G
ables Estates, a small gated community in Coral Gables, Florida, has taken the top spot as America's most expensive neighborhood, according to Zillow's home value data. This luxury enclave surpasses Beverly Hills, California, long considered the pinnacle of wealth.

    "What makes Gables Estates unique is its blend of privacy, sophistication, and livability," says Fernando de Nunez y Lugones, CEO of Vertical Developments. "Unlike Beverly Hills, which is known for its name and history, Gables Estates offers a lifestyle and experience that consistently attracts ultra-high-net-worth buyers."

    Seven of the top 10 most expensive neighborhoods are located in Florida, with the remaining three in California. This trend is not a short-term phenomenon, but rather a long-term shift driven by factors such as lifestyle, taxes, and environment.

    Gables Estates features luxurious mansions, lush landscaping, and a canal system connecting directly to Biscayne Bay. Residents enjoy high-level security and exclusive access to the Gables Estates Club, which comes with a $100,000 non-refundable application fee. Home listing prices often exceed $21 million.

    The greater Miami area has experienced an influx of wealth in recent years, with over $14 billion in income migrating to Florida between 2017 and 2022. The region's appeal is driven by its walkability, amenities, and culture, making it a desirable destination for ultra-luxury buyers.

    As more buyers settle in Coral Gables, the neighborhood's reputation as a world-class enclave will continue to grow. "Coral Gables is naturally self-limiting due to its limited prime land," says Lugones. "This helps protect against overexposure and allows it to sustain its momentum for decades."