According to data crunched by Zillow of "streets with at least ten homes", three of the fifteen most expensive residential streets in the country are in Greater Miami, including the top spot, Indian Creek Island Road, the only street in the rarified enclave of Indian Creek Village, where houses go for an average of $21.4 million. That's significantly more money than the second place contender, Beverly Park Circle in Beverley Hills, where each house is worth about $16.1 million. The other two are in Coral Gables: Arvida Parkway is number ten, with houses worth an average of $11.2 million, and Tahiti Beach Island Road, with houses worth an average of $10.2 million.
Why do those three streets fare so well? Obviously, it has to do with location, the desirability of Miami, and the fact that they're all waterfront. They have large lots and extremely luxurious homes, with direct bay access that's perfect for big yachts. They are in attractive and well-kept neighborhoods with lots of public services. They are behind guard gates. They are centrally located, yet provide lots of privacy. These street are also completely made of those kinds of properties, instead of being relatively more mixed bags. Miami Beach's North Bay Road is known for its incredibly expensive Biscayne Bay-facing homes, but on the inland side of the street, a house can be had there for the (relatively) more affordable price of $2.65 million.
The naming of the street itself might also has something to do with it, however. According to Zillow, named streets almost always have the advantage over numbered streets. It's a trend that's remarkably consistent in the top twenty metro areas with the exceptions of New York, Atlanta, and Denver. Homes on Indian Creek Road are exponentially more valuable than those on the only street it connects to: 91st Street in Surfside. The street's suffix also matters, with 'Way' and 'Place' having more value, perhaps because their rarer, than 'Street', 'Road', and 'Boulevard.' Does that mean that Indian Creek Island Road might be even more expensive if it was renamed Indian Creek Island Place? No, probably not. The idea seems kind of ridiculous.
· The most expensive streets in America [Zillow]
· Indian Creek Village coverage [Curbed Miami]
· Indian Creek Island Road is the most expensive street in America [New Times]