Central Park West, Soho, Tribeca, Williamsburg, Dumbo, Boererum Hill, Grammercy or even the West Village are often ushered as the richest zip codes in New York city. How well does these infamous zip codes compare to the National median home price in America?
According to Blomberg.com article "This is America's Richest Zip Codes" none of Manhattan or Brooklyn most prestigious neighborhoods made the cut.
Interestingly enough, Florida, a no State Income tax, took #1 and #3 spot on Bloomberg’s list of top 20 zip codes by average adjusted gross income according to the IRS and the Census Data Bureau. The exclusive Fisher Island zip code saw an average of $2.5 million intake per resident whereas Palm Beach County's most exclusive zip code with its beach front mansions has an average list price of $55 million. Take for instance the top five listings, from highest list price to lowest:
$84.5 million: The newly built north-end mansion at 1071 N. Ocean Blvd. offering 33,000 square feet of prime ocean view listed by Christian Angle.
$67.5 million: Located at 1485 S. Ocean Blvd this 22,000-square-foot mansion is also listed by Christian Angle.
$59 million: The 18,000-square-foot mansion at 89 Middle Road, a few blocks south of Worth Avenue is listed by Carole Hogan of Brown Harris Stevens.
$47 million: The 10,500-square-foot mansion is at 100 Casa Bendita in Palm Beach is listed by Paulette Koch of Corcoran Group.
$42.9 million: The 11,735-square-foot mansion at 640 S. Ocean Blvd. designed by Addison Mizner in 1923 is listed: Cris Condon of Sotheby’s International Realty.
Advantageous tax write-offs and deductions, some of which were effective prior to the new Trump tax legislation of 2018, have attracted many wealthy homeowners. Establishing your primary residence in Florida or in any other No State income tax zone has many advantages that savvy investors and their tax consigliere are considering while estate planning.
Palo Alto who ranked #2 on this list is intimately linked to its geographical location within the Silicon Valley where many high tech and cash rich firms are headquartered. Real estate prices have skyrocketed due to the influx of highly skilled local and international talents that gravitate toward these IT and E-commerce companies.
The rest of the list are all zip codes within the vicinity of New York, Los Angeles, Boston and major financial capitals that are seeing very robust real estate sales and which are easily commutable by train or rapid transit within less than 1 hour. Take Greenwhich CT or Fairhills NJ for instance, they are both reachable by Metro North Rail, AMTRAK or NJ Transit.
Our Manhattan and South Florida offices are working hand-in-hand to assist our international and domestic clientele to structure their growing real estate portfolio around their estate planning and taxation needs. We often collaborate with our client's tax attorneys and accountants to edge and mitigate all our client's needs and risks. Please contact us for your private and complimentary consultation with one of our licensed real estate salespersons in New York or Florida.
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