I spent 3 hours walking up Miami’s old ‘Millionaires’ Row,’ and I was completely underwhelmed. Here’s what it looks like.

Katie Warren/Business Insider

• Miami’s "Millionaires’ Row" is a stretch of waterfront in Miami Beach that was once a celebrity hotspot, home to coveted oceanfront mansions and luxury hotels. 
• But the wealthy are no longer moving to this once-glamorous neighborhood, which spans Collins Avenue between 41st Street and 62nd Street.
• Instead, younger money is choosing livelier, more walkable areas of Miami like South of Fifth, the Venetian Islands, and Sunset Harbour. 
• I walked Miami’s "Millionaires’ Row," and while I did see many luxury condos and hotels, there were no beautiful mansions and there was absolutely nothing to do. 
• I couldn’t even find somewhere to buy a bottle of water.
• Visit Business Insider’s homepage for more stories.

Not too long ago, the stretch of Collins Avenue in Miami Beach between 41st Street and 62nd Street was a celebrity hotspot, lined with lavish oceanfront mansions and hip luxury hotels.

But several real-estate agents I spoke to said that while the term is still sometimes used to refer to that area, the ultra-wealthy are no longer moving there.

"In the ’80s and ’90s, Millionaires’ Row was New York’s Central Park West," Melissa Rubin, a broker-advisor for Compass in South Florida, told Business Insider, adding that the homes were elegant and the affluent flocked to the area.

Now, you can easily buy a condo on Millionaires’ Row for under $1 million, and "it is not a location where the affluent are gravitating to," Rubin said.

According to Dina Goldentayer of Douglas Elliman, it has to do with money getting younger. 

"Those buyers — in their 30s and 40s — are strongly concerned by walkability," Goldentayer said. "That is why communities like the Venetian Islands have boomed the last 5 years because of their proximity to the hip Sunset Harbour neighborhood."

On a recent trip to Miami, I spent an afternoon walking the stretch of Collins Avenue once dubbed "Millionaires’ Row." Here’s what it looked like. 

Miami’s Millionaires’ Row is a stretch of oceanfront in Miami Beach that was once a celebrity hotspot, lined with lavish oceanfront mansions and hip luxury hotels.

Katie Warren/Business Insider

"In the ’80s and ’90s, Millionaires’ Row was New York’s Central Park West," Melissa Rubin, a broker-advisor for Compass in South Florida, told Business Insider. 

The buildings were elegant and the affluent flocked to the area, Rubin said.

Historian Paul George wrote in the Biscayne Times: "The ostentatious homes that made up this exclusive community were designed by the most prominent South Florida architects of the era. Many were designed in the popular Mediterranean style, featuring barrel-tile roofs, arches, twisted columns, and balconies."

Millionaires’ Row spans Collins Avenue in Miami Beach from 41st Street to 62nd Street.

Google Maps

Real-estate agents I spoke to told me the area is no longer in its glamorous heyday. 

"It is not a location where the affluent are gravitating to," Melissa Rubin of Compass told me, adding that you can now easily find a condo for under $1 million.

According to Dina Goldentayer of Douglas Elliman, the change has to do with money getting younger. 

"Those buyers — in their 30’s and 40’s — are strongly concerned by walkability," Goldentayer said. "That is why communities like the Venetian Islands have boomed the last 5 years because of their proximity to the hip Sunset Harbour neighborhood."

On a recent trip to Miami, I decided to spend the afternoon walking up Millionaires’ Row to see what it was like.

Katie Warren/Business Insider

Collins Avenue is a wide avenue lined by palm trees and bordered by a narrow waterway to the west and luxury developments to the east.

See the rest of the story at Business Insider

See Also:

• The Beverly Hills estate that Jennifer Aniston and Brad Pitt spent 3 years renovating before their divorce is for sale for $49 million. Here’s a look inside the 4-bedroom home.
• Richard Branson is sitting on a $4 billion fortune but spent years cringing over displays of wealth and reportedly wears the same jeans every day — see how the eccentric billionaire spends his money
• 13 mind-blowing facts that show just how expensive San Francisco really is

DON’T MISS: I got access to the richest zip code in the US, an island off Miami where the average income is $2.2 million, the beaches have sand imported from the Bahamas, and the preferred mode of transportation is golf carts. Here’s what it looks like.

SEE ALSO: I toured the most expensive condo for sale in Miami, a $48 million ‘mansion in the sky’ with a 6,000-square-foot private terrace and a pool. Take a look inside the 3-story penthouse.

Source: Business Insider – kwarren@businessinsider.com (Katie Warren)