As many have noted the real estate market is gradually strengthening, some states more rapidly than others. However, despite the fluctuating changes in the market, one thing is still fixed; not all cities are equal. In Daytona, Ohio one million dollars may buy a 12,000 square foot estate, yet one million dollars hardly guarantees you an 800 square foot apartment in Manhattan, New York. There are several factors that affect the market price of a property such as location, neighborhood, job market, competition, supply and demand, and the overall health of the local economy.
One million dollars is where affordability and luxury come to a crossroad. According to a survey performed by CNBC.com here is what a million dollars can get you in 5 cities across America.
In San Francisco, one million dollars buys you a 3 bedroom, 1846 square foot apartment. Mark Best of Coldwell Banker Residential Brokerage says that San Francisco’s homes are selling fast and has drastically improved from last year due to a limited inventory, low interest rates, and a potentially better job market.
On the other side of the country is Manhattan where one million dollars can get you on average, a 2 bedroom, 900 square foot apartment. Although the location is impeccable, a lot of money does not come a long way. The real estate market in Manhattan is at its best, and there has been an 8.7% sales increase in high value homes. However, in a city where single family homes are a rarity, buyers’ concerns lie in the financial condition of the building, number of owner occupied units in the property, and the property’s restrictions.
In Denver, one million dollars buys you a 5 bedroom, 5229 square foot estate. Comparable to many of its neighboring states, Denver, Colorado’s market has improved and sales have increased 25% from last year. High value homes will continue to sell as long as interest rates remain low.
In Houston, one million dollar homes continue to get you a considerable amount of square footage (5,438 sq. ft.). The increase in single-family home sales is due to Houston’s steady job growth in energy, the international shipping port and the medical industry. Real Estate Agent, Toni Nelson said that buyers focus on school districts and communities when purchasing a home.
Comparable with San Francisco, Chicago buys you a 2 bedroom, 1752 square foot apartment for one million dollars. Although there seems to be a lot more buys, homes around one million dollars sell much slower than homes of a lower price because consumers are unable to secure big mortgages. Prospective buyers are concerned about the amount of foreclosures in the apartment buildings.
Offering broad coverage with the flexibility needed to protect your unique home.
Sinclair works with many families to protect their high value homes and assets. We can do the same for you. Give one of our professionals a call at 203.265.0996, email us, or return the form on this page to discuss your specific needs.