2025 luxury report)

For business development, this combination is favorable in a specific way: buyers with liquidity can negotiate purchases, then redirect capital toward making a property distinct. It is unfavorable if we rely on transaction urgency alone. Long deal cycles, delayed closings and delistings can also defer interior commissions.

2.2 The condominium market must be segmented by age and quality

The broad decline in condominium median price should not be interpreted as a decline in all Miami condominium demand. A 2025–2027 market outlook found that, during the first nine months of 2025, sales in buildings less than 25 years old increased 5%, while sales in buildings 25 years or older fell 10%. The reported median price for newer units was $2.0 million, up 75% year over year, versus $260,000 for older units, down 7%. The same report estimated that 61% of Miami-Dade condo buildings were at least 30 years old. (MIAMI 2025–2027 Southeast Florida Housing Outlook)

Florida's post-Surfside framework makes the building itself part of every project qualification. Depending on jurisdiction and proximity to the coast, condominium buildings generally face milestone structural inspections at 25 or 30 years. Associations also face structural integrity reserve study and funding obligations. The legal deadlines and transition rules have evolved, so each building must be checked against current records rather than classified by age alone. (Florida DBPR milestone inspection guidance; Florida DBPR reserve-study FAQ; Florida Statute §553.899)

Before accepting an older-condo project, our qualification process should establish:

• milestone-inspection and structural-integrity-reserve-study status;
• current and expected special assessments;
• reserve funding and material litigation disclosed by the client or association;
• alteration agreements, contractor requirements, work-hour rules and elevator/loading access;
• permit jurisdiction and review path;
• insurance requirements and restrictions on plumbing, electrical, glazing, penetrations and wet-over-dry conditions;
• whether the client's post-assessment liquidity still supports the design brief.

The older-condo market is therefore selective opportunity, not core beachhead. Assessments and building repairs can stimulate interior renovation, but they can also consume the owner's budget, delay approvals and make the property difficult to finance or resell.

3. Why affluent buyers continue to choose Miami

3.1 International capital is structural, not incidental

Foreign buyers purchased 5,300 South Florida homes worth $4.4 billion in 2025. Miami-Dade captured 73% of those buyers, representing about $3.2 billion. Foreign buyers accounted for 15% of South Florida's residential dollar volume, compared with 2% nationally; 51% paid cash, 51% selected a condominium and 71% intended to use the property as a vacation home, rental or both. Colombia and Argentina were the two largest source countries, followed by a broad Latin American and European mix. (2025 MIAMI International Report release; full report)

National data provides a useful cross-check: Florida was the leading U.S. destination for international home buyers, taking 21% of purchases from April 2024 through March 2025, and 47% of international U.S. purchases were all-cash. (National Association of Realtors)

This matters beyond sales volume. International and part-time owners often require a representative who can make the residence operational without their continuous presence. Their pain points include remote approvals, consolidated procurement, customs and lead-time coordination, receiving, building access, installation sequencing, art handling, documentation and maintenance handover. Those are operational capabilities, not just marketing messages.

3.2 Domestic migration expands the referral network

Miami-Dade recorded 12,769 out-of-state driver's-license exchanges in the first half of 2026, up 20% year over year and the highest count among Florida counties. New York, New Jersey and California remained important sources, while exchanges from California and Texas grew 24% and 27%, respectively. Driver exchanges are a directional indicator—not a measure of wealth and not a complete migration count—but they reinforce the need for referral relationships in New York, California and other feeder markets. (MIAMI Realtors driver-license analysis)

Realtor.com found that 26.3% of Miami metropolitan listing demand in December 2025 originated from the New York metropolitan area. A firm with clients, architects, wealth advisers or brokers in New York can therefore enter through an existing trust corridor rather than building every relationship locally from zero. (Realtor.com December 2025 luxury report)

3.3 Cash reduces rate sensitivity, not economic sensitivity

High cash usage makes the upper market less directly constrained by mortgage rates. It does not make it immune to equity-market declines, business liquidity, currency movements, capital controls, insurance expense or geopolitical change. We should treat Miami luxury demand as diversified across domestic and international wealth, but still cyclical.

4. Where the opportunity is located

The following map is a business-development prioritization, not a property-value ranking.

