Find Real Estate Agents and Homes for Sale

Real Estate News --> Connecticut News

A plague of million-dollar homes haunts real estate

Rising real estate values since the housing crisis have bolstered the ... San Francisco: 66 percent San Jose, California: 56.4 percentLos Angeles: 23.8 percentFairfield County, Connecticut: 17.7 percentLong Island, New York: 17.4 percent

Archived Story

A plague of million-dollar homes haunts real estate //id:"+t+"; typeof obj: "+typeof i))}function p(){var r,u,n,t;if(e.length&&!i){do for(r=e,u=r.length,e=[],i=1,t=0;t1);i=0}else i&&(i=2)}function it(i,r){for(var s,v,h,u=[],c=r?r.length:0,e=0;e .storyimage.smallfullwidth .image,.storyimage.smallfullwidth img{background:#000;margin:0 auto}#toast-container{display:none}.mobile .galleryinfo .img-divider{display:none} #main .one-col, #main .two-col, #main .three-col{margin-right:-.016rem;margin-left:-.016rem}.homepage.midlevel .pagingsection>,.channelplayerpage.midlevel .pagingsection>{display:none} Home News Weather Entertainment Sports Money More > Lifestyle Health & Fitness Food & Drink Travel Autos Video news You are using an older browser versionPlease use a supported version for the best MSN experience. A plague of million-dollar homes haunts real estate CBS News 15 hrs ago Aimee Picchi Owning a million-dollar home isn't the rarity it used to be. The share of homes valued at more than $1 million has surged more than fourfold since 2002, according to new data from real estate site Trulia, which analyzed the luxury real estate market in the top 100 U.Smetropolitan areasAcross those regions, about 4.3 percent of homes are now worth at least $1 million, compared with about 1 percent in 2002, said Trulia senior economist Cheryl Young. Rising real estate values since the housing crisis have bolstered the price tags of many homesTrulia found that $1 million doesn't necessarily denote a "luxury" home these daysIn some cities -- think San Francisco -- they're the norm, rather than a marker of top qualityThat puts pressure on lower-income buyers who can't afford to keep up with rising property prices, while cutting the amount of inventory available at prices below $1 million. The share of homes valued below $1 million is "decreasing at a rate we're surprised by," Young said"It was 98.9 percent in 2002, and now it's 95.7 percentThat is pretty shocking."Rising real estate values, tight inventory and a lack of new construction are contributors the surge in million-dollar homesYet another factor may be at play: rising income inequality, which has benefited the bank accounts of America's richest families. The top 0.1 percent of American earners, or those with $6 million in average income, have seen their incomes surge by 320 percent between 1980 to 2014, compared with just 42 percent for middle-income workers, according to research published last year by Gabriel Zucman and fellow economistsThat has created a huge gulf in spending power between the richest Americans and the middle class, giving those at the top the buying power to spring for homes worth $1 million or more. It may explain why the share of homes worth $5 million or more is growing even fasterThis segment is what Trulia describes as "the most luxurious homes available." To be sure, it remains a tiny part of the real estate market, accounting for just 0.28 percent of overall salesStill, that figure is five times higher than in 2002, Trulia said. "It was interesting to think about whether $5 million is becoming the new $1 million," Young said. Young's analysis found that homes worth $5 million or higher tend to share a few traits, such as fabulous locations or views and "estate" or "park-like" groundsThey also tend to be larger than the median home and feature designs by well-known architects and designers. A few listings included unusual features like bulletproof glass and swim-up barsAnd they have one other quirk: more bathrooms than bedrooms.The market with the largest share of million-dollar homes is San Francisco, where two out of three homes have crossed the $1 million threshold, Trulia foundFive years ago, only 22 percent of San Francisco homes were valued at that amount. "The crunch is obviously happening at the starter segmentThat's where affordability hits the hardest," Young said"As that share grows, the people it impacts is the people at the bottom."Here are the five metropolitan areas with the largest share of homes worth $1 million in 2017.San Francisco: 66 percent San Jose, California: 56.4 percentLos Angeles: 23.8 percentFairfield County, Connecticut: 17.7 percentLong Island, New York: 17.4 percentRelated video from CBS News: What does GOP tax bill mean for homeowners? Click to expand Replay Video UP NEXT Death toll in California mudslides rises to 17 - sheriff The death toll in the devastating California mudslides rose to 17 on Wednesday after two more bodies were found, the local sheriff saidRough Cut (no reporter narration). Reuters "Patient dumping" outside hospitals caught on tape Video footage captured "patient dumping" outside a Baltimore hospitalCBS News justice and homeland security correspondent Jeff Pegues explains how it works. CBS News Exclusive: Handcuffed teacher hopes people are outraged Middle school teacher Deyshia Hargrave, who spoke out against a superintendent's new contract was handcuffed and arrested during a school board meeting, sits down with NBC News for an exclusive interviewSee more Wednesday on NBC Nightly News With Lester Holt. NBC News 1 Cancel SETTINGS OFF HD HQ SD LO require(["binding"], function (binding) { binding("wcVideoPlayer", "#video_player_305955c9-0c54-4d4a-b031-83621785d9fd").all(); }); What does GOP tax bill mean for homeowners? CBS News See more videos SHARE SHARE TWEET SHARE EMAIL What to watch next Death toll in California mudslides rises to 17 - sheriff Reuters 0:34 "Patient dumping" outside hospitals caught on tape CBS News 2:07 Exclusive: Handcuffed teacher hopes people are outraged NBC News 0:26 Death Threats After Teacher Handcuffed Associated Press 1:05 Armed robbers steal millions from Ritz Paris hotel Reuters 0:59 Senators react to Feinstein's release of testimony on Russia probe The Washington Post 1:40 Tucker Carlson blasts Trump's 'negotiation skills' on immigration The Washington Post 1:27 Trump on Meeting With Mueller: 'We'll See What Happens' Bloomberg 2:01 What it would take for Michael Cohen to win a libel suit The Washington Post 2:54 Conway uses CNN slogan to defend border wall CNN 1:46 Here’s what you need to know about earmarks The Washington Post 2:19 7-Eleven Stores Targeted In ICE Crackdown Across U.S. CBS Miami 0:33 Arpaio: Obama's birth certificate a phony CNN 1:22 Aerials show Montecito devastation after mudslides NBC News 1:04 Police, parents speak after missing student found dead CBS News 1:14 Trump: Collusion between Democrats and Russia CNN 1:07 UP NEXT Go to MSN Home More in News Decision to exempt Florida from offshore drilling prompts bipartisan uproar The Washington Post Immigration agents descend on 7-Eleven stores in 17 states Associated Press Interior plans to move thousands of workers in the biggest reorganization in its history The Washington Post Death toll rises to 17 in Califas 100 homes destroyed by mudslides Los Angeles Times Man hailed as a hero for rescuing baby from mudslides CBS News FBI releases internal memos from week of Comey's firing CNBC Up Next Dems to invite sex misconduct victims to Trump's State of the Union NBC News //> 1); } } else { // if we got here, we didn't find anything but scriptTry again later. setTimeout(checkAndSetAdContainerVisibilityRec, contentCheckTimeout); } } } function checkVisibilityAndUpdateRenderDataContextForElement(renderData) { if (!renderData) { return; } evaluateAdContent(renderData); } function evaluateAdContent(renderData) { var adContainer = renderData && renderData.elem; if (!adContainer) { renderData.adSizeType = AdSizeType.Inconclusive; } var adIframeCollection = adContainer.getElementsByTagName("iframe"); var evaluationResult; for (var adIframe, ndx = 0; (adIframe = adIframeCollection[ndx]); ++ndx) { // skip script-only iFrame elements var body = ((adIframe.contentDocument || (adIframe.contentWindow || {}).document) || {}).body; if (!body || !body.hasChildNodes()) { continue; } var childNode, hasChildDiv = false; for (var index = body.childNodes.length - 1; (childNode = body.childNodes[index]); --index) { if (childNode.nodeType === 1 && childNode.nodeName !== "SCRIPT") { hasChildDiv = true; renderData.adSizeType = evaluateElement(childNode, renderData); if (renderData.adSizeType === AdSizeType.NonPointSizedAd) { return; } } // Bug 1715559:[dl_ux][FF9.0] [Win7] - Advertisement is overlapping destination section // For FF lower versions (FF9.0), index may be negative and hence cause js errors // Add index value check to solve the problem if (index discernibleAdWidthThreshold && maxHeight > discernibleAdHeightThreshold) { return AdSizeType.NonPointSizedAd; } if (maxWidth > 0 && maxHeight > 0) { return AdSizeType.PointSizedAd; } return AdSizeType.Inconclusive; } function evaluateElementDimension(element, isWidth, threshold) { var dimensionProperties = isWidth ? ["width", "offsetWidth", "scrollWidth"] : ["height", "offsetHeight", "scrollHeight"]; var pixelStyle = isWidth ? "pixelWidth" : "pixelHeight"; var dimensionStyle = isWidth ? "width" : "height"; var totalProperties = 3; var maxDimension = 0, dimension = 0; for (var i = 0; i maxDimension) { maxDimension = dimension; if (maxDimension > threshold) { break; } } } var elemStyle =; if (maxDimension maxDimension) { maxDimension = dimension; if (maxDimension maxDimension) { maxDimension = dimension; } } } return maxDimension; } function setAdContainerDisplayState(elemId, doShow, adSizeClassname) { var adHtmlContainer = ((document.getElementById(elemId) || {}).parentNode || {}).parentNode; if (!adHtmlContainer) { return; } = doShow ? "" : "none"; var className = adHtmlContainer.className; className = addOrRemoveClassname(className, postEvaluationClassname, doShow); className = addOrRemoveClassname(className, postEvaluationAdSmallClassname, adSizeClassname === postEvaluationAdSmallClassname); className = addOrRemoveClassname(className, postEvaluationAdMediumClassname, adSizeClassname === postEvaluationAdMediumClassname); className = addOrRemoveClassname(className, postEvaluationAdLargeClassname, adSizeClassname === postEvaluationAdLargeClassname); className = addOrRemoveClassname(className, postEvaluationNoAdClassname, adSizeClassname === postEvaluationNoAdClassname); adHtmlContainer.className = className; } function addOrRemoveClassname(classNameList, className, add) { var classIndex = classNameList.indexOf(className); if (add) { if (classIndex === -1) { return classNameList + " " + className; } } else if (classIndex >= 0) { return classNameList.replace(className, ""); } return classNameList; } window.dap = dapResult; })(); //]]> dap("&AP=1089&PG=NEWUSEN11&PVGUID=51110462cbdc4510921a1feb70ab71ed&PROVIDERID=B6FHIDA62", 300, 600, "rectangle1_article_container_903d4f97-b9bc-4310-bdea-5fef5fbe5029");

