$1 Million For A House The New Norm?

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In San Francisco’s souped-up real estate market, $1 million for house or condo is now the norm

In some of today’s U.S. real estate market $1 Million is the normal price one would pay for a basic single family home. Some of these homes may even be in poor condition, have 2 bedrooms and 1 bath, and less than 1,000 feet in square footage. One such area is San Francisco, CA.

There are other market that are already at these levels or growing close such as parts of New York City and even Washington, D.C. This puts your average home buyer in compromising situation when median home prices for the U.S. as a whole is around $185,000 and the average coming in around $220,000. Below is an excerpt from the an article posted by the Associated Press:

 

By LISA LEFF, Associated Press

SAN FRANCISCO (AP) — San Francisco Association of Realtors President Betty Taisch has two words of advice for those who want to live here and think $1 million will buy them their dream house: think again.

In the souped-up world of San Francisco real estate, where the median selling price for houses and condominiums last month hit seven figures for the first time, the cool million that would fetch a mansion on a few acres elsewhere will now barely cover the cost of an 800-square foot starter home that needs work and may or may not include private parking.

Taisch, a veteran broker who is used to managing her clients’ expectations, has experienced first-hand the heartbreak and hair-pulling inherent to house-hunting in what she considers one of the world’s “most desirable, fabulous cities.” She put her professional skills to work this summer on behalf of her adult son and his family, who had outgrown their one-bedroom apartment. After three unsuccessful offers, they ended up paying $913,000 for a two-bedroom, one-bath house with an outdated kitchen, a yard that can charitably be called overgrown, and a big basement that Taisch counts as its most attractive feature……Read Full Article Here

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