Forget New York. Florida Is Now Home to Some of the Most Expensive Neighborhoods in the US.
Wealthy homebuyers are flocking to the Sunshine State, where real estate values have reached record highs.
Even before the pandemic, Florida was a magnet for millionaires eager to purchase a tax-friendly retreat. Now, as more high-net-worth homebuyers head further south, the Sunshine State has become home to some of the country’s priciest neighborhoods.
While cities within New York and California have historically ranked amongst the wealthiest enclaves in America, real estate values in certain areas of Florida have now surpassed these zip codes, Bloomberg reported. According to data from Zillow, the average price for a single-family home on Miami’s Star Island was valued at a whopping $40.2 million as of December, a 70 percent increase from 2019 and 2022. For context, that’s more than twice as much as Port Royal in Naples, which clocked in at $16.9 million, but still takes second place. Meanwhile, home values in regions of California, including Cathedral Hill, Mission Dolores and South of Market, to name a few, have actually declined.
credit Robb Report