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Atherton Takes Top Zip Title

May 17, 2014
Atherton_CA_Home

A luxury home in the nation’s most expensive zip code, Atherton, CA.

Atherton, California is a beautiful little town, nestled away, about 45 minutes south of San Francisco. It’s in the southern end of San Manteo County and has several active community organizations including the Atherton Arts Committee, Friends of the Atherton Community Library and the Atherton Civic Interest League. Admittedly, these are all unremarkable facts but Atherton, California is most definitely remarkable. If you need any convincing, just ask some its residents. Charles Schwab, Sheryl Sandberg of Facebook and Google’s Eric Schmidt all call Atherton home.

Forbes recently listed Atherton as the most expensive ZIP code in the US. Atherton is located in the heart of Silicon Valley – a short drive away from Google and Facebook’s headquarters. Many of the biggest players in the growing tech industry are located spitting distance from Atherton. The phrase “location, location, location” has never been truer. We see a classic example of high demand and short supply when analyzing Atherton’s real estate market. Homes well into the 10+ million dollar range are bought up at lightening speed. Ken Deleon of Deleon Reality told NBC during a recent interview that he sold a $14 million house to a Chinese buyer in 72 hours, sight unseen. In fact, foreign buyers are flocking to Atherton to buy property. In cultures where status and prestige are crucial, nothing will satisfy but the biggest and the best, and the Forbes article has brought Atherton to the forefront of that conversation.

Staggering statistic incoming: home prices are increasing 40% year over year in Atherton. To give some context to that ridiculous figure, the 2013 Forbes article listed the average home at $6.67M and today that median price is over $9.4M. According to RedFin.com, the cheapest home listed in the prestigious 94027 ZIP code is $1,688,000 and there are many houses listed at over $10M. Deleon Reality is on track to record over $500 million in sales for the year. And it shows no sign of slowing. As Silicon Valley continues to boom, you can expect Atherton’s real estate to become even more exclusive.

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From → Gary Richetelli

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