Wednesday, September 28, 2005

$1 million homes no longer that rare


(From the Detroit News)

Everything about Frank Fazio's new two-bedroom apartment on Manhattan's Upper West Side is decidedly average, including its price: a hair under $1 million.

For the first time, there are more than 1 million owner-occupied homes in the United States worth $1 million or more, according to a Census Bureau survey published late last month.

Once a symbol of unusual wealth, million-dollar dwellings seem like a dime a dozen in some places. San Francisco has more than 20,000 of them. There are another 46,000, or so, in Orange County, Calif.

In Manhattan, even someone with a million dollars in their pocket can't buy luxury. The average price for an apartment in all but Harlem and the borough's northern tip climbed above $1.2 million in the second quarter of 2005, said Gregory Heym, chief economist for Terra Holdings, an owner of real estate brokerages in the city.

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