The most Expensive Neighborhoods in Miami for Single Family Homes
The most Expensive Neighborhoods in Miami for Single Family Homes
Ranked from Most to Least Expensive
Where do the rich and famous live in Miami? A frequently asked question which we answer in this blog, listing Miami’s neighborhoods from most expensive to most affordable! Some people would look at actual home values while others would consider the price per SF to be more important in determining what are the most exclusive neighborhoods in Miami. Therefore we provide you with both actual sales prices as well as sales prices per SF, showing averages as well as top-range prices. Why are these areas so expensive? Scroll down to read more about the different areas.
Where to find Miami’s richest families? This blog will provide you with Miami’s most expensive neighborhoods.
What are the Most Expensive Waterfront Neighborhoods in Miami?
The waterfront market shows three clear front runners whether you look at sales prices or sales prices per SF. Miami Beach is Miami’s most expensive neighborhood to buy real estate followed by Coconut Grove. Miami’s most affordable waterfront market is the part of Coral Gables that is west of the US1.
Looking at median prices Key Biscayne would be in the top 3 as well. Waterfront homes in Key Biscayne do not trade for as much as homes in other areas, but the neighborhood’s waterfront homes are all on a direct oceanfront lot or very close to the open ocean, which means the lower end of the market is still quite expensive without many outliers on the bottom-end of the market. Looking at Median Prices we see that Miami Beach (excluding the Islands) is dropping significantly. This far lower median price is due to major outliers in the high end of the distribution. Generally speaking Miami Beach homes are expensive but most of the super high end sales happen on N Bay Road or in the oceanfront community of Altos del Mar. These heavy sales lift the average sales price to a greater extent than the median price.
The Islands of Miami Beach
The ultimate waterfront market for those seeking ultra-luxurious mansions. This new playground for hedge fund managers and tech entrepreneurs does not come cheap. Mansions trade at an average price of $12.7M with the upper-end of the market selling for around $35M. With an average of just over $2,000 per SF, the islands are commanding Miami’s highest prices per SF. The islands have always been one of the most desired locations in Miami, but they became extremely desired during Covid when Miami experienced a high influx of relocation buyers from the high-tax states. The islands belong to one of the richest parts of Miami and are home to many celebrities and captains of industry.
The Venetian islands belong to the most Expensive Neighborhoods in Miami for Single Family Homes
Miami Beach offers some superb waterfront mansions. The most desired and exclusive waterfront homes can be found on North Bay Road and on La Gorce Island. Other waterfront homes can be found on Pine Tree Dr and Meridian Ave. If you are looking for oceanfront/beachfront homes you will have to look at Altos del Mar. As mentioned before, the range of waterfront homes in Miami Beach is quite broad with a median price of $3.8M, an average sales prices of $6M and the most exclusive homes trading around $30M. A waterfront market for everyone, but one that caters most to ultra-luxury buyers.
Coconut Grove is synonymous to understated luxury. One of the mainland’s most desired and exclusive neighborhoods, which has stayed surprisingly low key. With an average sales price of $14M and median sales price of $9.5M this is one of the most expensive waterfront markets in Miami. What makes this market so exclusive? It is a very small neighborhood tucked between Coral Gables and Brickell. Unlike other Miami areas you won’t find canals in Coconut Grove. If you buy a waterfront home in Coconut Grove it’s a direct oceanfront home or a home located on a small inlet, less than a minute away from the open ocean and without any bridges. These waterfront homes are mostly located in very prestigious gated communities. The area is very much in demand as it is extremely safe, lush and located near many of Miami’s most prestigious schools. So a limited supply and all the reasons for a high demand. Some of the most desired and luxurious waterfront communities are Hughes Cove, the Moorings and Entrada Estates. Direct bayfront homes can be found along S Bayshore Lane.
Coral Gables East of US1
Coral Gables is the most desired area of Miami. It is safe, it is centrally located, it is green, it offers many golf courses and most importantly it is home or close to the majority of Miami’s best private schools. The area is extremely large and offers a wide range of waterfront properties. The average waterfront home trades for $6M or at $1,000 per SF while the market’s top properties trade for $25M and up. The Gables’ lower median price ($4.2M) indicates you have major outliers in the high end of the market and this is true. While East Coral Gables offers some very nice homes on canal front or lake front lots, nothing compares to its ultra-luxury mansions in the gated communities of Gables Estates, Tahiti Beach and Old Cutler Bay. Here is where we find the bayfront homes or the homes that are close to the open ocean without any bridges. We are talking about massive lots in extremely exclusive communities that offer unobstructed ocean views. So East Coral Gables offers quite a variety of waterfront properties from the more affordable canal front homes to direct oceanfront homes in the city’s most prestigious gated communities.
