Filed under: Housing
If you live in Philadelphia’s Society Hill, Atlanta’s Grant Park, or Dallas’s University Park, (and if you’re the type who doesn’t pay much attention to what’s going on in the world), you might be tempted to ask, “Housing slump? What housing slump?”
That’s because you live in one of the most lucrative neighborhoods in the U.S., as listed by Forbes. Neighborhoods in 15 major metropolitan areas made the list because they experienced the greatest increase in home sales prices since 1990 — between 300% and 4,000%. Many were downtrodden areas that benefited from an influx of development. A few others were already among the most upscale neighborhoods in the nation, and have thus far resisted the recent housing slump. For example:
- Bucking the Florida real estate downturn is Miami Beach’s City Center, with its mega-mansions with built-on docks. The 2006 median home sales price was $1.64 million, up 1,532% since 1990.
- Chicago’s Wicker Park benefited from an influx of young urban professionals and rehabbers. The 2006 median home sales price was $575,525, an increase of 1,870%.
- San Francisco’s Western Addition neighborhood is among the fastest growing in U.S. The 2006 median home sales price was $1.38 million, an increase of 522% since 1990.
- New York’s uptown neighborhood around 149th Street and Riverside drive features large brownstones and federal townhouses. Its 2006 median home sales price was $774,708, up 4,391%.
See the article at Forbes.com for the complete list.
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