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I view that as the wealth in Miami is greater than some on CD imagine, thinking there are but only 1-2 nice neighborhoods located solely on Miami Beach, that is not fully captured by one metric: reported income. A lot of people have migrated and brought their wealth (legal or otherwise) earned elsewhere, be it domestic or foreign.
Many not from here know of “inland” Gables (Miracle Mile, area by The Biltmore), but it also has exclusive gated waterfront communities such as Gables Estates, Cocoplum, Gables by the Sea, Tahiti Beach, etc….and that’s just the Gables.
The Gables is definitely appealing if you want well off suburban enclaves that are a lot closer to urban Miami (and the cultural benefits that come along with that) than Palm Beach County suburban enclaves.
Apple also recently announced it will be signing a 45,000 sq foot lease for office space—not an Apple Store—in the Gables:
I view that as the wealth in Miami is greater than some on CD imagine, thinking there are but only 1-2 nice neighborhoods located solely on Miami Beach, that is not fully captured by one metric: reported income. A lot of people have migrated and brought their wealth (legal or otherwise) earned elsewhere, be it domestic or foreign.
Many not from here know of “inland” Gables (Miracle Mile, area by The Biltmore), but it also has exclusive gated waterfront communities such as Gables Estates, Cocoplum, Gables by the Sea, Tahiti Beach, etc….and that’s just the Gables.
The Gables is definitely appealing if you want well off suburban enclaves that is a lot closer to urban Miami (and the cultural benefits that come along with that) than Palm Beach County suburban enclaves.
Spot on. The wealth in South Florida in general is incredible. It’s also attracting more millionaires than anywhere else, so it’s only gaining.
My only concern is the working class who seem to be struggling.
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
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Originally Posted by kidyankee764
Spot on. The wealth in South Florida in general is incredible. It’s also attracting more millionaires than anywhere else, so it’s only gaining.
My only concern is the working class who seem to be struggling.
Nothing goes up forever. I lived in CA for 3 decades and while mostly up it had some down periods and is/was a more stable real estate market. I suspect Miami/SoFla will experience a downturn at some point. One good hurricane could accelerate that.
Nothing goes up forever. I lived in CA for 3 decades and while mostly up it had some down periods and is/was a more stable real estate market. I suspect Miami/SoFla will experience a downturn at some point. One good hurricane could accelerate that.
Actually, hurricanes statistically and historically do the opposite.
I feel like that applies to South Florida, not the entire state.
It's spilled into Orlando as well, minus the celebrity stuff.
Places like Windermere, Dr Philips, Winter Park, and some neighborhoods around and just outside of downtown, to name a few, are very much like that.
A lot of the more developed parts of Florida are like that. Look at Naples, for instance.
Bloomberg is citing Zillow's data for Gables Estates within Coral Gables rather than Coral Gables as a whole. Gables Estates is about a hundred houses altogether, maybe less. The second place Port Royal, Naples is somewhat more units, but not a by a huge margin. Beverly Hills Gateway coming in third is massive in comparison and taking the usually higher up in elevation and larger estates to the same size of the other two would yield higher average prices. Manhattan is off because you're usually averaging a lot of very different housing if going by a neighborhood level since it's more like building to building. Keep in mind that something like 220 Central Park South by itself contains 110 separate units though some get combined. The highest sales for a (combined) unit in the building was $238 million. Of course at zip code / neighborhood level, that rapidly gets diluted.
It's spilled into Orlando as well, minus the celebrity stuff.
Places like Windermere, Dr Philips, Winter Park, and some neighborhoods around and just outside of downtown, to name a few, are very much like that.
A lot of the more developed parts of Florida are like that. Look at Naples, for instance.
You don't have to go far from Coral Gables with Fort Lauderdale on near equal footing with neighborhoods like Harbor Beach, Las Olas, Rio Vista, Coral Ridge and Bay Ridge where median home values start at 3 million and average as high as 15 million.
Nothing goes up forever. I lived in CA for 3 decades and while mostly up it had some down periods and is/was a more stable real estate market. I suspect Miami/SoFla will experience a downturn at some point. One good hurricane could accelerate that.
Do you realize that these mansions are literally fortresses?
This sold for 25mm in 2019 and is now asking 57mm. Sure it could get some water damage, trees knocked down, roof tiles blown away but this is not going to be total devastation. Remember the news, Jim Cantore's crew head to the worst areas for the best TV shots (trailer parks upside down, houses under 10 feet of water).
Hurricanes don't deter rich people, it gives them a reason to redecorate! Yes real estate is cyclical but Florida has great weather and no state income tax. CA added an income tax for the wealthy! Florida also protects debtors with their homestead laws.
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