Ultimate Homes
WGN-TV Show Notes – February 22, 2005
Summary: Is your home your palace? Most of us are happy with our modest homes, but the market for high-end luxury homes is booming. Last year more than 35,000 homes costing $1 million or more were sold in the United States.
If you had all the money in the world, how much would you be willing to pay for a place to live?
There's no place like home. If your home has a bowling alley in the basement, a swimming pool in the back yard and a polo field as your front garden. Then again, it's unlikely you'll get anywhere from $25 to $75 million for your house, which is the list price for the most expensive homes for sale in the U.S.
"It's a very good time for people selling a high-priced properties. There have been a number of record-breaking sales in the past few years," says Rick Goodwin, Ultimate Homes magazine.
According to Ultimate Homes magazine, the number keeps growing. Last year more than 35,000 homes costing $1 million or more were sold in the U.S. and, in the past 15 years, the number of households owning a million dollar residence have tripled. And don't leave out the homebuilders -- new homes costing a million are the fastest-growing segment of the new construction market.
"Luxury homeowners are not who you think they are. 73 percent of those who own at least one home valued at $2.5 million or more are under 55, and self-made millionaires," Goodwin says.
Chicago has plenty of homes for sale that cost at least a $1 million. In the city alone, there are nearly 1,300 listings priced at $1 million or more, including a $28 million condo at the top of the new Trump Tower Chicago. Of the most expensive homes for sale in the metro, five are on the North Shore -- think Lake Forest -- and three are in the city.
While nice to dream about, expensive homes generally don't sell that quickly -- and that can be a nightmare for owners to maintain while on the market, taking a big bite out of their wallet. This Highland Park lakefront mansion has been on the market for two and a half years. It's listed at about $6 million and the fact that it has a walk-out basement that's nicer than most people's living rooms hasn't cut the list time by one day.
Need personal finance advice or real estate advice? Send your questions to Ilyce Glink: www.ThinkGlink.com
Copyright © 2005, WGN-TV
Seller Closing Costs
Home Moving Tips: Things to Do Before You Move
Looking At A Seller's Closing Costs
Agreeing To Agree: Buying A Home Proves Stressful For Many Couples
Condo Board Charges Entertainment Fee
Link to This Article
Like what you've read? Spread the word! You can link to this article
from your website by copying the following code and adding it to
a page on your website:
Copyright ©2001-2007. ThinkGlink, Inc.
All rights reserved. Reproduction of material from any www.ThinkGlink.com pages without permission is strictly prohibited.
Site designed by Walker Sands Communications
