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The most expensive zip code in America?

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  • Description

    A look at foreign buyer boom in Alpine, NJ

  • Duration 2:50
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Everything is the most expensive -- it goes emulator dot com has on the top of his list out kind of New Jersey and that community currently is listening as one of the most expensive.

Properties -- -- states at 58 million dollars.

Some an A list celebrities once residing there -- this area.

I Stevie Wonder can Britney Spears.

But the real story may be that number of foreign buyers that are really -- money -- this market and what it means for our our housing industry overall David Kaufman is a freelance journalist who covers all things related to lifestyle he's joining us now on you wrote about this in the Financial Times out -- Jersey tell us a little bit about.

What makes it different.

Well you have a community of the incredibly -- to the states just eight miles north about New York City so you have.

The sort of Beverly Hills style community gated estates 2030000.

Oscar for the State's extreme insecurity.

And I'm -- privacy would really been fifteen minutes Manhattan.

So we have one mansion is still mansion that is called 59 and a who's who's buying a 58 million dollar mansion he stays flood the -- that she's been reduced to 49 and always steal what is ideal but.

There looking at probably you know incredibly interest from foreign buyers Russians Chinese possibly -- And these are people who are looking to offshore -- -- into a safe and secure property on it a market that will always have appealed to as many potential future bars -- Cities those aren't working looking for a mortgage they're not really in that department what do you think is the impact on the economy overall -- you're looking at trends across the country.

This foreign money flooding in to some of these high priced houses houses.

That's what the -- foreign buyers only complied -- -- 10% of all pop up all property bars in the US but what's good to know if that.

They are buying the big marquee show -- properties you know.

The fifty million to 47 million dollar profit -- just sold in Miami whistled for -- the highest -- property in Manhattan sold to Russians so.

It would these -- are doing is to be -- there's shedding light on the kind of market that is really at the top tier.

Of what's available right now well.

Most people were purchasing in the in the US are are actually American interesting to note -- that still -- those high priced properties were reduced and reduced before they were finally -- -- I think -- -- having is people are throwing out price is right up to feel that they can get -- Because you're having these and your hundred million dollars sales -- these big markets folks are saying while I can get that you I can get these these record prices when we see what I can do.

I think really that good -- -- -- -- in these properties and you know they -- and they weren't the 49 million dollars I think the worst.

They think people willing to pay for them I think one of the problems is that you don't feel -- people actually live their concerns of people with so many homes all over the world but I right.

In a -- to just play -- to paying to put their money somewhere that's safe and secure.

And they -- they can get it.

Interesting -- as you mentioned less than 10% of Americans still coming to be nice things to do this -- nice to have you with us today guys appreciate it and we'll be right back.

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