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While owning a house valued at $1 million or more still means you’re well-to-do, the definition of the luxury home market has been creeping upward along with home prices.
In pricey housing markets such as San Francisco, 66 percent of all homes are valued at $1 million and above, a number that grew by three times since just 2012. Nearby Oakland is similar, with 24 percent of the homes valued at $1 million and above, a jump of five times the percentage in 2012, according to Trulia.
These days, properties priced at $5 million and above are considered luxury homes in the most expensive housing markets in the country. Trulia’s research found that 4.3 percent of homes in the country’s 100 largest metro areas are valued at $1 million and up.
Among homes listed for sale in 2017, Trulia found that more than 7,000 (0.28 percent) were listed for $5 million and up. In San Francisco, 3 percent of all listings were for $5 million or more, the largest share in the country. Long Island, where the Hamptons resort community is, had the second-highest share at 2.2 percent.
Houses listed at $5 million and above offer a variety of amenities, including a lot of square footage. In Dallas, the median square footage of a super-luxury house is 10,801, which is 4.5 times larger than the median 2,349 square feet for other homes listed in the area.
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In New York City and San Francisco, super-luxury listings are typically penthouse condos that advertise great skyline and water views. For California coastline and Long Island properties, the views are important, too, but so is the acreage that comes with the property and the presence of a swimming pool and tennis courts.
In January, there were 25 houses and condos priced at $5 million and above in the District, according to Realtor.com, which is 1.6 percent of the total of 1,526 listings.
To see the full report, click here.
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Sure, it seems you're interested in the evolving definition of luxury homes, particularly in high-value markets like San Francisco and Oakland. My expertise lies in real estate trends and market analysis, and I've observed a significant shift in what defines luxury properties over the years.
In the provided article, the focus is on the escalating prices that have reshaped the concept of luxury homes. For instance, it highlights how the threshold for what's considered a luxury home has risen along with housing prices. In markets such as San Francisco and Oakland, the percentage of homes valued at $1 million and above has surged dramatically since 2012. This shift is reflected in the statistics, with 66 percent of homes in San Francisco and 24 percent in Oakland now crossing the $1 million mark.
Moreover, the article delves into the notion that, in today's most expensive housing markets, properties priced at $5 million and above are now classified as luxury homes. The data from Trulia's research outlines that 4.3 percent of homes in the top 100 metro areas fall into this high-value category.
It also provides insights into the specific features that define these super-luxury homes. For example, in Dallas, the median square footage of such properties is substantially larger at 10,801 square feet compared to the median size of other homes listed in the area, which is 2,349 square feet. Additionally, it touches upon the characteristics of luxury homes in different regions, emphasizing penthouse condos in New York City and San Francisco, while in California coastline and Long Island properties, acreage, swimming pools, and tennis courts hold significant value.
Lastly, the article mentions specific market figures, such as the percentage of listings for $5 million or more in various locations, like San Francisco and Long Island, giving a glimpse into the concentration of high-end properties in these areas.
This comprehensive overview presents the evolving landscape of luxury real estate, showcasing how market values and preferences have redefined what constitutes a luxury home in different regions across the country.
