Location, location, location may be what matters most in real estate, but in some of the largest U.S. markets, getting even a modest place in certain locations can cost as much as some of the world’s most sought-after addresses.
For example, Manhattan real estate recently shattered records, according to data compiled by Jonathan Miller of appraisers Miller Samuel and the brokerage firm Douglas Elliman. The median sale price of an apartment in the fourth quarter of 2015 was $1.15 million. That translates to an average of about $1,645 per square foot.
For just about that price, one could live in Tribeca, the trendy district made popular by Robert De Niro. Alternatively, a homebuyer can pay $1,367 per square foot to live in the London area of Westminster, which includes Buckingham Palace, according to analysis by Constantine Valhouli, founder of the real estate data company NeighborhoodX.com.
San Francisco is another city that has seen a hot real estate market, fueled by the most recent tech boom. In that city, the average price per square foot may not be as astounding as it is Manhattan, but it still tallies in at $958. That’s just about the cost of a place in the Golden City’s Monterey Heights enclave.
However, for $948 per square foot, buyers could instead pack up and move to the Champs-Elysees, the most famous boulevard in Paris, if not the world.
London (Westminster) $1,367/sf
Paris (Champs-Elysees) $948/sf
Mykonos (Chora) $522/sf
Bahamas (Paradise Island) $469/sf
Kingston, Jamaica (Cherry Hill) $144/sf
Cancun (El Centro) $80/sf
Havana (Habana Vieja) $45/sf
Miami Beach’s Sunset Islands, which cost about $437 per square foot, is comparable in price to Madrid’s Salamanca district, “which is almost a 900-year-old neighborhood within an even older city,” said Valhouli. “Compare that to the Miami Beach historic district which preserves stuff built in the 1980s.”