Miami home to America's priciest neighborhood as NYC home prices fall 

A new survey found that the nation’s most expensive neighborhood is now Miami’s Star Island, as prices in other top housing markets fall. 

Star Island is a man-made enclave off the coast of Miami Beach where the average price of a single-family home is valued at around $40.2 million, according to Zillow estimates from December. Star Island is home to many celebrities including Rosie O’Donnell, Shaquille O’Neal, Jennifer Lopez, and Gloria Estefan. 

The home prices on Star Island have increased more than 71% over the past three years, when the average cost of a home was $23.5 million, according to the study. 

With the rising home prices, Star Island has become more expensive than many of the renowned expensive neighborhoods in the nation: four times more expensive than Beverly Hills Gateway in Beverly Hills, California, and twice as expensive as Port Royal in Naples, Florida. 

Some experts speculate that the rise in prices on Star Island was pushed by Ken Griffin, the hedge fund billionaire who recently bought five properties on the island for $194 million. 

Following the trend of Star Island, the entire metropolitan area of Miami has seen a 160% increase in the prices of homes in certain areas, according to Realtor.com. 

Meanwhile, other expensive neighborhoods around the nation have seen xdouble-digit declines, including San Francisco and New York, according to Zillow. 

Housing markets in New York City have significantly fallen. For example, the Upper East Side in Manhattan has seen home values dropping by 9%, while homes in Washington Heights have declined by 20% and those in Marble Hill by 32%.