Housing prices have fallen in many of last year's hot spots, yet for an exclusive few, prices remain on the rise.

"Prices are going up," says broker Ray Smith of Prudential Douglas Elliman. Smith holds the third most expensive home listing in the Northeast for a property he has listed for $62.5 million in Southampton, NY.

According to Forbes magazine, each residence in the top ten most expensive homes on the market is located in New York. The reasoning behind the location concentration is the wealth in the city and the desirability of the locations.

Forbes points out that these properties do actually sell for their listing prices. For example, a $40 million estate in New Jersey sold since making an appearance on the 2005 list.

Those listed as purchasing the top real estate holdings in New York include Rupert Murdoch, Stewart Rahr and Daniel Loeb.

"What we have seen is some newly achieved price points in the city," Kathleen M. Sloan with Brown Harris Stevens told Forbes. "An instructive project was 15 Central Park West, which is new but has classic floor plans."

Apartments at 15 Central Park West have sold for prices that exceed $4,000 per square foot. And the building hasn't even been completed yet. The average price per square foot for Manhattan in FQ2006 was just over $1,000, according to consulting firm Miller Samuel.

The most expensive property in the Northeast is the same property that topped the list last year -- a 60-acre Bridgehampton estate called Three Ponds. The property has remained on the market for some time, reports Forbes.

The average house price on the list has increased from $49.4 million last year to $56.7 million for 2006.

Martin Lukac (http://www.MartinLukac.com), represents http://www.RateEmpire.com and http://www.1AmericanFinancial.com, a finance web-company specializing in real estate/mortgage market. We specialize in daily updates, rate predictions, mortgage rates and more. Find low home loan mortgage interest rates from hundreds of mortgage companies! Article Source: http://EzineArticles.com/?expert=Martin_Lukac