Sagaponack Loses Top Spot On Annual Most Expensive Zip Code List

After being deemed the most expensive zip code in 2016 and 2015, 11962 (A.K.A. Sagaponack) was beaten out by Atherton, California (94027) for the top spot in 2017, according to PropertyShark, a leading real estate data provider. And, due to a major drop in median sale price, Sagaponack – whose median 2017 sale price was $2,819,000 – moved all the way down to the 15th spot on the list.

Based on closed home sales, Atherton’s $4,950,000 median sale price was dubbed the most expensive zip code. New York’s 10013 – which covers TriBeCa – earned the second spot due to a $4,100,000 median sales price, and 33109 (Miami Beach, FL) rounded out the top three with a $4,052,500 median sales price.

The top Hamptons mention comes from Water Mill (11976), whose $3,162,500 median sale price earned it the ninth spot. Wainscott’s 11975 ($3,000,000 median sale price) was deemed the 10th most expensive zip code.

“Hamptons high-end market absorption rates indicate slower movement in that sector but there are still plenty of opportunities in the high end. According to RealNet, 2017 saw double digit deals of $24 million and up and Douglas Elliman participated in 5 of the top 10 deals (including closed and in contract) in the region,” explained Carl Benincasa, Douglas Elliman’s Regional Vice President of Sales for the Hamptons. “One of the sectors that we’ve seen incredible growth is the condo market, which has shown movement in both price and number of closings. The current Hamptons condo market indicates that a significant portion of the market is trading size for location and convenience.”

With a $2,525,000 median sale price, Bridgehampton (11932) came in at 26 and Amagansett’s 11930, whose median sale price is $1,781,250, earned the 49th spot. Quogue’s (11959) $1,452,500 median sales price took home the 86th spot, and the final mention was Sag Harbor (11963), whose $1,425,000 median sales price landed the 92nd spot.

“The median Water Mill sales price of $3.1 million reflects the continuous rising value of land, especially land in desirable areas or next to a reserve,” added Peter Huffine of Corcoran. “The $3.1 million would only buy you a acre South of the Highway, which when approved with new construction, would be worth at least $6 million plus.”

Out of the top 100 zip codes, California earned the most mentions, with 77 zip codes making the cut. New York had the second most, with 19 zip codes on the list.

For the full list, visit www.propertyshark.com.