THE SCOOP One of Long Island's premier communities, the village of Old Westbury is among the more exclusive communities in the country, says Michael Berman, president and broker of Automatic Real Estate Associates in East Hills. Last September, Old Westbury ranked 11th on the Forbes list of "America's Most Expensive ZIP Codes."
The village's ambience is that of winding scenic roads where homes and estates on sprawling properties are hidden behind gates and foliage. It's also renowned for its horse country, says Ellen Zipes, a broker at Daniel Gale Sotheby's International Realty in Old Westbury, noting that bridle paths run throughout the village.
The Long Island Expressway and the Northern State Parkway are minutes away, says Zipes, noting that New York City as well as the tony shops along Miracle Mile in Manhasset are easily accessible. "The location and conveniences are a tremendous draw," Berman adds.
Homes generally cost more than $1 million, though some are priced lower. Many older estates date from the 1880s to the 1920s, while a number of Colonials, ranches and Contemporaries were built in the 1970s and '80s. Newer developments are about 10 years old.
Keane Development Co. in Cold Spring Harbor owns 160 acres on the former Phipps estate, where he is building 22 custom high-end homes on 5- to 10-acre lots in a development called Spring Hill, while Stewart Senter Inc. of Hempstead is building 16 homes on 2-acre lots in a gated subdivision called Hidden Pond.
SALES PRICE Since last April, there were 31 sales, according to Multiple Listing Service of Long Island data. The median price was $1,900,000 with a low of $945,570 and a high of $15,880,000. From March 2009 to March 2010, there were 24 sales with a median price of $1,625,000. The low price was $750,000, and the high was $9,000,000.
ATTRACTIONS Old Westbury Gardens. The Meadowbrook Polo Club, off Whitney Lane and Polo Drive, was established in 1881. It is the oldest polo club in the United States.
ZIP code: 11568
Median age: 35.7
Median household income: $205,278
Median home value: $1,987,500*
LIRR time to NYC: From Westbury, 39 minutes to 47 minutes at peak
Monthly ticket: $254
SOURCES: Census estimates; www.mlsli.com; Long Island Rail Road; Automatic Real Estate Associates; Daniel Gale Sotheby International Realty
*Based on sales in the past six months according to Multiple Listing Service of Long Island