Here’s 2018’s Most Expensive ZIP Codes To Dream About
December 3, 2018
Here are the country’s most expensive ZIP codes according to PropertyShark.com, an online real estate data source. PropertyShark’s numbers are based on median closed sales prices. “A minimum of five closed sales within an individual Zip Code is required to make the list of 100. If there aren’t enough sales and activity, we don’t include that into our consideration,” explains Eliza Theiss who wrote the PropertyShark report. Do keep in mind these are median sales prices.
The five Zip Codes topping the list are on both the east and west coast. They include Atherton (94027), CA., Sagaponack,(11962), NY., Boston (02199), MA., New York (10013), NY., and Santa Monica (90402), CA. California has the most Zip Codes, garnering 82 spots. Mauricio Umansky, CEO & founder of The Agency, the Beverly Hills-based ultra-luxury brokerage firm with seven offices around California understands the dynamics of pricey real estate. “The real estate market in California continues to remain strong and commands high price points as the state is one of the most sought-after in the world in which to live or own a second or third home. Pricing is simply a matter of supply and demand as there is only so much land in these coveted areas. Silicon Valley, Beverly Hills, Santa Monica, Newport Beach, and other California Zip Codes that top the list are among the most notable in the world,” Umansky observes.
It’s no surprise, Atherton, California (94027) a posh enclave in San Mateo County, 18 miles northwest of San Jose home to tech moguls and venture capitalists landed the top spot. Its 2018 median sales price came in at $6.7 million. Rich Bassin, a broker at Pacific Union International/Compass knows Atherton real estate well. Bassin had three recent sales in the 94027 Zip Code with price tags of $19,750,000, $16,000,000 and $13,000,000. “We have had lots of $15 million to $30 million new spec homes until recently. We are seeing that market change with the spec home builders being a bit concerned.” With that news, it will be interesting to see if Atherton remains at the top of 2019’s list.
In the number two spot is Sagaponack,(11962) a village in the celebrity-heavy town of Southampton on Long Island’s East End with a median sales price of $5,500,000. According to PropertyShark, Sagaponack went from 15th place in 2017, thanks to an insane 95% median sales price growth. Though a quick check on current listings on Zillow revealed you’d hard pressed to find anything below a mere $7,495,000.
A median sales price of $4.772,500 got Boston the number three spot with Zip Code 02199, located in the shadow of the Prudential Center in Boston’s Back Bay. “It’s a pretty small area with several luxury buildings. They really should rename it the Prudential Center Zip Code,” notes David Bates broker associate at William Raveis Real Estate. “It is consistently one of Boston’s wealthiest Zip Codes, Bates adds.
When One Dalton the newest Four Seasons Hotel and Private Residences with 160 condominiums ( built on the floors above the hotel) located in 02199 opens in late Spring, expect that area to get a boost on median sales prices from One Dalton’s luxury condominiums. It’s been widely reported that tech billionaire Michael Dell, number 39 on Forbes’ Billionaires list of 2018 is buying a $40 million penthouse at One Dalton.
The city with the highest Zip Code count is Los Angeles. No surprise since the high-priced enclaves of Beverly Hills, Bel Air, Holmby Hills, Brentwood, and Santa Monica are within just a few miles of each other. Check back next year to see who made it and who dropped off. In the world of ultra-luxury real estate, the story can change quickly.
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