The 25 most Expensive Neighborhoods In America
October 9th, 2013 by Diane Moore
The US is a beautiful country which hosts some of the world’s most expensive neighborhoods and commercial real estate properties. A large number of affluent and famous individuals reside in these neighborhoods. Notably, some of the most expensive neighborhoods are adjacent to areas where the less affluent people in the society live. However, most people are not aware of this fact. Below, there are the 25 most expensive neighborhoods in the US. They shine a bit brighter on the commercial real estate market.
1. Upper East Side, New York City
This area stretches ten blocks from Fifth Avenue to the East River between 60th and 69th street. It is one of the most affluent neighborhoods in New York City and the median price list for houses in this ritzy neighborhood stands at a staggering 6.534 million. The neighborhood is home to some of the world’s most influential, powerful and wealthy individuals and families. Such individuals include; Mayor Michael Bloomberg, Woody Allen and Mariah Carey.
2. Alpine, New Jersey
The suburban houses in Alpine are more like palaces. Stars like Stevie Wonder, Chris Rick, Eddie Murphy, and P. Diddy are happy to call Alpine, New Jersey home. The average home price tag stands at $6.745 million with a year over year change of 41.1%. Alpine is located 15 miles from mid-town Manhattan and it enjoys a very low crime rate. It has a population of 1849 residents spread over 6.11 square miles.
3. Tribeca, N.Y.
The median asking price in New York is $5.10 million. This neighborhood includes Tribeca which feature numerous stately homes that were built more than 100 years ago, some of the best jazz clubs in America and several condos that are priced at the top of the market. The demand for this once Bohemian neighborhood is so high such that some one-bedroom apartments can cost $1 million or even more.
4. Sagaponack, New York
This breezy Southampton community located on long island has numerous luxurious homes. The median price list for homes in Sagaponack is $4.897 million. Security and the cool climate are the main reasons why the prices in Sagaponack have skyrocketed in the past few years.
5. Atherton, California
Atherton is buried in the heart of the Silicon Valley, and it has quickly become one of the most expensive neighborhoods in America. Homes go for an average of 4.30 million. However, the year over year change has dropped by 4.5%. Atherton can be equated to an exclusive members club where prospective members are always ready to pounce on every mansion that comes up on sale as costs continue to soar.
The costs have been fueled by the initial public offerings of the Silicon Valley which has also helped the town make a strong post-recession recovery. Atherton has several exceptional public schools that have helped offset the notoriously high cost of living.
6. Aspen, Colorado
Aspen is a city in Pitkin County Colorado and it is one of the most expensive neighborhoods to buy real estate in America. It had 16 home sold for over $16 million and it’s one of the favorite towns for millionaires. Aspen has a mixture of high end luxury estates and single family homes mixed with condos and mobile home parks. The median tag price for homes in Aspen is $4.229 million.
7. Hillsborough, California
This beautiful community rests in the San Francisco Bay area. The average price of the gorgeous mansions of Hillsborough is a whopping $4.180 million. This unincorporated town is located in San Mateo County, California. The town has an area of 6.2 square miles,and a population of 10,000 people,and it has several prestigious elementary and middle schools but no public high school.
Hillsborough’s landscape is mainly dominated by large homes mainly because the city enforces a 2,000m2 minimum lot size and 230m2 minimum house size. Therefore, there are no condominiums, townhouses or apartments within the city limits.
8. West Village, New York City
The tree lined rows of brownstones and cozy town houses of the west village continue to attract celebrities such as Julian Moore and Sarah Jessica Parker. The area extends from 14th street all the way down to Huston Street and it’s bounded by the Hudson River on the west and the Sixth or Seventh Avenue on the west.
This New York City neighborhood has a median home asking price of $4.116 million. West Village has a population of 34,000 people.
9. Los Altos Hills, California
The median asking price for homes in Los Altos Hills is $4.016 million. This affluent neighborhood is located in Santa Clara County, California. This affluent bedroom community has several distinctive features. The commercial zone is strictly limited to the neighborhood’s downtown area and small office and shopping parks lining El Camino Real and foothill Expressway.
10. Rolling Hills California
The median list price for a home in Rolling Hills is a staggering $3.972 million. The city has a population of 1,860, and it consists of a single gated community. This neighborhood has an area of 3.0 square miles. Residents attend school, work, shop, and obtain other services in other towns and neighborhoods on the Palos Verdes Peninsula.
Rolling Hills is mainly serviced by PVPUSD (Palos Verdes Peninsula Unified School District) which have constantly ranked among the best schools in California and the nation.
11. Beverly Hills, California
Beverly Hills had more homes worth $10 million on sale in the past one year than any other neighborhood in America. Eighteen homes in the town were sold $10 or more between 1st July 2012 and 30th June 2013. The median list price for homes in Beverly Hills is $3.75 million a rise of 17.2% from the previous year.
The most glamorous and most expensive homes in the neighborhood are mainly the ones with great views. Beverly Hills is best known for its extremely high end restaurants and shopping malls on Rodeo Drive.
12. Ranch Santa Fe, California
This is an unincorporated part of San Diego County which boasts some of the highest earning household sand families. The median price list is $ 3.29 million with a year-over-year change of 13.5%. However, Ranch Santa Fe has a very small population of 3,117 residents.
This exclusivity has drawn a wide range of famous and wealthy residents such as actress Geena Davis and Singer Janet Jackson. For instance, there is a $40 million home in “The Ranch” that is currently for sale. The home has 16,000 square feet, eight bedrooms, nine bathrooms, various waterfalls and ponds.
