We all know how expensive housing is in Miami, especially for renters. But just how high are home prices in Miami?
The experts at real estate data website Homes.com recently took a closer look at home-value data to identify which streets are most expensive in 15 of the largest U.S. cities. Besides Miami, they were Atlanta, Boston, Chicago, Dallas, Detroit, Houston, Los Angeles, New York, Philadelphia, Phoenix, Riverside, Calif., San Francisco, Seattle, and Washington. D.C..
To create the ranking, the surveyors calculated the average home value for each street based on recent property listings.
To locals, it may not come as a shock that the majority of the Magic City’s most exclusive streets are tucked away in Coral Gables, better known as “The City Beautiful.”
Think lush green avenues, quiet waterfront communities, palatial mansions and VIPs galore.
Warning: The following neighborhoods are untouchable to most average working folks, no matter how much of your late grandma’s jewelry you hawk on eBay.
The following is the name of the street, and the average home value.
1. Leucadendra Drive, in Coral Gables’ Gables Estates gated waterfront community ($7,089,120)
2. Arvida Parkway, also in Gables Estates ($6,842,468)
3. Arvida Drive, in Coral Gables ($6,430,893)
4. Journeys End Road, in Coral Gables ($5,853,379)
5. Buttonwood Lane, in Miami’s Upper East Side Bay Point area ($5,539,500)
The survey’s final analysis: “Interestingly, home values on the priciest streets in Miami are a bit more affordable than those in L.A. While you could easily spend $6 to $7 million or more on an oceanfront home off of Leucadendra Drive or Arvida Parkway, other streets such as Journeys End Road and Buttonwood Lane offer homes in the $5 million range.”
The survey ends on a positive note for those looking to upgrade their cribs.
“If you’re familiar with an area, usually you have a good sense of where the nicest (and most expensive) homes are, but sometimes there are a few hidden gems in even the priciest of neighborhoods.”