America has a NEW wealthiest enclave: Ritzy neighborhood tops Beverly Hills in California to the priciest homes in the country as average hits over $19 MILLION
The chic Coral Gables neighborhood in the Miami area has replaced regions in California and New York for the most expensive homes in the United States.
Since the pandemic, much has been made of the exodus from Democratic-controlled states to Florida and Texas, but according to Zillow data, the Sunshine State appears to have the upper hand.
Seven of the ten most expensive neighborhoods in America are now in Florida, with one Coral Gables area topping the list and another in the top ten.
The average property in the Gables Estates neighborhood costs about $19.14 million.
In February 2020, the last month before the US pandemic shutdown, California (six) and New York City (two) took eight of the top ten spots.
The chic Coral Gables neighborhood in the Miami area has replaced regions in California and New York for the most expensive homes in the United States
Since the pandemic, much has been made of the exodus from Democratic-controlled states to Florida and Texas, but according to Zillow data, the Sunshine State appears to have taken over.
Coral Way street sign and classic architecture of the Town Hall building
California now has only three – all in Beverly Hills and Malibu – and New York City no longer appears.
Home values have soared across the board, with average price growth the highest since 1979, due to a lack of supply and owners’ reluctance to give up their low mortgage rates.
Join Gables Estates in Florida’s stable of big-ticket neighborhoods to buy into: Port Royal in Naples ($16.49 million), Old Cutler Bay in Coral Gables ($10.22 million), Rivo Alto Island in Miami Beach ($9.1 million), Jupiter’s Bear’s Club ($8.99 million), Aqualane Shore in Naples ($8.88 million) and San Marino Island in Miami Beach ($8.84 million).
Celebrities like Pharrell, Alex Rodriguez and Marc Anthony all bought properties in the region before the pandemic.
Florida has clearly become the choice for people with disposable income to live anywhere.
“COVID brought in a whole new group of buyers who realized they could live wherever they wanted,” said Ron Shuffield, president and CEO of Berkshire Hathaway HomeServices EWM Realty.
“The way our state handled COVID sent a message to the world that we were a business-friendly state. That continues today.’
Raúl Alarcón, CEO of Spanish Broadcasting System, recently put his mansion up for sale for $70 million, according to the Miami Herald.
Seven of the ten most expensive neighborhoods in America are now in Florida, with one Coral Gables area topping the list and another in the top ten
The average property in the Gables Estates neighborhood costs about $19.14 million
Modern Mediterranean architecture style home in the historic town of Coral Gables
Thanks to the popular ‘Miracle Mile’, many businesses have moved into retail space
Florida has become the choice for people with disposable income to live anywhere
Superstars Alex Rodriguez and Pharrell are just two of the bright lights who call Coral Gables home
However, it has a knock-on effect, pricing some people out.
The city saw single-family home sales drop from 814 in 2021 to 425 in 2022, to just 357 in 2023.
Developers continue to be encouraged by the market, with some, like Alirio Torrealba, spending money to build $1 million mansions.
“Coral Gables is like a jewel and now stands in the light for the whole world to see,” Torrealba said.
He has also been buying up properties in an effort to create a $50 million “Village of Coral Gables” project.
“All of these areas, like Coco Plum and Gables Estates, are areas of great wealth and help bring forward values for all of Coral Gables.”
Companies are also taking up a lot of office space in the area, which excites Coral Gables economic development director Belkys Perez.
“Any company that wants to come to South Florida is great,” she said.
The city saw single-family home sales drop from 814 in 2021 to 425 in 2022 to just 357 in 2023
Aerial drone shot of the Coral Gables urban area, with a large number of modern buildings and towers
Developers continue to be encouraged by the market, with some, like Alirio Torrealba, spending money to build $1 million mansions
The city was one of the first planned communities to feature Mediterranean Revival style architecture
Aerial drone view of Coral Gables Bay
‘We have the feeling that the rising tides are lifting all ships for that reason. Everyone benefits from this increase in business migration.’
While California has remained in the picture, New York City has declined in the housing market.
Prices in Manhattan have actually fallen slightly, while the other four boroughs are all lagging behind neighboring counties in New Jersey and Long Island. Bloomberg.