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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.

Comments

src: Posted: July 31, 2014 6:05 p.m.

Bottom line is, no house in CA is worth what is costs. I happily laughed at our last appraisal given the quality of the build from '86 and the materials.


NotSoAwesomeTown: Posted: July 31, 2014 6:24 p.m.

I was just saying the other day how happy I am to no longer own a house here. When I'm ready to purchase again, it'll be in another state for sure.


Lotus8: Posted: July 31, 2014 7:23 p.m.

Notso - Life is a lot more pleasant when you aren't pessimistic and complaining about stuff each day. If you don't like where you live or work, make a change. If, after weighing your options, you choose to stay put, try to focus on the positive reasons as to why you still live and work where you do. Optimists live longer and happier lives.



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