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According to a new survey, Star Island in Miami is now the most expensive neighborhood in the country, while the number of New York City neighborhoods where purchasing a property would cost at least $1 million is decreasing.
Zillow reports that the average price of a single-family property on Star Island, the man-made enclave off the coast of Miami Beach that is home to celebrities such as Shaquille O’Neal, Gloria Estefan, and Rosie O’Donnell, was $40.2 million in December.
According to the report, which was cited by Bloomberg News, this is a 71% increase from the average price of $23.5 million for a home on the island just three years ago.
Citadel hedge fund billionaire Ken Griffin recently purchased five residences on the island for a total of $194 million, propelling Star Island to the top of Zillow’s list of the most expensive neighborhoods.
According to Zillow, Star Island is currently four times more costly than Beverly Hills Gateway in Beverly Hills, California and more than twice as expensive as the second-most expensive area in the US, the Port Royal neighborhood of Naples, Florida.
According to Realtor.com, the number of million-dollar zip codes in the Miami metropolitan area has increased by a staggering 160%, from ten in December 2019 to twenty-six in December of last year.
The proportion of New York City neighborhoods where the median listing price of a home is at least $1 million has decreased.
According to Zillow, housing prices in Marble Hill, the northernmost district of Manhattan and the only area of the borough physically connected to the Bronx, have decreased by 32% from $1.81 million in 2019 to $1.24 million in 2020.
Zillow reported that the value of a home in Washington Heights that cost $1.39 million three years ago had decreased by 20% to $1.12 million as of December.
Three years ago, those seeking a residence on Manhattan’s Upper East Side would have had to pay $8.31 million. In December, this amount decreased by 9 percent to $7.58 million.
Zillow reports that several districts in San Francisco, including Polk Gulch, Mission Dolores, Lower Haight, and South of Market, have experienced double-digit percentage reductions in house values over the past three years.
In recent years, both New York and San Francisco have experienced a decrease in quality of life, which inhabitants attribute to rising crime rates, widespread homelessness, high taxes, and an increasingly exorbitant cost of living.
In recent years, Florida, Texas, and other Sun Belt states have benefited from a major increase in influx migration because to their overall lower cost of living, warmer climate, looser COVID limits, and friendlier business climate.
Florida has overtook New York State in the number of nonfarm jobs for the first time in forty years, according to figures from the federal government.
Stephen Ross, the wealthy real estate developer behind the Hudson Yards development, predicted this week that New Yorkers will continue to relocate to Florida due to the state’s relative “ease of living.”
Official data indicate that in 2022, more New Yorkers relocated to Florida than in any other year in history.
»Miami is most expensive neighborhood in US while NYC property values dip«