New York has 20 of the 100 priciest ZIP codes in the nation, but for the first time the city doesn’t have a single one in the Top 10.
Tribeca’s 10007 ZIP code dropped from fifth to 11th, which was Gotham’s highest-ranked nabe in PropertyShark’s annual survey of median home sale prices. Tribeca’s 10013 came in at No. 13, five lower than last year’s grade. The only other New York ZIP code to break the top 20 was Brooklyn’s 11231, which covers part of Carroll Gardens.
The biggest price dip was 38% in the Garment District’s 10018, which dropped from 26th to 84th. NYU real estate economist Tim Savage chalked the midtown plummet up to the scatter-shot mix of old and new buildings: “It’s just a less attractive neighborhood.”
The Hamptons soared however. Sagaponack, where Drew Barrymore and Jimmy Fallon have estates, ranks No. 2, the same as last year, at $3.875 million. And Bridgehampton moved up from No. 23 to No. 7, with $3.325 million.
Of the other eight top spots, Silicon Valley gobbled up six, Los Angeles had two that tied, and Washington state landed one — the Seattle suburb of Medina, where billionaires Bill Gates and Jeff Bezos live. No. 1 was Atherton, near Palo Alto, which had a median of $7 million.
In New Jersey, Alpine tied for No. 100.
Manhattan’s fall is historic, the first time at least one neighborhood hasn’t made the Top 10 since PropertyShark launched its rankings in 2015.
The data gurus blamed the coronavirus pandemic, pointing out the city had been much harder hit than San Francisco or Los Angeles because so many of its most expensive ZIPs lie in the urban core. New Yorkers have fled, many to the East End of Long Island, where real estate has boomed as a result.
But the rich might not have lost money at all when selling their NYC digs, Savage told The Post, especially if they bought their condos during the financial crisis.
“Say you bought in 2010 – in Tribeca or a new condo in Chelsea – you might have seen a 40% gain,” he said. “Then COVID hits and you decide to sell. That gain might be reduced somewhat, but you’ve still got a gain.”
Demand along with a limited supply kept prices steady in the Hamptons, unlike the double-digit decreases in the city – notably 19% in 10007 and 15% in 10013 in Tribeca.
One Manhattan bright spot, surprisingly, was the Upper West Side, where residents have railed the past few months about a surge in homeless men and a host of other problems, including rats.
The median price for 10069 skyrocketed $800,000 — 42% — from $1.925 million to $2.725 million. Bounded roughly by 59th and 72nd streets, West End Avenue and the Hudson River, the strip of land is within blocks of Riverside Park, Central Park, Lincoln Center and Columbus Circle.
“From New York standards,” Savage told The Post, “this is the center of the universe.”
Like in the Hamptons, demand is driving up the prices in 10069.
“Investors understand real estate is a long-term commitment and COVID is a short-term crisis,” he said. “Once we’re through this, we’re back to a New York where this sliver of a ZIP code is highly desirous.”
NYC land slide
For the first time, no city ZIP code appears in the Top 10 of Property Shark’s annual rankings of the highest average real estate prices in the country. But towns on the East End of Long Island were on the rise.
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November 29, 2020 at 02:37AM
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NYC drops from top 10 most expensive US zip codes for the first time - New York Post
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