Slide Show | August 2007
WHAT $500,000 BUYS YOU NOW
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Only a few years ago, it looked like $1 million might become the new benchmark for acquiring a large, luxurious home, especially in large metropolitan areas along both coasts. With prices falling, Kiplinger.com searched real estate listings across the country for homes for sale in the half-million-dollar range.
Take a look at these properties, and decide for yourself if $500,000 has become the new benchmark price for the American Dream.
By Amy Pollak
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BUCKS COUNTY, PA.
Walter Sanders/ Carol C. Dorey Real Estate
Square Footage: 1,111
Number of Bedrooms: 3
Number of Bathrooms: 1.5
Lot Size: 3.38 Acres
Located 40 miles northeast of Philadelphia and 100 miles southwest of Manhattan, this stone house dubbed Silver Spoon Cottage offers a practical commute either way. Although the home is small, it has a newly remodeled kitchen and lots of land.
What $1 million buys you. BUCKS COUNTY, PA.
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BONITA SPRINGS, FLA.
Barry DeNicola/ Barry DeNicola Realty
Square Footage: 4,855
Number of Bedrooms: 3
Number of Bathrooms: 3
Lot Size: Gated Community w/golf course
The Florida real estate market has taken a hurricane-sized hit, with prices dropping 20% to 30% in some areas of the Sunshine State. This expansive home is only a five minute walk from Gulf Coast beaches and several malls. Bonita Springs is about 20 miles north of Naples.
What $1 million buys you. BONITA SPRINGS, FLA.
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LYNDONVILLE, VT.
Susan Aiken/ Peabody & Smith Realty, Inc.
Square Footage: 4,000
Number of Bedrooms: 3
Number of Bathrooms: 3
Lot Size: 22.4 Acres
That's right, 22.4 acres of land. This property features hiking trails through its own private woods. Lyndonville is a small Green Mountain State town located on Interstate 91. It's only a two-and-half-hour drive from Montreal and a three and half hour drive from Boston.
What $1 million buys you. LYNDONVILLE, VT.
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BETHEL, OHIO
Lydia C. Nattin/ HUFF Realty
Square Footage: 3,642
Number of Bedrooms: 4
Number of Bathrooms: 4.5
Lot Size: 5.1 Acres
Bethel is a booming exurb 24 miles southeast of Cincinnati. This home abuts a lake and offers a large lot size and nice views. Nice windows, too.
What $1 million buys you. BETHEL, OHIO
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AUBURN, CALIF.
Jack Amick/ Prudential California Realty
Square Footage: 1,713
Number of Bedrooms: 3
Number of Bathrooms: 2
Lot Size: .24 Acre
The California real estate market has gone from stratospheric to just plain sky high. This ranch-style home, located about 40 miles from Sacramento, is in a gated community. It features a recently remodeled kitchen and other interior upgrades.
What $1 million buys you. AUBURN, CALIF.
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HOBOKEN, N.J.
Sally Christie/ Toll Brothers City Living
Square Footage: 703
Number of Bedrooms: 1
Number of Bathrooms: 1
Lot Size: N/A
Single? Working in the city? How can you go wrong with these views of Manhattan from across the Hudson River? This condo/apartment, located near the Holland Tunnel, offers luxury city living at a reduced price.
What $1 million buys you. HOBOKEN, N.J.
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QUEENS, N.Y.
Rachel Weiss/ Halstead Properties
Square Footage: 754
Number of Bedrooms: 1
Number of Bathrooms: 1
Lot Size: N/A
With a variety of bridges and tunnels, Queens is a hop, skip and 15-minute jump from Manhattan. In more distant New York suburbs, $600,000 will buy you a 2- to 3-bedroom townhouse or small fixer-upper. But close in, this one bedroom, one bath apartment in a new construction luxury building comes with a fitness room and a rooftop terrace.
What $1 million buys you. QUEENS, N.Y.
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WEAVERVILLE, N.C.
Barbara Boettcher/ Beverly-Hanks & Associates
Square Footage: 2,217
Number of Bedrooms: 3
Number of Bathrooms: 3.5
Lot Size: 1.02 Acres
This is a high-end home for the area. Weaverville, located 10 miles outside of Asheville, offers small-town living near one of the most attractive cities in the nation for empty-nesters and retirees looking to downsize.
What $1 million buys you. WEAVERVILLE, N.C.
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LOGANVILLE, GA.
Jes Rijo/ GMAC Real Estate
Square Footage: 5,200
Number of Bedrooms: 7
Number of Bathrooms: 4.5
Lot Size: 6.42 Acres
The long-sizzling Atlanta metropolitan housing market hasn't been immune from the downturn. The asking price on this mansion located 35 miles outside of the Peach State's largest city just dropped over $50,000.
What $1 million buys you. LOGANVILLE, GA.
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ROCKPORT, TEX.
Jackie Shaw, Sandy Swanson/ Key Allegro Real Estate
Square Footage: 2,016
Number of Bedrooms: 3
Number of Bathrooms: 2.5
Lot Size: .5 Acre (2 Lots)
Rockport is about a half hour northeast of Corpus Christi. This bayfront property, with two lots, provides ready access to boating, fishing and swimming.
What $1 million buys you. ROCKPORT, TEX.
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JONESBORO, ARK.
Brenda Dacus/ The Brenda Dacus Team/ Fred Dacus Associates, Realtors
Square Footage: 5,200
Number of Bedrooms: 5
Number of Bathrooms: 5
Lot Size: .67 Acre
This is the largest home in our slideshow. It has a pool, cabana and wrap around porch. Yet, it is also the least expensive. About an hour west of Memphis, Jonesboro boasts one of the best school districts in the nation.
What $1 million buys you<./a> JONESBORO, ARK.
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DENVER, COLO.
Larry Simpson/ Fuller Towne & Country Properties
Square Footage: 2,370
Number of Bedrooms: 4
Number of Bathrooms: 3
Lot Size: N/A
Located within the city limits, this property backs onto a regional park, with a creek running through the yard. It's being offered as a possible "tear down" lot, a trend that is quickly becoming a mainstay in the housing market. Purchasing a lot in a desired location, buyers are tearing down existing houses and building bigger ones with modern amenities.
What $1 million buys you. DENVER, COLO.
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FLAGSTAFF, ARIZ.
Shelly Bethke/ West USA Realty Flagstaff
Square Footage: 2,022
Number of Bedrooms: 3
Number of Bathrooms: 2
Lot Size: 2.25 Acres
Can you handle the weather? With a small mountain range as a backyard backdrop and the Grand Canyon about 80 miles down the road, this ranch-style home offers much to outdoor lovers. Arizona's housing market has held up more strongly than other states.
What $1 million buys you. FLAGSTAFF, ARIZ.
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SANDPOINT, ID
Kyler Wolf/ Sotheby's International Realty
Square Footage: 1,875
Number of Bedrooms: 3
Number of Bathrooms: 3
Lot Size: .14 Acre
This home located about 70 miles northeast of Spokane, Wash., offers modern convieniences of a new home, with some green technology thrown in. The developer is offering natural maple wood floors, energy efficient appliances as well as the option of solar panels and heated floors.
What $1 million buys you.
