Just south of Miami lies Coral Gables, Florida, a city of 41,000 residents who enjoy close proximity to one of America's busiest and most culturally diverse hubs. A strong dedication to architectural aesthetics and restoration has resulted in the preservation of one of South Florida's most beautiful cities. High residential real estate values attest to the city's draw not only for new Floridians, but also for residents of Miami, many of whom are overflowing into Coral Gables to escape the comparative hustle and bustle of that much larger metropolis.

Coral Gables' past is an interesting one. The city, located at a higher elevation than many of the regions that surround it, was spared from the considerable flood damage that plagued other South Floridian towns and cities. While Florida's generous rainy season caused headaches -- financial and otherwise -- for residents in adjacent areas, Coral Gables was able to grow an extensive array of plants and other vegetation, some of which gave rise to such species as deer, which one may not expect to find in sunny South Florida. Not all of Coral Gables' topography lies out of flood-prone areas, however. Part of the city is located within lower-lying glades, which do, indeed, fall victim to flooding on an occasional basis. That hasn't stopped developers, though, from building such attractions as world-class golf courses in the city's lower-lying areas, which happen to be among its most beautiful.

One of Coral Gables' earliest settlers, George Merrick, is credited with laying the foundation for this beautiful city. Merrick's vision for this region was the development of a planned community. As a member of the Dade County Commission, he soon convinced others of the merits of his idea. Merrick took up real estate on the side during the earlier part of the 20th century and became very successful. One of his first projects, completed on a characteristically grand scale, was a home he built for his new wife, Eunice Isabella Peacock. He named the estate Poinciana Place and decided to use it as the model for what would become Coral Gables. Merrick had a very clear plan of the architectural style he wished to see built in this new city. He spent considerable time studying Mediterranean-style architecture and then recruited a group of the world's most talented architects -- including a landscape architect -- all of whom were skilled at creating this whimiscal, carefree style.

Merrick likely was influenced by a larger national trend within American urban architecture popular in the early 1900s, called the "City Beautiful Movement." In contrast to the dreary industrial skylines characteristic of the 1800s, advocates of the City Beautiful Movement promoted the preservation of nature within city limits -- in other words, the coexistence of city development and wide, tree-lined streets, lush parks and waterways, grand squares and plazas. That coexistence was to be protected by strict zoning regulations.

The careful attention that Coral Gables' developers paid to the aesthetics of the city was not forgotten. Later settlers took measures to preserve the structures, the parks and the streets that the City Beautiful Movement helped to establish. Throughout the 20th century, a series of restoration and preservation efforts began. Those efforts were largely successful, but nothing could stop the inevitable encroachment of big business from nearby Miami. High-rise buildings eventually crept into downtown Coral Gables. And the city's population, like Miami's, grew considerably more diverse as more Hispanic families began settling in South Florida.

Today, the city of Coral Gables is benefiting from a strong economy. Among the industries that have propered here are oil, telecommunications, health care and import/export. The number of multinational corporations that have taken up residents within the city's borders is remarkable. Approximately 140 multinationals -- including Alcoa, American Airlines, Apple Computer, Bank of Tokyo, Del Monte Fresh Produce, Delta Airlines, Hilton International, Northwest Airlines, Philip Morris Latin America, Ralston Purina, Rockwell International and Texaco International Marketing -- call Coral Gables home. The University of Miami, based in Coral Gables, provides an excellent source of recruitment for all of these multinationals. The university is the largest private research institution in the southeastern United States.

Given Coral Gables' strong economy, the residential real estate market is thriving despite the market's asking prices, which are expensive. The average price for a single-family home (containing 3 or 4 bedrooms) ranges from $200,000 to $750,000. Smaller-sized homes aren't likely to give your budget much of a break; the average two-bedroom townhome in Coral Gables ranges from $175,000 to $300,000; and the average two-bedroom condominium will run you anywhere from $150,000 to $295,000.

In addition to a strong local economy and progressive, diverse and educated populace, Coral Gables offers its residents an environment in which city developers and leaders take great care to promote the ongoing maintenance of the city's historic structures and its surrounding landscape. As long as all of these elements are in place, it's likely that property values will remain high in Coral Gables. This architectural gem of South Florida is likely to remain one of the state's strongest real estate markets well into the 21st century.