Home prices in Atherton, already sky high as of last fall when Forbes declared it America's toniest zip code, continue to climb, in part because Forbes published that article. As SFGate's real estate blog notes, home prices in the Silicon Valley suburb are up 40 percent over last year, meaning that mansions and even little bungalows there are now 40 percent more expensive than what qualified as the most expensive place in the country 8 months ago.
CNBC reported last week that mansions are regularly going for prices over $10 million, and some of that is being fueled by foreign buyers, including those in China, who want to claim the prestige of living in America's wealthiest zip code. One Chinese buyer just plopped down $14 million for a mansion, sight unseen.
The median home price there is now a stupidly insane $9.44 million, up from $6.67 million last year.
Just in the first quarter of this year, brokers in Atherton sold seven properties that were priced over $10 million. Currently, the most expensive listing there is $25 million.
And this just goes to show that this guy's ranking of America's richest zip codes, which was not taking into account home prices, is way off he had Atherton at #151.
