The luxurious neighborhood of Coral Gables, in the Miami area, has replaced regions of California and New York with the most expensive homes in the United States.
Since the pandemic, there’s been a lot of talk about the exodus from those Democratic-controlled states to Florida and Texas, but the Sunshine State appears to have leapfrogged the field, according to Zillow data.
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 will cost around $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 luxurious neighborhood of Coral Gables, in the Miami area, has replaced regions of California and New York with the most expensive homes in the United States.
Since the pandemic, there’s been a lot of talk about the exodus from those Democratic-controlled states to Florida and Texas, but the Sunshine State appears to have leapfrogged the field, according to Zillow data.
Coral Way street sign and classic architecture of the Town Hall building
California is now down to three, all of them in Beverly Hills and Malibu, and New York City is no longer featured.
Home values have skyrocketed across the board, with the median price increase being the highest since 1979 due to a lack of supply and homeowners’ unwillingness to give up their low mortgage rates.
Joining Gables Estates in the group of Florida neighborhoods that will need you to spend money to buy: Naples’ Port Royal ($16.49 million), Coral Gables’ Old Cutler Bay ($10.22 million), Miami Beach’s Rivo Alto Island ($9.1 million), Jupiter’s Bear’s Club ($8.99 million), Naples’ Aqualane Shore ($8.88 million) and Miami Beach’s San Marino Island ($8.84 million).
Celebrities such as Pharrell, Alex Rodriguez and Marc Anthony bought properties in the region before the pandemic.
Obviously, Florida has become the choice for those with disposable income to live anywhere.
“COVID brought in this 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 was a message to the world that we were a business-friendly state. “That continues today.”
Raúl Alarcón, general director of Spanish Broadcasting System, recently put his mansion up for sale for $70 million, according to the 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 another in the top ten.
The average property in the Gables Estates neighborhood will cost around $19.14 million.
Modern Mediterranean style house in the historic city of Coral Gables
The popular ‘Miracle Mile’ has seen many businesses move into the commercial space.
Florida has become the choice for those who have disposable income to live anywhere.
Superstars Alex Rodriguez and Pharrell are just two of the bright lights calling Coral Gables home
However, it has a ripple effect that excludes some people.
The city saw single-family home sales drop from 814 in 2021 to 425 in 2022 and just 357 in 2023.
Developers are still encouraged by the market, with some like Alirio Torrealba spending $1 million worth of townhomes to build.
“Coral Gables is like a jewel and now it is out in front of the entire world,” Torrealba said.
He also purchased properties in an attempt to found a $50 million project called ‘Village of Coral Gables.’
“All of these areas like Coco Plum and Gables Estates are areas of great wealth and help increase the values of 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 Pérez.
“Any company that wants to come to South Florida is wonderful,” he 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 $1 million worth of townhomes to build.
The city was one of the first planned communities with Mediterranean Renaissance style architecture.
Aerial drone view of Coral Gables Bay area
‘We feel like it’s like rising tides lift all boats for that reason. “Everyone is benefiting from that increase in corporate migration.”
While California has remained in the picture, New York City has fallen in terms of the real estate market.
In fact, Manhattan prices have dropped slightly, while the other four boroughs are all behind neighboring counties of New Jersey and Long Island, according to Bloomberg.
