Best Value for Dollar What City Gives You the Most for Their Million-dollar Price Tags
Sayyou have $ 10 million USD to throw down on a house, first of all, congratulations, but now comes the hard part, where (assuming you’re looking at the North American market only) are you going to get best value for your hard earned dollar.
While $10 million buys you a fairly decent home just about anywhere, there are definite discrepancies in the major North American markets.
As a public service CAIFU has compiled an analysis of what $5, $10 and $20 million will get you in the markets of Los Angeles,
San Francisco, Vancouver, Toronto and NYC.
$ 5 million ( USD) will get you a 5000 square foot, five bedroom, three and half bath contemporary house at 1644 N. Crescent Heights Blvd in the fashionable Hollywood Hills above L. A.’s famed Sunset Boulevard. Although the large lot doesn’t provide a tremendous view of the sparkling city lights below at least there’s plenty of room for the pool and a separate parking garage.
Or, if landscaping’s not really your thing and you prefer to be a little closer to the action, then for $4.9 million you could acquire a 3500 square foot, three bed four and half bath apartment in the Carlyle building at 10776 Wilshire Blvd. The 15th floor unit also has spectacular views of the city and a 24-hour concierge.
Moving up to $9.9 million will get you a five bedroom, eight bath, 10000 square foot, tastefully designed house in very upscale Bel Air. The home located at 1345 Moraga, has a pool, a theatre and a tennis court on its 1.5 acre lot and is situated in a gated very private and secure estate.
Or if Bel Air is a little too stuffy for your tastes, but you still value your privacy for $ 9.9 million you could own 5771 Valley Oak Drive, a Hollywood Hills century old, lovingly updated 13000 square foot mansion on 1.5, very private, acres, surrounded by park like woodlands. The house has a modern pool, a dining room for 40, a 2000 square foot ballroom and eight bedrooms and nine bathrooms in case some of your guests feel like spending the night. Not to mention its position high up on the hills provides spectacular city/ocean views.
But if you have $20 million to spend, and again prefer to be in the thick of things then the penthouse at 10727 Wilshire boulevard might fit the bill. It boasts 6000 square feet plus 3000 square feet of terrace and unsurpassed ocean/city views with floor to ceiling windows to take it all in, ultra- modern styling with an in unit elevator to second floor, and with six bedrooms and nine bathrooms, lots of room for the whole family.
If you must have a house then at just $19.9 million you could call 130 S. Burlingame Ave home. Located in the exclusive, but central neighbourhood of Brentwood (yes OJ lived there but that was a long time ago), it has a 13000 square foot home on a half-acre lot. The seven bedroom, 12- bathroom contemporary styled house, also features a pool, expansive lawns, a putting green and an outdoor dining cabana.
Moving north up the Westcoast to the Canadian city of Vancouver how does it compare to the glitz and glamour of L.A’S grand residences? The U.S dollar goes farther but that doesn’t necessarily translate to better offerings.
$5 Million (CDN) will get you a 3000 square foot, three bedroom, four bathroom penthouse at 838 West Hastings, suite 3602, in the heart of Vancouver’s financial district. The newer apartment with sleek modern styling also has a roof top terrace with a built in barbeque and wet bar, and naturally views of the city, the harbour and the mountains beyond. Plus, for your convenience an automated parking system.
In the single family house category though, this price point can be a little disappointing. For example, $5.1 million will get you a 3800 square foot 23 year-old contemporary (but slightly dated) home at 4410 West 2nd Avenue, in Vancouver’s very desirable Point Grey area. The four bedroom, four-bathroom house is close to (but not on) the very exclusive Golden Mile waterfront homes, leaving you feeling, perhaps, a little envious of being so close, yet so far. If not, you can enjoy the three floors, with wonderful views from the roof top deck, and an updated kitchen and master bath (the rest of the updates will be up to you).
If you can stretch your pocket book a little further $10.1 million will get you a six bedroom,
six bathroom 6000 square foot house high up in West Vancouver’s British Properties. The home at 1112 Highland Place has simply unparalleled city/ ocean views. The house itself makes generous use of marble and stone, and the gated lot features a pool and built in fire pit.
Moving back across the water to Vancouver proper, $ 10 mill in Vancouver’s first upscale neighbourhood of Shaughnessy will get you a 5000 square foot updated heritage home. The architecturally award winning home at 1549 West 37th Avenue has four bedrooms, four bathrooms, a generous sized, private lot (but no pool) and bragging rights to being the most stylish home on the block.
Again, moving up in price ( but staying in Shaughnessy), $ 19.8 million will land you a century old 7200 square foot mansion, just minutes from Vancouver’s downtown. Said mansion at 3690 Selkirk Street, has six bedrooms, five bathrooms on a private half acre lot. The home has been well maintained, but remains largely in its original state, and despite the large lot there is no pool, nor is there much in the way of a city view.
If waterfront is more to your taste then perhaps you’d be happy to cough up $19.8 million to be the proud owner of the 3300 square foot home at 2883 Point Grey Road, smack dab in the middle of the Golden Mile. Yes the lot is tiny and yes the nicely designed modern, three bedroom, five bathroom home is nearly forty years old, but it has been tastefully updated. And after all the main attraction is the location. The beach is your front lawn, every room in the house has spectacular views of English Bay and downtown Vancouver and world famous Kits beach is a short walk away, when you think about it the price is a bargain.
If you can live without the laid back Westcoast lifestyle and prefer the hustle and bustle of a big city, skip Vancouver and move eastward across Canada to its largest city, Toronto.
