Just getting around to posting this, but we had a cool spread over on Forbes.com this week. Altos Research helps Forbes track 500 most expensive real estate markets around the county. They publish the Forbes 500 Lux index each week and once in a while we dive into all the zip codes to see what’s happening at a local level.
While the median price of the broad index is down 7% year over year, that’s not the big story. The interesting thing here is where the demand is actually shifting to. The gist is that ultra-high-end luxury is getting hit much harder than the luxury-town-next-door – especially if they share schools and downtown areas. In the Bay Area, this phenomenon is evidenced by ultra-lux but creeking Hillsborough and next door slightly less exorbitant and quite vibrant Burlingame.
I shared this insight with Kym McNicholas in an interview at Forbes. Kym also interviewed Friend-of-Altos Marin Real Estate Agent Ginger Wilcox to see phenomenon in person in Ketntfield and Greenbrea in Marin County. Check it out:
More data for towns discussed in this post available here: