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Prestige Insurance Group, Inc.

Giant MansionMulti-million dollar mansion sales are a near daily occurrence in South Florida, where many of the most expensive markets in luxury homes are found in the nation, according to a Redfin study.

The study by the real estate firm looked at the average sales price of the top 5 percent of most expensive homes that sold in each city in the first quarter. Coral Gables, Palm Beach and Miami Beach ranked third, fourth and sixth nationally for the highest average price while Wellington came in 16th. The study included both single-family homes and condos.

The national list was topped by Dana Point, California at $11.25 million, but that was a small sample size of only one home sold. La Jolla, California was second at $10.21 million.

There's a big difference between the top of the housing market and the rest, and in few places is the divide more apparent than in South Florida. The top 5 percent most expensive homes cost more than 10 times the other 95 percent of homes in cities like Coral Gables, Delray Beach, Miami Beach, North Miami Beach and Wellington.

"New offices, apartment buildings and lofts, paired with a big onslaught of urban amenities and proximity to the beach, have turned Delray from a place you didn't want to be to the place to be for high-end housing," said Robyn Jackson, a Redfin agent in the Palm Beach area, in a news release. "Executives came to Boca for their jobs, usually from more-expensive cities, and bought luxury homes in the top-ranked school districts."

Some cities have a high barrier to entry. The "other 95 percent" of homes averaged $1.17 million in wealthy Palm Beach. Coral Gables, Miami Beach, Sunny Isles Beach and Parkland also demanded high prices for the "average" home.

For those in search of affordability, the top 5 percent market was under $350,000 in cities such as Hialeah, Greenacres, Lauderhill, Margate, and North Lauderdale.

Your high value home requires substantial insurance coverage. Call Prestige Insurance Group, Inc. at (888) 969-8778 for more information on Florida high value home insurance.

(Article Courtesy: Brian Bandell via South Florida Business Journal)
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