In the last four years, homes priced over $1 million have become more prevalent around the country, with their market share increasing from 1.6 to 3 percent, according to a report from Trulia. But that increase has been much more pronounced in Miami, rising in some neighborhoods by as much as 42 percent.
“In Miami, the million-dollar hotspots are predominantly along the isles of Fort Lauderdale and Miami Beach,” wrote Trulia Chief Economist and the report’s author Ralph McLaughlin.
The below image uses red to illustrate the Miami area’s million-dollar-home inventory, and as the maps shift year-to-year from 2012 to, finally, 2016, luxury builders are resigning themselves to the coastlines.
Nowhere has the swell of $1 million homes been more evident than in Navarrea Isle, where the inventory share jumped 42.4 percent over the four-year period from 51.5 percent of all the area’s homes to 93.9 percent. That’s well over the national share, and the neighborhood represents one of 15 in the Greater Miami/Fort Lauderdale area where more than 90 percent of homes are priced $1 million and up – including three neighborhoods in which 100 percent of homes are $1 million or more.
Miami Neighborhood | Share of Million-Dollar Homes, 2012 | Share of Million-Dollar Homes, 2016 | Percentage Point Change Over Time |
---|---|---|---|
Navarrea Isle | 51.5% | 93.9% | 42.4% |
La Gorce | 66.5% | 96.1% | 29.5% |
Riviera Isles | 71.4% | 93.2% | 21.8% |
San Marino Island | 86.2% | 100.0% | 13.8% |
Palm Island | 84.8% | 98.6% | 13.8% |
Di Lido Island | 84.6% | 98.1% | 13.6% |
Seven Isles | 84.3% | 97.2% | 13.0% |
San Marco Island | 80.3% | 92.4% | 12.1% |
Sunrise Key | 86.8% | 97.4% | 10.5% |
Rivo Alto Island | 91.6% | 100.0% | 8.4% |
Nurmi Isles | 94.7% | 97.1% | 2.3% |
Bay Colony | 94.6% | 95.5% | 0.9% |
Star Island | 93.3% | 93.3% | 0.0% |
Watson Island | 100.0% | 100.0% | 0.0% |