Small Towns With Expensive Homes
By Steve Gillman - 2011
We do not normally report on expensive homes here. In fact,
our theme is the opposite. But once in a while it is fun to look
at just how crazy real estate can be, and just how much people
are willing to pay to live in a place. So the following is all
about pricey homes in small towns. As you'll see, these are some
of the most expensive towns in America.
Much of the information here was gathered from an article
on msn.com and from zillow.com.
The average prices mentioned are for December 2011. And the priciest
small town is...
Sagaponack, New York
On average, a home here will cost you about $3.5 million.
Of course, it will be a nice home; most likely with a large yard
and a view of the ocean. One of the houses here is a 66,000-square-foot
Located on Long Island, Sagaponack has held the number one
spot for expensive small towns for three years now. It has a
population of under 700 residents. Home values dropped about
10% here last year, but prices are still far beyond the next
town on the list.
Jupiter Island, Florida
Home to famous golfers and singers (Tiger Woods and Celine
Dion have lived here), Jupiter island has close to 1,600 human
residents. It is also a seasonal home to sea turtles, which come
here to nest. Although prices have dropped by about 9% in the
last year, the median home value is still $2.6 million, putting
this small town solidly in second place.
Los Altos Hills, California
This town of 7,400 people has a median home value of $2.16
million. That is 5.6% higher than the previous year--one of the
few places on the list that have seen rising prices. Los Altos
Hills, considered part of Silicon Valley, used to be a seasonal
destination for wealthy San Franciscans, but according to the
2010 census, that has changed. Now 1.7% of homes are for seasonal
The Rest of the List
As you might have guessed, homes cost the most in New York
and California. In fact the rest of the top ten most expensive
small towns are in these two states. All of these, by the way,
have less than 10,000 people living in them. They are:
Water Mill, New York
Kings Point, New York
Hidden Hills, California
Sands Point, New York
Now to Get Back to Our Theme...
Even as the last of the top ten, Sands Point still has a median
home value of $1.77 million. None of the towns listed are likely
to have affordable homes for the middle class.
On the other hand, if you see that a town you like has expensive
homes, take a second look at all the options. Sometimes the "median
home value" doesn't tell the whole story. In Naples, Florida,
for example, has a median home value of $491,000 because, well,
there are a lot of expensive homes. But there are also some great
three-bedroom condos available for under $100,000.
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