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.
![America has a NEW wealthier enclave: Luxurious neighborhood surpasses California's Beverly Hills among country's most expensive homes, averaging more than $19 MILLION 7 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.](https://whatsnew2day.com/wp-content/uploads/cwv-webp-images/2024/04/1714443633_185_America-has-a-NEW-wealthier-enclave-Luxurious-neighborhood-surpasses-Californias.jpg.webp)
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.
![America has a NEW wealthier enclave: Luxurious neighborhood surpasses California's Beverly Hills among country's most expensive homes, averaging more than $19 MILLION 9 Coral Way street sign and classic architecture of the Town Hall building](https://whatsnew2day.com/wp-content/uploads/cwv-webp-images/2024/04/1714443634_630_America-has-a-NEW-wealthier-enclave-Luxurious-neighborhood-surpasses-Californias.jpg.webp)
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.
![America has a NEW wealthier enclave: Luxurious neighborhood surpasses California's Beverly Hills among country's most expensive homes, averaging more than $19 MILLION 11 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.](https://whatsnew2day.com/wp-content/uploads/cwv-webp-images/2024/04/1714443634_606_America-has-a-NEW-wealthier-enclave-Luxurious-neighborhood-surpasses-Californias.jpg.webp)
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.
![America has a NEW wealthier enclave: Luxurious neighborhood surpasses California's Beverly Hills among country's most expensive homes, averaging more than $19 MILLION 13 The average property in the Gables Estates neighborhood will cost around $19.14 million.](https://whatsnew2day.com/wp-content/uploads/cwv-webp-images/2024/04/1714443634_49_America-has-a-NEW-wealthier-enclave-Luxurious-neighborhood-surpasses-Californias.jpg.webp)
The average property in the Gables Estates neighborhood will cost around $19.14 million.
![America has a NEW wealthier enclave: Luxurious neighborhood surpasses California's Beverly Hills among country's most expensive homes, averaging more than $19 MILLION 15 Modern Mediterranean style house in the historic city of Coral Gables](https://whatsnew2day.com/wp-content/uploads/cwv-webp-images/2024/04/1714443634_232_America-has-a-NEW-wealthier-enclave-Luxurious-neighborhood-surpasses-Californias.jpg.webp)
Modern Mediterranean style house in the historic city of Coral Gables
![America has a NEW wealthier enclave: Luxurious neighborhood surpasses California's Beverly Hills among country's most expensive homes, averaging more than $19 MILLION 17 The popular 'Miracle Mile' has seen many businesses move into the commercial space.](https://whatsnew2day.com/wp-content/uploads/cwv-webp-images/2024/04/1714443634_298_America-has-a-NEW-wealthier-enclave-Luxurious-neighborhood-surpasses-Californias.jpg.webp)
The popular ‘Miracle Mile’ has seen many businesses move into the commercial space.
![America has a NEW wealthier enclave: Luxurious neighborhood surpasses California's Beverly Hills among country's most expensive homes, averaging more than $19 MILLION 19 Florida has become the choice for those who have disposable income to live anywhere.](https://whatsnew2day.com/wp-content/uploads/cwv-webp-images/2024/04/1714443635_140_America-has-a-NEW-wealthier-enclave-Luxurious-neighborhood-surpasses-Californias.jpg.webp)
Florida has become the choice for those who have disposable income to live anywhere.
![America has a NEW wealthier enclave: Luxurious neighborhood surpasses California's Beverly Hills among country's most expensive homes, averaging more than $19 MILLION 21 Alex Rodriguez](https://whatsnew2day.com/wp-content/uploads/cwv-webp-images/2024/04/1714443635_215_America-has-a-NEW-wealthier-enclave-Luxurious-neighborhood-surpasses-Californias.jpg.webp)
![America has a NEW wealthier enclave: Luxurious neighborhood surpasses California's Beverly Hills among country's most expensive homes, averaging more than $19 MILLION 23 pharrell](https://whatsnew2day.com/wp-content/uploads/cwv-webp-images/2024/04/1714443635_834_America-has-a-NEW-wealthier-enclave-Luxurious-neighborhood-surpasses-Californias.jpg.webp)
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.
![America has a NEW wealthier enclave: Luxurious neighborhood surpasses California's Beverly Hills among country's most expensive homes, averaging more than $19 MILLION 25 The city saw single-family home sales drop from 814 in 2021 to 425 in 2022 to just 357 in 2023.](https://whatsnew2day.com/wp-content/uploads/cwv-webp-images/2024/04/1714443635_44_America-has-a-NEW-wealthier-enclave-Luxurious-neighborhood-surpasses-Californias.jpg.webp)
The city saw single-family home sales drop from 814 in 2021 to 425 in 2022 to just 357 in 2023.
![America has a NEW wealthier enclave: Luxurious neighborhood surpasses California's Beverly Hills among country's most expensive homes, averaging more than $19 MILLION 27 Aerial drone shot of the urban area of Coral Gables, with a large number of modern buildings and towers](https://whatsnew2day.com/wp-content/uploads/cwv-webp-images/2024/04/1714443635_861_America-has-a-NEW-wealthier-enclave-Luxurious-neighborhood-surpasses-Californias.jpg.webp)
Aerial drone shot of the urban area of Coral Gables, with a large number of modern buildings and towers
![America has a NEW wealthier enclave: Luxurious neighborhood surpasses California's Beverly Hills among country's most expensive homes, averaging more than $19 MILLION 29 Developers are still encouraged by the market, with some like Alirio Torrealba spending $1 million worth of townhomes to build.](https://whatsnew2day.com/wp-content/uploads/cwv-webp-images/2024/04/1714443636_610_America-has-a-NEW-wealthier-enclave-Luxurious-neighborhood-surpasses-Californias.jpg.webp)
Developers are still encouraged by the market, with some like Alirio Torrealba spending $1 million worth of townhomes to build.
![America has a NEW wealthier enclave: Luxurious neighborhood surpasses California's Beverly Hills among country's most expensive homes, averaging more than $19 MILLION 31 The city was one of the first planned communities with Mediterranean Renaissance style architecture.](https://whatsnew2day.com/wp-content/uploads/cwv-webp-images/2024/04/1714443636_301_America-has-a-NEW-wealthier-enclave-Luxurious-neighborhood-surpasses-Californias.jpg.webp)
The city was one of the first planned communities with Mediterranean Renaissance style architecture.
![America has a NEW wealthier enclave: Luxurious neighborhood surpasses California's Beverly Hills among country's most expensive homes, averaging more than $19 MILLION 33 Aerial drone view of Coral Gables Bay area](https://whatsnew2day.com/wp-content/uploads/cwv-webp-images/2024/04/1714443636_583_America-has-a-NEW-wealthier-enclave-Luxurious-neighborhood-surpasses-Californias.jpg.webp)
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.