Miami-Area Has Most Expensive Residential Street in the US
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iStock/Thinkstock(NEW YORK) — Indian Creek Island Road in the Miami area is the nation’s most expensive residential street, according to the real estate company Zillow.
The median home value on Indian Creek Island Road is $21.48 million. Indian Creek is a small private island in Biscayne Bay.
According to Zillow, five of the top 15 most expensive streets are in California, followed by Florida.
Beverly Park Circle in California is the second-most expensive residential street in the U.S. The median home value on the circle, which is inside an exclusive gate community, is $16.238 million.
Based on Zillow’s analysis of streets with at least 10 homes, here’s a rundown of the 15 most expensive streets, based on median home value:
1. Indian Creek Island Rd, FL, $21.48 million
2. Beverly Park Cir, CA, $16.238 million
3. Beverly Park Ter, CA, $15.813 million
4. Lazy Lane Blvd, TX, $15.42 million
5. Conyers Farm Dr, CT, $13.033 million
6. Strawberry Park Ct, CO, $12.421 million
7. Field Point Cir, CT, $12.113 million
8. Coopers Neck Ln, NY, $11.872 million
9. Nimes Rd, CA, $11.445 million
10. Arvida Pkwy, FL, $11.209 million
11. Cameldale Way, AZ, $10.834 million
12. Nelsons Walk, FL, $10.496 million
13. Broad Beach Rd, CA, $10.272 million
14. Tahiti Beach Island Rd, FL, $10.267 million
15. Copa De Oro Rd, CA, $10.264 million
What gives such named streets a higher price tag? Spencer Rascoff and Stan Humphries, the co-authors of Zillow Talk: The New Rules of Real Estate, say in general, the most valuable street names describe something about a home’s location. Indian Creek Island Road is a great example because “island” indicates the homes are near water, and therefore probably worth more than non-waterfront homes in the area.
In their analysis, Rascoff and Humphries discovered the most common suffixes — street, boulevard and avenue — tend to be the least valuable. Way and place, meanwhile, make up only four percent of street name suffixes nationwide, and their homes are typically worth more.
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