Canada’s financial and cultural centre, Toronto may not have Vancouver’s natural beauty, but more than makes up for that with opportunity and amenities. But what about the real estate market, is there better value for dollar over Vancouver’s slim pickings?
Toronto has more listings to offer deep pocketed buyers, but very few in the stratosphere like L. A’s high end market, over even Vancouver. Starting at $5 million that will buy you a 4000 square foot penthouse at 77 Avenue Road, in Toronto’s Yorkville area ( not exactly right in the middle of town). At only seven storeys the unit’s views are not what one would describe as spectacular.
Move up a little in price to $5.5 million, and you could acquire a 6000 square foot lakefront home. With five beds, 7 bathrooms, the classically styled stone house at 2621 Lake Shore Boulevard, does have a wonderful view of Lake Ontario, but there is no dock (or swimming pool) and the narrow lot would not be described as private. Yes it’s half the price of a waterfront home in
Vancouver, but English Bay doesn’t freeze over in winter and you’re not an hour from downtown.
Okay, so you want something spectacular, but central, then at $10.3 million the 5000 square foot house at 20 Elm Avenue might be what you’re looking for. Built in 1898, but meticulously updated this Rosedale ( Toronto’s Shaughnessy) home boasts five bedrooms, nine bathrooms on three levels, with spacious entertaining rooms, it makes the perfect home to host a cocktail party for wealthy Toronto financiers (in Rosedale you can count Conrad Black as one of your neighbours).
However maybe it is the views you crave, then for $ 9.3 million you can do no better than the penthouse atop the Shangri la Hotel. For just over $9 million (CDN) you get a tastefully styled two storey 3200 square foot apartment with three bedrooms and four baths, a sheltered outdoor terrace and as promised spectacular 360 degree views. All that plus membership in Shangri La’s premium health club.
Perhaps though 3200 square feet just isn’t enough elbow room for you. Something along the lines of the 7200 square feet of luxury that make up the top floor of the Hazelton Hotel. At $15 million the penthouse at 118 Yorkville Ave, suite 703, has three bedrooms, five baths, a private elevator and 5 fireplaces, plus generous entertaining rooms for all those lavish parties. The Hazelton is a popular hangout for movie stars during the Toronto International Film Fest and rumour has it Madonna once tried to rent the apartment but the current owner declined. So if stargazing of a different kind is more you bag then this spacious penthouse will fit the bill.
While there are many multi-million dollar homes listed in Toronto none currently meet the $20 million mark. So let us move onto the city where $5 million barely gets you in the door. We speak of course of old New York.
No other North American real estate market compares to the Big Apple, $ 20 million listing are not hard to come by and that price tag doesn’t come a quarter of the way to the city’s highest listings (topping out at $170 million USD, with several between $90 and $110 million). There is a depressingly large amount of NYC listings at the $5 million price point, unfortunately we only have room for but two examples.
At $ 5 million you can still buy a 4 storey townhome in NYC, yes it’s in Harlem ( 29 Mount Morris Park West) not the Upper Eastside ( where the price would be $ 100 million) still it’s an authentic century old brownstone, with four bedrooms, three and half baths in 4000 square feet, close to Columbia University, and it is in Manhattan, not across the East River like fashionable Brooklynn.
Maybe Harlem’s a little too close to the Bronx for your tastes ( until it too becomes fashionable) moving south to mid-town, where for $5 million you could have the penthouse of a pre- war building at 447 East 57th Street. With old war charm, a fireplace, three bedrooms and four and half baths it makes for a cozy 2500 square feet.
But there is also a fairly large terrace to exercise your green thumb.
But what about the Upper Eastside, you may not have a $100 million to throw down on a townhome, but surely $ 10 million gets you something respectable? It does, at that price point you could own a duplex on the 11th and 12th floors of a classic pre-war building at 941 Park Avenue. Walking distance to the Metropolitan Museum of Art and Central Park, you may not have the views but it’s hard to beat the neighbourhood. Four bedrooms and four and half baths over 4000 square feet, still leaves room left over for entertaining rooms, nanny’s quarters, a full sized kitchen, formal dining room, library (with fireplace) accessible via either a private elevator or grand oak staircase.
Perhaps though, words like classic, old world, and pre-war leave you cold. You want new, modern, and views of Manhattan. Then look no further than 45 East 22nd Street, which for $10 million will get you a brand new, never before lived in apartment on the 51st floor. The 2500 square foot, three bedroom, three bath apartment can still incorporate your designs cues if you buy now.
Still, this is NYC, so let’s face it, if you can’t afford to go big, go home. So, getting into a little more serious money, what can you buy with $20 million burning a hole in your pocket? Well, for starters, you can get a townhouse on the Upper Eastside. Yes it’s over 10,000 square feet over six storey’s plus a roof top terrace, and a basement, and it’s just a hop skip and a jump from Central Park, so what’s the catch? Currently it is divided into four separate units, so it’s what’s known in real estate terminology as a bit of a fixer upper (that is unless you want to rent out the four units). Still that’s (literally) a small price to pay for an Upper Eastside townhome.
The Upper Eastside isn’t for everyone, some prefer the bohemian crowd in Greenwich Village, of course one never wants to get too bohemian. For $20 million, perhaps then the triplex penthouse loft at 12 East 13th Street is exactly what you’re looking for. Brand new and nothing short of spectacular, it’s its own building built on top of another. 5700 square feet and 1000 square feet of terrace, walls of glass, floating staircase, accessed by private elevator, but once at street level just steps from Union Square and the hustle and bustle of lower Manhattan. We think we could call this one home.