Wednesday, September 26, 2007

CA Tops List of Most Expensive Homes

If you are looking to buy the average home in the United States, these are the most expensive markets. The average home in this survey by Coldwell Banker is 2,200 square feet with 4 bedrooms, 2 1/2 baths, a family room, and a 2 car garage.
Looking over the list, California has 8 of the top 10 most expensive towns for the average home which is not a surprise with the fantastic run up in property values in the last decade and the largest percentage of wealthy citizens per capita of any state according to Forbes. Also on the list are Greenwich, Connecticut and Boston, Massachusetts in the northeast.
This accounts for the attention placed on housing out in California. When the working rich(doctors, lawyers, small business owners) have to dig up nearly a million to get into an "appropriate" home, housing becomes the leading discussion in the household. And if you held onto a home during the run-up you have a great deal of your wealth tied up in your primary residence. Consideration should be given to repositioning equity into other properties or markets.

Top 10 Most Expensive Markets For “Average Home”
Beverly Hills, Calif. $2,206,883
Greenwich, Conn. $2,018,750
La Jolla, Calif. $1,800,000
Santa Monica, Calif. $1,785,000
Palo Alto, Calif. $1,677,000
Newport Beach, Calif. $1,617,500
Santa Barbara, Calif. $1,599,667
San Mateo, Calif. $1,498,023
San Francisco, Calif. $1,451,250
Boston, Mass. $1,381,250