The housing market has certainly seen its fair share of ups and downs in the last ten years. Before the bubble bursting circa 2007, home values were historically high, and the rate of appreciation was unsustainable. Inevitably, the health of the housing market experienced a serious regression. The stumble plunged the entire U.S. housing market into a period of declining prices, foreclosure, and lost equity. Nearly a decade later, and prices are on the mend – if not higher than they were before the recession. In fact, some neighborhoods are back to their pre-recession price points or have already surpassed them.
Evidence of recent appreciation rates is more than apparent in a few of the most prestigious neighborhoods across the country. In fact, just to see how far the housing market has progressed, we have decided to examine the 10 of the most expensive streets in the US and find out which one is the richest street in America.
The Top 10 Richest Streets in America
One harbors four of our country’s richest individuals. Another serves as a safe haven for Hollywood’s most affluent A-listers. While their differences are all but contextual, their similarities are uncanny. These two Beverly Hills streets are the two most expensive streets in the country, and they can just as easily be described as “a city within a city.”
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Indian Creek Island Road, FL
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Beverly Park Circle, CA
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Beverly Park Terrace, CA
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Lazy Lane Boulevard, TX
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Conyers Farm Drive, CT
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Strawberry Park Court, CO
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Field Point Circle, CT
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Coopers Neck Lane, NY
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Nimes Road, CA
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Arvida Parkway, FL
Read on to learn more about each of these outstandingly affluent neighborhoods and why they are the most expensive streets in America.
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1. Indian Creek Island Road, FL: $21.48 Million Median Home Value
At least that’s how South Florida real estate agent Cory Waldman describes Indian Creek Island Rd., which took the top spot for the richest street in the most expensive neighborhood in America. “They have their own police force,” Waldman said. “The lot sizes are enormous. It’s top-notch.” They really are magnificent and almost surreal to those who can’t fathom a mortgage over $20 million.
Aside from the lofty price tag, the guest list alone gives Indian Creek Island Rd. a feeling of exclusivity not to be rivaled. Those on the outside looking in have dubbed it “Billionaire Bunker,” and for good reason. Those currently residing on Indian Creek Island Rd. include activist investor Carl Icahn, hedge fund manager Eddie Lampert, car dealership owner Norman Braman, and mutual fund mogul Charles Johnson, each on Forbes’ list of America’s 500 richest people. If that wasn’t enough, Colombian billionaire Jaime Galinski and iconic singer Julio Iglesias call Indian Creek Island Rd. home.
With such a prestigious list of names, it is no surprise that the median home value for this street has been estimated at $21.48 million.
2. Beverly Park Circle, CA: $16.238 Million Median Home Value
The second most expensive street in America is on the other side of the country in southern California. Surprisingly, it is not Rodeo Drive in Beverly Hills. However, not far from Rodeo Drive is the second street on our list: Beverly Park Circle. Often referred to as Los Angeles’ most exclusive gated community, Beverly Park Circle is home to an eclectic variety of A-list actors/actresses and even a prince or two. That said, the median home value in Beverly Park Circle is about $16.238 million – more than $5million less than Indian Creek Island Road.
3. Beverly Park Terrace, CA: $15.813 Million Median Home Value
No more than a block away from Beverly Park Circle resides the third most expensive street in America. In fact, Beverly Park Terrace actually connects to Beverly Park Circle. Home to Denzel Washington and Eddie Murphy, Beverly Park Terrace has a median home price of $15.813 million.
4. Lazy Lane Boulevard, TX: $15.42 Million Median Home Value
Houston’s River Oaks neighborhood is home to Lazy Lane Boulevard, one of Texas’s most prestigious streets. This elegant street provides the seclusion and tranquility of the countryside while remaining closely located to downtown Houston.
5. Conyers Farm Drive, CT: $13.033 Million Median Home Value
Conyers Farm Drive in Greenwich, CT, is situated on land acquired in 1904 to start the 1,400+ acre Conyers Farm. It is now home to some of the most impressive mansions on the entire east coast. This private community is highly selective, boasting past residents like Ron Howard, Tom Cruise, and Jessica Biel.
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6. Strawberry Park Court, CO: $12.421 Million Median Home Value
Number six on our list goes to Strawberry Park Court in Beaver Creek, Colorado. Located near the world-famous Beaver Creek ski resort, this street has a median home value of $12.42 million. You will find some of the most beautiful log cabins in Colorado here.
7. Field Point Circle, CT: $12.113 Million Median Home Value
Field Point Circle is also located in Greenwich, CT, 20 minutes down the road from number 5 on our list. Many homes in this gated community are lucky enough to have views of the nearby Long Island Sound, along with a $12.113 million median home value.
8. Coopers Neck Lane, NY: $11.872 Million Median Home Value
In New York, the Hamptons are home to many beautiful homes and expensive streets, with one of the highlights being Coopers Neck Lane. Located south of the highway and close to the Atlantic ocean, this street has a median home value of $11.872 million.
9. Nimes Road, CA: $11.445 Million Median Home Value
Located in the Bel-Air section of Los Angeles, Nimes Road was once home to celebrities like Nancy Sinatra and Elizabeth Taylor. One of the borders of the original Bel Air Estates, Nimes road is located north of Sunset Boulevard and has a median home value of $11.445 million.
10. Arvida Parkway, FL: $11.209 Million Median Home Value
The Coral Gables section of Miami is home to Arvida Parkway, a yacht lover’s dream. These seaside properties sit alongside a private canal and include docks for your watercraft. The Miami weather and proximity to the ocean are some of the main reasons this street has a median home value of $11.209 million and is one of the richest streets in America.
Honorable Mentions
Not all of the richest streets in America are home to celebrities; some of the most costly places to live are unexpected. Here are a few more of the most expensive streets in the US that didn’t quite make the top 10.
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Cameldale Way: Paradise Valley, Arizona
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Nelsons Walk: Naples, Florida
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Broad Beach Road: Malibu, California
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Tahiti Beach Island Road: Coral Gables, Florida
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Copa De Oro Road: Los Angeles, California
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Cameldale Way: Paradise Valley, Arizona
The Importance of Street Names
You may have noticed that the most expensive streets are all names, and not just numbers. Studies have found that nearly every real estate market in the country favors named streets for their most expensive properties. Street names are often descriptive in nature, and describe the area around where the home is located. For instance, “Lake Street” would indicate that the house is near the lake, while “Golf Drive” would oftentimes reference a nearby golf course. Suffixes also play a part in how expensive a street may be, so look for words like circle, way, place and terrace when looking at street names. These are good examples of suffixes that can be found on some of the expensive streets in America.
Summary
These affluent neighborhoods are the prime example of how far home values have come since 2007’s regression. Their appreciation rates have only continued to rise, and there is no telling what level they will be at years from now. These streets and their home values are certainly far from the norm in America, but they are still an interesting microcosm to examine.
There can only be one richest street in America, but this list proves that there are many places you can find gorgeous homes built in legendary neighborhoods. Whether you think they are amazing or unnecessary, there is no denying that they are a spectacle.
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