The Coral Gables neighborhood Gables Estates ranked as the most expensive housing market in the country, according to data by Zillow. Above: The former Gables Estates home of Howard S. Frank, the director for the Edgewater-based wealth management firm Fairholme and a former executive for Carnival Corp.
Coral Gables and Miami Beach have the priciest houses in the country — and it’s thanks to deep-pocketed movers and shakers coming to town. The Coral Gables neighborhood Gables Estates has the highest home value for single-family homes as of March, according to monthly data from the Seattle-based residential listing company Zillow Group. Zillow found the typical home price is $19.14 million in Gables Estates, higher than any other area. The company bases its home value by calculating the changes in individual residential values and averaging the middle third of the housing market. Other Florida neighborhoods, as well as Beverly Hills in California, trailed Gables Estates.
They include: Naples’ Port Royal ($16.49 million), Beverly Hills Gateway ($10.79M), Coral Gables’ Old Cutler Bay ($10.22M), Beverly Hills’ The Flats ($9.28M), Miami Beach’s Rivo Alto Island ($9.1M), Jupiter’s Bear’s Club ($8.99M), Naples’ Aqualane Shore ($8.88M), Miami Beach’s San Marino Island ($8.84M), and Beverly Hills’ Trousdale Estates ($8.5M). South Florida’s wealth migration has led to surging home values and historically high sales prices, especially in sought-after cities Coral Gables and Miami Beach. Home sales were left at a standstill early in the pandemic, but South Florida — given its warm climate, state’s zero income taxes, and popularity of remote work — became a haven for the wealthy. Houses, in particular, became the go-to option, given the heightened desire for space. As companies open satellite offices or move their headquarters into South Florida, executives and employees continue to scoop up luxury homes.
Read more at: https://www.miamiherald.com/
