Wealthy tech professionals are transforming Miami’s outskirts into a contemporary version of Beverly Hills!

Following the epidemic, the recent surge in Florida real estate has earned the state a new superlative.

According to Bloomberg, which used data from Zillow, seven of the ten most expensive communities in the US now are found in Florida.

According to Bloomberg, the most expensive area in America is Gables Estates in Coral Gables, where a median property costs $21.2 million.

Prior to the epidemic, Beverly Hills Gateway was the priciest neighborhood in America in 2020, with an average house costing an astounding $10.6 million.

According to Bloomberg, the most expensive area in 2024 was Port Royal in Naples, Florida, which was followed by Beverly Hills Gateway, where a typical property now costs $12 million.

According to Bloomberg, New York did not appear in Zillow’s top 10 areas for 2024, despite having two of the most expensive neighborhoods in the country in 2020: the West Village and the Upper East Side.

Giants in Technology and Finance Are Moving to Florida!

The newest evidence of Florida’s record-breaking real estate market comes from statistics on the country’s most expensive areas. A bevy of wealthy tech and corporate titans are driving this market’s rise.

According to separate reports from Bloomberg on Tuesday, Apple is moving into a new 45,000-square-foot office in Coral Gables, while Microsoft leased a space in the same building that will house Citadel, a hedge firm, as its headquarters.

Bloomberg reports that Amazon is also looking for 50,000 square feet of office space in Miami, as its founder Jeff Bezos keeps buying up houses on the ultra-exclusive Indian Creek island off the coast of Miami.

Business Insider’s requests for comment were not immediately answered by Apple, Microsoft, or Amazon.

Eliza Relman of BI covered the negative aspects of the Miami hype on Tuesday.

Lower-class Floridians are finding it more difficult to afford to reside in the state due to growing property and rental costs, and the climate problem, which is causing sea levels to rise, may cause more evictions.

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