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11976 Edges Out 11932 in Forbes' Priciest Zip Codes List

The listmasters at Forbes have unveiled this year's 500 Most Expensive Zip Codes in America, with a few East End contenders taking the top spots. Water Mill's 11976 and Bridgehampton's 11932 enter the list at numbers 14 and 15, respectively, while Amagansett's 11930 comes in at number 45. Elsewhere in the top 100 are Wainscott (47), Shelter Island Heights (68), Southampton (77) and Westhampton Beach (95). As for the rest of the list, it reads: Sag Harbor - 106, Remsenberg - 111, Shelter Island - 145, East Hampton - 154, and Montauk - 168. Despite the respectable showing by the East End, the list's accompanying article is a bit of a reality check for the Hamptons' market, as the sliding prices in the nation's real estate markets have changed things quite considerably. East Hampton's Wall Street-induced decline is put into (shocking) perspective, with the news that of its 765 homes currently on the market, 'there have only been five sales in the last two months. At that rate, it will take 25 years before all the homes currently on the market (with a median asking price of $1.31 million) are sold.' Rough.
· America's Most Expensive ZIP Codes [Forbes]