America’s Most Expensive Zip Codes

It is always fun to window shop zip codes! Any of these near you?

Homes In The 50 Most Expensive Zip Codes

 (click picture above for more photos)

From Forbes:

In the Long Island ZIP code 11962, better known as Sagaponack, N.Y., the most expensive property currently for sale is listed at $30 million. That’s for a partially developed 3.8-acre lot of prime beachfront land with a six-bedroom house, a quaint cottage and “room for tennis and pool,” according to the Corcoran Group listing. The property also comes with billionaire neighbors like industrialist Ira Rennert, whose massive Fair Field estate is assessed at $200 million, and hedge fund boss David Tepper, who recently tore down his $43.5 million house to build a bigger one.

The thick concentration of some of America’s richest people helped make the swanky Hamptons village  the third most expensive ZIP code in the country for home sales this year, with a median asking price of $3,595,000.  It comes in behind two zip codes that regularly grace the top spots of our list: Alpine, N.J., 07620, at No. 1, and Atherton, Calif., 94027, at No. 2.

Alpine is an exclusive New York City suburb where the median home price is $4,295,000, street addresses are regularly scrambled on Google and the residents include celebrities like Stevie Wonder and Sean “P. Diddy” Combs.  In Atherton, a tony town in the San Francisco Bay area, $ 4,295,000 is the median home price thanks to tech billionaires like Eric Schmidt and Meg Whitman.

We compiled our list with the help of Altos Research, a Mountainview, Calif.-based company that tracks housing data in real time. It pulled pricing information for more than 20,000 ZIP codes across the U.S. for June 2 to Sept. 2, zeroing in on the 500 most expensive. Altos calculated the median asking price for both single-family homes and condominiums, weighting the price based on the mix of local property types.  We did not include co-ops. Altos limited the search to ZIP codes where 20 or more residences were listed for sale, including short sales and bank-owned foreclosures on the market.  To smooth out any wrinkles caused by a week’s unusual activity (like, say, an expensive home coming to market in an area where luxury properties are rare), Altos used a rolling average for the 90-day period.

Since our list is based on asking prices rather than tax assessments, it may be unfair to assume that our list is completely representative of the communities featured  — for example, there could be pockets of long-time residents in modest homes in areas that have become swankier in recent years. Rather, our list is a snapshot of each market’s current activity. “We look at listing prices because, if you were to go into one of these markets with the intention of buying a home, this is what you would see in the market,” says Michael Simonsen, chief executive of Altos Research. In some cases a ZIP may appear more than once on our list.  This happens when two or more towns share the same ZIP code.

Median home prices in the 500 ZIP codes we considered are down 2% overall from our 2010 list, which is the mildest depreciation in years. In 2010 prices were off 5% year-over year and in 2009, 7%.  Inventory levels have remained about the same since 2009, but real estate appraisers like Jonathan Miller, chief executive of New York’s  Miller Samuel , say there’s been an uptick in listings in the luxury end of major U.S. markets this year.  “It’s not that we’re seeing prices rise, it’s that we’re seeing more activity,” Miller told Forbes recently.

California dominates our list this year. The Silicon Valley property market continues to benefit from a burgeoning tech industry that’s increased housing demand. In addition to Atherton, Northern California ZIPs that rank highly include Hillsborough 94010 (No. 4); Los Altos Hills (No. 18) and Los Altos (No. 24), which share the ZIP code 94022; Woodside 94062 (No. 31); and Palo Alto 94301 (No. 36).

The celebrity-studded Los Angeles-area figures highly on our list as well. A bevy of $50 million and higher homes landed Beverly Hills 90210 in the fifth spot, Malibu 90265 12th, and the Bel Air section of Los Angeles 90077 19th.David Kramer, a Hilton & Hyland agent specializing in Beverly Hills and Bel Air properties who represented Petra Ecclestone in her purchase of the $85 million Spelling Manor, says he is seeing more $10 million and higher sales this year than he did during the heights of the market in 2005-06. The listing prices in these ZIP codes reflect that, pushing their rankings up from last year.

The tony ski towns of Colorado are also showing strength.  Despite condo prices that start as low as $105,000, Aspen’s ritziest ZIP code, 81611 (No. 20), Snowmass 81654 (No. 13) and Snowmass Village 81615 (No. 59) rank highly thanks to a bevy of estates listed for between $20 million and $40 million.  And Telluride 81435 debuts on our list at No. 28 thanks to posh pads and ranches belonging to the likes of comedian Jerry Seinfeld and former Goldman Sachs CEO and New Jersey governor Jon Corzine.

