January 1, Florida Neighborhoods Dethrone Manhattan And Beverly Hills as Priciest in US

The ongoing real estate boom in Florida has seen several upscale neighborhoods toppling Manhattan hot spots and Beverly Hills from the list of the most expensive in the US.

Bloomberg News data reveals that the priciest neighborhood in the country is now in the Coral Gables section of Miami. A home in the gated Gables Estates community is listed for over $21 million. In total, seven of the nation’s costliest neighborhoods are in Florida.

Zillow reports that Naples and Miami Beach each have multiple neighborhoods ranking among the nation’s most expensive properties. Port Royal in Naples, with a typical home price of $17.4 million, has surged by 78.3% in real estate values and is now the second priciest neighborhood in the country. Aqualane Shores, another Naples neighborhood, holds the ninth position on the list.

Beverly Hills Gateway, which was the most expensive neighborhood pre-pandemic in 2019, has now dropped to third place. Luxury realtor Michael Martirena said he’s not surprised to see Coral Gables at the top, as it is “a treasure trove of beauty with protected value.”

In contrast, New York City’s swankiest areas seem affordable when compared to the latest top 10 list from Zillow. Manhattan neighborhoods have fallen out of the top 10 due to depreciating home values in the West Village and Upper East Side. Home prices in Manhattan are down 14.4% compared to 2020.

Redfin data shows that about three in 10 Manhattanites searching for a home are looking to move out of the city, with Miami being the most popular destination. Additionally, Manhattan lost 78,000 residents last year, amounting to over half a million people since the spring of 2020. This exodus has benefited the real estate market in suburban areas such as Essex, NJ; Fairfield, Conn.; and Dutchess, NY.

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