Here’s are some of the least expensive homes for sale in the most expensive ZIP codes. Savvy buyers often trade off a smaller home sometimes on a main street to live in a desirable neighborhood. The problem today is finding those homes is a challenge. Mihaela Bordea senior analyst at Point2 Homes.com an international real estate search portal recently finished a comprehensive study on where to find the least expensive homes in the most expensive ZIP Codes.
Bordea was surprised at some of the numbers. “I was expecting to see higher prices in some of the ZIP codes and found that was not the case. The fact that in an area with a median asking price of over $ 4 million one can find a property selling for $699,000 was unexpected, even if this price is more than double the median home price in the country and it’s for a condo.”
Take a look at some current listings around the country on the Point 2Homes.com’s list. In 11 of California’s most expensive ZIP codes and 5 of the most affluent ZIP codes in New York, the least expensive properties are listed for less than $1million.
In Sagaponack which neighbors Sag Harbor in The Hamptons, there’s a starter or potential tear down listed for $875,000. Located in the Sag Harbor school district, the median sale price in that ZIP is $4,300,000. “Home seekers should not dismiss certain areas and neighborhoods from the get-go, just because they know they are expensive locations and assume all properties are in the luxury range,” Bordea said.
Heading to Santa Monica’s famed Ocean Avenue, an 855 square foot condominium in one of the area’s most desirable full-service buildings is listed at $799,000. Palisades Park is just across the street with ocean views stretching to Malibu. The 90402 ZIP is Santa Monica’s prime address with a median sale price of $4,154,000. “Sometimes, lower-priced properties show up on the market, and, if you are not in a hurry to buy, waiting for these “deals” might be worthwhile. If location is what you really want, it’s not completely impossible,” Bordea notes.
In California’s Silicon Valley, is Los Altos an in-demand city with parks and a quaint downtown. The media sale price there is $3,450,000. If condominium living works for you a 940 square foot unit with an open floor plan is on the market for $798,000.
If living in Tribeca is important there is a studio condominium with 24-hour doorman on Greenwich Street for $640,000. It’s in the 10007 ZIP where the median sale price is $3,900,000.
The takeaway for buyers according to Bordea, “although these properties are not what most of us would call a bargain and their price tag might still be prohibitive for most homebuyers, the big difference between their listing price and the median sale price in the area makes them an attractive option for those who favor location over space”
When location counts consider a smaller size property even if it’s on a main street. You may be surprised at what you’ll find especially in the current market.