For Coral Gables to be more expensive than Beverly Hills by a significant margin is unreal. The Gables is picturesque south with its tree lined roads, but I don't get the draw. It beat out Boca, Delray... hmm.
There is some nuance here. The report analyzed most expensive neighborhoods in different cities. The type of homes, lot size, cost can vary significantly within a city. If one were to look at coral gables in the older section of the city, around miracle mile, just could see how someone might get the impression that it’s underwhelming. The area of coral gables east of us1 is truly otherworldly, especially as you approach old cutler road. This story pointed out that gables estates is the most expensive neighborhood- large lots, some homes on open bay front etc
A decade ago I sold a house in Miami and the buyer offered cash a day after it listed. I was like "wow". My agent said "oh, shes coming out of a house in The Gables". 😂 I was from another State and thats when I learned what "The Gables" meant...
people were born and raised in Miami Dade have to leave their community and that’s what is so messed up about it. as the county gets more urbanized the only solution is to build up more housing units. we don’t need to be expanding the UDB.
Moved to Tampa area from South Florida. Same sort of feel and far less expensive. Got a brand new home on a great lot with beautiful conservancy views at HALF the cost of a smaller older home in Miami in a worse neighborhood. Traffic is less too and insurance is too.
California has huge tech industry and educational institutions so there is a reason they have wealth. Florida, or Miami in particular, has no industry other than foreign tourists and transportation. Where are these people getting rich and how are they getting rich? Does anyone ever question this?
In Coral Gables specifically, the lion's share of new buyers are Latin. But, that's not to say they don't work here. Top partners in the Miami office of a South American law firm, ad agency etc make the same $2-4mil per year as their American counterparts. And, it's not as if there isn't a thriving private equity market in SA, either. Because those deals are done in dollars, Miami is the base of operations. Things are much, much different here than even a decade ago. The people who most commonly ask, "where are the jobs" are Anglo bartenders who can't fathom that a Columbian banker can afford a $7mil home.
@@kurteckhardt7327 Still doesn't explain to me how they're getting rich. Are they participating in a nefarious industry that many of us don't know of? Like drug money laundering? Anytime you deal with people from south of the border it gets hairy. Miami has always been a drug cartel town anyhow. Just imagine if we have prioritized an industry like light manufacturing. Not everything should be tertiary sector.
First off there is no such thing as affordable housing especially in South Florida, that just a title given to any development for purpose of making people thing it will be afforable. Has anyone actually seen any of these affordable housing once you do see it you can only imagine what the definition of affordable housing is. Then there's the comment people complaining that they are being priced out by people from out of state, but reallity is the problem isn't the buyer so much as the person selling it way above the markey value hoping someone (SUCKER) would snag his line because he has the bait they want and willing to pay his over priced property. Then everyone on the block tries the same looking to make a quick buck. Look at a good amount of the homes that sold in the last 5 year and you can see the prior purchase price and gauge the profit that person made from the last sales. In some cases I've seen property in 2020 sale for 300k then sale again in 2022 for 900K+. Who the bad person the one having the funds to waste or the person fishing for a sucker. Oh and your local and state government don't care what its sold for they just see the benefit for themselves because that inflated price means more property taxes.
We're trapped in our house. We purchased it 40 years ago in North Miami by the Intracoastal for $100,000. It's now valued at $800,000. If we sell it for what it's valued at today we would simply be getting the same house in South Florida.
If I were you, I would cash out and either leave FL or move to a cheaper city in FL if you really want to stay. I left FL (Tampa) in 2023 and have no regrets about leaving.
The answer is simple: move. Miami is not an affordable city. Why put yourself through all that only to be disappointed with the reality that you can not buy a home in that city unless you're wealthy.
