IFO’s sister said years ago something to the effect that if you buy a top-of-the-line house in great condition in the best neighborhood in the region, you will never lose money when it comes time to sell.
We’re not sure Dr. Housing Bubble‘s data bears this opinion out, but there’s an interesting view of high-end houses and the market for them in Forbes’s online magazine: America’s Most Expensive Zip Codes.”
Here’s the answer to what IFO wanted to know right away – which are the top three?
The thick concentration of some of America’s richest people helped make [Long Island ZIP code 11962, Sagaponack, N.Y.] 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.
Morgan Brennan, the reporter who wrote the article, clearly loves real estate, especially expensive real estate, so it’s fun to read her piece, up to a point. Then the endless prose linking zip codes, to prices, to locations just gets too tiresome.
However have fun, real estate loving investors!