Florida’s pandemic-era real estate boom has propelled the Sunshine State enclave to the top of the list of most expensive areas. The once-glorified Manhattan hotspot has been dropped from the top 10, and Beverly Hills has shrunk.
The most expensive area in the country is Miami’s Coral Gables neighborhood, with homes in the gated Gables Estates community selling for more than $21 million, according to the data. Compiled by Bloomberg News.
Data showed Florida has seven of the most expensive areas in the nation, as measured by home prices.
Naples has two of the most expensive properties in the country, while Miami Beach has three, according to the real estate site Zillow.
A typical home in Naples’ Port Royal neighborhood costs $17.4 million, making it the second most expensive neighborhood in the country, according to Zillow.
According to Bloomberg News, real estate values in Port Royal increased by a staggering 78.3%.
Aqualan Shores, another waterfront neighborhood in Naples, was ranked as the ninth most expensive neighborhood in the country.
The typical home price in Aqualane Shores is $9.4 million, an increase of 104% compared to February 2020.
Los Angeles’ Beverly Hills Gateway, which was the most expensive neighborhood before the pandemic in 2019 with a typical home priced at $10.6 million, fell to third place on the list.
The typical parsonage price in Beverly Hills Gateway is currently $12 million, an increase of 12.3% from 2020.
Michael Martilena, co-founder of Compass’ Ivan and Mike luxury real estate team, told the Post he’s not surprised that Coral Gables has risen to the top.
“Coral Gables is a very special and protected community of historic homes,” Martilena said. “You cannot cut down trees without permission.”
Martilena said Gables Estate is “home to the greats of the universe” who have bought property in Miami, including celebrities such as singers Pharrell, Shawn Mendes and Jennifer Lopez.
He said that given the fact that the area is a “treasure trove of beauty with preserved values”, “it is not surprising that this area is becoming world-renowned in the real estate market.” ” he said.
Compared to Zillow’s latest Top 10 list, some of New York City’s most exclusive neighborhoods look downright affordable.
Declining home prices in Manhattan’s West Village and Upper East Side neighborhoods knocked the Big Apple completely out of the top 10 in February.
Residential property prices in the West Village are typically $5.9 million, down 8.2% from pre-pandemic levels.
Upper East Side home prices are down 26% compared to February 2020. The typical home price there is $4.2 million.
In Manhattan, home prices have fallen by 14.4% compared to 2020.
The typical Manhattan home sold for $1.04 million in February, down from 2020’s median price of $1.21 million.
Nearly three in 10 Manhattan residents looking for a home are considering moving outside the city, according to data compiled by Redfin.
The most popular destination was Miami, followed by Philadelphia and Washington, DC.
Manhattan lost 78,000 residents last year, bringing the total since spring 2020 to more than 500,000, according to U.S. Census data.
The exodus from cities has benefited real estate markets in suburban areas such as Essex, New Jersey. Fairfield, Conn.; Duchess, N.Y., according to CoreLogic.
Essex, New Jersey home prices rose 51.8% in the four years from January 2020 to January 2024, while Fairfield home prices rose 48.1% over the same period.
