Because it requires a little bit of work to get to and from the big city, San Juan Island is still a little bit off the radar for a luxury property market. “If this setup was in the Hamptons it would easily be twice the price,” said Jones. “It’s a relative bargain compared to more established outlets, but we’re very quickly following in the same footsteps.”
Indeed, local real estate is not as premium as you might think. The median listing price is around $469,000, and homes range from humble cottages (this two-bed is asking $294,500) to a four-bed, five-bath, 5,399-square-foot home asking $5.85 million. Currently, Miller’s home is the second most-expensive listing on the market, after this five-bed, 11-bath, 19,676-square-foot estate. According to Zillow, Miller’s home is 3894.3 percent higher than the median asking price. And the price per square foot of Miller’s home—$1,438—is even higher than the other ultra-luxury property, which comes to $1,105 per square foot. Clearly, the "celebrity premium" here is no joke(r).
Jones said tremendous wealth has been coming up from California. “They have one of the most burdensome tax rates in America,” Jones said, while Washington State has no income tax. Many of those Californians are looking for a place to hang their head, long enough to establish residency. “You can keep your La Jolla mansion and call it a second home,” Jones said, “then live six months and a day here to become a Washington resident.”