$1 Million Summer Homes
You can find a lot of attractive vacation house options for $1 million—from a chateau in the Hamptons to a cabin in Wyoming. But which are the best investments?
Though U.S. home prices continue their double-digit rise compared with a year ago, the story varies from state to state, neighborhood to neighborhood. In addition to location, prices are playing an even greater role. Fewer homes under $100,000 are selling, while the higher-priced market is taking off.
That's why CNBC's "$1 Million Home Challenge" took a closer look at the million-dollar market—this time with a summertime twist, venturing into the vacation-home sector.
Reporters went across the country to document interiors and exteriors, as well as unique features each home offer. Then a panel of experts, headed by real estate maven Dolly Lenz, decided on which house gives buyers the best bang for the buck.
Click ahead to see $1 million vacation homes.
—By CNBC's Diana Olick. Follow her on Twitter @Diana_Olick or on Facebook at facebook.com/DianaOlickCNBC.
—By CNBC's Anna Andrianova. Follow her on Twitter @AndrianovaAnna
Ocean Duplex
First up is a beach cottage on Hilton Head Island, S.C., priced at $995,000. This nearly 2,000-square-foot house has four bedrooms and three bathrooms, with about a quarter of an acre of land. It has a two-car garage, swimming pool and a wraparound porch where you can sit and watch the sunrise.
But the best view is down the garden path—the ocean itself. An extra bonus is that this beach house is surrounded by 16 acres of designated park area that can never be developed.
While the views are outstanding, the inside of the house could use a little sprucing up, according to a real estate broker Dolly Lenz.
"The finishes aren't very high-end. The furniture isn't terrific, so I think most people would go in there and do some tweaking," she said. "But it's the only one on the market."
Rustic Retreat
This 20-year old timber-frame cabin in Jackson, Wyo., is priced at $975,000. Situated on nearly four acres, it offers about 4,000 square feet of living space.
The cabin has four bedrooms, three bathrooms and a spacious kitchen. With cathedral ceilings and a wooden fireplace, the house bears Western touches all around and a view from every room. The ample residence has a basement that can serve as a game room, and its master suite leads to an outside jet Jacuzzi.
The house is located less than a mile from a national forest and only 10 miles from the Jackson Hole resort. Any potential buyer who loves fly fishing would have to look twice.
Woodsy Estate
This 18-year-old, two-story house with cedar siding sits on 140 feet of waterfront in Walloon Lake, Mich. It's priced at $995,000.
The 4,000-square-foot house has five bedrooms and three and a half bathrooms on half of an acre that was landscaped by a master gardener. It offers cathedral ceilings, hickory kitchen cabinets and a recreation room above the garage.
The many amenities include a hot tub, sauna, and a dock and covered boat house.
"It is a great location—it is on the water," said Lenz. Many wealthy people from Chicago and St. Louis vacation on that lake, and this property has "every bell and whistle," she added.
"There is just nothing missing from that house," she said.
Porch Palace
This beachfront home is on just under half an acre overlooking the ocean in Galveston, Texas. It has a three-car garage, an elevator and multilevel porch. It comes fully furnished at a price of $1.02 million.
A private path leads to the beach from this 3,500-square-foot house with five bedrooms and four bathrooms. The kitchen is fully equipped: granite countertops, a wine cooler and two ovens. A large living room with arched windows leads to a covered porch. The master suite's bathroom boasts his-and-hers sinks, a dual-head shower and a Jacuzzi.
"The best part of the entire story is that it's 45 minutes from Houston," Lenz said, adding that the state does not have individual income tax. About 80 percent of all vacation-home buyers want to be close to their vacation property, she said.
The house is gorgeous with its ocean view and beautiful furniture, and is "very appropriately priced," she said.
Shore Chateau
This traditional house is a little more than 10 years old and is within walking distance of a private beach in East Hampton, NY. Its 2,500 square feet of living space sits on a third of an acre, with an in-ground heated pool and a cabana for storing surfboards. The price is $995,000.
The living room, with 30-foot-high ceilings, provides plenty of wall space for art work. The home has five bedrooms and three bathrooms. The master suite includes a sitting area, a walk-in closet and a bathroom with a Japanese soaking bath.
"It's not quite on the beach—so that's where you get your million dollars," Lenz said. "But it is in a terrific location, and it's a really cool house.
"The great thing about the Hamptons is that it's the Hamptons," she added.
Boat House
Our winner, the one the panel of experts chose as the best of the six options.
This 1,100-square-foot, renovated lakeside house in Seattle is "almost irreplaceable," Lenz said. Though it has no land, it boasts its own moorage. It's priced at $1.08 million.
The house has two bedrooms and one and a half baths, and the upper-level loft space can serve as a third bedroom or an office. The kitchen has stainless steel appliances and custom cabinets, and leads to an open living area with a gas fireplace and a view of the deck. It's also a short bike ride to downtown.
But the residence's crown jewel is an updated patio providing a 360-degree view of the lake.
"Sleepless in Seattle" popularized the area's boathouses, while supply remained limited, Lenz said. In choosing a winner, her main criteria were resale value and long-term price.
"There are so few of these, [and] they can't build any more," she said. "It's fantastic."