The ritzy Miami-area neighborhood of Coral Gables has replaced regions in California and New York for most expensive homes in the United States.
Since the pandemic, much has been made of the exodus from those Democrat-controlled states to Florida and Texas but the Sunshine State appears to have lapped the field, according to Zillow data.
Seven of the ten most expensive neighborhoods in America are now located in Florida, with one Coral Gables area topping the list and one more making the top ten.
The average property in the Gables Estates’ neighborhood will run you around $19.14million.
In February 2020, the last month before America’s pandemic shutdown, California (six) and New York City (two) took up eight of the top ten spots.
The ritzy Miami-area neighborhood of Coral Gables has replaced regions in California and New York for most expensive homes in the United States
Since the pandemic, much has been made of the exodus from those Democrat-controlled states to Florida and Texas but the Sunshine State appears to have lapped the field, according to Zillow data
Coral Way street sign and classic architecture of the City Hall building
California is now down to three – all of which are in Beverly Hills and Malibu – and New York City no longer appears.
Home values have surged across the board, with the median price increase the highest since 1979 due to lack of supply and an unwillingness by owners to give up their low mortgage rates.
Joining Gables Estates in the Florida stable of neighborhoods that will need you to splash the cash to buy in: Naples’ Port Royal ($16.49 million), Coral Gables’ Old Cutler Bay ($10.22M), Miami Beach’s Rivo Alto Island ($9.1M), Jupiter’s Bear’s Club ($8.99M), Naples’ Aqualane Shore ($8.88M) and Miami Beach’s San Marino Island ($8.84M).
Celebrities like Pharrell, Alex Rodriguez and Marc Anthony all bought properties in the region before the pandemic.
Florida has quite obviously become the choice for those with he disposable income to live anywhere.
‘COVID brought this whole new group of buyers that realized they could live wherever they wanted to live,’ said Ron Shuffield, president and CEO of Berkshire Hathaway HomeServices EWM Realty.
‘The way our state handled COVID was a message to the world that we were a business friendly state. That continues today.’
Raúl Alarcón, CEO of Spanish Broadcasting System, listed his mansion for $70 million recently, according to the Miami Herald.
Seven of the ten most expensive neighborhoods in America are now located in Florida, with one Coral Gables area topping the list and one more making the top ten
The average property in the Gables Estates’ neighborhood will run you around $19.14million
Modern Mediterranean architecture style home in the historic City of Coral Gables
The popular ‘Miracle Mile’ has seen many businesses move into retail space
Florida has become the choice for those with he disposable income to live anywhere
Superstars Alex Rodriguez and Pharrell are just two of the bright lights who call Coral Gables home
It has a knock-on effect, however, of 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 are still encouraged by the market, with some like Alirio Torrealba spending to construct $1 million townhouses.
‘Coral Gables is like a jewel and it’s now in the light in front of the entire world,’ Torrealba said.
He’s also bought up properties in an attempt to found a $50million ‘Village of Coral Gables’ project.
‘All of these areas like Coco Plum and Gables Estates are areas of a lot of wealth and help bring up values for all of Coral Gables.’
Companies are also taking up lots of office space in the area, which excites Coral Gables’ director of economic development Belkys Perez.
‘Any company looking to come to South Florida is wonderful,’ 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 urban area of Coral Gables, with a large number of modern buildings and towers
Developers are still encouraged by the market, with some like Alirio Torrealba spending to construct $1 million townhouses
The city was one of the first planned communities featuring Mediterranean Revival style architecture
Aerial drone view of the Coral Gables bay area
‘We feel it’s like rising tides lift all ships for that reason. Everyone is benefiting from that increase in corporate migration.’
While California has remained in the picture, New York City has fallen off in terms of the housing market.
Manhattan’s prices have actually gone down slightly, while the other four boroughs are all trailing the neighboring counties in New Jersey and on Long Island, per Bloomberg.
