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A Million Dollars Buys More House These Days

Topics:Housing | Real Estate

By: Cynthia Ramsaran, Writer/Producer | 08 Jul 2009 | 11:02 AM ET

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With the housing market still sinking, buyers can get much more out of a million dollars than they could have years ago. Real estate experts tell CNBC about the deals around the country.

Miami's Vice

"I still think it's going to drop another 10-15 percent across South Florida. The South Beach area of Miami Beach, in particular, is one of the most desirable... And prices have maintained to a higher degree; they haven't seen the rapid price declines."

- Jack McCabe, McCabe Research

Twin Cities Turnaround?

"We’ve seen the activity in that price range of a million on up, be up a great degree over last year. So the appointments are up 20 percent, but the market's still down 20-some percent."

- Barb Jandric, Edina Realty

Keeping Manhattan Afloat

"It is still a supply and demand issue, and there isn’t enough supply to drag down prices."

- Dolly Lenz, Prudential Douglas Elliman

Residential Real Estate Rebound?

"I’m not quite sure we’re going to hit bottom until as late as 2011. I think the market has got a long ways to drop."

- Michael Hellickson, Hellickson Real Estate CEO

"A million dollars is what used to be a $1.4 million, $1.5 million in a lot of neighborhoods in Chicago. Particularly with some of the new construction – four or five thousand square foot single-family homes have been hit hard.

-Matt Garrison, Matt Garrison Group managing director

Million Dollar Value?

"South Florida is a very vast, very diverse real estate market, and there are some parts of town where that is definitely not the case. In other parts of town, homes are selling for fifty thousand."

-Monica Hatcher, Miami Herald real estate reporter

"It is still going to drop another 10 or 15 percent across south Florida. The South Beach area is one of the most desirable. Prices have maintained to a higher degree. We’ve still got a ways to go here in Florida."

-Jack McCabe, McCabe Research & Consulting CEO

Million Dollar Homes Disappear in Detroit

“People are saying, ‘oh my goodness you could by mansions in Detroit for a $1,000 dollars’—that’s not happening.” Adding, “$200,000 in Detroit would get you a very nice house.”

-Donna Barlow, Sotheby’s International Realty

Foot In A Door to a Pricy Zip Code

In Beverly Hills, “you generally don’t get a single family residence” for a million dollars. “This is at a 50 percent discount or more from two years ago.”

-TJ Culbertson, Shortsense.com

For more on the real estate industry...