Star Island in Miami is now the most costly neighborhood within the country, while the variety of areas in New York where it will cost at the very least $1 million to purchase a house is declining, in keeping with a latest study.
The average price of a single-family home on Star Island, a man-made enclave off the coast of Miami Beach home to stars equivalent to Shaquille O’Neal, Gloria Estefan and Rosie O’Donnell, has been priced at a staggering amount. $40.2 million in December, in keeping with Zillow.
That’s a 71% increase from the island’s average home price of $23.5 million just three years ago, in keeping with a study that was conducted earlier. quoted by Bloomberg News.
Ken Griffin, the billionaire hedge fund manager who runs Citadel, recently purchased five properties on the island for a complete of $194 million – pushing Star Island to the highest of Zillow’s list of costliest neighborhoods.
Star Island is now 4 times dearer than the Beverly Hills Gateway in Beverly Hills, California, and greater than twice as expensive because the second costliest neighborhood within the country, Port Royal in Naples, Florida, in keeping with Zillow.
Overall, the Miami metropolitan area saw a whopping 160% increase within the variety of million-dollar zip codes — from just 10 in December 2019 to 26 last December, in keeping with Realtor.com.
Meanwhile, New York saw a decline within the share of neighborhoods with a mean home price of $1 million or more.
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Marble Hill, the northernmost borough of Manhattan and the one a part of the borough that’s physically connected to the Bronx, saw its typical home prices fall from $1.81 million in 2019 to $1.24 million – a 32% drop, in keeping with Zillow .
A Washington Heights home that cost $1.39 million three years ago saw its value fall 20% to $1.12 million last December, in keeping with a survey by Zillow.
Homehunters searching for property on Manhattan’s Upper East Side would have paid $8.31 million three years ago. In December, that figure fell 9% to $7.58 million.
San Francisco’s price districts, including Polk Gulch, Mission Dolores, Lower Haight and South of Market, have also seen double-digit percentage declines in home values over the past three years, in keeping with Zillow.
New York and San Francisco have been tormented by a decline in the standard of life in recent times, blamed by local residents on rising crime, rampant homelessness, high taxes and increasingly unaffordable living costs.
Florida, Texas and other Sun Belt states have seen a major increase in migration flows in recent times due to generally lower living costs, warmer weather, looser COVID-related restrictions and a friendlier business environment.
Federal government figures show Florida recently surpassed New York State in non-farm jobs for the primary time in 40 years.
Last week, Stephen Ross, the billionaire developer behind the Hudson Yards project, predicted that New Yorkers would proceed to maneuver to Florida on account of the relative “ease of living” within the Sunshine State.
Official statistics show that more New Yorkers moved to Florida in 2022 than in any yr in history.
