15 Richest Neighborhoods in Miami
By: ROS Team
Miami cemented its reputation as a haven for luxury living and a playground for the wealthy. With stunning waterfront mansions and opulent penthouses boasting breathtaking skyline views, these 15 neighborhoods epitomize affluence and grandeur.
Rich Neighborhoods In Miami
1. Fisher Island
The first destination on the list is the prestigious Fisher Island, situated in the glistening waters of Miami. This lavish retreat spans an impressive 216 acres.
The neighborhood is Miami’s richest neighborhood and is known for its unparalleled exclusivity and elegance.
The real estate on Fisher Island embodies utmost luxury. Its properties range from $2 million to an astounding $40 million, offering breathtaking waterfront views and extravagant amenities.
Despite its small size, Fisher Island provides a plethora of recreational activities. The iconic golf cart elegantly maneuvers through its manicured streets and lush landscapes, serving as the main mode of transportation.
2. Star Island
Nestled in the glistening waters of Biscayne Bay, Miami, Florida, lies Star Island. Its name stems from a rich history when it housed opulent residences owned by illustrious celebrities and high-profile individuals, adding to its reputation as a haven of the stars.
Throughout the years, remarkable personalities like Edward Howland Robinson Green, Enrique Iglesias, Sean Combs, and Emilio and Gloria Estefan have called this island home, infusing it with undeniable glamor and prestige.
With an astonishing average home price of $30 million on Star Island, it stands as a lavish sanctuary sought after by the wealthy elite in search of unparalleled grandeur and style.
3. Indian Creek Island
Indian Creek, also known as the “Billionaire Bunker,” is a prestigious 300-acre island situated in the captivating waters of Biscayne Bay, Miami.
This exclusive haven has earned its nickname for housing notable figures in wealth and fame. Among its distinguished residents are renowned singer Julio Iglesias, legendary former football coach Don Shula of the Miami Dolphins, and even Ivanka Trump herself.
Indian Creek’s allure stems not only from its luxurious ambiance but also from the seclusion it provides, creating an oasis of privacy and opulence. With property prices ranging from $14 million to an astonishing $47 million, this island stands as a testament to grandeur and extravagance within Miami’s real estate scene.
4. Coral Gables
Coral Gables is another rich part of Miami. With a population of 49,248 as of the 2020 U.S. census, this charming city continues to attract people seeking an exceptional place to live.
The city’s global significance is elevated by housing more than 20 consulates and foreign government offices, solidifying its growing international presence.
Additionally, Coral Gables shines brightly due to its close affiliation with the esteemed University of Miami—one of the nation’s top private research universities.
Notably, the real estate market in Coral Gables stands out with an average home value reaching $1,302,243—an indicator of its exclusivity as a highly sought-after residential destination.
5. La Gorce Island
La Gorce Island, located in Miami, has a captivating history that traces back to 1924 when it was developed by Carl Fisher.
This exclusive island boasts magnificent homes, many of which offer private docks, enhancing the appeal of waterfront living. Located just a short 20-minute drive from the vibrant Miami International Airport, La Gorce Island perfectly combines luxury, comfort, and accessibility.
The real estate on the island is an extraordinary blend of properties, with some dating back to the 1930s and mid-1900s, including a rare collection of Mid-Century Modern houses.
As of June 2023, the median listing home price for La Gorce Island stands impressively at $6.3 million, making it one of the richest neighborhoods in Miami.
6. North Beach
Coming at number six is North Beach, which stretches gracefully along the exquisite coastline from 60th Street to Surfside.
Families find paradise here, with an abundance of attractions and the renowned North Beach Oceanside Park. This beloved destination appeals equally to locals and tourists alike.
The population of North Beach is diverse, with over 43,250 residents calling it home, with nearly half (49.9%) being foreign-born individuals who contribute to the area’s rich cultural tapestry.
Moreover, the real estate market thrives in this coastal haven as the average home value soars to $435,504 in North Miami Beach, reflecting its unparalleled appeal and desirability. Whatever your desires may be—beachfront fun, multicultural experiences, or a place to truly belong—rest assured that North Beach has it all.
7. Hammock Oaks & Lakes
Hammock Oaks & Lakes is a beautiful gated community situated in the southern part of Coral Gables. It provides an exceptional luxury living experience, with 107 lavish homes. Many of these homes are strategically placed along the waterfront, offering residents direct access to breathtaking views of Biscayne Bay.
Conveniently located within a 15-minute drive, residents can easily explore a world of shopping, dining, and entertainment at the vibrant Miracle Mile. Nature enthusiasts will also find themselves delighted by the closeness to the captivating 83-acre Fairchild Tropical Botanical Garden and the serene Matheson Hammock Park and Beach.
Exuding sophistication and prestige, Hammock Oaks & Lakes sets an impressive standard with a median listing price of $7.5 million, making it one of the most luxurious parts of Miami.
8. The Venetian Islands
The Venetian Islands, situated in the serene beauty of Biscayne Bay between Miami and Miami Beach, Florida, create a captivating chain of man-made islands.
The island was constructed in 1920 as a tribute to the esteemed railroad pioneer, Henry Flagler. Known for the luxurious waterfront properties adorned with opulent details and meticulously landscaped surroundings, the island holds a special allure.
It offers lavishness and breathtaking vistas encompassing panoramic views of Biscayne Bay and the iconic Miami skyline.
If an exclusive and indulgent lifestyle is what you seek, look no further than the Venetian Islands—a sanctuary that beckons with median listing home prices hovering around $2.3 million.
