
You have been reading the stories of Americans moving like refugees to get away from the crime, regulations, and taxes of the Escape States like New York and New Jersey (both scored bottom five in my recently released 2023 Super States ranking). Now, Zillow data compiled by Bloomberg journalists shows that Florida has become the prime destination for America’s wealthy freedom seekers. Nine of the top twelve priciest neighborhoods are in Florida, with the top neighborhood, Miami Beach’s Star Island, far ahead of any other, with a typical home selling for $40 million. Bloomberg reports:
Miami’s Star Island has long lived up to its name. From Shaquille O’Neal to Rosie O’Donnell, the exclusive enclave only accessible by gated bridge has drawn the rich and famous for decades.
And yet, Ken Griffin’s move south from Chicago has launched the neighborhood into a new stratosphere, and turned it into a microcosm of the shift in demographic and housing trends across the US.
A typical home on the island is valued at $40 million, up from $23.5 million in December 2019 — making the area the priciest neighborhood in America, data from Zillow Group Inc. show. The gap has never been wider between its closest competition: Port Royal in Naples, Florida, and Beverly Hills, the star-studded California haven.
Some of that is directly the result of Griffin, founder of hedge fund powerhouse Citadel. He bought five properties on the island for a combined $194 million.
Griffin’s machinations are part of a broader shift among America’s ultra-rich and powerful in the wake of the Covid-19 pandemic. Their moves, away from places like New York’s Upper East Side and San Francisco’s Nob Hill to warmer, less-dense regions of Florida and Texas have lifted real estate prices in some locales while leaving other neighborhoods behind. And as wealthy executives bring their businesses along with them, the merely affluent follow, too.
The top 12 priciest neighborhoods are:
Neighborhood | City | State | Avg $ 2019 | Avg $ 2022 | $ Change | % Change |
---|---|---|---|---|---|---|
Star Island | Miami Beach | FL | $23.5M | $40.2M | $16.7M | 71% |
Port Royal | Naples | FL | 8.2 | 16.9 | 8.7 | 107 |
Beverly Hills Gateway | Beverly Hills | CA | 11.4 | 12.9 | 1.5 | 13 |
Trousdale Estates | Beverly Hills | CA | 8.9 | 10.8 | 1.9 | 22 |
The Flats | Beverly Hills | CA | 8.6 | 10.5 | 1.9 | 22 |
Bear’s Club | Jupiter | FL | 6.0 | 9.9 | 3.9 | 65 |
Palm Island | Miami Beach | FL | 5.8 | 9.4 | 3.6 | 62 |
Aqualane Shores | Naples | FL | 4.7 | 9.1 | 4.4 | 95 |
San Marino Island | Miami Beach | FL | 4.8 | 8.9 | 4.1 | 85 |
Rivo Alto Island | Miami Beach | FL | 4.7 | 8.5 | 3.9 | 83 |
Hibiscus Island | Miami Beach | FL | 5.2 | 8.3 | 3.2 | 61 |
Di Lido Island | Miami Beach | FL | 4.7 | 8.3 | 3.5 | 75 |
Action Line: You don’t have to buy a home on Star Island to find a better America. There are many places you can go to find greater freedom, less crime, and lower taxation. Start your search with my Super States of 2023. You can find regular help in your search by clicking here to subscribe to my free monthly Survive & Thrive letter.