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articles about “Luxury Real Estate

How Special Are Million-Dollar Listings?

Homes that cost a million dollars or more are rare in most of the country but make up more than 20% of the for-sale market in San Francisco, Fairfield County, and San Jose. The typical million-dollar listing in New York is smaller than the average American home.

Close your eyes and imagine a million-dollar home. Depending on where you live, you might be picturing the modest three-bedroom down the street, or you might be thinking of a sprawling mansion. You might even be drawing a blank if you live in a market where million-dollar homes are almost unheard of.  While a home listed for a million dollars might cause just a shrug in some parts of California and New York, million-dollar homes are few and far between once you get more than a couple hours’ drive from an ocean. To see what a million bucks buys across the country, we calculated the share of for-sale listings on Trulia priced at or above $1,000,000 in each of the 100 largest metros, as well as the typical size of homes priced at or near the million-dollar mark, all as of March 3, 2014.

MillionDollarHomesComparison

In Most Metros, Million-Dollar Homes Represent Just a Sliver of the Market
Nothing drives home the huge differences in housing costs across the country more than how rare or common million-dollar homes are. Million-dollar homes account for more than 20% of listings in New York, neighboring Fairfield County, CT, and Long Island; in Orange County and Ventura County, on the southern California coast; and in San Francisco and San Jose. In fact, million-dollar homes make up close to half the San Francisco market, at 44%.

# U.S. Metro Share of for-sale listings priced at or above $1,000,000
1 San Francisco, CA

43.5%

2 Fairfield County, CT

29.7%

3 San Jose, CA

25.7%

4 Orange County, CA

24.4%

5 Ventura County, CA

21.5%

6 New York, NY-NJ

20.8%

7 Long Island, NY

20.5%

8 Honolulu, HI

19.8%

9 Los Angeles, CA

18.4%

10 San Diego, CA

18.0%

For the share of listings priced at or above $1,000,000 in all of the 100 largest metros, click here.

But in 68 of the 100 largest metros, million-dollar homes make up less than 5% of the for-sale market, including the major metros of Philadelphia, Chicago, Dallas, Houston, and Atlanta. Furthermore, million-dollar homes are less than 2% of the market in 44 of the 100 largest metros. … continue reading

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Home Luxuries: What’s In, What’s Out

Compared with a year ago, more luxury listings now emphasize windows and fitness amenities. But kitchen features and formal rooms are waning.

Jed Kolko, Chief Economist
October 31, 2013

Which amenities can luxury homebuyers expect to find in today’s market? For our latest Real Estate Lab report, we combed through two years’ worth of luxury listings to see which words and phrases are trending up and down. We defined luxury listings as homes for sale that are priced at least four times above the median asking price for a given metro area: that means a million-dollar home in Rochester, NY, is a luxury listing, while a million-dollar home in San Francisco is not. We compared luxury homes listed between July 1, 2012, and June 30, 2013, with those listed in the previous year, between July 1, 2011, and June 30, 2012.

What’s In: Marble, Windows, and Booze
Looking at all of the words and phrases that appear in luxury listings, we identified twenty phrases that trended upward most strongly in the past year compared with the previous year. Luxury listings are now 78% more likely to mention a marble bath than one year ago, and 30% more likely to mention marble floors. Outdoor space is also on the rise: roof deck and terrace were 63% and 42% more common, respectively, than they were a year ago.

Trulia_Home Luxuries_MarbleBath

Luxury listings were also more likely to mention windows in the past year compared with the previous year. Oversized, floor-to-ceiling, ceiling, and large windows – as well breathtaking and ocean views – all trended upward, which suggests that buyers of luxury homes are increasingly paying for what they see when they look outward.

Home Luxuries: What’s Trending Up

# Phrase Change
1 marble bath

78%

2 roof deck

63%

3 oversized windows

56%

4 storage space

42%

5 terrace

42%

6 floor-to-ceiling windows

39%

7 ceiling windows

37%

8 marble floors

30%

9 wine room

30%

10 gym

28%

11 tennis court

24%

12 private elevator

24%

13 large windows

23%

14 wood burning fireplace

22%

15 outdoor kitchen

22%

16 summer kitchen

20%

17 pond

19%

18 panoramic views

18%

19 ocean views

18%

20 walk-in closets

17%

Finally, more luxury listings mentioned fitness amenities like gyms (up 28%) and tennis courts (up 24%). But residents should remember to use those before they hit another upward-trending luxury amenity: wine rooms (up 30%).

… continue reading

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