Top 10 most expensive places to buy a home
(MoneyWatch) Think a $10 million home sounds extravagant? It's not that far off the norm in some of these cities.
Multimillion-dollar listings may be rare in most places in the U.S., but not in these 10 markets, which have the highest concentration of homes listed for more than $10 million. No surprise: New York City takes top billing with the most expensive listings. Much of the rest of the list is dominated by Southern California.
When it comes to high-end real estate, location really shores up the value, according to the Coldwell Banker Previews Luxury Market Report. Experts there estimate location is 35 percent of the value of a home in the Bel Air neighborhood of Los Angeles, and that number jumps to 50 percent in Aspen, Colo. While the percentages may differ, the fact is that location drives the values of the multimillion-dollar homes on the market in this top 10 list of the most expensive places to buy real estate.
Top 10 most expensive places to buy a home
1. Manhattan, New York City
With 177 listings priced at $10 million or more in 2012, Manhattan takes the top spot for expensive real estate. While the city's ranking benefits from its density, it still offers a large number of luxury pads: The average listing price in New York City is $2.35 million.
Top 10 most expensive places to buy a home
2. Los Angeles
Los Angeles encompasses some of the ritziest zip codes in the country, including the palatial mansions of a community called Bel Air. With Hollywood fueling the number of multimillion-dollar homes on the market, it's no surprise LA grabbed the No. 2 spot, with 87 homes listed on the market for more than $10 million.
Top 10 most expensive places to buy a home
3. Malibu, Calif.
Malibu is clear evidence of the idea that a good location can account for much of a home's price. The city is situated along 21 miles of prime Pacific coastline and surrounded by a gorgeous, rocky state park. Movie stars love living there, too, which only adds to the mystique. Accordingly, there were 65 homes on the market for more than $10 million in 2012.
Top 10 most expensive places to buy a home
4. Miami
Switching gears to the Southeast, Miami lands at No. 4 with 60 $10 million-plus homes. The city's high showing on the list is largely led by the huge, exotic megamansions in desirable neighborhoods dotting the coast and intercoastal waterways.
Top 10 most expensive places to buy a home
5. Beverly Hills, Calif.
Los Angeles' most prominent suburb falls just short of Miami, with 58 listings hitting the $10 million mark. Beverly Hills brings in plenty of tourists, who stroll the streets of Rodeo Drive, hoping to catch a sighting of one the many celebrities living in the area on a Starbucks run.
Top 10 most expensive places to buy a home
6. Aspen, Colo.
Aspen is the only city on the list that doesn't sit on a coastline. Instead, it offers unparalleled views of the Rocky Mountains from one of the city's many multimillion-dollar homes, which often look more like resorts than single-family residences. With 54 homes priced at more than $10 million the market in 2012, it takes quite a lot of pocket change to buy into this affluent community.
Top 10 most expensive places to buy a home
7. Greenwich, Conn.
As the only suburb of New York City to make the list, Greenwich beat out competition from other lavish burbs, including the nation's richest city, Stamford, where nearly a quarter of the population rakes in more than $200,000 a year. Home to numerous hedge fund managers, 51 homes went on sale in Greenwich for $10 million or more in 2012.
Top 10 most expensive places to buy a home
8. Montecito, Calif.
Located in Santa Barbara County, this small community is home to some very big showbiz names. Oprah Winfrey, Tom Cruise, John Travolta, Drew Barrymore and even "the Dude," Jeff Bridges, own homes here. There were 28 homes on sale for more than $10 million last year.
Top 10 most expensive places to buy a home
9. Laguna Beach, Calif.
Just behind Montecito, Laguna Beach had 27 homes on sale for at least $10 million last year. Perhaps known best for the TV show by the same name about a bunch of rich teens, the community is marked by mansions and resorts along the coastline.
Top 10 most expensive places to buy a home
10. Atherton, Calif.
Atherton is right next door to Palo Alto and Menlo Park, where many tech giants are headquartered, not to mention Stanford University. An eclectic group of powerful people live here including Sheryl Sandberg, COO of Facebook; Eric Schmidt, former CEO of Google; Charles Schwab; and legendary San Francisco 49ers wide receiver Jerry Rice. There were 25 homes listed in 2012 for more than $10 million.