Recent sales data supports a broad geographic opportunity: through June 2026, single-family sales were up year over year in Coral Gables and Miami Beach, while condo sales increased in Miami Beach, Aventura and Sunny Isles Beach. The exact mix within each area still requires building- and price-band-level validation. (South Florida million-dollar report)

5. New development and branded residences

5.1 The pipeline is large but not fully addressable

Greater Downtown Miami had more than 39,000 condominium units and approximately 10,000 more under construction in the Miami Downtown Development Authority's 2025 analysis—a potential 27% expansion of inventory. More than 4,000 new-construction condominium units sold during 2024–2025; 48% of those buyers were international, and 92% of international purchasers came from Latin America. Brickell and Edgewater lead the downtown inventory. (Miami DDA Residential Market Study 2025)

These figures describe all downtown condominium product, not only luxury, and construction status does not equal annual delivery. They nevertheless establish a meaningful flow of newly purchased spaces that will require furniture, lighting, window treatments, art and owner-specific changes.

The pipeline also carries absorption risk. Related Group's Nick Perez described strong demand at the ultra-luxury end but saturation in the roughly $1,000–$1,400-per-square-foot development segment, while noting a heavy near-term delivery schedule. This is an executive's market view rather than independent research, but it is strategically credible: project count alone should never be treated as secured interior-design demand. (The Real Deal, January 2026)

5.2 Branded residences raise both the budget and the competitive bar

Representative projects illustrate the structure of the opportunity:

South Florida's growing roster of branded projects attracts globally mobile buyers who expect hospitality-grade service. It also means many towers arrive with complete palettes, kitchens, baths, closets and model-residence narratives. Our sell is not “we can redesign what you just bought.” It is “we can make a recognizable global product unmistakably yours, without compromising approvals, warranties or resale logic.”

5.3 Building-by-building pursuit model

Every priority development should have a one-page account plan covering:

• sponsor, sales team, completion horizon and sold/available status;
• appointed architect, interior designer, landscape designer and procurement partners;
• finish package, permitted customization window and buyer upgrade process;
• buyer nationalities and expected occupancy pattern;
• broker concentration and closing-attorney relationships;
• alteration agreement, vendor approval, insurance and loading procedures;
• likely post-close gaps: furniture, decorative lighting, window treatments, art, acoustics, home office, nursery, wellness, combined units, staff quarters or yacht support;
• earliest credible revenue date and probability-weighted pipeline.

This account discipline prevents announced towers from becoming inflated pipeline.

6. Customer segments and design demand

Segment A: International second-home owner

• Need: a fully operational residence with minimal travel and a trusted local representative.
• Buying trigger: presale closing, seasonal-use deadline, family relocation or portfolio diversification.
• Winning offer: bilingual discovery where possible; high-quality visual approvals; weekly decision log; transparent procurement status; installation and white-glove handover.
• Primary channels: international brokers, private banks, immigration and real-estate attorneys, tax advisers, owner's representatives and developer sales teams.

Segment B: Domestic executive or entrepreneur relocating from a feeder market

• Need: primary-home quality, family functionality and a compressed path to occupancy.
• Buying trigger: business relocation, tax-residency change, school calendar or sale of a prior home.
• Winning offer: pre-close planning, architecture/contractor coordination, rapid temporary-to-permanent occupancy plan and continuity with the client's existing art and furniture.
• Primary channels: New York and California brokers/design networks, relocation advisers, family offices, architects and custom builders.

Segment C: Trophy-home or collector client

• Need: provenance, discretion, technical quality, art integration and a singular point of view.
• Buying trigger: estate acquisition, major art purchase, yacht/residence lifestyle coordination or ground-up commission.
• Winning offer: principal-level design attention, museum-quality art coordination, custom fabrication and strict privacy.
• Primary channels: trusted broker introductions, art advisers, galleries, auction houses, architects, private bankers and previous clients.

Segment D: Developer or investor seeking differentiation

• Need: sell-through, model-residence impact, upgrade packages or a furnished resale/rental product.
• Buying trigger: project launch, inventory aging, penthouse release or conversion.
• Winning offer: commercially disciplined scope, repeatable procurement, delivery certainty and narrative that is distinct from the building's base specification.
• Primary channels: developer principals, sales directors, capital partners and brokerages.
• Caution: this segment can produce scale but also compressed fees, slow payment and aesthetic control by the sponsor. It should not define our brand at entry.

7. Competitive landscape

Miami has a mature ecosystem. The challenge is not a shortage of designers; it is earning trust in a market where local proof, execution and relationships are visible.