Trending Connecticut News:

  • Windsor, CT Real Estate: Newly Listed Homes for Sale
  • Choosing The Right Realtor
  • Sellers of Certain Connecticut Real Estate Required to Attach Housing Disclosure Form To Purchase Agreements
  • Connecticut Movers: Accomplished Teams Assign Key Star Players
  • Signs of rebirth for an Adirondacks resort community
  • Connecticut To Make Pitch For New Amazon HQ
  • Beverly's on Bantam Lake deal finalized (UPDATED)
  • Retired UConn Drama Director, Benefactor Nafe Katter Dies
  • William Tong / A Connecticut compromise
  • Rowland Pal Robert Matthews Charged With Massive Florida Real Estate Fraud
  • Brookfield, CT Homes For Sale & Real Estate
  • SL Green To Sell 43% Stake In 1515 Broadway To Allianz Real Estate
  • 10th Annual NYC Real Estate Expo to be held Wednesday, April 18th at the New York Hilton Midtown
  • Winsted completes vetting of real estate group interested in Lambert Kay
  • Connecticut Airport Authority hires marketing consultant
  • Connecticut Property Lists For Record $175 Million
  • Whitcomb: Superman Teardown? CT’s Tough Gun Laws Seem to Work; Puppy Parties
  • Why US real estate prices are going up
  • Realtors say value of CT homes would drop under tax bills
  • Tech-Powered Real Estate Brokerage Redfin Expands to Asheville, N.C.