In this post, we outline 5 of the most valuable suburbs in Florida, while highlighting some of the highest-profile celebs that have invested in these suburbs.
1. Palm Beach
It’s about 30 minutes from downtown Miami, which is one of the top 10 most expensive places to live in the U.S. It’s also about 22 minutes from Miami Beach. The average Palm Beach home price reaches at least $1.24 million, and one mansion sitting on North County Road property previously owned by Donald Trump sold for $122.65 million. Taxes for this dwelling reached in upwards of $1.5 million.
Sylvester Stallone also purchased a house in North Palm Beach for more than $35.3 million in December 2020. This beachfront home sites on 1.5 acres and has the main dwelling, pool and guest houses, and a guest pavilion. Stallone will pay more than $63,000 in interest every month on his 30-year mortgage, but he did place more than $20 million down on it.
Radio personality Howard Stern also now owns a Palm Beach home that he paid $52 million for in 2013. This home measured at 18,000 square feet when he bought it and had plans to renovate it since. In 2020, this estimated home value increased to $65 million and is known for its 1000 square feet of closet space that Stern added onto it for his wife.
2. Bal Harbour
Bal Harbour, located about 25 minutes north of Miami Beach, has gated communities and average home prices totaling about $1.22 million. It’s also known for its array of high-rise and waterfront condos that have amenities such as fitness centers, heated pools or private terraces.
As of April 2021, agents listed the Villa Magnolia for $35 million, making it the most expensive Bal Harbour two-story mansion currently for sale. This property featured a photo of Sara Sampaio, a supermodel who posed for photographer Gilles Bensimon in a pool for the cover of the men’s Maxim magazine in 2016.
Bal Harbour’s Villa Magnolia reportedly has a hot tub and a bar on the roof as of five years ago. Its master bedroom takes up about half of the second floor, and other amenities include a movie theater, tennis court, and an elevator. It also has a 750-foot aquarium and stretches across about 221 feet of Biscayne Bay beach land.
Ricky Martin also has two homes in La Gorce and Golden Beach, which are located about 15 minutes from Bal Harbour. One of his homes stretches over about 100 feet of beachfront. As of 2018, Daniela Urzi, an Argentine model, reportedly lives in a $6.2 million condo here with husband Pablo Cosentino, a professional soccer player.
Kate Hudson, Jennifer Aniston and others reportedly shopped at one of this location’s famous designer clothing boutiques.
Pinecrest seems to attract quite a few MBA players. Some that either currently live here or previously have lived here include Chris Anderson and Dwayne Wade. Retired Los Angeles Lakers player and former husband to Khloé Kardashian also used to have a home here that the couple purchased when they first got married.
As of 2017, Anfernee Hardaway, former Miami Heat player, also used to live in Pinecrest. In 2020, one of the most expensive area listings included an 8-bedroom, 8-bathroom home with two powder rooms that sits on more than 40,000 square feet of property selling for more than $4.6 million. Average home prices reach to more than $1 million.
4. Key Biscayne
Cher used to live in Key Biscayne, but she did sell that home as reported in 2016. As of this same year, actor Andy Garcia also lived here. Other famous people who either do live here now or have in the past include tennis player Mary Joe Fernandez and actor Brad Pitt.
In 2013, one of this area’s most expensive homes listed at more than $60 million. In 2015, it sold for $47 million. One of Key Biscayne’s founding families, the Matheson’s used to own it. The price paid in 1989 was only $15 million. Buyers can expect to pay an average of more than a million for a home in Key Biscayne.
Houses cost a little less than other nearby Miami Beach celebrity locations. Average Surfside homes sell for about $695,000. Nicolás Vázquez and Gimena Accardi used to live in the Champlain Towers Condominiums and survived its collapse. One of the most expensive homes here sold for $33 million in 2020. This penthouse has a 23-foot swimming pool, botanic garden, and both Miami Beach and Atlantic Ocean beach views. It also has a butler, pet relief runaway and relief corridor, rooftop tennis court, children’s playroom, and more.
If you’re ready to purchase a house in one of the hottest markets in the US, remember to have a proof of funds letter on hand. This can help accelerate the purchase process, and prevent other property investors from securing the deal before you do.