Simonsen says that after the bubble burst, asking prices didn’t fall much in these posh Colorado ZIPs but days on the market increased, with homes languishing for an average of about a year before being sold.

A surprise on this year’s list is New York City. Manhattan ZIP codes have long featured on our annual list, but this year the wealthy Upper East Side, Upper West Side and West Village were surpassed by two trendy downtown neighborhoods: SoHo 10012 at No. 6, followed by TriBeCa 10013 at No. 7.

The SoHo and TriBeCa housing markets don’t have as much inventory as some other areas of Manhattan, says Gary Malin, president of the New York City-based realty firm Citi Habitats. “They are always highly sought after because of the wide-open loft spaces with high ceilings … and because there’s not a tremendous density of housing there and always a lot of demand, you’re able to get significant prices.” He notes it’s a very similar dynamic in the West Village 10014, which ranked 35th. The ZIP codes of Lower Manhattan, a neighborhood transformed since the destruction of the World Trade Center, debut in the top 500 this year as well thanks to new luxury condos that peddle outrageous amenities.

For complete coverage of the 500 Most Expensive ZIP Codes in America, click here.

1 07620, Alpine, NJ 4,550,000 19.3 244 59 53.0
2 94027, Atherton, CA 4,295,000 7.1 162 41 20.0
3 11962, Sagaponack, NY 3,595,000 237 126 30.0
4 94010, Hillsborough, CA 3,499,000 18.7 156 71 43.9
5 90210, Beverly Hills, CA 3,469,891 -5.8 193 275 55.0
6 10012, New York, NY 3,392,574 5.3 276 102 25.0
7 10013, New York, NY 3,317,962 7.0 333 298 45.0
8 11976, Water Mill, NY 3,300,000 9.8 344 223 58.5
9 93108, Montecito, CA 3,099,348 -1.7 232 207 29.5
10 11568, Old Westbury, NY 3,095,000 -0.5 248 123 10.8
11 10023, New York, NY 3,078,462 53.0 310 568 28.8
12 90265, Malibu, CA 3,054,859 11.9 229 409 75.0
13 81654, Snowmass, CO 2,995,000 51.3 328 51 20.0
14 92067, Rancho Santa Fe, CA 2,949,000 -3.5 248 246 23.9
15 92661, Newport Beach, CA 2,947,000 -3.0 271 54 27.9
16 06831, Greenwich, CT 2,942,959 13.4 261 258 45.0
17 92091, Rancho Santa Fe, CA 2,810,000 51.5 216 38 16.5
18 94022, Los Altos Hills, CA 2,797,000 -8.3 189 34 19.5
19 90077, Los Angeles, CA 2,649,000 12.9 165 109 125.0
20 81611, Aspen, CO 2,647,239 2.3 293 598 38.0
21 07976, New Vernon, NJ 2,572,500 19.5 222 40 8.0
22 92657, Newport Coast, CA 2,536,492 8.2 183 176 37.0
23 95030, Monte Sereno, CA 2,522,500 53.1 242 26 5.6
24 94022, Los Altos, CA 2,522,000 -17.3 104 22 19.5
25 07931, Far Hills, NJ 2,497,000 20.8 175 22 15.5
26 93920, Big Sur, CA 2,495,000 351 24 10.0
27 11765, Mill Neck, NY 2,399,000 -15.4 318 29 15.5
28 81435, Telluride, CO 2,395,000 385 212 23.9
29 11975, Wainscott, NY 2,388,000 13.9 345 75 38.0
30 90402, Santa Monica, CA 2,307,300 -1.3 155 68 10.9
31 94062, Woodside, CA 2,300,000 3.2 157 57 47.5
32 06830, Greenwich, CT 2,268,435 0.4 280 350 21.0
33 91302, Hidden Hills, CA 2,260,652 -26.0 189 66 13.0
34 21056, Gibson Island, MD 2,255,000 -18.5 398 22 3.3
35 10014, New York, NY 2,252,885 -40.5 332 86 17.5
36 94301, Palo Alto, CA 2,199,950 27.1 85 21 6.2
37 80113, Cherry Hills Village, CO 2,195,000 133 87 14.9
37 11930, Amagansett, NY 2,195,000 3.4 342 210 14.3
39 94028, Portola Valley, CA 2,176,500 -13.3 147 32 20.0