The island community of Key Biscayne is one of Miami’s most desired residential areas. Key Biscayne is very laid back with golf carts being the preferred mode of transport by many of its residents . The island is very self-sufficient with supermarkets, medical facilities as well a top rated public schools. Key Biscayne has always been a very upscale market whether you are looking for waterfront or dry lot homes. Waterfront homes on Key Biscayne are extremely desired because the island offers many direct oceanfront homes with superb views or homes that are located on inlets. Any waterfront home will allow you to navigate to the open ocean within mere minutes and therefore the island is extreme desired with boaters. As there are no canal front homes or bridges, the price range of Key Biscayne waterfront homes is quite narrow. So if you want to be on the water without paying top dollar your only way will be to buy a more dated property. The most desired homes can be found along Harbor Dr, Harbor Pt and S Mashta Dr.
Coral Gables West of US1
With an average sales price of around $2.7M and a price per SF far below the $1,000 mark, this is Miami’s most affordable waterfront market. Ideal for those that want to stay south of $5M and still be on the water. The downside? It will take you quite a while to get to the open ocean and you might encounter bridges. Desired streets are Granada Blvd, Jeronimo Dr and Orduna Dr
Where are Miami’s billionaires living? On Indian Creek island for sure! An area without a lot of sales, but nonetheless one to include in this report. “Billionaire bunker” is a 300-acre island offering just 41 homes, secured by its own police force, and anchored by the Indian Creek Golf Course. If that isn’t exclusive! Just 3 homes sold in the last 4 years ranging from $17M to $27.9M. The island saw a record price per SF of $6,492 which is Miami highest price per SF to date. There are currently two listings (quite a lot for the island) that start at $31.9M
What are the Most Expensive Miami Neighborhoods for Dry Lot Homes?
In the first graph you see the range from the average home price to the value of the three most expensive homes that sold in that area. In this graph you can clearly see that East Coral Gables is the most expensive neighborhood for dry lot homes with an average sales price of $2.4M going all the way up to $12M. East Coral Gables is followed by North Pinecrest and Ponce Davis as the most expensive Miami neighborhoods for dry lot homes.
The second graph provides the average prices per SF as well as the average of the three lowest and highest sales prices per SF. Looking at the price per SF, Miami Beach and Key Biscayne belong to Miami’s most expensive real estate. While properties in East Coral Gables, Ponce Davis and North Pinecrest are selling for the highest prices, their prices per SF are not in the top 3 of Miami. How is this possible? Well, the homes in these parts of town are larger so even though they are more affordable per SF, the homes are larger and therefore more expensive.
Looking at Median Prices we also see that the areas of North Pinecrest and Ponce Davis see the highest median price while the highest prices per SF remain with Key Biscayne and Miami Beach. Most of the neighborhoods see a similar number for their mean and median sales prices albeit that most have a lower median sales price than the average or mean price. This mostly means that these areas saw some very high end sales happening that skewed the average sales price.
Coral Gables East of US1
As mentioned before Coral Gables is one of Miami’s most desired areas and one of the most expensive neighborhoods in Miami for Single Family Homes. Coral Gables is safe, it is centrally located, it is green, it offers many golf courses and most importantly it is home or close to the majority of Miami’s best private schools. As can clearly be seen from the graphs, Coral Gables offers the widest price range for dry lot homes. East Coral Gables homes sell at an average price of $2.3M and a median price of $1.8M, while the upper-end of the market sells for $12M. The entire east of the Gables is very desired and considered a very good areas to live in, but most ultra-luxury dry lot homes can be found in the many gated communities.
With the northern part we mean anything above 112th street and you will notice from the graphs that this part is more exclusive than the southern part. Pinecrest. together with Ponce Davis, Coral Gables and Coconut Grove, is part of Miami’s most desired residential areas and one of the most desired areas among families with children. North Pinecrest is close to most of Miami’s top rated schools and offers beautiful real estate on very large lots. Several years ago Pinecrest was much more affordable than the Grove and the Gables and did not offer as many luxury homes. As a result, developers and end-users bought up the older homes and replaced them with luxurious modern mansions. The price per SF range in Pinecrest is not as high as in other parts of town, but Pinecrest is known for its large homes on large lots.
Ponce Davis is tucked away between East and West Coral Gables. Extremely well located, close to all the prestigious schools and many brand new homes on large lots makes this part of town very desired. Homes in Ponce Davis trade for one of the highest sales prices (per SF) in all of Miami. Most homes sell in the $3M-$5M range, while we notice more and more high-end properties designed and finished to perfection in the $5M+ range. This area is growing in desirability while the supply is extremely limited.
Miami Beach and the Islands
Miami Beach is the most expensive area when it comes to prices per SF. Miami Beach offers a broad range of homes, but we see a high amount of brand new luxury homes on dry lots. These new homes are often better finished and command higher prices per SF. Many of the older homes have been remodeled or rebuilt into modern mansions, which has boosted the luxury market. On the islands we see a lot of smaller homes that are finished to perfection. This explains the high prices per SF, but the relatively lower sales prices. The beach is attractive for its lifestyle, the beach, the restaurants, golf courses and of course the prestige some of the communities bring along. The most desired areas are around on La Gorce Island, N Bay Rd, La Gorce Dr and the Nautilus neighborhood of Miami Beach. All of the islands are desired and prestigious.