Millionaires in Miami are the Richest in the Country, and Here is Where They Want to Live

April 9, 2018

The greater Miami area ranks eighth in the country for the most millionaires in one place according to a newly published report by SmartAsset. Additionally, millionaires in the Miami area are the richest in the entire country earning an average of $2.3 million in 2016, which is 20 times the salary of the average Miami homebuyer. With abundant luxury amenities and beautiful year-round weather, it’s no wonder our luxury market continues to be one of the most popular in the country, and in the world.

When millionaires decide to make Miami their home or choose to invest in property in this area, they are looking for the best of the best. Not only do they want to be in the most well-appointed, spacious homes, but they are also looking for exclusive, world-class amenities, and often, a stunning waterfront view. Several of Miami’s communities meet all of these requirements and then some.

 

Coral Gables

The City Beautiful, as it is aptly named, is a city within greater Dade County. Founded in the 1920s, this sophisticated area has a “small town” feel, with a tight-knit community that is perfect for families. Close to everything you need in Miami, from downtown to the international airport, Coral Gables offers some of the best restaurants, boutique shops, and a remodeled walkable downtown area that many have compared to the quaintness of similar European towns.

Average home price: $1,599,652

Average $ per sq./ft.: $471

Gables Estates

Gables Estates is one of the most exclusive neighborhoods in the world. If a homebuyer wants to live in perfection, then this is his or her place. With top-notch security and ultimate privacy, this luxurious neighborhood tucked along the water’s edge in the southern part of Coral Gables is a must-live neighborhood for the ultra-rich.

Average home price: $6,987,692

Average $ per sq./ft.: $730

Tahiti Beach

Set inside of Cocoplum is Tahiti Beach, an exclusive and coveted neighborhood. This ultra-luxury community is not only home to tennis courts and a private sandy beach, but also boasts private roads. A community within a community, the luxury homes in Tahiti Beach are nothing short of ultra-fabulous.

Average home price: $4, 491, 667

Average $ per sq./ft.: $359

Journey’s End

This private gated community within Coral Gables is right where you want to be at the end of your day. With porched manor homes, sprawling villas, and even sightings of South Florida wildlife, this community offers something for everyone. Boaters have access to a private marina and boat slips. Professionals and executives are only 20 minutes from a large international airport and the bustle of downtown Miami.

Average home price: $4,133,000

Average $ per sq./ft.: $408

Cocoplum

In the heart of Coral Gables, and just minutes from south Coconut Grove, there is a beautiful gated community that boasts large lots with lush landscaping and sprawling homes, along with plenty of properties with dock space for a yacht in the backyard.

Average home price: $2,277,952

Average $ per sq./ft.: $349

Snapper Creek Lakes

 With only 124 exclusive properties that are one acre or more, this gated Coral Gables community undoubtedly houses its share of millionaires. Native, lush subtropical foliage surrounds sleek, modern abodes in this boaters’ paradise. With a marina nearby, you won’t have to go far to take a boat ride on the beautiful nearby bay.

Average home price: $2,678,444

Average $ per sq./ft.: $310

The Moorings

Located in between Coral Gables and central Coconut Grove, this neighborhood has a lovely waterfront, and homes of classic architecture, built with exquisite taste. You’ll always feel secure in this guard-gated Coconut Grove neighborhood with access to the Bay. To live in The Moorings is a dream for many.

Average home price: $2,987,500

Average $ per sq./ft.: $515

Deering Bay

A golfer’s paradise and country club lovers dream, this community claims South Florida’s only waterfront, Arnold Palmer-designed golf course inside a beautiful private community. With a yacht club and country club on site as well, this resort-style community will make you feel like you live in a vacationer’s dream. Endless social opportunities also await at Deering Bay.

Average home price: $1,839,670

Average $ per sq./ft.: $448

Pinecrest

Pinecrest is a suburban paradise where property lots are expansive. This municipality borders Coral Gables and is one of Miami’s most desirable neighborhoods for professionals, families, retirees, and as well as celebrities and athletes. Slightly removed from the center of the action, living in Pinecrest will give you and your family peace-of-mind. One of the markers of this community is the highly rated public schools, and the lush Pinecrest Gardens where you can enjoy farmer’s markets and regular community events that bring everyone together.

Average home price: $1,318,904

Average $ per sq./ft.: $310

For professional advice on all aspects of buying or selling real estate, please contact me at aross@miamirealestate.com or (305) 206-4003, or visit me at the Compass office located at 2550 South Bayshore Drive, in Coconut Grove.

 

References:

McCabe, K. (2018, March 23). Report: Millionaires flock to Miami, are richest in the US. Retrieved April 05, 2018, from https://miamiagentmagazine.com/2018/03/21/miami-richest-millionaires/?platform=hootsuite