40 95030, Los Gatos, CA 2,169,950 -5.4 148 67 20.0
41 10007, New York, NY 2,129,654 -0.8 437 86 28.0
42 94920, Tiburon/Belvedere, CA 2,119,816 -35.4 178 93 22.3
43 33109, Fisher Island, FL 2,093,517 -8.8 438 221 30.0
44 90274, Rolling Hills, CA 2,040,619 -47.5 145 54 13.0
45 10003, New York, NY 2,008,462 -28.9 307 166 22.9
46 98039, Medina, WA 1,988,000 -8.4 265 43 11.3
47 95070, Saratoga, CA 1,925,000 16.5 146 139 17.5
48 92625, Corona Del Mar, CA 1,905,715 -5.5 156 190 23.7
49 94904, Kentfield, CA 1,900,000 -0.6 120 25 8.8
50 11024, Great Neck, NY 1,899,000 40.8 178 65 12.0
51 94024, Los Altos, CA 1,895,000 -36.3 119 43 5.5
51 10577, Purchase, NY 1,895,000 -11.0 226 55 9.0
53 11959, Quogue, NY 1,875,000 265 160 18.8
53 93953, Pebble Beach, CA 1,875,000 -18.8 273 133 30.0
55 10001, New York, NY 1,859,885 26.9 366 68 8.9
56 92662, Newport Beach, CA 1,825,000 -28.9 144 33 6.0
57 90272, Pacific Palisades, CA 1,819,665 -14.7 160 191 19.0
58 10580, Rye, NY 1,799,000 8.4 186 105 12.5
59 81615, Snowmass Village, CO 1,773,523 8.1 304 276 29.5
60 90266, Manhattan Beach, CA 1,756,738 7.0 125 162 24.9
61 06878, Riverside, CT 1,750,000 6.3 207 65 14.5
62 02493, Weston, MA 1,745,900 11.6 173 111 18.8
63 07078, Short Hills, NJ 1,745,000 6.2 150 73 9.0
64 92651, Laguna Beach, CA 1,724,264 -12.5 214 398 24.0
65 11771, Oyster Bay, NY 1,711,710 32.3 200 224 12.5
66 06870, Old Greenwich, CT 1,699,555 18.2 265 81 10.5
67 93921, Carmel/Carmel-by-the-Sea, CA 1,698,250 20.2 173 74 19.2
68 02807, Block Island, RI 1,680,000 26.2 165 38 24.0
69 32461, Rosemary Beach, FL 1,679,000 50.6 352 71 7.0
70 10024, New York, NY 1,672,500 -32.7 339 112 37.5
71 11545, Glen Head, NY 1,672,000 -22.4 190 146 11.3
72 92014, Del Mar, CA 1,660,584 2.7 202 176 26.5
73 85253, Paradise Valley, AZ 1,659,569 -1.0 283 272 22.0
74 10011, New York, NY 1,637,424 -22.4 316 387 39.5
75 07632, Englewood Cliffs, NJ 1,624,500 21.8 171 82 4.0
76 10021, New York, NY 1,623,962 -39.2 434 340 50.0
77 81657, Vail, CO 1,615,516 10.4 301 330 22.0
78 10075, New York, NY 1,613,413 7.7 327 118 90.0
79 06880, Westport, CT 1,610,083 1.6 188 362 25.0
80 91108, San Marino, CA 1,603,000 -15.3 132 58 7.5
81 08738, Mantoloking, NJ 1,599,000 -2.1 216 87 16.0
82 94506, Blackhawk, CA 1,597,000 -0.5 164 36 10.5
83 06820, Darien, CT 1,587,000 -0.5 182 208 12.8
84 06840, New Canaan, CT 1,572,804 -16.1 157 534 13.9
85 22102, Mc Lean, VA 1,563,585 159 144 9.2
86 60043, Kenilworth, IL 1,550,000 -21.9 267 35 6.5
87 93066, Somis, CA 1,549,000 -0.8 268 26 3.5
88 29482, Sullivans Island, SC 1,540,000 -9.0 312 59 2.9
89 94970, Stinson Beach, CA 1,510,000 -15.7 277 26 3.7
90 96754, Kilauea, HI 1,500,000 7.8 251 67 14.0
91 07458, Saddle River, NJ 1,499,450 -10.5 174 204 13.0
92 80121, Greenwood Village, CO 1,495,000 133 53 7.0
93 10019, New York, NY 1,493,038 8.3 370 622 60.0
94 94574, Saint Helena, CA 1,492,800 10.2 216 96 24.0
95 10504, Armonk, NY 1,475,000 6.7 233 73 13.0
96 92037, La Jolla, CA 1,473,144 -12.2 170 500 33.0
97 21662, Royal Oak, MD 1,467,000 -4.9 253 25 6.8
98 90274, Palos Verdes Estates, CA 1,461,097 -23.8 152 124 10.5
99 10069, New York, NY 1,461,038 -34.6 528 192 16.9
100 07924, Bernardsville, NJ 1,459,500 180 94 14.8
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