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Most major cities have blocks and blocks of expensive real estate; whether their urban or suburban, there are usually several square miles of real estate in any major area that are home to the most expensive homes around. These chunks of real estate may be desirable and may have been built up for a variety of reasons. In New York, it’s the view of Central Park or close proximity to the high end stores on Fifth Avenue. Along the coastlines, it’s oceanfront property that makes it the most expensive, or in the case of a city like San Francisco, it’s the view of the bay.. In some places such as Vermont or New Hampshire, homes built on golf courses are usually the most sprawling.
Of course some cities have pockets of real estate that are steeped in history. In the Detroit area, there’s Indian Village in the city, or the Grosse Pointes to the east. Once home to the captains of the automotive industry, they boast homes that are as much a part of the state’s history as the automobiles themselves.
Some areas of course are kept away from the prying eyes of the public, nestled in gated communities that are populated by the rich and famous, whether it’s the movie stars and producers of Beverly Hills or the posh playground estates in Miami.
Forbes recently compiled a list of what it dubbed the Most Expensive Blocks in the U.S., celebrating these areas that have entire neighborhoods or streets of homes that are typically well above the price range for the average citizen. If you live in or near these cities, see if you agree with their findings that these are indeed the wealthiest streets one can live on:
The obvious choices in some areas.
New York’s top block is Fifth Avenue between 69th and 70th. This should come as no surprise to anyone who thinks of the name Fifth Avenue as a phrase in of itself. If something is the height of fashion or plays a part in the latest trend, it can be described as being “so Fifth Avenue.” Even shopping mega-store Saks incorporated the street name into its own.
Of course, when talking about New York real estate, it’s never a good idea to slap a label on any one area that one feels is the most expensive, or the most valuable. Housing prices in New York and particularly Manhattan are constantly on the rise, with even the most modest of co-ops pricing into the millions. Foreign interest is always high in New York, and Wall Street bonuses are becoming more and more standard, both factors driving the cost of real estate higher and higher.
However, the area in and around Fifth Avenue has been a stronghold of the island of Manhattan for decades, and shows no signs of letting itself drop into second place, at least not anytime soon.
In Miami, the most expensive block can be found on Leucadendra Drive, north of the Arvida Parkway. This gated community is off-limits to most but plays host to a number of celebrities who enjoy the city as their off-season playground. Even mega singing and acting star Will Smith coined a song about “Going to Miami,” where he literally sung the praises of the city as a haven for the jet-set.
Construction drives the value up.
In Chicago, there are several blocks in close competition for the title of most expensive, but the block between Willow, Howe, Burling and Orchard notched the top spot due to top Chicago families combining lots, according to the article in Forbes, which stated:
“People have been able to combine as many as seven city lots to build massive new homes,” says Deborah Fischer, a broker at Koenig & Strey. This once low-key area in Chicago, known more for its small Victorians, now features Richard Parrillo’s seven-lot home, Penny Pritzker’s five-lot home and Sara Crown Star’s three-lot home.” Being able to combine lots to build your dream home is probably just that – a dream – for most of us, but if you can imagine that it takes seven or so lots to keep a home, you can imagine how mansion-like and luxurious that home must be. This type of new construction concentrated in one area of the city is one of the definite reasons it can be called the most expensive block there.
Homes in the millions … and millions.
In San Francisco it’s the block where Broadway runs into the Presidio, between Vallejo, Lyon and Broderick. The role call of residents there includes Gordon Getty, Larry Ellison and Peter Sperlings. Home prices in this small square number into the millions; and usually between $50 million and $60 million no less. It’s no wonder that this small chunk of real estate is not only the most expensive in the city of ‘Frisco, it’s consistently ranked as the most expensive in the country.
Some surprises.
The article in Forbes did point out some surprises, for example, in Washington, D.C. Georgetown blocks are home to senators, members of congress, and foreign dignitaries. You might then easily assume that these cobblestone streets would be the most expensive in the area.
Not so. They point to the mansions on Rock Creek Park, near the Naval Observatory. The block on Woodland Drive, between McGill Terrace and the park - right in the backyard of the vice president’s mansion - is the district’s most expensive stretch.
However, all in all there were few surprises on the list. Most extremely expensive areas of any city or neighborhood did not get that way overnight, and unlike the area of Chicago just mentioned, they often took decades – sometimes even generations – to build themselves up to the fine retreats they are today.
If you are looking for the finest home that money can buy and have your sights set on only the best, you can definitely pick out one of these cities and see if perhaps you too can live on what’s been dubbed the Richest Block in the U.S.
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