The Most Expensive Neighborhood In The World

the most expensive neighborhood in the world nothing cements your status as a member of the uber rich than a multimillion-dollar mansion with all the luxurious toppings like an infinity pool tennis court maybe even a heavy pad for good measure the wealthiest members of society boasts the biggest homes in the most expensive places as a means of comfort and status if you're looking for luxurious homes I think you would agree that the most expensive ZIP code in America is a good place to start so I took the liberty of finding out all about this particular zip code it just so happens that patent California or nine four zero two seven has been crowned with the title of the most expensive zip code since 2017 according to Forbes annual rankings located south of San Francisco after Tim is less than 20 minutes from the offices of Facebook Google and Tesla if those companies don't incite presumptions of massive amounts of money then you haven't been watching this channel long enough Atherton has got to be extravagant enough to fit the bill of plenty of billionaires in tech with companies like these Silicon Valley juggernauts have plenty of options to take residence and zip code 94 0 to 7 is certainly one that many of these millionaires and billionaires have taken before we get into the insane cost of living at Atherton let me know in the comments where your dream living destination is I've always wanted a private island that neighbors one of Johnny Depp's but that's just me anyway let's take a look at the history of Atherton Faxon D Atherton is the man that the neighborhood is named after a well accomplished man and a native of Massachusetts he had spent several years in Chile and Hawaii as a trader in tallow hides and merchandise his friend and business associate Thomas Locke had written to him there is education available for your children and a dignity of living on landed estates down the San Francisco Peninsula that is convenient and accessible this was enough to convince the weather mr. artherton to purchase 640 acres for $10 an acre back in 1860 yes ten dollars an acre you don't have to be a math wizard to know the man made a killing off of that investment his home valparasio park was built several years later it was simple in design and ample for his family of seven children his family line still resides in Atherton to this very day the latest census in 2010 tells us that Atherton has a reported population of six thousand nine hundred and fourteen people the population density was one thousand three hundred and sixty nine point five people per square mile if these numbers are completely arbitrary to you don't worry they are to me too I just thought I should include some statistics before diving into the lavish side of things anyway moving on if you want an idea of just how expensive the homes in Atherton are this might help the median price for a home in that area is an incredible nine point six million dollars some homes in the area are more than triple that price because of these outrageous prices you might expect these homes to sit on the market for years but due to the fact it's the prime location for the rich world of tech these homes tend to spend about a hundred and ninety days on the market which isn't bad at all for the Realtors down there at first glance Atherton could be any ritzy suburb in America with slightly bigger houses but it isn't just any suburb you find outside the city due to its prime location even the most modest homes go for millions of dollars and with an average household income of over four hundred and fifty thousand dollars it makes plenty of sense why it's the richest neighborhood in the country Atherton is the epicenter of Silicon Valley money and it only has ultra high-end properties said Michael Simonson CEO of Altos research just to name a few of the tech billionaires that reside in a Faton former HP CEO Meg Whitman and Google chairman Eric Schmidt Facebook's Sheryl Sandberg and Charles Schwab himself all call Atherton's ninety four zero seven home and the late great Paul Allen who co-founded Microsoft resided there before he passed away in 2018 the town's prestige privacy and proximity to major tech companies is simply unmatched by any other ZIP code in the country these ultra rich homebuyers often pay all cash and bid hundreds of thousands of dollars above asking price if you somehow give through the gates you'll see that the neighborhood isn't quite like your average suburb it doesn't have its fair share of modest homes as I mentioned but the entire area is sprinkled with immaculate mansions often hidden by trees with just a touch of its glory visible to the street but the kicker about Atherton is that here like no other place in the world the rich are getting richer each year the average price of the real estate at a 13 goes up by an insane 40% it goes without saying that realtors in this area are pretty excited about this real estate brokers say last year there was a frenzy of buying four homes in the five million dollar range but this year demand is shifting to the even more expensive homes just in the first quarter of 2014 there were seven sales of mansions in Atherton in excess of ten million dollars we have a market here with high demand low supply and of course we are the center of technology the tech sector is doing well everything that drives the tech sector the local economy venture capital private equity which is the center of innovation here so that more than anything drives our housing market says Tom Lemire of Pacific Union International a real estate firm another realtor named Ken de Leon of DeLeon Realty just sold a mansion in Everton for 14 million dollars to a Chinese buyer in 72 hours one of the reasons Atherton is so hot right now is that Forbes recently named it the number one most affluent ZIP code in America a lot of my clients particularly the Chinese are prestige driven they want to be in the best area in all of America that really helped avert in-stock says D Leone and trust me it never hurts to make it a top of a Forbes list that magazine tends to get the attention of a lot of powerful people so in Atherton like no other there is a snowball effect of wealth and a perpetual rise in value as the neighborhood becomes more desirable to some others see the desire and want it for themselves this leads to a bigger and more extravagant transfer of money needless to say a real estate agent just south of San Francisco is eating it up these days and did I mention that a large percentage of these home buyers pay in cash brokers say their buyers are all-cash and that investors from China will often pay for a mansion sight unseen it's easy money for the best brokers DeLeon is on track to do five hundred million in sales this year he's now buying a plane so he can show Chinese and Indian buyers the beautiful views of what they could be buying a Vuitton's serves as a perfect example of the rich being somewhat immune to the struggles of the common man while the housing market constantly dips in Rises over the years Atherton continues to steadily rise to the stratospheric Heights and as far as anyone can tell it doesn't seem like that ascension will slow down anytime soon if you enjoyed the video make sure to leave a like and subscribe as always I'm mr. luxury pip-pip to doodly-doo

Channel: Mr. Luxury

Views: 1,180,318

Keywords: most expensive, neighborhood, homes, biggest homes, most expensive homes, cities, mansions, exclusive, beverly hills, new york, private, billionaires row, billionaire, secret lives of the rich, viral, new

Id: ZgAreiFXhJk

Length: 8min 13sec (493 seconds)

Published: Sun May 05 2019