The new luxury in Real Estate
March 8, 2010 Luxury in Real Estate Comments Off
In Puget Sound, $1 million doesn’t get you a luxury home anymore.
Sure, you can buy a 4,000-square-foot view home in Mukilteo, complete with a pool and indoor home theater. Or a 3,250-square-foot home on 3 acres in Woodinville. Or a new McMansion on a regular-sized lot on the Sammamish Plateau. Maybe a 1,300-square-foot condo in Belltown or Bellevue.
But luxury you won’t get. Nowadays, a luxury home will cost double, even triple, that in some neighborhoods, agents and appraisers say. The luxury price threshold is more like $3 million.
At the end of November, 110 single-family homes and eight condos priced at more than $3 million were listed for sale in King County, and 10 single-family homes but no condos above $3 million were for sale in Snohomish County, according to the Northwest Multiple Listing Service.