Mark Heim
al.com (via TNS)
The country’s most expensive area code is no longer in Florida, it’s in California. Silicon Valley’s exclusive Atherton has surpassed Miami’s tax-free Fisher Island, according to Fox News.
“Atherton offers something that cannot easily be recreated elsewhere: immediate access to the relationships and opportunities driving one of the world’s most influential technology economies,” Douglas Elliman’s Jenna Hoyas told Fox News Digital. “For many buyers, their business interests, investment networks, children’s schools and personal relationships are firmly rooted in Silicon Valley. The decision is not always a calculation of which state provides the most house or the lowest tax burden. At this level, time and access are often more valuable than savings.”
According to the report, data from PropertyShark.com and Bloomberg show that Atherton’s ZIP code (94027) overtook Fisher Island (33109) after Fisher spent two consecutive years as the country’s most expensive ZIP code.
Atherton’s median home price jumped roughly 20 percent to $9.93 million, while Fisher Island’s median home sale price fell to $8.3 million.
“The same $10 million is purchasing two very different interpretations of luxury. In Atherton, buyers are generally looking for a single-family estate with meaningful land, privacy and the ability to create a highly customized compound,” Douglas Elliman colleague Kristina Quesada also told Fox Digital.
“On Fisher Island, $10 million is more likely to purchase a luxury condominium with water views, security, amenities and immediate access to a private resort environment. Buyers are trading a large private parcel for beachfront living, club access, services and a lock-and-leave lifestyle,” Quesada added. “Atherton offers ownership of the land and proximity to Silicon Valley, while Fisher Island offers a highly serviced lifestyle surrounded by water.”
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