7.1 Representative direct competitors

7.2 Indirect and substitute competitors

• Design-build firms such as Cappelli Interiors promise a single point of contact, turnkey execution and Italian craft. They compete on responsibility consolidation, not just aesthetics. (Cappelli Interiors)
• Furniture showrooms and dealer-design services compete for clients who want a furnished home without a long design process. They are also potential sourcing and referral partners.
• Room-package and e-design providers, including service tiers promoted by firms such as Pfuner Design, offer speed and a lower-commitment alternative to full service. (Pfuner services)
• Architect-led interiors and custom builders can capture the scope before an independent interior firm is considered.
• Developer-appointed global studios control base interiors, public spaces and brand narrative in the most visible projects. They are adjacent incumbents and quality benchmarks rather than conventional retail competitors.
• The client's existing designer in New York, London, Latin America or elsewhere may remain the creative lead and hire only local execution. This can be competition or a partnership channel.

7.3 Positioning whitespace

The terms “bespoke,” “timeless,” “luxurious,” “global” and “turnkey” are already category language. They do not provide a reason to switch.

The more defensible whitespace combines four capabilities:

1. Remote-owner governance: decision logs, visual approvals, budget and procurement dashboards, weekly reporting and owner-representative discipline.
2. Miami-specific execution: condominium approvals, permitting coordination, coastal material knowledge, receiving and installation logistics, local trades and post-installation service.
3. Cross-border fluency: culturally aware communication, multilingual capability where genuine, international sourcing and coordination with advisers.
4. A recognizable design point of view: demonstrated through a small, highly relevant portfolio rather than a broad claim to fit every style.

Our positioning statement should therefore describe an outcome and an operating advantage, not merely taste:

We create deeply personal Miami residences for globally mobile owners—and manage every local decision required to make them ready for arrival.

This positioning is only credible if the operating system exists before launch.

8. Addressable-market model

8.1 What can and cannot be measured

Public sources allow us to measure luxury transactions. They do not tell us how many purchasers commission meaningful design work, what they spend, whether the incumbent designer follows them to Miami, or how fees and procurement margins are accounted for. The model below is therefore a decision range, not a market forecast.

The starting point is 2,553 existing $1 million-plus Miami-Dade closings in H1 2026. A reasonable planning range is 4,800–5,400 annual existing closings, allowing for seasonality around the simple 5,106 annualized run rate. This excludes much new construction, off-market sales and renovation by existing owners.

8.2 Transaction-triggered interior-spend scenarios

“Client project spend” includes design, construction and/or FF&E depending on scope; it is not designer revenue. The conversion shares and budgets are assumptions to be tested through interviews. Britto Charette's public minimums—$500,000 for FF&E and $1 million for comprehensive work—show that seven-figure interior programs are an established part of the local upper market, but one competitor's threshold cannot be generalized to all buyers.

If an interior firm captures 18%–30% of total client spend as design fees plus realized procurement gross margin, the modeled provider-revenue pool would range from approximately $36 million in the conservative case to $446 million in the upside case, with a base case near $143 million. This is a sensitivity calculation, not observed industry revenue. Construction pass-through, sales-tax accounting, reimbursables and procurement revenue recognition can materially change the result.

The model is directionally conservative in excluding new-construction closings and existing-owner renovations. It is directionally aggressive if $1 million properties do not support the assumed project budgets or if purchasers use developer packages, showrooms or an existing designer. The first 20–30 market interviews should replace the assumed conversion and budget figures.

8.3 Obtainable market for a new entrant

A credible entrant should not plan against market share measured in percentage points. It should plan against a small number of high-quality commissions:

Net service revenue here means design fees plus realized procurement gross margin, not the value of goods purchased on the client's behalf. These figures are internal planning assumptions. They should be replaced with our actual fee model, staffing capacity, gross-margin target and project duration before approval.

9. Routes to market

9.1 Channel priority

The firm should build both Miami relationships and feeder-market relationships. A New York broker or adviser can be more valuable than a general Miami marketing campaign because trust may transfer before the client arrives.

9.2 Launch offer architecture

Three offers make the service legible without turning it into commodity packages:

1. Residence readiness audit: a paid, fixed-scope assessment before or immediately after closing covering layout, finish gaps, alteration constraints, budget range, schedule and furnishing strategy. Credit the fee toward a full engagement if signed promptly.
2. Turnkey purchaser personalization: full-service interior architecture, furnishings, art coordination, procurement, installation and handover for new condos and branded residences.
3. Estate design partnership: principal-led interior design and procurement for significant renovations or ground-up homes, delivered with the client's architect and contractor.

The audit is a qualification and planning product, not “low-cost design.” It gives brokers and buyers a useful next step while protecting senior time.

