Million Dollar Homes

Megan Gates is an active blogger who provides written work to the blogosphere pertaining to Long Island Real Estate, Suffolk Rentals, home improvement and the latest architecture, design and fashion.  Follow her on twitter @MEGatesDesign.

While the economic state of the country may have affected many markets, the luxury housing market keeps seeing sales coming. The $1 million dollar market is generally a quick moving market depending on what region you live in. In a city like New York, $1.2 million is going to get you around 1000 square feet. On the west coast, a $1 million dollar budget can buy you well over 3000 square feet depending on the city. The limits of what you can have only continue to decrease as your budget increases!

But what are people looking for in these million dollar homes? People don’t want ordinary with an extraordinary budget:

More Square Footage: The most obvious answer to what people want for more money is more room! More room in the house itself, and depending on your location, for the property that the house is sitting on.

 

Large Kitchen: It’s no lie when agents say that kitchens sell houses. Not only is a roomy kitchen a big plus, but an updated kitchen is a must. In million dollar homes, people don’t bat an eye at restaurant quality appliances in there either. Large stoves, oversized fridges, and even extras like a wine cooler can all be benefits of such a luxurious home.

 

Bonus Bedrooms: Having a lot of bedrooms in a large home is a plus. With such a luxurious house, it is great to entertain and host guests so the extra space will be worth it. Having extra bedrooms is a great way to create a mother-in-law suite or to have an office or in-home gym if a buyer requires those amenities.

Lavish Bathrooms:  No cramped half-baths for these luxury properties! The new trend of bathrooms is to make them as spa-like as possible. By having beautiful décor and a high-end shower and tub, the feeling of a spa retreat in a home is easily attainable. Master bathrooms can have extras like a vanity area and a door to walk straight into the master closet, added conveniences for a homebuyer.

 

Spacious Storage: In expansive homes, having plenty of room for storage is a must have. Walk in closets for the bedrooms and garages for the cars are two examples. Depending on the size of the house, the size of the garage may increase with it. A homeowner with a budget in the millions may have a lot of toys, extra cars and other vehicles, that they would need room to store. A walk in closet would be a necessity with the master bedroom, if not with each bedroom in the entire house. Having extra closets for storage, linens and a pantry in the kitchen will all make a potential homebuyer feel that there is plenty of room for them and their belongings.

Outdoor Living: The entertainment space doesn’t end in the house. Outdoor living spaces are becoming increasingly popular demand by people in the market for a new home. A pool, hot tub, outdoor kitchen, outdoor living area are all bonus additions to a house that add value to a buyer. Having such an expansive living space is awesome for entertaining or for family time depending on the buyer.

The housing market right now is buyer friendly and there is no shortage of million dollar listings. The sky is the limit if you are a buyer in the million dollar home buying market!

  • Chance

    Here’s what I want in a house, it’s pretty simple.

    8,000 sq.ft – 5 bedrooms – 5 full and 2 half baths – 4 car garage* – movie theater – 5 person shower in the master – all the other typical rooms in a house.

    *I will have an off site 30 car garage, within 5 miles of my house. I don’t need or want 20,000 square feet. No point for a 22 year old bachelor. Maybe in a decade or two.




    0



    0
    • Kenny Forder

      I absolutely need 20,000 square feet 😉 LOL. I would throw parties every weekend and then I’d have enough bedrooms for friends and family to sleep over =)




      0



      0
      • Venom

        Lol, you would do it for about a month or two until half your stuff is broken and destroyed and the other half is stolen by people that come to your parties.
        God forbid some drunk idiot falls, gets hurt or dies or drowns in your pool and then you get sued.




        0



        0
  • Iemand

    Well if we’re going to make lists, here’s mine:
    – 10.000+ feet
    – lots of bedrooms; if it’s not for family/guests, then office or whatever.
    – Every bedroom their own bathroom, plus some half baths/toilet whatever you call them on that side of the big pond.
    – Maybe an indoor pool, definitely an outdoor pool (with poolhouse)
    – Seperate guesthouse somewhere on the property
    – Big garage (lots of cars, lots of toys)
    – Big BIG lot with big lawns and lots of trees.
    – Oceanfront (haven’t decided yet whether east- of westcoast)
    – Some big pond/lake.
    – Style isn’t that important, I like different styles.

