Which Miami Neighborhood is Most Expensive for Single-Family Homes?
November 7, 2016As one of the world’s most desirable cities for the rich and famous, Miami provides plenty of neighborhoods within the ultra-luxury market. It’s one of the top 10 wealthiest cities in the world had a place those with a huge net worth call home or want to call home.
From the many waterfront mansions to the beautiful penthouses, there’s a variety of luxury real estate in Miami. The city provides some super expensive neighborhoods, but which one is known as the most expensive?
Most Expensive in Miami for Single-Family Homes
Three neighborhoods top the list when it comes to single-family homes selling for super high prices: Coral Gables, Miami Beach and Key Biscayne. These three have the largest density of luxury homes throughout the Miami area and the highest price ranges. Here’s how they compare.
Coral Gables
A highly preferred neighborhood, Coral Gables is known as an ideal location. It’s very walkable, belongs to excellent school districts and provides some of the finest homes in the city. Coral Gables provides a variety of real estate options with some more affordable options and smaller homes. However, it’s also known for incredible multi-million dollar mansions found on the water and in gated communities.
Some of the most exclusive gated communities are found in Coral Gables. Tahiti Beach Island is just one of these neighborhoods with homes that sell for as much as $23 million. The breakdown of the percentages for each of the luxury prices ranges for Coral Gables looks like this:
- 4% over $5 million
- 6% from $3 million to $5 million
- 8% from $2 million to $3 million
- 82% under $2 million
Miami Beach
Everybody knowns Miami Beach is an expensive playground for celebrities and the rich. It’s full of waterfront mansions and incredible properties, especially on the exclusive islands found in Miami Beach. Many of the homes are found in gated communities and some are even situated around golf courses.
Miami Beach is one of the most sought after spots for investors from all over the globe due to the social scene and ultra-luxury living. It’s known as one of the most exclusive areas in all of South Florida. The breakdown for Miami Beach looks like this:
- 13% over $5 million
- 12% from $3 million to $5 million
- 9% from $2 million to $3 million
- 66% under $2 million
Key Biscayne
The most expensive neighborhood in Miami for single-family homes is by far Key Biscayne. It’s an exclusive island found in the middle of the Biscayne Bay with waterfront homes for wealthy families. The neighborhood is home to some of the finest public schools in the country and provides a high quality of life.
Of course, you cannot forget about the incredible beaches, golf courses, national parks and the proximity to the Financial District. It’s also not far from Miami Beach or Coconut Grove. the breakdown for Key Biscayne looks like this:
- 21% over $5 million
- 29% from $3 million to $5 million
- 33% from $2 million to $3 million
- 17% under $2 million
Related: What Does $9 Million Buy You in Miami?
With a large number of homes selling for more than $5 million and a small percentage under $2 million, it’s clear that Key Biscayne is the most expensive neighborhood in Miami for single-family homes.
