NYC loses top spot in expensive zip list, but still dominates
New York City has lost the title of having the priciest single family homes on the market, but affordable housing advocates may not want to break out the beer just yet.
Atherton, Calif.'s 94027, with a median sales price of $6.67 million, has edged out the Upper East Side's 10065 as the nation's "most expensive zip code," according to a new Forbes list that puts 10065 in third place, also behind Los Altos Hills, Calif.'s 94022.
But, the story noted, "the overall list is dominated by the New York metro area, which accounts for a quarter of the 500 priciest zip codes."
Luxury lofts and condos in lower Manhattan are turning once arty downtown areas such as SoHo and Greenwich Village into prestige addresses, said the author of the article, Forbes staff writer Morgan Brennan.
Based on list prices over a 90-day rolling period that ended in September, the list exempted co-ops that were for sale. Had they been included, "that may have changed some of the rankings," but would not have changed the list appreciably, Brennan said.
New York City has an appreciation in housing prices during the last 18 months, noted Nathaniel Faust, an associate broker with Citi Habitats. The high demand for properties, combined with scarce inventory, is driving up city home prices into record levels, he said.
"You have a lot of high-net-worth people who work here, and it's a magnet for wealth from all over the world," said Faust.