Don’t know why they used Zillow for any info on Sagaponack? Zillow is still waaaaay off in The Hamptons and their info is very unreliable here.

Sagaponack, NY

That being said, this is not the first time that Sagaponack has been named America’s Most Expensive Zip Code and it may not be the last.  Sagaponack has been on fire since mid 2009, much of the wood for that fire provided by two new subdivisions in the tiny toni Hamlet. The median, average, mean…every type of statistical price defy national, regional and other local trends…it’s a so-called panacea of real estate.

Sagaponack Greens is the subdivision bought for $25M in 2005 by high-flying attorney/Hamptons real estate investor Alan Schnurmann. While the 2008/9 market gave him a scare, it looks like he will easily double (or better) is money on this project.

The Gibson Lane sub-division, on the property directly behind Billy Joel’s two oceanfront homes sold like hot-cakes this past 8 months. Why? It’s one of the most beautiful spots on earth! (and the Billy Joel buzz  did’nt hurt)

In 2009 the median home sale price in Sagaponack was $4,421,458… The median home price in the U.S. last year fell to $174,100, according to the National Association of Realtors.

Sagaponack is not the only rarefied real estate market, no matter how poorly the country’s housing market is doing. Long Island’s two counties, Nassau and Suffolk (where Sagaponack is located) account for more than half of the 50 most expensive small towns in America. Nearby Water Mill (No.6) and Bridgehampton (No. 8) command median sale prices of $2,238,676 and $2,081,717, respectively.

see the story here