A Chill in High-End Alpine

From "New York Times"

HERE’S what a lagging market looks like in Alpine, N.J., the town perennially identified by Forbes Magazine as one of the “most expensive” ZIP codes in the country:

The average home price, which was $4.3 million last year, is hovering at $2 million so far this year, according to Multiple Listing Service data.

There are currently 61 homes multiply listed (and more being marketed privately). But only one house per month was sold in the first seven months of this year.

“These are special people in terms of who and what they are,” said Mr. Kurtz of the potential buyers. “They are still out there in the world, and that is who Alpine continues to attract.”

A community of around 3,000 residents and 915 real estate parcels, Alpine is 16 miles from Midtown Manhattan. Last year it ranked No. 1 on the Forbes ritzy ZIP code list, knocking out Fishers Island in Florida, and towns like Atherton, Calif., with which it had previously tied.

Alpine has been a haven for entertainment and sports figures who want to hang their hats somewhere private: The Yankees pitcher C. C. Sabathia moved in last year; the rapper Sean Combs is a resident, as is the prominent laser eye surgeon Dr. Joseph V. Dello Russo Jr.

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