Posted June 14, 2018 at 06:05 AM | Updated June 14, 2018 at 06:10 AM By Erin Petenko | NJ Advance Media for NJ.com When it comes to million-dollar homes, the question of location is a very real one. Small towns in Bergen and the Jersey Shore are full of wealthy residents, while South Jersey and rural areas of North Jersey have few mansions. In New Jersey, the top 20 percent of residents earn more than half of all income, according to the 2012-2016 Census snapshot. The top 5 percent of residents — the wealthy homeowners on this list — earn more than 20 percent. These towns are the exception to the rule, the top in their area. But in many counties, the pickings are slim. Salem County did not make the list at all. New Jersey has the third-highest income in the nation, and a few of its counties — Hunterdon and Somerset — were in the top 15 counties nationally with the highest median household income, based on Census data. But those … [Read more...] about The N.J. towns in each county with the most million-dollar homes
10 million dollar homes
Even as Philadelphia moves further away from 2017’s warmer months — traditionally the busiest times of the year in real estate — the city’s housing market has continued to flourish. Home values have appreciated, sales have been strong, and formerly disinvested neighborhoods have seen increasing activity as Philadelphia’s newfound prosperity has spread. The combination has created a local housing market that shows few signs of slowing. According to Drexel economist Kevin Gillen, Philadelphia home values in the third quarter of 2017 jumped 10.6 percent compared with the year before — more than double the city’s average historic appreciation rate of 4.5 percent. During that same July-to-September period, the median price of a Philadelphia home was $159,900. Still, inventory — the number of homes on the market — remains tight, meaning buyers too often are competing for too few homes. As a result, prices are rising, buyers are staying … [Read more...] about Million-dollar homes in West Philly? A new hot neighborhood? The latest on Philadelphia’s housing market
The number of million-dollar home sales across King County soared 71 percent last year, as a price point once reserved for mansions and waterfront estates expanded to include ordinary houses in attractive neighborhoods and even some upscale homes in more affordable spots. In 2016, nearly 2,900 homes sold for at least $1 million in the county, setting a record at the time. Last year far exceeded that with a new benchmark: Million-dollar transactions jumped to more than 4,900, according to a new year-end home sales report from the Northwest Multiple Listing Service. Put another way, 1 in every 5 or 6 homes across the county topped $1 million last year, up from about 1 in 10 the year before. Rising prices are changing how prospective buyers and sellers are talking about homes. “Clients are now looking for $900,000 to $1 million fixer-uppers in popular neighborhoods,” said Matt van Winkle, a RE/MAX broker in Seattle. Luxury homes are now quantified as being above $1.5 million, … [Read more...] about Million-dollar home sales surge in King County, creeping into cheaper neighborhoods
By STEVE MATTHEWS and PRASHANT GOPALBloomberg News May 10. 2018 10:00PM Tax deduction changes haven't kept buyers away from million-dollar homes the way some feared. (Dreamstime) Adam Blaylock was pretty sure he overpriced his Santa Clara, Calif., home by offering it in February for $1.48 million, since tax deduction changes would keep buyers away.But within a week, the 1,280-square-foot ranch-style house was in contract for $155,000 above asking.The $1.5 trillion tax overhaul President Donald Trump signed in December capped mortgage-interest deductions on loans up to $750,000, down from the prior limit of $1 million. It also set a $10,000 maximum for state and local tax deductions, which were previously unlimited. Those provisions prompted one of the most powerful lobbying groups — the National Association of Realtors — to warn that home prices in some high-end markets would tank.So far though, those areas have proven to be resilient. There are 308 U.S. ZIP codes … [Read more...] about Million-dollar home values gain even as tax deductions shrink
Share This Story! Let friends in your social network know what you are reading about Facebook Email Twitter Google+ LinkedIn Pinterest Multi-million dollar home sales soar in metro Phoenix. Why do we care? The number of homes selling for $3 million more in the metro Phoenix area has doubled so far this year, compared to the same time frame in 2017. Sent! A link has been sent to your friend's email address. Posted! A link has been posted to your Facebook feed. 4 Join the Conversation To find out more about Facebook commenting please read the Conversation Guidelines and FAQs Subscribe Today Log In Subscribed, but don't have a login? Register your digital access. Top home sales in metro Phoenix in 2017 Todd Abruzzo and his wife, Elsa, purchased this mansion in Paradise Valley. Todd is head of neuroendovascularsurgery at Phoenix Children's Hospital and Elsa is vice president of regulatory affairs for Intralink Spine Inc. The … [Read more...] about Multi-million dollar home sales soar in metro Phoenix. Why do we care?