Florida Takes the Crown: Coral Gables Now Boasts Most Expensive Homes in the USA taking over Beverly Hills

**Miami, FL:** In a major shift for the luxury housing market, Coral Gables, a prestigious neighborhood in Miami, has surpassed California's Beverly Hills to claim the title of the most expensive place to buy a home in the United States. This news comes courtesy of recent Zillow data, highlighting a trend of wealthy individuals flocking to Florida.

Sunshine State Soars

The allure of Florida's warm climate and tax advantages seems to be undeniable. Seven of the top ten priciest neighborhoods in the nation now reside in the Sunshine State, with Coral Gables' Gables Estates leading the pack. Homes in this exclusive enclave boast an average price tag of a staggering $19.14 million.

Shifting Tides

Just a few years ago (February 2020), the landscape looked quite different. Back then, California and New York dominated the luxury market, claiming eight of the top ten spots. Today, California holds onto only three entries (all in Beverly Hills and Malibu), while New York City is entirely absent from the list.

Fueling the Fire

Several factors are driving this surge in Florida's housing market. Nationally, low inventory and historically low mortgage rates are pushing home values upwards. Additionally, the exodus from high-tax states like California and New York has further intensified demand in Florida.

Florida's Alluring Options

Beyond Gables Estates, Florida boasts a range of ultra-luxury neighborhoods for those seeking a slice of paradise. These include Naples' Port Royal ($16.49 million), Coral Gables' Old Cutler Bay ($10.22 million), Miami Beach's Rivo Alto Island ($9.1 million), and more.

Celebrity Cachet

Adding to the allure, celebrities like Pharrell, Alex Rodriguez, and Marc Anthony have already established roots in the region, further solidifying Florida's status as a haven for the affluent.

Business-Friendly Boom

Experts attribute Florida's success partly to its perceived business-friendly policies. As Ron Shuffield, CEO of Berkshire Hathaway HomeServices EWM Realty, explains, "The way our state handled COVID sent a message to the world that we were open for business." This sentiment continues to attract not just residents but also corporations seeking office space in the area.

Looking Ahead

While Florida's housing market thrives, concerns remain about affordability. Soaring prices are pushing some out of the market. However, developers remain optimistic, constructing new luxury townhouses and high-end projects to cater to the ever-growing demand.

New York Falls Behind

In stark contrast to Florida's rise, New York City's housing market shows signs of decline. Manhattan's once-booming market has witnessed a 14.4% drop in home prices compared to four years ago. This shift has led to a significant exodus, with many Manhattan residents seeking more affordable living options elsewhere.

Florida's Future is Bright

With its combination of sunshine, tax benefits, and a thriving luxury market, Florida has emerged as a top destination for the wealthy. As companies flock to the state and new developments continue to rise, Florida's position as a real estate powerhouse seems poised to endure.

Homes for Sale in Coral Gables