Location, Location, Location

Even though the housing market has been slammed, real estate in some of the most appealing markets remains astronomically expensive. Southern California, for instance, sucks up six of the top 10 spots on the list of most expensive housing markets compiled by Coldwell Banker Real Estate LLC.

Released Wednesday, its Home Listing Report surveys average listing prices for four-bedroom, two-bathroom homes in more than 2,300 North American markets. The U.S. average for the surveyed listings was approximately $293,000. (However, even though the market has flopped, many of these “modest” homes are well over a million bucks!) Markets included in the U.S. report were required to have at least 10 properties fitting the above criteria within the relevant time frame, and in Canada, at least five properties were required.

Check out what some of the choicest listings are going for in these red-hot real estate markets — and look at photos from actual listings.

#10: Cupertino, Calif.

Home to Apple Inc. (NASDAQ: AAPL), Cupertino, Calif., was the 10th most expensive real estate housing market in the 2011 Coldwell Banker U.S. Home Listing Report.

The average listing price for September 2010 – March 2011 in Cupertino was $1,140,656.

Shown here is a property at 10328 S. Stelling Rd. with four bedrooms and two baths. It is listed for $1,299,988. Coldwell Banker estimates a monthly mortgage payment of $6,894 for the property.

#9: Mercer Island, Wash.

Mercer Island, Wash., ranked the ninth most expensive real estate housing market in the 2011 Coldwell Banker U.S. Home Listing Report.

The average listing price for September 2010 – March 2011 in Mercer Island was $1,143,521.

Shown here is a property at 9825 SE 42nd Place with four bedrooms and two baths, going for $2,795,000. Coldwell Banker estimates a monthly mortgage payment of $14,823.

#8: Greenwich, Conn.

Greenwich, Conn., ranked the eighth most expensive real estate housing market in the 2011 Coldwell Banker U.S. Home Listing Report.

The average listing price for September 2010 – March 2011 in Greenwich was $1,154,293.

Shown here is an “affordable” property at 10 Heusted Dr. The modest four-bedroom, two-bath home is “just” $990,000 with an estimated monthly payment of $4,531.

#7: Weston, Mass.

Weston, Mass., ranked the seventh most expensive real estate housing market in the 2011 Coldwell Banker U.S. Home Listing Report.

The average listing price for September 2010 – March 2011 in Weston was $1,228,100.

Shown here is a property at 83 Loring Rd. with four bedrooms and two baths, going for $2,198,000. Coldwell Banker estimates a monthly mortgage payment of $10,633 for the property.

#6: Los Gatos, Calif.

Los Gatos, Calif., was ranked the sixth most expensive real estate housing market in the 2011 Coldwell Banker U.S. Home Listing Report.

The average listing price for September 2010 – March 2011 in Los Gatos was $1,261,176.

Shown here is a four-bed, two-bath property at 18805 Bear Creek Rd. that doesn’t appear to be all that flashy. But the listing price is $3,499,000, and Coldwell Banker estimates a monthly mortgage payment of $18,557.

#5: Saratoga, Calif.

Saratoga, Calif., ranked the fifth most expensive real estate housing market in the 2011 Coldwell Banker U.S. Home Listing Report.

The average listing price for September 2010 – March 2011 in Saratoga was $1,281,889.

Shown here is a property at 4119 Cornell Rd. going for $1,999,000. Coldwell Banker estimates a monthly mortgage payment of $10,602 for the property.

#4: Rancho Palos Verdes, Calif.

Rancho Palos Verdes, Calif., ranked the fourth most expensive real estate housing market in the 2011 Coldwell Banker U.S. Home Listing Report.

The average listing price for September 2010 – March 2011 in Rancho Palos Verdes was $1,312,538.

Shown here is a property at 30423 Miraleste Dr. that’s listed for $2,900,000, with four beds and two baths. Coldwell Banker estimates a monthly mortgage payment of $15,380 for the property.

#3: Stone Harbor, N.J.

Stone Harbor, N.J., ranked the third most expensive real estate housing market in the 2011 Coldwell Banker U.S. Home Listing Report.

The average listing price for September 2010 – March 2011 in Stone Harbor was $1,344,908.

Once again, it’s all about location and has little to do with the home itself. Shown here is a property at 10611 Second Ave. with four bedrooms and two baths. Looks like something from a modest neighborhood near you, right? Well, this little home is a just walk from the Atlantic Ocean near Delaware Bay –making it a cool $1,749,000.Your estimated monthly payment: $7,548.

#2: Pacific Palisades, Calif.

Pacific Palisades, Calif., ranked the second most expensive real estate housing market in the 2011 Coldwell Banker U.S. Home Listing Report.

The average listing price for September 2010 – March 2011 in Pacific Palisades was $1,606,992.

Shown here is a property at 243 Surfview Dr. listed for $3,399,000. This home has four bedrooms and three baths, and boasts an estimated monthly payment of $18,027.

#1: Newport Beach, Calif.

Newport Beach ranked at the top of the list as the most expensive real estate housing market in the 2011 Coldwell Banker U.S. Home Listing Report.

The average listing price for September 2010 – March 2011 in Newport Beach was $2,537,126.

Shown here is a property at 7304 W. Oceanfront with four bedrooms and two baths, going for $6,299,900. Coldwell Banker estimates a monthly mortgage payment of $33,411 for the property.