Here Are the Miami Neighborhoods Where the Number of Million-Dollar Homes Has Skyrocketed

The number of million-dollar-plus homes in Miami has doubled since 2012 (even though the number of millionaire has not). It's part of a national trend, according to Trulia. In 2012, 1.6 percent of all homes in the United States were worth at least seven figures. That share is now 3 percent today. 

In the Miami metro area, that number has jumped from 2 percent to 4 in the same time. Though new construction has contributed to the doubled million-dollar-property inventory, the increase is mostly owed to rising real-estate prices across the board. 

However, not all neighborhoods were affected equally. 

According to Trulia, here are the Miami-Dade neighborhoods that saw the largest increase in big-ticket homes. These numbers include estimated property values for all homes in the area and not just recent sales prices. 

1. La Gorce Island (Miami Beach)
Million-dollar homes in 2016: 66.5 percent.
Million dollars homes in 2016: 96.1 percent. 
Total increase: 29.5 percent

2. Biscayne Island (Venetian Islands) 
2012: 25.7 percent
2016: 49.3 percent
Total increase: 23.7 percent

3. Nautilus (Mid-Beach north of West 41st Street and south of La Gorce) 
2012: 18.8 percent
2016: 41.2 percent
Total increase: 22.4 percent

4. Belle Isle (Venetian Islands) 
2012: 3.4 percent
2016: 24.3 percent
Total increase: 20.9 percent

5. Bal Harbour 
2012: 4.3 percent 
2016: 25.2 percent
Total increase: 20.9 percent 

6. North Beach 
2012: 8.8 percent 
2016: 23.5 percent
Total increase: 14.7 percent 

7. Biscayne Point (just north of Normandy Isles) 
2012: 36.6 percent
2016: 50.8 percent 
Total increase: 14.3 percent 

8. San Marino Island (Venetian Islands) 
2012: 86.2 percent 
2016: 100 percent
Total increase: 13.8 percent 

9. Palm Island (off the MacArthur) 
2012: 84.8 percent 
2016: 98.6 percent 
Total increase: 13.8 percent 

10. Di Lido Island (Venetian Islands) 
2012: 84.6 percent 
2016: 98.1 percent 
Total increase: 13.6 percent 

Bayshore, southwest Coconut Grove, San Marco Island, northeast Coconut Grove, and Hibiscus Island also all saw increases in million-dollar homes of more than 10 percent. 

Keep in mind, these neighborhoods aren't necessarily the ones with the highest percentage of million-dollar homes, just the one that saw the biggest increase in homes worth that much. For example, 93.3 percent of properties on Star Island are worth more than a million. That's the same exact rate as in 2012. 


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