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Sagaponack Tops BusinessWeek’s List of Most Expensive Small Towns Once Again

Bridgehampton, Water Mill, North Haven, Amagansett and Quogue also make the top 50.

Despite a year-over-year median home value dip of 14.5 percent, Sagaponack Village held the top spot on BusinessWeek’s ranking of the Most Expensive Small Towns.

With a population of 582 and median home value of $3.4 million, the 8-square-mile village blows away the runner up, Jupiter Island, Fla., with its median home value of $2.8 million.

BusinessWeek pointed out that Sagaponack includes the 63-acre estate and 66,000-square-foot home of Ira Rennert, said to be one of the largest private single-family residences in the country.

Median home value in Sagaponack peaked in November 2008 at $4.6 million, according to Zillow.com, which collaborated with BusinessWeek to design the ranking.

BusinessWeek explained that only places with populations of less than 10,000 were evaluated.

Other South Fork villages and hamlets made the list as well.

Water Mill rose one spot to reach No. 5, with a median home value of $2.1 million. Quogue Village leaped from No. 30 on the list in 2010 to No. 13, despite a year-over-year price change of negative 13.4 percent. Amagansett, which saw a 14.5 percent decrease in median home value, was ranked No. 23, after not making the top 50 in 2010. Zillow estimated median home value in Amagansett at $1.4 million. Bridgehampton took a tumble. Median home value decreased 7.5 percent, bringing it down to $1.2 million. It ranked No. 35, down from No. 8. The village of North Haven rose from No. 48 to 43, with a median home value of $1.1 million, a 9.7 percent decrease.

Sagaponack was notably absent from , which was released in September. However, the methodology for that ranking included all residences that fell within Sagaponack's ZIP Code, 11962, rather than just the village of Sagaponack, and it considered the pricetag of homes for sale, rather than the estimated price of all homes.

Diane Sadowski February 02, 2011 at 02:17 PM
Our law makers and congressman should take a look at the extremely low property taxes in Sagaponack. Just go online to optimum or to the town assessors office. You will be astonished at seeing a 3 million dollar home paying about 3 thousand a year in taxes. It is too bad that the Sagaponak property owners dont have to help pay for the education of the children whose parents live in other poorer communities and work on their estates to maintain their luxurious style of living. Educational property tax should not be by school district. It should be state wide. After all, California already implements this. It is across the board. Everyone pays 1% of the value of their home. IN other words if you can only afford a home of $300,000 , you pay $3000.00 in property taxes ans so on, and if you can afford a 3 million dollar home you pay $30,000. 00. Most homeowneres in Sag can afford to throw a party for one night for more than that amount.

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