Million dollar-plus homes are the strongest selling segment in most metro real estate markets, as more and more buyers are demanding more home, or more eloquence for their money, says CNN/Money. Here’s what the experts are saying:
Pamela Liebman, CEO of The Corcoran Group, a leading real estate brokerage in New York City, Long Island, New York and Florida, says, “A lot of money is going into high-end housing. Buyers just don’t want to compromise their desires.”
Where are most of these elaborate, luxurious homes located?
The largest areas of million dollar homes cluster in and around big coastal cities and posh beach and mountain resort communities. Among states, California had the highest percentage of million-dollar homes the last time the Census Bureau reported; 4.1 percent of all Golden State homes were worth a million or more at the end of 2003.
That was almost double the percentage of four years earlier. As housing continued to boom throughout 2004 and much of 2005, the number of million dollar homes in California has, undoubtedly, climbed considerably.
Other centers of high million dollar home ratios as of December 31, 2003 include Connecticut (3.3 percent), the District of Columbia (3.2 percent), and Massachusetts (2.2 percent).
Low million-dollar home areas were concentrated in the prairie states and the South. North Dakota had the lowest incidence, less than 0.01 percent, followed by Iowa (0.04 percent), and Arkansas (0.08 percent).
Florida also has plenty of luxury homes, located on beautiful luxurious estates, or on absolutely gorgeous waterfronts. The Tampa Bay area has been known to offer more for a buyer’s money when buying a large luxury home, or a smaller one, whether on or off the water, whereas Miami and Palm Beach offers them for much higher prices. Dallas, Texas, however, offers the most for the money when it comes to luxury homes.
Regardless of where large, luxurious homes are purchased, or for what price they are bought and sold, one thing remains clear: The McMansion has become, and will likely remain, a part of American culture for years to come.[ADBLOCKHERE]
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