February 15, 2014

Mega Homes and Their Outlandish Prices

Posted in Uncategorized at 1:22 am by Keith Knutsson

The number of large homes for sale in Chicago and Los Angeles combined is just above half of the number for sale in New York. As of last October there were 3,800 homes for sale in the Big Apple, all of which were going for $1 million or more. The biggest problem with expensive real estate now a days is its lack of uniqueness. Many homes are inner-city dwellings forcing the builders to build within tight quarters. The buyers of these multimillion homes look to them as more of an investment than anything els. Many of the owners were very startles by the the extreme loss in value during the housing crash. Average homes in the 10 biggest metropolitan areas dropped 35 percent of their value around 2007 and 2008.

All of these houses have over-the-top features, but even more over-the-top prices. While lavish building projects in Miami Beach go for $1,500 per square foot, in Manhattan some building projects call for $10,000-$12,000 per square foot. The features in these incredible homes are outlandish, I read of one Manhattan condo with a fancy rooftop shower, another claimed it had a fully operational pet-spa. Another claimed their wine cellar was actually a “champagne toasting chamber.” If you were to buy one of these lavish living quarters just remember that when you go to sell, you may not get the offers you are hoping for. Although to you a pet-spa may be an incredible asset to your home, it may be looked at as a drawback to others.

By Keith Knutsson

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