Man­sion or shack? It's the $1M ques­tion

The Covington News - - THE WIRE -

SAN FRAN­CISCO (AP) — Swim­ming pool with a hot tub. Four bed­rooms and four-car garage. Gran­ite coun­ter­tops and stain­less-steel ap­pli­ances. That's what $ 1 mil­lion will buy you in the Phoenix sub­urb of Mesa.

What will the same seven-fig­ure price tag get you in San Fran­cisco? Not much.

The Bay Area saw a record num­ber of houses and con­dos go­ing for $1 mil­lion and above in the spring, push­ing the me­dian sell­ing price into the cool mil­lion-dol­lar range for the first time in June, real es­tate re­search firm CoreLogic DataQuick said Tues­day.

A mil­lion dol­lars will go a lot fur­ther in other parts of the coun­try.

— In Philadel­phia, $1 mil­lion means a four-bed­room brick row house with a multi-tiered shoe closet.

— A Lit­tle Rock, Arkansas, house on 5 acres of land tucked into a hill over­look­ing a stream the feeds into the Arkansas River, com­plete with a fire­place in the mas­ter bed­room, is on the mar­ket for about $1 mil­lion.

— In an af­flu­ent At­lanta neigh­bor­hood, $1 mil­lion trans­lates to a back­yard swim­ming pool and 2,500 square feet.

— And in Spring­field, Illi­nois, $1 mil­lion gets you a nearly 6,000 square foot house with six bed­rooms near a top-rated golf course.

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