Watch on YouTube here: Kitchen Trends 2019 | Kitchen Cabinets | Kitchen Design | Luxury Homes
Via Emmett Leo Homes Videos
Kitchen Trends 2019 | Kitchen Cabinets | Kitchen Design | Luxury Homes syndicated from https://emmettleohomes.home.blog

What $1 million buys today varies greatly in major cities around the country. Here’s a look at how far your money will go. Listen to Danielle Hale, chief economist at realtor.com. “If your price range is $1 million and you are looking for space in Los Angeles or San Francisco, you’ll find more square footage for your money in Los Angeles.”
Given how large Los Angeles is, look to areas like Burbank to get more for your million. If you can up your budget to $1,000,099, there’s a 3,600 square foot home in the Burbank Hills area with a terraced backyard and canyon views.
“In San Francisco, even if you pull down a six-figure salary you may not find a great house at a $1 million when you look at price per square foot,” Hale adds.
The numbers from realtor.com, which looked at July listing prices for single family homes, support Hale’s analysis. In San Francisco, $1 million will buy you around 1,600 square feet, 19% less square footage than a year ago. At $618 per square foot, that’s up 22% from last year.
Realtor.com does offers good news in some markets. Chicago and Washington D.C. buyers can get over twice the square footage as in San Francisco for the same price. Consider that San Francisco’s median home price is up to $1.366 million, according to Zillow.
When looking at the greater Washington D.C. market, buyers can get more house for that $1 million price tag. Realtor.com’s stats show half of the homes in that price range are larger than 4,300 square feet, with an average of 4.6 bedrooms and 4.5 bathrooms. According to Koki Adasi, senior vice president at Compass, a real estate brokerage and technology platform, there are good options available. “Buyers look to the North Arlington area in Virginia (right over the district line) for good schools and nice housing. There they can get a 2,000 square foot single family home in fantastic condition and be close to the metro, shopping, and schools.”
Lisa Harris, Certified Luxury Home Marketing Specialist (CLHMS) at RE/MAX CENTER in Atlanta, explains the current market in that $1 million range. “We are very fortunate to enjoy a strong economy thriving on an overall seller’s market over the last few years. According to the ILHM, the Atlanta luxury market is “balanced” with a median list price of $1.175 million vs. the median sold price of $950,000,” Harris explains. The median luxury sales price there according to Harris for single-family homes is $950,000.
Read More: Luxury Home Building, Home Building, Luxury Real Estate