9.3 Twelve-month business-development plan

Days 0–90: establish credibility and operating readiness

• Appoint one senior market owner with authority over relationships and qualification.
• Curate a Miami-specific portfolio of 8–12 projects demonstrating comparable climate, architecture, budget, art, waterfront or international-client complexity.
• Complete Florida legal, tax, insurance and contracting review.
• Sign delivery alliances with at least two residential architects, two general contractors, one permit expediter, one receiving/installation warehouse, art handlers and specialist trades.
• Build a target-account list: 20 brokers, 10 developers/sales galleries, 10 architects, 10 contractors/owner's representatives and 10 professional advisers.
• Create English and, if genuinely supportable, Spanish sales and project-governance materials.
• Map the top 15 buildings and developments using the account-plan template in this report.

Days 91–180: generate and qualify live opportunities

• Hold small broker and adviser briefings built around “how to make a new Miami residence move-in ready,” not a generic portfolio presentation.
• Offer residence-readiness audits to a controlled set of qualified purchasers.
• Secure one furnished residence, penthouse, show residence or art-led collaboration that can become local proof without compromising fee discipline.
• Establish referral arrangements that comply with applicable licensing, disclosure and professional rules; do not assume referral fees are permissible.
• Track lead source, property/building, purchase status, estimated client spend, next decision, probability and earliest revenue date.

Days 181–365: prove repeatability

• Deliver the first installations to a referenceable standard.
• Hire a local project manager only when active workload supports the role.
• Concentrate on the two channels producing the highest qualified-pipeline conversion.
• Decide on a permanent appointment studio only after the stage gates below are met.

10. Operating model and compliance

10.1 Recommended entry structure

The initial cell should include:

• a senior business-development/market lead;
• principal or design-director involvement from the existing firm;
• local project-management capacity, initially contract or shared if quality can be controlled;
• procurement and finance support using the firm's existing system;
• contracted Florida-licensed architects, engineers and general contractors for regulated scope;
• local receiving, inspection, storage, delivery and installation partners.

An appointment suite, partner showroom or private meeting space is sufficient at first. A retail showroom creates rent, inventory and staffing pressure before we know which channel converts.

10.2 Licensing and scope boundaries

Florida law generally exempts residential interior-decorator/design services, including condominium work, from the registration chapter. However, only a valid registrant may use the title “registered interior designer,” and an interior designer is not authorized to act as a contractor without the appropriate Chapter 489 license. Registered interior designers may prepare certain sealed interior documents, but structural, mechanical, plumbing, HVAC, electrical and life-safety systems remain outside that scope. (Florida Statutes Chapter 481; DBPR registration checklist)

This is not legal advice. Before marketing or contracting, Florida counsel should review entity registration, titles, seals, contract language, procurement, referral arrangements and the line between design coordination and licensed architecture, engineering or contracting.

Miami-Dade contains 35 municipalities, each with its own building official, while the county handles permitting in unincorporated areas and selected county functions. Project schedules must be based on the actual jurisdiction and building, not a generic “Miami permit” allowance. (Miami-Dade review and permitting)

10.3 Sales tax and procurement

Florida's Department of Revenue states that design services sold as part of a sale of furniture or other tangible personal property are generally taxable, while service-only interior-design fees without tangible property are not. Sellers of furnishings must register and collect the 6% state sales tax plus applicable discretionary surtax, subject to the transaction's facts and current rules. (Florida Department of Revenue interior-design tax guide)

The practical requirements are:

• obtain Florida tax advice before the first procurement contract;
• distinguish design fees, taxable goods, freight, installation, reimbursables and real-property improvements in contracts and accounting;
• maintain valid resale documentation where applicable;
• collect sufficient cleared client deposits before placing orders;
• do not finance client purchases from operating cash;
• disclose procurement compensation and markups consistently with law and contract;
• reconcile every project purchasing ledger before closeout.

10.4 Climate and logistics

Miami-Dade's official resilience strategy recognizes increasing sea-level and flood risk. FEMA flood maps, parcel elevation, building systems and local drainage conditions should inform project-level diligence; they do not justify broad predictions about individual property values. (Miami-Dade Sea Level Rise Strategy; FEMA Map Service Center)

For interiors, the operational implications include humidity-resistant assemblies, corrosion-aware hardware, UV and salt exposure, water-intrusion planning, elevated or protected storage, hurricane-season delivery contingencies and careful force-majeure and risk-of-loss terms. Storage and receiving should be selected as risk infrastructure, not solely by price.

