California unseats New York as home to the country’s priciest real estate

The most expensive place to rest your head? Palo Alto

TRD LOS ANGELES /
Sep.September 16, 2018 08:30 AM
(Credit: PxHere/Illustration by Carolina Astaburuaga via Flickr)

How far does a dollar go in terms of square feet? It used to depend on whether you were in New York or not, but now it largely depends whether you’re in Cali or not.

A recent Zillow study examined the question by looking at how much space one dollar bought across the country, which Bloomberg then extrapolated to account for a king-sized mattress, or about 42 square feet.

The results were not wholly surprising—money is expected to buy less in major markets—except for which neighborhoods ended up on top; the priciest market turned out to be the sleepy tech hub of Palo Alto. To buy space fit just for a large mattress there will cost between about $80,000 all the way up to just over $97,000.

In fact, of the nation’s top 10 most expensive neighborhoods to buy space fit for a bed, Palo Alto dominated with only two outside neighborhoods, both in New York—West Village where it would cost just under $80,000, and Soho where the space would cost $78,000.

As Bloomberg noted, the results show a significant shift in real estate pricing. A decade ago, New York dominated the top 20 most expensive markets in terms of price-per-square foot. Now the Big Apple only occupies five spots—the rest is taken over by California neighborhoods. [Bloomberg]Erin Hudson


Related Articles

arrow_forward_ios
Fewer homes are selling across Southern California, but low supply helped push pricing up across the region.

Far fewer SoCal homes traded in April, but prices rose

Far fewer SoCal homes traded in April, but prices rose
Scott Laurie, chief executive of Olson Co. and Christopher Thornberg, founding partner of Beacon Economics

How slow can you go? Statewide homebuilders tap brakes on new projects amid rising costs

How slow can you go? Statewide homebuilders tap brakes on new projects amid rising costs
CoreLogic analyst Andrew LePage

LA home sale prices just set another record high

LA home sale prices just set another record high
John Burns (Credit: iStock)

As mortgage rates fall, 250K more SoCal households can afford starter homes

As mortgage rates fall, 250K more SoCal households can afford starter homes
Southland Regional Association of Realtors President Dan Tresierras and the San Fernando Valley (Credit: Wikipedia)

San Fernando Valley might be selling homes slowly, but prices just won’t stop rising

San Fernando Valley might be selling homes slowly, but prices just won’t stop rising
CoreLogic Research Analyst Andrew LePage

Peak LA: Home prices tie all-time high, but fewer properties sell

Peak LA: Home prices tie all-time high, but fewer properties sell
Malibu Real Estate Investments principals Bedros Oruncakiel and Kirkor Suri

Malibu spec mansion lists amid softening luxury market

Malibu spec mansion lists amid softening luxury market
Chandler Parsons and his property on Stone Canyon Road (Credit: Getty Images)

Durant wants out of Malibu, and now Chandler Parsons is listing his Bel Air mansion

Durant wants out of Malibu, and now Chandler Parsons is listing his Bel Air mansion
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...