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The Third Degree Dirt

Real Estate reporting service Property Shark recently released its annual ranking of the most expensive ZIP codes in the US and as one could easily predict, California dominated the list with 19 of the top 27 ZIP codes. Many of these zip codes are found in and around Silicon Valley. New York followed with six ZIP codes on the list — three in Manhattan and three in the Hamptons.

At a $3,750,000 median sale price, our north of Montana Ave, Santa Monica, 90402 and Beverly Hills’ iconic 90210 are tied for the title of #3 priciest.

“Covering the exclusive Santa Monica neighborhood North of Montana and parts of Rustic Canyon, Santa Monica’s 90402 marked its second year as the third-priciest zip, despite coming in 10% below 2019 pricing levels,” Property Shark said. “This price drop allowed Beverly Hills’ 90210 to equal Santa Monica’s median, as the former’s median sale price contracted at a milder 8%, thereby giving Beverly Hills its highest position since 2015.”

The country’s most expensive neighborhood is the posh Silicon Valley suburb of Atherton, California. With its $7 million median sale price, Atherton was crowned the country’s priciest ZIP code for the fourth year in a row. Its closest competitor, the quaint Hamptons village of Sagaponack, had a median price of $3.9 million which was about half of Atherton’s.

Mass migration to posh suburbs has pushed up median home prices in California and New York, the two states with the bulk of the country’s priciest ZIP codes. While people may be leaving urban hubs like San Francisco and New York in droves during the coronavirus pandemic, real estate in ritzy enclaves just outside those cities is more expensive than ever, causing median home sale prices to rise in three-fourths of the country’s priciest ZIP codes.

For more info about our ranking and to view the top 27 most expensive zip codes of America, check out this article by Business Insider.

 

DID YOU KNOW? The global value of the real estate industry was rated at $6.9 trillion in 2018 and is expected to reach $8.7 trillion by 2026, with a compound annual growth rate (CAGR) of 2.8% from 2019 to 2026. (Yahoo Finance)

DID YOU KNOW? Goldman Sachs expects economic growth of 6.6% in 2021, compared with a previous forecast of 6.4%, according to a report published yesterday. It also raised forecasts for how much stimulus the new administration will be able to push through in the near-term, to $1.1 trillion from $750 billion.

DID YOU KNOW? The Council of Large Public Housing Authorities noted that 11.4 million renters have accrued an average of $6,000 in back rent to date – totaling $70 billion in unpaid rent. (Housingwire)

DID YOU KNOW? Goldman also expects a pared-down version of the stimulus plan revealed last week – checking in at an estimated $750 billion to $1.1 trillion – to be passed between mid-February and mid-March. They also expect a second proposal dealing with taxes, infrastructure, and benefit programs to pass around mid-year, 2021.

DID YOU KNOW? China was the first country to experience the dramatic impact of the pandemic…..and is the first country to emerge economically.  GDP growth in the 4th quarter of 2020 was 6.5%! #comingsoon to the USA? (FT)

 

In other Real Estate News….

 

There were three new listings this week-

2201 Georgina Avenue– Listed by Pence Hathorn Silver for $5,350,000. Fantastic corner lot, almost 9,900 sqft creating an exceptionally large backyard. The house is an authentic 1920s Spanish with a great layout. Ready for some updating.

1508 Georgina Avenue– Listed for $6,795,000. This nicely updated home is on a large 12,302 sqft lot. It was last sold just a few months ago, closing in September 2020 for $6,570,000.

705 Palisades Beach Road– Listed for $13,950,000. Beach front property on a huge 11,400 sqft lot with a beautiful pool. Previously owned by Douglas Fairbanks (silent film actor from The Mark of Zorro, Robin Hood…). Last sold in 2010 for $6,862,000.

 

Two new accepted offers-

427 14th Street– Listed by Pence Hathorn Silver for $7,695,000. In escrow after receiving multiple offers!

341 23rd Street– Listed for $4,595,000. This one was on the market for less than a week!

 

Two new closings this week-

253 19th Street– Sold for $3,545,000. Originally listed for $3,650,000.

622 25th Street– Sold for $5,918,000. Originally listed for $6,599,000.

 

If you are curious as to the current value you of your home, please call me – 310-924-4014

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