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Mansion or shack? It's the $1M question

Posted: July 31, 2014 1:36 p.m.
Updated: July 31, 2014 1:36 p.m.

In the souped-up world of San Francisco real estate a $1 million will barely cover the cost of an 800-square-foot starter home that needs work and may or may not include private parking.

 

SAN FRANCISCO (AP) — Swimming pool with a hot tub. Four bedrooms and four-car garage. Granite countertops and stainless-steel appliances. That's what $ 1 million will buy you in the Phoenix suburb of Mesa.

What will the same seven-figure price tag get you in San Francisco? Not much.

The Bay Area saw a record number of houses and condos going for $1 million and above in the spring, pushing the median selling price into the cool million-dollar range for the first time in June, real estate research firm CoreLogic DataQuick said Tuesday.

One home in a trendy San Francisco neighborhood recently sold for $1.8 million in cash — $600,000 more than its asking price. No swimming pool listed with this 1,200 square-foot house. Instead it featured a concrete slab yard, no appliances and an unfinished basement.

A million dollars will go a lot further in other parts of the country.

— In Philadelphia, $1 million means a four-bedroom brick row house with a multi-tiered shoe closet.

— A Little Rock, Arkansas, house on 5 acres of land tucked into a hill overlooking a stream the feeds into the Arkansas River, complete with a fireplace in the master bedroom, is on the market for about $1 million.

— In an affluent Atlanta neighborhood, $1 million translates to a backyard swimming pool and 2,500 square feet.

— And in Springfield, Illinois, $1 million gets you a nearly 6,000 square foot house with six bedrooms near a top-rated golf course.

Here's a collection of photos showing a variety of $1 million homes around the country.

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