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. 

We use cookies to collect and analyze information on site performance and usage, and to enhance and customize content and advertisements. By clicking 'X' or continuing to use the site, you agree to allow cookies to be placed. To find out more, visit our cookies policy and our privacy policy.


Join the New Times community and help support independent local journalism in Miami.


Join the New Times community and help support independent local journalism in Miami.