South Florida now has almost as many ‘million-dollar home’ towns as San Jose
As home prices continue to surge throughout South Florida, the region has reached a new wealth milestone.
Zillow reports that there are now seven distinct villages, towns or cities in Miami-Dade, Broward and Palm Beach where the “typical” home value is now at least $1 million. They are:
▪ Indian Creek - $14,325,900
▪ Fisher Island - $3,015,700
▪ Gulf Stream - $1,437,400
▪ Bal Harbour - $1,230,700
▪ Palm Beach - $1,220,100
▪ Key Biscayne - $1,098,600
▪ Pinecrest - $1,026,700
The list puts the region within striking distance of San Jose, Calif., which now has 10 million-dollar cities; it recently lost one, Milpitas, Calif. South Florida’s tally is also two greater than San Diego’s and Boston’s. Still, it is well behind San Francisco (46), New York (43), and Los Angeles (30).
Other Florida cities to make the list were Jupiter Island, Belleair Shores, Lake Buena Vista, Boca Grande, Captiva and Anna Maria.
In fact, all is not well in many of these seven-figure communities, Zillow says.
“Odd though it may seem, it’s the cities at the top that are ‘struggling’ the most during this return to normalcy in the market,” said Skylar Olsen, Zillow’s director of economic research. “More than just slower growth, home values [fell] in many of these hubs of luxury, a sign that the excessive home value appreciation of the past several years drove prices too high — even beyond the reach of those who could afford almost anything almost anywhere else.”
According to the Case-Shiller home price index, home values in the Miami metro area have settled into month-over-month growth of about 3%, well below the highs seen in 2014 of about 16%.
