Is Miami the Venice of the 21st Century?

Commentary Famous for its white-sand beaches and Spring Break mayhem, Miami is gradually raising its profile as a global magnet for wealth and commerce. The ascent of the South Florida metropolis is underscored by the fact that the Gables Estates community in Coral Gables, near Miami, is now the priciest neighborhood in the United States, with a typical home valued at around $19.6 million, according to the latest data from digital real estate company Zillow. Old Cutler Bay in Coral Gables and two communities in the city of Miami Beach—San Marino Island and Rivo Alto Island—also ranked among the top 10 most expensive neighborhoods in the United States as of April 2024. Another Miami-area community, Bear’s Club in Jupiter, made it onto the list, along with a neighborhood in Naples on Florida’s Gulf Coast, giving the Sunshine State seven out of 10 spots in the elite ranking....