13. Santa Barbara, California
The median price list for this 9 square mile suburb is $3.19 million. Santa Barbara is home to dozens of celebrities such as Oprah and other wealthy people who are attracted by its ocean-cooled climate. It has several trendy restaurants, and it is also a retirement destination since almost a quarter of its resident are over the age of 65. The median price list has been changing at a rate of 2.9% over the years.
14. Greenwich, Connecticut
This affluent town has a population of 61,171 residents. Greenwich has been ranked as one of the best places to live in the world, and it has the wealthiest residents per capita. On the other hand, Greenwich has been home to many affluent people since its inception in 1640. The median price list is $2.90 million.
There are several listings for over $20 million, but there are also entry level homes for under $1 million. However, the majority of Greenwich residents are extremely wealthy where over 43.9% of households earn $200,000 or more.
15. Sea Island, Georgia
The natural beauty of Sea Island continues to attract America’s ultra rich. This unincorporated area of the Glynn County is also part of the Golden Isles of Georgia. The affluent habitually rent the vast cottages in the island during the peak season. The average home price on this island stands at $2.23 million. There are several luxurious homes and colorful buildings in the upscale character of the island that were designed by Addison Mizner. Sea Island also houses two well visited and very high class resorts, “The Cloister” and “Sea Island Beach Club”.
There are also several golf courses known the world over and several other sports such as boating and kayaking on the Atlantic coast which continue to attract the rich and famous to the island.
16. Bel Air, California
Bel Air rests in the hills right above Sunset Boulevard which commands a great view and hence a hefty price tag for most homes. The median price for homes in is $ 2.82 million. Most locals work in Hollywood otherwise known as “The Industry”; therefore, most homes have media rooms. Besides owning a pool, most home owners in Bel Air also have a cabana. The median list price has been rising at an average of 16%.
17. Woody Creek, Colorado
Located near the high-class community of Aspen, this once rustic part of North-west Colorado is centered near the Tavern where journalist and author Hunter Stockton Thompson held court. In the recent decades, property values have been strengthened by the presence of iconoclastic artists such as rock stars. Inventory has held steady whereas home prices have continued to rise steeply at about 26.44%.
18. Ross, California
Ross residents treasure the comfort of living in one of America’s wealthiest enclaves. Residents must pick letters from the local post office since there is no direct home mail delivery. However, the post office is within easy reach and it is not a long drive or walk downtown to the Ross Commons since the town is only 1.6 square miles.
The neighborhood has a population of 2, 415 and the Prices rose by 73.61 in the past one year. This is attributable to the limited housing inventory which has been pushing up prices over the years.
19. Miami Beach, Florida
South Miami Beach (SoBe) is home to some of Florida’s best nightclubs, hotels, boutiques and restaurants which draw the wealthy to this city in large numbers. In this entertainment destination, 11 homes were sold for $10 million and over. The city has an area of 18.7 square miles and a population of 87,779 residents. Miami has the warmest winter weather in the United States. It has a tropical climate with hot, humid summers and warm, dry winters.
20. Malibu, California
Malibu is located in Northwestern LA and it has a total area of 19.8 square miles. This affluent beach community had 10 homes that were sold for over $10 million in the past one year. For instance, there is a 13 bedroom mansion in Malibu that is currently tagged at $54 million.
21. Brentwood, California
This prestigious neighborhood had eight luxury home sold for over $10 million in the past one year alone. Brentwood is located in Contra Costa County, California mainly in the East-Bay region of San Francisco Bay Area. It has an area of 14.81 square miles and a population of 51,481 residents. There are several golf courses and high ranking public schools that service the residents.
22. Naples, Florida
Naples is located in Collier County, Florida, and it has an area of 14.4 square miles. It had seven home sold for over $10 million. It has an estimated population of 19,537 and it is one of Florida’s wealthiest neighborhoods with a well developed real estate system. For instance, there is a 6 bedroom home in Naples, FL tagged at $17.9 million.
23. Laguna Beach, California
Laguna Beach, CA. had seven homes that were sold for over $10 million in the past one year. This affluent artist community and seaside resort is in the southern Orange County, CA. It has an area of 9.8 square miles and a population of 22,723 residents. It is bordered by Laguna Niguel and Aliso Viejo on the east, Dana Point on the South-east, Laguna woods on the northeast, Crystal Cove State park on its northwest, and Pacific Ocean on the Southwest.
There are 28 beaches, cloves and bays on the 8 miles of coast. Laguna Beach has mild Mediterranean climate and several prestigious elementary schools which make it a preferred home for the rich and famous.
24. Palm Beach, Florida
Palm Beach is also known as the “Gold Coast”. Six homes in this prestigious neighborhood were sold for over $10 million. Palm Beach is located on a 16 mile long barrier island. The main attractive feature of this neighborhood is a warm tropical climate. Celebrities and the affluent in society have made Palm Beach a heaven for enjoying the tropical sun and warm climate.
25. Pacific Palisades, California
Pacific Palisade is a popular filming location on the Westside of Los Angles. The area has 23,940 residents and it is mostly a residential neighborhood. Additionally, it has a mixture of large private homes, condominiums, small houses and apartments. Five homes in Pacific Palisade were sold for over $10 million. The neighborhood is served by numerous social amenities such as several public schools and recreation parks which makes it quite popular especially with the wealthy families and individuals.
Regardless of the type of property you are searching for, these top 25 neighborhoods are bound to have the highest tags to property and the super rich continue to flock these neighborhoods. In order to come up with a comprehensive list, these expensive neighborhoods have been rated by taking several aspects into consideration. These include the median home price, median property tax and the average cost of living. Therefore, before purchasing property in this area, you must research comprehensively and consult widely especially from reputable realtors in order to ensure that everything goes as planned and that issues are solved in a timely manner.
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