    That’s about it…




    0



    0
  • david dempsey jr

    i want an urban english manor mansion with rustic exterior transitional interior and all of the amentities of the st regis all in 12000 s ft on a .8 acre lot with intensely manicured gardens with pool overlooking the city :))))))




    0



    0
    • david dempsey jr

      and a subterranean garage,,,and a small guest house bungalow with access from the front motor-court/courtyard




      0



      0
  • mak

    I want Chiltern. Anything else would be a letdown.




    0



    0
  • Daniel

    Hmm. Well my ultimate dream home would be La Reverie, but I can pick out dozens more in price categories. Finding a dream home for a million would be EXTREMELY difficult for me though, considering south Florida is relatively expensive.

    As for the ‘tips’ above, it really, REALLY depends on the location. While it’s nice to say that a remodeled kitchen is a must in a million dollar home, that isn’t always the case. What if you’re in a 1960s 2,500 sq ft nondescript home on the intracoastal. The LAST thing you would want to do is remodel or put ANY money into the home, as it will almost certainly be torn down. Obviously I don’t think Ms. Gates meant this list to work in its entirety in every situation, but I personally don’t know of any formula that works or doesn’t work. I just have to shake my head sometimes when I see a completely remodeled kitchen or home that qualifies as a tear down.




    0



    0
  • Grrrowler

    My requirements for dream house will be a lot more modest than most. I would like ~6,000 square feet, spread over two floors. The property would be 1-3 wooded acres with a natural-looking pond, free-form natural-edge swimming pool, and both covered and open terraces (all heated from below).

    The main floor would have: an entry way/stair hall of about 500 square feet room for a sitting area; a not-to-large reception room; a library with attached full bathroom; a formal dining room; a family room with a large TV, and retractable screen and projector; a powder room; and a large kitchen open to the family room. There would be a total of three bedrooms on the second floor, including the master, all en suite. The master would have a private sitting room, one large bathroom with two WCs, two large closets, and a small covered balcony for morning coffee/tea on warm days. I wouldn’t have a basement, other than for mechanical and storage areas. There would be a 4-car unattached garage with a 2-bedroom apartment above either for longer-term guests or for my mother who one day may not wish to live on her own. There would be a ground floor entrance to the apartment with both an elevator and stairs to the apartment.

    It should go without saying that instead of having large amounts of space, the house would be filled with exquisite details and finishes.

    Like Venom, I would not live on the ocean. I’ve done it before, and the salt and corrosion is horrible. I would prefer being on a hill with a view.




    0



    0
    • Iemand

      Why does the library need a bathroom?




      0



      0
      • Venom

        My friend’s study/library has a full bathroom (the only house that I can think of that I have been that has one) but it works great. If you are in your office and reading or working on something, you don’t have to traipse across the house to use the bathroom. Very convenient.

        If your wife has family or friends over that you don’t like that much, you can literally lock yourself in the study and never have to come out until they leave.




        0



        0
        • Iemand

          Oke, the toilet. I get that. But why a full bathroom? I suppose you’re not going to take a bath and everything.
          But on the other hand, taking a break (making a dump really) is a good thing to do so walking down the house isn’t such a big deal to me.




          0



          0
  • rob

    I would like a house twice as big as Biltmore on massive acreage. I want you to have to drive at least 30 minutes on my property to get to the house. I want outbuildings and horses and wildlife. I want a completely self contained estate. I want an indoor pool, outdoor pool, shooting range, arcade, massive garage with repair facilities, movie theater, stables, art gallery, armor collection, 60 bedrooms, and 80 bathrooms. I think I could be happy at Balmoral if they would renovate it and increase the size.




    0



    0
    • mak

      Only 60 bedrooms? Isn’t that a it cramped?




      0



      0
    • NOVA Ben

      Your guest house also needs two guest houses of its own, one of which has an additional guest house.

      And you didn’t specify anything, but I assume that your garage will need a little garage nested inside of it to store the electric golf cart that you’ll use to travel from one end of the main garage to the other? I mean, you wouldn’t want to go park your Bentley and decide to take a spin in your Porsche Carrera GT and have to walk ALL the way down to it (because your cars are parked in alphabetical order by company, of course). Am I right?




      0



      0
  • Megan

    Thank you everyone for your comments! I loved writing this piece. All of your ideas are making me think of my next luxurious design article 😀




    0



    0
  • Adam

    Wow, those properties are pretty amazing, the outdoor living space is pretty cool…I’d like a giant outdoor BBQ kitchen with a stocked bar and a couple flatscreens for gameday, if I had something like that I wouldn’t even care about how many sq ft my house actually had




    0



    0