Ultimate Homes

Added February 22, 2005 by WGN-TV Show Notes

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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.

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