from the Wall Street Journal: Minneapolis makes the list as 2nd street or avenue tops the charts for highest prices (anyone say: Mississippi Riverfront Property?) REAL ESTATE SPREAD SHEET Ranking Numbered Streets and Avenues by Home Prices What numbered roads—from First to Tenth—have luxury homes with the highest asking price? PHOTO: ALAMY By M.K. QUINLAN July 29, 2015 9:48 a.m. ET
In this competition, it pays to place fifth.
In an analysis of numbered streets and avenues, Spread Sheet found that homes across the U.S. listed on Fifth Avenue and Fifth Street have the highest median asking price, compared with other homes listed on First through Tenth.
Of the roughly 40,000 current listings on realtor.com, homes, condos and townhomes listed for $1 million or more on Fifth Avenue/Street have a median listing price of $2.25 million, according to the real-estate listings website.
New York’s Fifth Avenue—with luxury shopping, world-class museums and views of Central Park—commands some of the highest prices in New York. “If Central Park was built one avenue over, then Sixth Avenue would have been the street,” said Jennifer Ireland, a real-estate broker with New York City-based Brown Harris Stevens. Without the New York listings in the mix, Fifth Avenue and Fifth Street drop to third place in the median asking price ranking.
The highest listing on Manhattan’s Fifth Avenue is an $85 million seven-bedroom, eight-bathroom condo in the Sherry-Netherland Hotel with views of Central Park.
In Des Moines, Iowa, condos at the new Whiteline Lofts on SW Fifth Street are some of the city’s highest-priced properties, said B.J. Knapp, a real-estate agent with Iowa Realty. “If you’re on Fifth, you’re in the center of the action,” he said. “You have the farmers’ market and the financial district, and views of the river, the baseball stadium and the Capitol. These are over a million bucks—and that’s a big deal in Des Moines.”
The realtor.com analysis looked at current listings and included variations on wording, such as First and 1st and Avenue and Ave. Overall, listings on lower-numbered streets/avenues are both more prevalent and more expensive a square foot than homes on higher-numbered roads. “Most cities are laid out where numbered streets move away from a body of water or a park of some sort,” said Mrs. Ireland. “That’s why you’re seeing prices higher in those lower numbers, because they’re close to something pretty.”
Lower-numbered roads are also generally in denser urban areas—where condo and apartment towers outnumber single-family homes, said Javier Vivas, an economic research analyst at realtor.com. ( News Corp, which owns The Wall Street Journal, also owns realtor.com, the listing website of the National Association of Realtors.)
Finally, “avenues” are more elite than “streets.” The median price of urban condos listed on First through Tenth avenues is 21% higher than those listed on First through Tenth streets.