|
NEW YORK (CNN/Money) -
Million-dollar homes are not exactly a novelty in some parts of the United States, according to real estate brokerage giant Coldwell Banker.
In many California coastal communities, the average price for a four-bedroom, 2,200 square foot house exceeds $1 million. In La Jolla, near San Diego, that house costs $1.875 million.
As real estate prices have soared across the country, million-dollar homes have become much more common. Coldwell Banker CEO Jim Gillespie says that his company has sold 27.7 percent more seven-figure homes so far this year than in 2004. That's on top of a 47 percent increase in 2004. He expects his company to sell more than 25,000 of these expensive properties in 2005.
Some places it's still rare
Still, for most Americans, a seven-figure home is more dream than reality. In many heartland cities and towns scattered across the Midwest, Northeast, and South, house prices are a fraction of what they are in high-flying areas. The same house that would sell for a million in Malibu may go for less than $200,000 in Topeka.
As a matter of fact, Gillespie says that in a full 52 percent of markets his company surveyed, the average price for a four-bedroom, 2,200 square-foot home was less than $300,000.
A million-dollar property in these communities can be something really special, with extensive landscaped gardens, swimming pools, designer kitchens, home theaters and huge master bedroom suites among the most popular amenities.
While a million dollars may purchase very little beyond a tear-down in some of the most expensive markets, these listings are gleaned from more affordable markets. Instead of West Palm or Jupiter Island, we feature a house from Florida's Gulf Coast. In lieu of San Francisco, we have a condo in Seattle. We substitute Princeton, N.J. for Prince Street in Manhattan.
To see what a million dollars buys in these more affordable markets, click here.
For a closer look at the prices in various real estate markets, click here.
How much would a house like yours cost in other parts of the country? For more on that, click here.
_____________________________________________________________________
Tell us your story...MONEY Magazine is looking for people to profile for upcoming features.
- Are you around age 50 without enough saved for retirement -- say less than $25,000? MONEY wants to hear your story for an upcoming article. To be considered, e-mail Kate Ashford at kate_ashford@moneymail.com.
- Are you drowning in credit-card debt? MONEY, working with with a national television morning talk show, can help in an upcoming story. If you want to share your story, e-mail Ellen McGirt at emcgirt@moneymail.com.
- Worried about your investments and want a portfolio makeover? Send details to Roberta Kirwan at rkirwan@moneymail.com.
|
