The Florida neighborhood that quietly surpassed Beverly Hills
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For decades, Beverly Hills symbolized the pinnacle of American wealth and exclusivity. That distinction now belongs to a barrier island just off the coast of Miami. According to recent data, Fisher Island, Fla., has overtaken Beverly Hills, Calif., as the most expensive ZIP code in the country, with a median home listing price of approximately $12.45 million. The shift highlights broader changes in wealth migration, market dynamics and the growing appeal of South Florida among ultra-high-net-worth buyers.
A private enclave with limited access, Fisher Island is unlike any other residential community in the United States. Accessible only by ferry, boat or helicopter, it offers a rare combination of privacy, luxury and exclusivity. With fewer than 1,000 residents and no public access, the island has built a reputation as a fortress for discreet affluence. Its properties include sprawling penthouses, oceanfront mansions and condominiums that provide panoramic views of the Atlantic.
The island’s appeal has always been evident, but recent developments have accelerated its ascent. A surge in interest from finance professionals, tech executives and international investors has driven prices upward, resulting in record-breaking listings and sales. A recently listed penthouse on the island is priced at $85 million, a figure that once seemed reserved for only a handful of properties in Los Angeles or Manhattan. The 33109 ZIP code now regularly leads national rankings in terms of per-square-foot pricing.
From hidden enclave to high-value hub
Fisher Island’s exclusivity dates back to the early 20th century, when it was traded among millionaires and celebrities. Over time, it transformed into a purpose-built enclave for the world’s wealthiest. Amenities on the island include a private beach club, a deep-water marina, a members-only golf course and multiple fine-dining venues. There are no public roads, and only a select number of ferry passes are issued to residents and approved guests.
This combination of physical isolation and curated luxury has created a highly desirable market, particularly for those seeking refuge from high-tax states or global volatility. The population includes residents from across the U.S., as well as seasonal buyers from Europe and Latin America. Since 2020, interest in the island has grown alongside Miami’s rise as a financial and cultural capital, with private equity firms and hedge funds opening satellite offices in the region.
Market forces shaping the shift
The ascent of Fisher Island coincides with a broader trend reshaping the geography of luxury real estate. Florida’s lack of a state income tax, relatively business-friendly policies and year-round climate have drawn high-income earners from California and the Northeast. While Beverly Hills continues to be a stronghold of wealth, its growth has been tempered by higher taxes, regulatory shifts and changing lifestyle preferences.
Median home prices in 90210 remain high, but have not kept pace with Fisher Island’s trajectory. The contrast underscores a changing real estate landscape in which newer markets outperform legacy luxury locations. Data from Redfin and Knight Frank also suggest that Miami has seen some of the steepest price increases among U.S. metros in recent years, particularly in waterfront and high-rise properties.
What this signals for luxury real estate
The rise of Fisher Island reflects more than just a real estate milestone. It points to a redefinition of where and how the wealthy choose to live. Proximity to financial centers is no longer confined to New York or Los Angeles. Increasingly, buyers are prioritizing privacy, climate and tax conditions over legacy status or traditional cultural cachet.
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