Florida’s pandemic-era real estate boom has catapulted enclaves in the Sunshine State to the top of the most expensive neighborhood list — knocking once-thriving Manhattan hot spots out of the top 10 and cutting Beverly Hills down to size.
The most expensive neighborhood in the country is in the Coral Gables section of Miami, where a home in the gated Gables Estates community is on the market for more than $21 million, according to data compiled by Bloomberg News.
In all, Florida is home to seven of the nation’s most expensive neighborhoods when measured by housing prices, the data showed.
Florida neighborhoods such as Miami Beach’s Palm Island are among the most expensive in the country. Tribune News Service via Getty Images
Home values listed by the realtor site Zillow ranked Naples as having two of the nation’s most expensive properties while Miami Beach boasted three.
A typical home in the Port Royal section of Naples goes for $17.4 million — making it the second most expensive neighborhood in the country, according to Zillow.
Port Royal saw an astounding 78.3% increase in the real estate values, according to Bloomberg News.
Aqualane Shores, another seaside neighborhood in Naples, was ranked as the ninth most expensive neighborhood in the country.
A typical home in Aqualane Shores costs $9.4 million — a 104% increase compared to February 2020.
Coral Gables, a suburb of Miami, includes two of the most expensive neighborhoods in the country. PikePicture – stock.adobe.com
Beverly Hills Gateway in Los Angeles — which was the most expensive neighborhood before the pandemic in 2019 and where a typical home cost $10.6 million — dropped to third on the list.
A typical manse now costs $12 million in Beverly Hills Gateway, a rise of 12.3% since 2020.
Michael Martirena, co-founder of the “Ivan and Mike” team of luxury realtors at Compass, told The Post he’s surprised not that Coral Gables soared to the top.
“Coral Gables is a very special and protected community of historic homes,” Martirena said. “You cannot trim your trees without permission.”
Martirena said that Gables Estates is “the home of the masters of the universe” who have purchased property in Miami, as well as celebrities such as singer Pharrell, Shawn Mendes and Jennifer Lopez.
“It’s not surprising that the neighborhood is gaining global recognition for its real estate market” given the fact that it’s “a treasure trove of beauty with protected value,” he said.
The Paradise Cove section of Malibu also made the top 10 list, according to Bloomberg News. bennymarty – stock.adobe.com
Some of the ritziest areas of New York City look downright affordable when compared to the latest top 10 list from Zillow.
Big Apple neighborhoods fell out of the top 10 altogether in February of this year thanks to depreciating home values in the West Village and Upper East Side sections of Manhattan.
The image above shows San Marino Island in Miami Beach, Fla. A. Emson – stock.adobe.com
A residential property in the West Village typically costs $5.9 million — which is down 8.2% compared to before the pandemic.
Home values on the Upper East Side fell by 26% compared to February 2020. A typical residential property there costs $4.2 million.
In Manhattan, home prices are down 14.4% compared to 2020.
The typical home in Manhattan sold for $1.04 million in February of this year — down from a median price of $1.21 million in 2020.
Data compiled by Redfin found that nearly three in 10 Manhattanites that were searching for a home were looking to move out of the city.
New York City was knocked out of the top 10 list due to depreciating property values. AFP via Getty Images
The most popular destination was Miami, followed by Philadelphia and Washington, DC.
Last year, Manhattan lost 78,000 residents — bringing the total to more than half a million since the spring of 2020, according to US Census data.
The exodus from the city has benefited the real estate market in suburban areas such as Essex, NJ; Fairfield, Conn.; and Dutchess, NY, according to CoreLogic.
Home prices in Essex, NJ rose 51.8% in the four-year stretch from January 2020 to January 2024 while houses in Fairfield rose in value by 48.1% during that same period.
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