Realty Check

Realty Responses: Compared to a year ago, how much more or less house can you get for a million dollars?

"I can get just a little bigger bedroom and that would make me just a little more comfortable while dreaming of being able to afford a million dollar house."
-- Russ W., New York

"I live in Bozeman Montana and we bought our house in 1993 for 190,000. It is worth over 525,000 now. Our homes are going up at a rate of over 6%-8%. So your million dollars buys you less here. There is no low income land anymore."
-- Ed R.

"You can get about the same amount of house and property as one year ago. While sales have slowed, so has construction. Most houses are built to order with very little speculative construction. The difference over the last year is that the over-priced re-sales, especially poorly maintained ones, have come back in line with where they should have been."
-- Paul H., Rhode Island

"Probably less house than you can get today for same money. I know Calif. and Florida have dropped 20-30% in some areas, but Oklahoma prices have gone up, so you get about 4% less home in Tulsa Oklahoma than last year, but overall, probably more house for the buck this year than last."
-- Bob C.

"I don't know how much more one could get than a year ago but I do know that you could have your choice of four homes here in my neighborhood for one million dollars."
-- David (Lake Highlands section of Dallas)

"I don't know. I never have looked for a million dollar home. I don't make and have never make enough to buy a million dollar home. You can get a damn good home for $250.000 dollars in SC. if not on beach or down town Columbia, Greenville, etc."
-- Jim K., South Carolina

"I could get 5 times (2400 sq ft.) new and larger home than I have now, but at 3.75% property taxes I wouldn’t."
-- Bob F., Keller, TX

"I live in a section of Brooklyn, NY called Williamsburg, and the condominium I bought two years ago for one million dollars has gone up. So, I would have less square footage today for a million bucks."
-- Frances, Brooklyn, New York

"You get less and there is more choices. Housing is definitely slowing down. It has been red hot for so long now it is expected. It all started here when you could buy a new construction home for the same cost as existing. A lot of that was created by cheap money. You could build something new for the same cost that you could rent for or buy something already built. Interest rates used to be so much higher and now they are low."
-- Corey D.

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