Breaking down the numbers, and the market conditions, is important to understand what’s going on.
While the report talks of 481 “million-dollar cities,” the terminology is a little confusing. The real focus is on parts of major metropolitan areas, such as 76 communities each in the San Francisco and New York City metros, 67 in greater Los Angeles, 22 in San Jose, Boston’s 18, another 16 in Seattle and 14 in Miami.
Look for something on the so-called front side of Beacon Hill overlooking the Boston Commons or in midtown Manhattan overlooking Central Park and of course you will pay a bundle. If you can live and get into the city for work, then you’ll pass less but still likely a bundle. Indian Creek, Florida, an exclusive 300-acre island in Biscayne Bay in Miami, is the most expensive city in the country, with a typicalof around $28.3 million. The city has a total population of 88 residents, including a handful of high-profile celebrity tenants, such as Tom Brady and Enrique Iglesias. In the No. 2 spot is Atherton, a small town on the San Francisco Peninsula where the typical home value sits around $7.7 million.
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