The luxury real estate market is a storied sector of the housing market. From beach houses in Florida to vacation homes on Long Island, New York, to the mansions of Hollywood, California, who hasn’t looked on with envy at a multimillion dollar mansion on a movie or television show? In fact, who hasn’t dreamed about owning such a bastion themselves?
These days, the luxury real estate market may just be as exclusive as it was in years past, but it has been expanding geographically, posting significant gains in markets such as Chicago, Boston, and Atlanta. This is indicative of the wealthy being less chained by location than in the past — once people have the money to buy their dream home, many are not willing to sacrifice location just because of where they have to work or where they have been residing their entire lives.
Drawing from Coldwell Banker Previews International’s Luxury Market Report for the fall, let’s focus the lens on six U.S. zip codes where large numbers of expensive homes are sold.
6. Miami Beach, Florida: 33139
The first spot on our list, Miami Beach, is certainly no surprise for those acquainted with the opulence of the area. In the 33139 region, 11 homes with a price ticket more than $10 million were listed or sold in the fall season. There’s plenty to get excited about for residents of the artificial barrier islands, whether it’s the sunny Florida weather, relaxing on the beach, or listening to the New World Symphony. Miami Beach is a prime destination for those looking to drop a spare buck or two — or a cool $10 million.
5. Bel Air, California: 90077
For the next spot on our list, we switch coastlines and move to California. More specifically, we look at Bel Air, one of the three Platinum Triangle neighborhoods of Los Angeles, where 12 homes costing more than $10 million were listed or sold this fall. That means it wasn’t just the Fresh Prince who was enjoying the opulence of the neighborhood, which borders a classic Los Angeles route, Sunset Boulevard. While the report did point to the expansion of luxury home sales throughout the country as the economy picks up steam, this is one neighborhood that will forever be enshrined within the ranks of the luxurious, recession or not.
4. Aspen, Colorado: 81611
Next up is a zip code in Aspen, where no less than 16 homes costing more than $10 million were listed or sold this fall. Aspen, a resort town that offers a wintry paradise as well as summertime options, is one of the biggest areas on the upswing in the luxury home market. Aspen has realized that it presents the ideal location for the wealthy to own a home, not just the perfect spot to take a vacation. After all, if the city’s businesses can take in money from residents all year long, why would they only want their patronage for a few days a year instead?
3. New York, New York: 10021
The third place spot on our list is a zip code on the Upper East Side of Manhattan, where 16 homes with a price tag of more than $10 million were listed or sold over the course of this fall. If you don’t think that a zip code can have prestige, think again: When nearly half of the zip code’s residents were split off five years ago, some residents protested the move, claiming that it would cause their properties to lose value. After all, who wouldn’t want to live in the zip code home to 740 Park Ave., once called the richest apartment building in the world? It’s not exactly cheap to be a resident, either — the average house value in the area comes in at $1 million.
2. New York, New York: 10023
We return to Manhattan for the No. 2 spot on our list. In the 10023 zip code, found on the Upper West Side of Manhattan, 17 homes with a value of greater than $10 million were sold or listen this past fall. Similar to its east side counterpart, the zip code is home to some of New York’s richest, and the average house price is nearly $900,000.
1. Beverly Hills, California: 90210
The top spot on this list goes to Beverly Hills, a city with a zip code that has become synonymous with luxury and success not only in Los Angeles but all across the country. This fall, 18 homes worth at least $10 million were sold or listed in the zip code, the most of any zip code in the nation. It’s no surprise — or, at the very least, it is certainly fitting — that arguably the most famous zip code in the U.S. is still the one to where so many wealthy people flock. Whether it’s the location, the prestige, the neighbors, or just the houses, nothing says opulence like Beverly Hills.