Most Expensive Neighborhoods in Miami

 Most Expensive Neighborhoods in Miami MommyMafiaMiami.com
Featured Post By Emily Creswick of Zillow

Miami real estate is among the most luxurious and desired in the country. The city enjoys sunlit summers with long nights and warm winters with relaxing ocean breezes. Combine the perfect climate with golden beaches and an abundance of dining and entertaining opportunities, and it’s easy to understand why residing in Miami is so aspirational.

Miami is home to the wealthy who don’t mind paying for luxury and sophistication. The median home value in Miami is $275,400, significantly above the national median home value of $172,300. Yet, many metro neighborhoods offer prestigious properties with much higher price tags. Here is a round-up of the Most Expensive Neighborhoods in Miami.

Summer is the ideal season to search for homes in Miami, because there is more inventory to choose from – you aren’t fighting for property showings with the snow birds from the North. Here are some prestigious neighborhoods to add to the search.

1. Miami Beach

Bordering the Miami metro to the east is Miami Beach, boasting pristine waterfronts and hot spots where the rich and famous choose to dine and indulge. The median home sale price is $380,000 and median rent is $2,135. Miami Beach is broken down into smaller and more exclusive neighborhoods. Star Island and Fisher Island are two of the most prestigious. Star Island is a man-made island perfectly positioned in beautiful Biscayne Bay where celebrities including Sean Combs, Gloria Estefan, Rosie O’Donnell and Shaquille O’Neal have in the past or currently own homes. As of the 2010 census, Fisher Island boasts the highest per capita income in the United States. Homes in Miami Beach are high-end and expensive, and residents enjoy the privacy and exclusivity of the island with only private boat or ferry access.

2. South Beach

At the bottom of the Miami Beach strip is South Beach. Not only is South Beach the most popular area to soak up the best of Miami’s nightlife and party scene, the area has impressive properties. Most homes are either condos or apartments and are perfect for those who crave glamorous, cosmopolitan lifestyles. Ocean Drive boasts unique and highly sought after luxury dwellings located in renovated buildings. Home values in the area rose 11.1 percent throughout the past year, and Zillow predicts a 2.9 percent increase within the next year.

3. Downtown Miami

Downtown Miami connects directly to popular South Beach and major commuter highways. The neighborhood is the hub of the city and a popular location to reside. Downtown has a somewhat even split of residents with approximately 46 percent homeowners and 53 percent renters. The median home sale price is $389,600 and median rent is $2,345. Residents enjoy some great entertaining options on the eastern waterfront including the Bayfront Park and the new Pérez Art Museum Miami. For sports lovers, the American Airlines Arena and Marlins Stadium is just a rail ride away, while those who prefer retail therapy get their fixes at the Bayside Marketplace and Jewelry District.

4. Brickell

Brickell is located just to the north of downtown on the Biscayne Bay waterfront, and is often referred to as the Manhattan of Miami. The neighborhood is a polished and refined business district, perfect for wealthy professionals who enjoy the convenience of living close to the office. Luxurious condos make up more than 96 percent of the homes in Brickell, where residents don’t mind paying extra for high-end living with amazing beach and sea views. While the median home sale price is $393,850, the neighborhood boasts some impressive condos available in the millions. Rents in Brickell are $2,355 monthly. When it comes to dining and entertainment, Brickell residents are spoiled by options with plenty of high-rated restaurants and bars.

5. Coconut Grove

Coconut Grove is one of the oldest neighborhoods in Miami with a rich history of attracting business tycoons, artists and musicians throughout the decades. Today, the neighborhood stays true to its free-spirited and artistic roots while providing luxurious living on the edge of Miami. Coconut Grove hosts many outdoor cultural events throughout the year, attracting lovers of food, wine and the arts. The neighborhood’s eastside lends itself to a vast boating community including the Coconut Grove Sailing Club and Coral Reef Yacht Club. The median home sale price is $635,588 in the southwest and $626,500 in the northeast. Rents in the southwest are $3,293, while the northeast charges $2,813. Coconut Grove is the most prestigious community in the region, where properties sell in the millions.

These five locales aren’t the only neighborhoods with upscale atmospheres and lavish prices. Check out home sale prices in nearby neighborhoods of the Miami-Fort Lauderdale metro including Hendricks and Venice Isles ($7,275,000), Coral Ridge Isles ($2,303,000) and Bayshore ($1,050,000).

Homebuyers looking to relocate to Miami for its gorgeous weather and summers should calculate affordability before home shopping. Buyers should research demographics and property prices in their preferred neighborhoods to avoid overspending. Renters should develop professional relationships with their landlords or rental agencies to reap the best rates possible. Most importantly, both renters and buyers should visit the city and find the best-suited neighborhoods for their lifestyles and pocketbooks.
Most Expensive neighborhoods in Miami MommyMafia.com