11. Entry economics and strategic options

The following ranges are planning assumptions, not vendor quotes.

The largest hidden capital requirement may be procurement rather than rent. Client deposits, vendor payment schedules, damage claims, returns, storage, tax remittance and currency exposure can create large cash swings even when a project is profitable on paper. Entry approval should include a procurement cash-flow stress test.

12. Principal risks and mitigations

13. Stage gates and performance dashboard

Gate 1: authorize the beachhead

Proceed if the firm can provide:

• a portfolio credible at $500,000-plus FF&E or comparable comprehensive scope;
• a senior principal willing to support Miami pursuits and early projects;
• at least one differentiated capability beyond generic luxury aesthetics;
• enough investment capacity for a twelve-month test without using client procurement cash;
• willingness to establish Florida legal, tax and licensed-scope controls.

If those conditions are absent, the market may be attractive but the firm is not yet ready.

Gate 2: hire permanent local delivery capacity

Trigger after at least two of the following are true:

• three signed Miami projects;
• $1.5 million or more of contracted net service revenue, or the firm's equivalent utilization threshold;
• two simultaneous projects requiring weekly site presence;
• a qualified pipeline at least three times the following twelve-month revenue target;
• one channel has produced two independent client wins rather than one relationship-dependent win.

Gate 3: open a permanent studio

Require all of the following:

• at least $2.5 million in signed or highly visible twelve-month net service revenue;
• three anchor referral partners from at least two channel types;
• positive project-level contribution margin after local travel, PM and installation costs;
• procurement cash flow proven over at least two installed projects;
• referenceable local work and client permission to use it;
• a studio business case that works without attributing speculative walk-in revenue.

Monthly dashboard

Track:

• qualified opportunities and weighted net-revenue pipeline;
• pipeline by neighborhood, building, channel and buyer origin;
• first meeting to paid audit, proposal and signature conversion;
• average expected project spend and net service revenue;
• sales cycle and expected closing/delivery date;
• channel concentration and referral repeat rate;
• active-project gross margin, cash collected before commitments and procurement exposure;
• approval/permit variance, damage/return rate and installation delay;
• client referenceability and satisfaction;
• fixed market-entry cost versus plan.

Vanity metrics such as event attendance, impressions or unqualified broker contacts should not determine expansion.

14. Final assessment

Miami offers one of the deepest combinations of luxury transactions, cash purchasing, international ownership and premium new development in the United States. The market is large enough to support another strong firm. It is not so unsophisticated that presence alone will create demand.

The commercial case rests on five conclusions:

1. Luxury transaction momentum is demonstrably stronger than the broad market. H1 2026 $1 million-plus activity and record ultra-luxury volume support entry.
2. Newer condos, branded residences and prime single-family homes are the correct target. Older condos require building-level diligence and should not be treated as one scalable renovation pool.
3. International and remote ownership creates a service problem that design firms can solve. Reliable local governance is a differentiator when it is operationally real.
4. The visible development pipeline is not the same as available design scope. Appointed studios own the base product; purchaser personalization and post-close execution are the more accessible entry points.
5. Relationships and delivery proof matter more than a showroom. A staged market cell protects capital while building both.

My recommendation is therefore a conditional go with a twelve-month, partnership-led beachhead, aimed at three to five high-quality projects in year one. We should decline a full studio until signed revenue, repeatable referral channels, local execution and procurement economics satisfy explicit gates.

15. Primary-research agenda before capital approval

Secondary research answers whether the market merits pursuit. It does not validate our fit. Before approving a permanent launch, conduct at least 25 structured interviews:

• 8 luxury brokers across condos, estates and feeder markets;
• 4 developer sales directors or purchaser representatives;
• 4 residential architects or owner's representatives;
• 3 high-quality general contractors;
• 3 international-buyer advisers such as attorneys, private bankers or tax advisers;
• 3 recent luxury buyers, ideally including international and domestic relocation cases.

Questions should quantify:

• the share of $1M+, $3M+ and $10M+ buyers commissioning substantial post-close work;
• typical interior spend by property type and price;
• when designers enter the buying journey and who makes the introduction;
• whether buyers retain an out-of-market designer;
• building approval and delivery failure patterns;
• dissatisfaction with current firms;
• acceptable fee structures, deposits and procurement practices;
• the proof required before a connector will refer a client;
• which buildings will close units in the next 24 months and where customization remains possible.

The interview results should replace the assumptions in the addressable-market and year-one revenue models before the firm signs a long lease or hires a full local team.