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Depends upon specific part of urban region and cost of house/apt....would be a battle amongst Manhattan's elite co-ops and condos on UES (Pk and 5th Aves) and 15CPW; SF's PacHts and Woodside/Atherton; and BevHills....
Hard to compare apts to houses on varying amts of land....and many own both, e.g., many who live in Greenwich also own an expensive apt in Manhattan....
NYC's most expensive suburb, Greenwich CT, is much cheaper than BH/Atherton....desirable land in Greenwich costs only some $800K/ac; Atherton is $5MM/ac; and BH is $10MM/ac....
Atherton has an inflated value because there are hardly any sales in Atherton, there were only 2 sales this past quarter. The most expensive suburb (excluding the Hamptons) is Alpine, New Jersey not Greenwich. Even then, Alpine, NJ and Greenwich are both pricier/wealthier than Atherton, CA.
Comparing the priciest neighborhoods in SF vs LA vs NYC from Quarter 01 2008 sales:
Manhattan, NYC: (Entire Island of Manhattan) Average luxury apartment sales price: $6,360,000.
The Hamptons, Long Island, New York : $6,331,236
Alpine, NJ - $4,850,000
Greenwich, CT - $3,096,158
Entire San Francisco luxury market (Atherton, Marin, South Bay): $3,000,001
West Los Angeles, CA (Beverly Hills, Century City, Westchester, Palos Verdes, Brentwood, Malibu (even though Malibu isn't in LA) : $2,460,000
Others:
Hollywood Hills, CA - $1,356,859
North Brooklyn, NY (Carroll Gardens, Boerum Hill, Brooklyn Heights) - $1,445,000.
This ranking is very wrong and is trying to be cute by including a major city from each country; i.e., they site Auckland, NZ but not Wellington. The world doesn't have this much parity. Buenos Aires is incredibly cheap for what you get; probably more cheap than most US cities.
Tribeca in nyc is the most expensive zipcode in america Curbed: Well Zippity Doo Da, Tribeca: You're No. 1! (http://curbed.com/archives/2008/08/04/well_zippity_doo_da_tribeca_youre_no_1.php - broken link)
Tribeca in nyc is the most expensive zipcode in america Curbed: Well Zippity Doo Da, Tribeca: You're No. 1! (http://curbed.com/archives/2008/08/04/well_zippity_doo_da_tribeca_youre_no_1.php - broken link)
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