The Barenaked Ladies may once have sung “If I had a million dollars”, but since the rise of “Who wants to be a Millionaire” or “Deal or No Deal”, the once giant amount of a million dollars has really begun to lose its meaning. If hanging out with Howie Mandel for an hour can make you a million - I’m in (however, two hours – might be too much).
Recently onForbes.com, I read an article on what kind of real estate you can get for a million US dollars. Considering Realestock has luxury developments listed in various countries, I rushed to read it.
The differences are astonishing:
In Cape Town, you can get a five bedroom house with amazing views, a tennis court, pool and pool house, and a computerized irrigation system to water your extensive grounds
In Namibia, you can get a four bedroom, three bathroom ranch, with an additional one bedroom apartment to rent out, if you so wish
In Beijing, $1million gets you a four bedroom serviced apartment, with access to two pools and a gym
Your money does well in Toronto – You can get a three bedroom house, with beautiful bay windows and a pool
In Paris, you can get a two-bed duplex! However, you might want to stop jumping for joy – because that’s a 230 square foot duplex
What does $1 million buy in Tokyo? A 600-square foot, one bedroom apartment
A million dollars doesn’t go far in London, England, which is hardly a surprise. Forbes discovered a three bedroom flat in Maida Vale (a relatively upscale part of London), which they described as ‘drab’. Hey! In England we’d call that a ‘character’ apartment!
As for New York, prices are dropping, so your million goes a little further than it did a few months ago– you can now afford a one bedroom, 670 square foot apartment in Chelsea, with dramatic city views, a doorman, and various other amenities.
So what does this mean for luxury real estate? Possibly this indicates that the boundaries have changed, and that depending where you are buying, a million dollars doesn’t necessarily indicate luxury. If you spend $12 million, chances are you’ll still get that luxury home, - irrespective of where you shop, but in many of the most desirable cities, that sole million won’t go very far.
It also indicates the strength (or not) of the US Dollar – which is important for most sellers and developers, particularly for those selling their properties in the current ‘buyer’s market’. If you have properties in the US, you may find that British, Japanese or European customers may be interested in purchasing property in the States where their £500,000, €700,000 or ¥106,000,000 will go much further (Would you rather have a three bedroom house in the Hollywood Hills, or that ‘character’ flat in London?). Conversely, if you are selling a development in Costa Rica, Mexico, or somewhere else where US buyers will be able to stretch their dollars a little further, you may find that you’ll have more inquiries stateside.
Either way, what you need is international exposure, and knowledge of where to base your marketing and promotional dollars. Listing your property on Realestock is one way to do this. We have visitors from all over the world, so potential clients looking for the bigger bang for their buck, whether they’re in Berlin, Germany, or New Berlin, Wisconsin, will be able to view your property, and see what they can get for $500,000, $12 million, or indeed a million dollars. If you are really looking for that $1 million price tag, we have a range of condos, townhouses, and yes, even estates that are priced around the million mark. And look, you didn’t even need to phone a friend, or challenge the banker!
The views expressed on the blog portion of this site represent only the opinions of the author and may not necessarily be the opinions of Realestock.com