Real Estate News

Number of South Florida million-dollar homes nearly doubled since 2012, report says

The pool of Harvey Ross’ former La Gorce home. It sold in 2010 for $9.5 million.
The pool of Harvey Ross’ former La Gorce home. It sold in 2010 for $9.5 million.

Those in the market for a million-dollar home are likely to find one in the Miami metro area, where the supply of luxury dwellings has nearly doubled from 3.3 percent of the real estate marketplace in 2012 to 6.3 percent in 2016. So says the online real estate company Trulia in a report released Thursday.

The Miami-Fort Laudedale rate continues to outpace the national average among the top 100 metro areas. In 2012, it was 2 percent; in 2016 it doubled to 4 percent

The report singled out La Gorce in Miami Beach — once home to rapper Lil Wayne — as the neighborhood with the highest concentration of million-dollar homes in South Florida as of this month. More than 96 percent of the homes on the mid-beach island south of Normandy Isle cost at least seven figures, a 29.5 percent increase from 2012.

 

In Broward County, the narrow island off Las Olas Boulevard known as Navarrea Isle has the next-highest concentration of million-dollar homes, with nearly 94 percent of its houses breaking the $1 million mark. That’s an increase of 42.4 percent over 2012.

Nationally, Miami places 14th and Fort Lauderdale 24th on Trulia’s list of the housing markets with the highest concentration $1 million-plus homes. California snags the first five spots with San Francisco, San Jose, Oakland, Orange County and Los Angeles, respectively. The concentration of million-dollar homes ranges from 57.4 percent of the housing market in San Francisco to 16.3 percent in Los Angeles.

On the other end of the spectrum was Syracuse, New York, where none of the homes was valued at more than a million dollars. That was a decrease from 0.1 percent in 2012.

96.1 percentConcentration of million-dollar homes at La Gorce in Miami Beach

The report analyzes all homes, regardless of whether they’re listed for sale or not.

“The million-dollar home used to be a rarity in the United States,” said Ralph McLaughlin, Trulia’s chief economist, in the report, “but is now becoming commonplace in several of America’s largest housing markets.”

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