Code Red!
Home values are plummeting in some of the Big Apple’s most affluent ZIP codes amid a sustained exodus from cities due to the pandemic, surging crime and ballooning taxes, experts told the Post. .
This year, only three New York City neighborhoods made Zillow’s list of the nation’s 100 most expensive ZIP codes, a 75% decrease compared to the 12 Manhattan neighborhoods on the pre-pandemic 2019 list. Masu.
And the three Manhattan ZIP codes remaining on the 2024 list have seen their prestige decline.
- 10013, which includes parts of Tribeca and SoHo, fell from the fifth most expensive ZIP in the nation in 2019 to 31st in 2024, with typical home prices plummeting from $3,667,770 to $2,880,322.
- 10007 in Tribeca went from No. 16 in 2019 to No. 47 this year as its average price fell from $2,964,729 to $2,880,322.
- 10012 in Soho and Greenwich Village, which includes Washington Square Park and parts of New York University, fell off a cliff from 27th place in 2019 to 77th place this year, dropping in value from $2,636,977 to $2,391,539.
- 9 of Gotham’s historically fashionable ZIPs that are no longer in the top 100: Chelsea’s 10001. 10024, including portions of the Upper West Side. 10069 in Lincoln Park; 10010 in Flatiron. 10282 covers Battery Park City.
Ken Girardin, director of research at the Empire Public Policy Center, an Albany-based think tank, blamed the pandemic-induced exodus and exorbitant taxes for the Big Apple’s plummeting home prices.
“When it comes to high-value residential real estate, one of the biggest factors to consider is that living in New York City today means paying potentially the highest combined state and local income tax rate in the country. … And that’s something people always consider ‘when they’re deciding where they want to live,’ Girardin told the Post.
“If you are very wealthy and your primary residence is in Florida, you can spend time in New York City without the city or state taxing your capital gains. “If you live in Manhattan and want to live there year-round, moving to Manhattan will result in significant taxes,” Girardin said.
A spike in crime and homelessness is also a big factor in the decline in the desire to live in areas like SoHo, Tribeca and Greenwich Village, said Eric Benaim, president of Modern Spaces, a New York-based real estate group. It is said that
“There is also a shortage of housing. [in New York City] And because interest rates are so high, there is less movement of people, and less movement of people means less trade,” Benaim explained.
“Right now, I see this as a buying opportunity. What goes down must go up,” added the ever-optimistic real estate agent.
In fact, the Big Apple’s luxury real estate agent is selling a six-bedroom, 6,900-square-foot condo at No. 6, 62 Wooster Street, 10013 Zip Code in Soho (currently on the market for a whopping $35 million). But I’m holding out hope that they will ignore the laws and regulations. Terrible Zillow data.
In addition to Manhattan’s three ZIP codes, eight Long Island locales made the top 100.
In Sagaponack’s 11962 zip code, which has ranked fourth most expensive in the country for the past two years, a three-bedroom home on 2.4 acres at 40 Narrow Lane East is on the market for $6,995,000. Masu.
Suffolk County’s Watermill is the 10th most expensive ZIP code in the nation this year, Bridgehampton is 21st, Amagansett is 35th, Quogue is 54th, Wainscott is 60th, Mill Neck is 68th and Old West Berry finished 75th.
The 94027 zip code in Atherton, California, home to Microsoft co-founder Paul Allen and Fleetwood Mac’s Lindsey Buckingham, has been the most expensive zip code every year since 2019.
The typical home price in Atherton this year is $7,482,536, up from $6,169,136 five years ago.
