Ever spend your weekend biking around Coral Gables and Pinecrest, looking longingly at those stately old houses under shady mango trees and thinking to yourself, "Man, I could definitely live here"? Well, no, you can't. Not unless you've recently become an international arms baron or sold your shares in Facebook, at least.
According to Forbes analysis, the median home price in the 33156 ZIP is now $3.4 million. That's a huge jump for the neighborhood, which didn't even make the top 100 in Forbes' list last October, which had Fisher Island as Dade's most expensive locale.
Fisher Island does stay on the list this year, dropping a few spots to the nation's 39th most expensive ZIP; another ZIP that includes the Gables, 33143, came in at 34th on the list.
The neighborhood's skyrocketing property costs reflect a real bump in Miami's property prices after a long decline.
A new report from FNC's Residential Price Index finds that Miami's market have increased by 6.7 percent in the past year, the Miami Herald reports
. That's the fourth biggest jump in the nation, behind only Phoenix, Detroit and Denver.
Welcome back, housing bubble! We've missed you dearly around here.
Follow Miami New Times on Facebook and Twitter @MiamiNewTimes.