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Silicon Valley Dominates 2013 List Of America’s Most Expensive ZIP Codes

…“The lower Upper East Side has the high concentration of Fifth Ave. and Park Ave. old-world, very large units, plus an influx of new development at very high price points,” says Jonathan Miller, chief executive of New York-based appraisal firm Miller Samuel….

…“The housing stock down there, especially in loft markets like TriBeCa and SoHo, tends to be bigger on average than any other neighborhood in Manhattan,” says Miller, “and as a result, the price points are higher because there’s more size and they are built as luxury units.” Miller notes that there’s less variety in the types of homes for sale than, say, some of the Central Park-area ZIP codes, where nine-figure penthouses can be down the block from walk-up tenement-era buildings that have been carved up into studio apartments….

…“It’s joined at the hip with Wall Street and in many ways it parallels Manhattan in terms of pricing, sales trends, strength at the upper end, and lack of supply,” says Miller….

…“Miami has changed its U.S. image to a luxury brand so what you’re seeing now is new development and record prices being paid for condos and single-family homes that were unfathomable several years ago,” notes Miller….

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