Million Dollar Homes on the Rise in Miami

Million Dollar Homes on the Rise in Miami

Million Dollar homes in Miami continue to rise; they have doubled from 2012 to 2016. According to a report released by Trulia, Million Dollar homes’ estimated value and sales price for the past four years have increased across the nation from 1.6 percent to 3 percent primarily those found along Miami Beach and Fort Lauderdale.
 
Navarrea Isle showed the largest increase in inventory, jumping from 51.5 percent to 93.9 percent of the million dollar homes in the area.
 
Some of the neighborhoods in Miami-Dade with the largest increase of homes in the millions in the past four years are as follows:
 
Neighborhood
Percentage of Increase in the Past Four Years
Percentage of total Million Dollar Homes
La Gorce Island
29.5
96.1
Biscayne Island
23.7
49.3
Nautilus
22.4
41.2
Belle Isle
20.9
24.3
Bal Harbour
20.9
25.2
North Beach
14.7
23.5
Biscayne Point
14.3
50.8
San Marino Island
13.8
100
Palm Island
13.8
98.6
Di Lido Island
13.6
98.1
 
Other notable neighborhoods such as Bayshore, Coconut Grove (both the Northeast and Southwest areas), and Hibiscus Island, have all increased over 10 percent, according to the report.
 
A smaller increase in some of Miami’s other faster-growing neighborhoods can be seen in the table below:            
                        
Neighborhood
Percentage of Increase in the Past Four Years
Percentage of total Million Dollar Homes
Downtown
6.2
16.2
Wyndwood-Edgewater
4.4
5.2
Brickell
2.4
8.7
 
These numbers will probably continue to increase with the numerous luxurious condo homes rising throughout Miami. Miami’s flourishing downtown area and glorious beaches continue to attract builders, buyers, and the like along its coast line. The Magic City’s diversified community of culture, art, music and employment makes it an international destination for not just tourists, but residents as well. 
 
If you’re interested in learning exploring these million dollar or other homes in Miami or are wanted to sell your home, contact Suzanne. 
 
Resources:
McClister, J. (2016, May 20). 15 Miami neighborhoods are mostly $1 million-plus homes. Retrieved May 28, 2016, from https://miamiagentmagazine.com/2016/05/20/15-miami-neighborhoods-mostly-1-million-plus-homes/?utm_source=newsletter
Munzenrieder, K. (2016, May 20). Here Are the Miami Neighborhoods Where the Number of Million-Dollar Homes Has Skyrocketed. Retrieved May 30, 2016, from http://www.miaminewtimes.com/news/here-are-the-miami-neighborhoods-where-the-number-of-million-dollar-homes-has-skyrocketed-8469793