The median housing price in Miami dropped from $337,900 in March 2008 to $195,000 in February 2009, but that hasn’t stopped a few of the cities in the South Florida metropolitan area from being some of the most expensive places to live in the entire country. For home buyers looking for the ultimate in luxury, these five places were made for you…but buyers on a budget, beware!
Surfside – ?Surfside is a low-crime suburb located on an island with the Atlantic ocean on one side and the South Florida metropolitan area on the other side. Median home prices are still above $300,000 (down from an all-time high of above $650,000 in 2006), but Surfside continues to attract home buyers drawn to its residential neighborhoods and fewer high rises, compared to nearby beachfront suburbs.
Miami Beach – Like Surfside, Miami Beach is a suburb located on an island strip across from Miami proper and served by the Miami-Dade public school system. Miami Beach features home prices above $300,000, especially nearer to the shimmering Florida coast.
Bal Harbour – A village of 3,000 people on the edge of Miami, Bal Harbour features home prices at $450,000…but prospective buyers won’t have to look hard to find houses and condos above the $1,000,000 million mark.
Coral Gables?- The median home price has fallen by over $400,000 in the past few years, but home prices still remain elevated above $350,000. That hasn’t stopped buyers from snapping up homes in Coral Gables, known for its leafy streets and bustling downtown area.
Pinecrest?- 15 miles south of Miami is a dazzling suburb of nearly 20,000 people that could be mistaken for a luxury resort. Median home prices in Pinecrest are at $767,650, and the cost of living is 150% higher than the national average. In 2009, Bloomberg Business Week rated Pinecrest the most expensive suburb in Florida, and one of the most expensive suburbs in the entire country.