9. Camp Biscayne
Nestled in the heart of Coconut Grove, Camp Biscayne is a prestigious gated community that exudes exclusivity and history. This captivating enclave carries a rich legacy as the luxurious 1920s winter retreat for illustrious guests like the Rockefeller family and Alexander Graham Bell.
Embracing its storied past, Camp Biscayne offers only 21 opulent homes uniquely integrated into the lush tropical scenery of Coconut Grove, creating a tranquil oasis of luxury.
Beyond its splendid ambiance; this remarkable community boasts proximity to South Florida’s finest public and private schools, with Ransom Everglades renowned as the top choice.
While residing in Camp Biscayne comes at an average price of $1.55 million, it promises an extraordinary experience blending heritage, elegance, and natural beauty, making it truly exceptional.
10. Hibiscus Island
Our 10th choice is Hibiscus Island, located in the pristine waters of Biscayne Bay. This exquisite island holds a rich history and boasts a lavish present. Originally developed by the Army Corps Engineers in the early 1920s, Hibiscus Island is now an exclusive residential enclave adorned with sprawling mansions, converted apartments, and stylish condominiums.
Its allure comes from its breathtaking waterfront views and high property values, making it one of the most sought-after locations in greater Miami.
With just 394 residents, this tranquil retreat offers an escape adjacent to prestigious neighbors Palm Island and Star Island.
For those seeking the pinnacle of luxury living, dreams come true on Hibiscus Island, where average mansion prices reach a staggering $14.7 million—truly a paradise for the privileged few.
11. Coconut Grove
Nestled just south of vibrant Downtown Miami and its pristine beaches, you’ll find the charming neighborhood of Coconut Grove. This enclave holds great historical significance as Miami’s oldest area.
Known affectionately as “The Grove” among locals, this village perfectly blends old-world charm with contemporary allure. Spanning across acres of lush greenery and hugged by a glistening coastline, Coconut Grove provides a serene escape from the hustle and bustle of city life.
But don’t be fooled by its tranquil ambiance – this neighborhood is also a thriving hub for luxury living. Showcasing stunning waterfront properties and elegant estates typically falling within a median price range of $2.25 million.
Whether you yearn to meander through its storied streets or soak up the opulence of its real estate offerings. Coconut Grove stands as an idyllic and captivating destination for both residents and visitors alike.
12. Pinecrest
Situated 11 miles (18 km) southwest of downtown Miami, the charming village of Pinecrest entices with its serene and picturesque surroundings.
In 2010, it was home to 18,388 residents residing in 6,033 households and 4,936 families. Pinecrest is renowned for its enchanting ambiance, embodying the essence of a classic American dream with white picket fences, meticulously manicured lawns, and artistically sculpted shrubbery.
The village exudes luxury and space as multi-acre home lots are common, accompanied by an average price reaching $3.6 million. Pinecrest provides a tranquil escape from the bustling city life, offering an alluring haven for those desiring affluence and serenity in the Miami area.
13. Upper East Side
The Upper East Side, also referred to as the East Side and Northeast Miami, holds a significant place in the history of Miami. It emerged as one of the earliest suburbs, showcasing a charming neighborhood centered around Biscayne Boulevard.
Within this area, one can explore a diverse array of properties ranging from elegant homes dating back to the 1920s and 1940s within gated communities to luxurious beach resorts and condos offering modern lifestyle amenities.
The Upper East Side has become a highly sought-after destination for homebuyers due to its unique blend of old-world charm and contemporary allure. The average property price in this area stands at approximately $1.0 million.
14. Key Biscayne
The penultimate option on our list of Miami-rich areas is Key Biscayne. The neighborhood is a captivating island village in Miami-Dade County, Florida.
Nestled among the azure waters of the Atlantic Ocean, this idyllic retreat entices both sunseekers and nature enthusiasts with its pristine sandy beaches.
Boasting inviting waters, Key Biscayne is a haven for boating and water sports enthusiasts who can indulge in various recreational activities.
Despite its small size, this island village fosters a tight-knit community of 14,809 residents who cherish the tranquility and charm of their home.
Going beyond picturesque landscapes, Key Biscayne’s allure extends to its exclusive residential status with an average home price of $2.1 million. Whether seeking serenity or an affluent coastal lifestyle, Key Biscayne remains an undisputed gem along Miami’s stunning coastline.
15. South of Fifth
Situated at the southernmost point of Miami Beach, the neighborhood called South of Fifth, or SoFi, emerges as a small yet exclusive and prosperous enclave.
Renowned for its lavishness and allure, SoFi boasts an impressive collection of opulent condominium towers that are among South Florida’s most prestigious. These include Continuum South Beach, Apogee South Beach, 321 Ocean, One Ocean, and Murano Grande.
Home prices within South of Fifth average between $1.5 million to $2 million—an indicator of the premium attached to this highly desirable locale.
For those seeking a luxurious lifestyle paired with prime beachfront proximity, SoFi stands as an irresistible gem in Miami’s vibrant cityscape.
Rich Part Of Miami: Final Thoughts
Miami stands as a city of dazzling diversity, where the luxurious lifestyles of the wealthy intertwine with the vibrant cultures of the region. As Miami’s real estate market continues to evolve, these neighborhoods remain at the forefront of luxury living, attracting affluent mover and residents worldwide.
Whether one seeks waterfront estates, high-rise penthouses, or private island retreats, Miami’s richest neighborhoods present a wealth of choices for those yearning for the ultimate in sophistication and indulgence.
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