Archive for Statistics
The Most Expensive ZIP Codes In The County (2011 Edition)
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In the housing market, amenities and location have as much to do with a home’s value as the everyday forces of supply-and-demand. Whereas the latter causes home values to rise and fall over time, the former creates a starting point for said values.
Where you live — and the features of your home — determine your home’s price range. Naturally, homes in some areas are consistently higher-valued than homes in others.
Using data compiled by real estate market data firm Altos Research, Forbes Magazine presents America’s 10 most expensive ZIP codes. California and the New York Metro area dominate the list.
- Alpine, NJ (07620) : $4,550,000
- Atherton, CA (94027) : $4,295,000
- Sagaponack, NY (11962) : $3.595,000
- Hillsborough, CA (94010) : $3,499,000
- Beverly Hills, CA (90210) : $3,469,891
- New York, NY (10012) : $3,392,574
- New York, NY (10013) : $3,317,962
- Water Mill, NY (11976) : $3,300,000
- Montecito, CA (93108) : $3,099,348
- Old Westbury, NY (11568) : $3,095,000
In fact, of the top 50 most expensive ZIP codes, only 6 are located outside of California and New York regions. 3 are Colorado resort towns — Snowmass (81654), Aspen (81611) and Telluride (81435) — one is in Maryland, one is in Florida, and the last is in Washington State.
Chicago-suburb Kenilworth (60043) is the top-ranked Midwest ZIP code. It placed 86th overall.
The Forbes list may be interesting but, to home buyers or sellers in Lake Geneva real estate , it should not be the final word in home values. Real estate is a local market which means that — even within a given ZIP code — prices can vary based on street and neighborhood.
Look past general data and get specific. Talk to your real estate agent for local market pricing.
As 2009 was ending, the “experts” were busy making forecasts about the U.S. economy and what to expect in 2010.
With respect to the Lake Geneva real estate housing markets, two predictions were made again and again:
- Home prices would fall in the first half of 2010
- Mortgage rates would be higher in 2010
Well, it’s July 1 and the year is half-over. Both predictions are proving to be incorrect. Home values are rising in most markets and Lake Geneva mortgage rates are down. Way down.
It reminds us that economists are much more skilled with analysis of the past versus predictions of the future.
A pile of data can only get you so far.
Think of Lake Geneva mortgage market predictions like watching a local weather forecast. A meteorologist can look at the radar and tell you that rain is coming, but it’s never with 100% certainty. There is always a chance of change.
The housing market is the same way. Just as the U.S. economy is unpredictable, so are housing prices, and so are mortgage rates.
Therefore, when you have a personal finance decision to make, evaluate your options based on the information at hand today rather than an educated guess about the future. The future, after all, is subject to change — despite what the experts forecast.