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New luxury homes  

New Luxury Homes

New Luxury Homes. What are the benefits of owning and living in a new luxury home? Real estate is unique in products in that there are only so many locations, and unless one tears down an existing house and rebuilds a new home on the same piece of land, many people have to accept living in a house that has had prior residents living in it. But for those fortunate enough, the feeling of living in a brand new home - one that has not had anyone living there before you, is a truly wonderful experience. Among them may be the feeling you get when you are where you want to be and where you feel comfortable. Learn more about luxury housing or click on the related links.

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A decade ago, million-dollar houses were uncommon. This is no longer true. Houses worth one million dollars or more Even the Census Bureau realized that its top category of property value for primary residences needed upgrading. It increased the top category from “$500,000 or more” in the 1990 Census to “$1,000,000 or more” in 2000. The increase in “million-dollar” homes is a combination of the caliber of homes built in the last decade and the rising value of existing homes.hree forces account for the growth in the number of million dollar homes. One driving force is the rapid growth of household wealth in this country and the widening of the gap between the wealthy and the poor. Another is the rapid growth in income among the top quintile: as more households reach higher income levels, more households can afford “million-dollar” housing. A final factor is the escalation of existing home values ahead of income growth, especially in California and Northeast markets with tight housing supplies.

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Sometimes government sources come to different estimates of the total number of “million-dollar” homes owned as primary residences. The Census arrives at a lower and more conservative estimate because it is based on a sampling method that is not aimed at fully representing the wealthiest households. However, it has the distinct advantage of providing geographic detail on the location of “million-dollar” homes. There is no reason to believe that there are systematic biases in the estimates across geographic locations. Thus, the Census gives a good indication of a lower bound estimate in each place and a reasonably reliable indication of the geographic distribution of “million-dollar” homes owned as primary residences.

The San Diego real estate market has created quite a dilemma for some homeowners. For example, you have several hundred thousand dollars in equity in your home, yet you live 10 feet from your neighbor! But, it is thrilling to discover the amount of wealth you have amassed in your home, and you've even considered moving on and purchasing a larger residence for your growing family --especially with the huge down payment your current home will avail you. But where do you go ... another more expensive tract home? Or are you ready for a brand new luxury home?

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