Florida’s pandemic-era real estate boom has catapulted Florida to the top of the most expensive neighborhood list — knocking once-thriving Manhattan hot spots out of the top 10 and cutting Beverly Hills down to size.
In all, Florida is home to seven of the nation’s most expensive neighborhoods when measured by housing prices, the data showed.
The most expensive neighborhood in the country is in the Coral Gables section of Miami, where a home in the gated Gables Estates community is on the market for more than $21 million, according to data compiled by Bloomberg News.
The 30-year fixed-rate mortgage surpassed 7 percent for the first time this year, jumping from 6.88 percent to 7.10 percent this week. As rates trend higher, potential homebuyers are deciding whether to buy before rates rise even more or hold off in hopes of decreases later in the year. Last week, purchase applications rose modestly, but it remains unclear how many homebuyers can withstand increasing rates in the future.
