What will a cool $1 million fetch homebuyers in 2011? How much square footage? How many bedrooms and bathrooms? How big of a yard, if any yard at all? It all depends what city you’re buying in, of course.
We checked in with cities across America to find out about their million-dollar dwellings. Real estate agents representing each city supplied representative property in the $1million range and discussed the state of their market. Further data on city averages was supplied by Zillow.
We wanted to know how home sales doing compared to last year, and especially in the $1 million bracket. Who is buying these $1M homes—are they first-time buyers, people relocating, people upgrading or downsizing? What are the top concerns in these markets? Click ahead to find out.
By Colleen Kane and Paul Toscano
Posted 13 May 2011
Listing price: $1,250,000
Bathrooms: 2 full
Size of home: 1567 square feet
$1 million+ market
Homes for sale: 2,697
Median size: 3,180
Median time on market: 51 days
In the City by the Bay, property that is priced properly and shows well is selling very quick. Open house attendance is very busy, and many properties are seeing multiple offers. Property that is overpriced, however, is not seeing activity. Buyers continue to be very savvy and informed when coming to the table with an offer.
In the million-dollar price segment, if the property is a good value, with good bones (desired area, light, views, renovated) it moves. It also depends on property type—A two- family home with rental potential in this range is hot real estate. However, investment property, is not selling as quickly, as that is a different buyer audience.