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In the Washington area, although it depends on location, $1 million does, in fact, get one a mansion, on relatively modest grounds. The sort of house that Michelle first posted in Palo Alto would normally go for about $200,000 or so, depending on the size of the lot. In fact, that is one of the difficulties of judging the properties posted: lot size is the single biggest determinant of price where land values are concerned, and the second is situation. For example, in Annapolis, a modest house (three bedroom, 2 bath, maybe 2000 square feet) would cost about $180 to 200 thousand on a quarter acre lot. On an acre lot, it would cost over $300 thousand, and if it were on the water, maybe half a million...As far as the Midwest versus the East Coast is concerned, last year we had to sell my father-in- law's house in the most upscale area in Kansas City, Missouri. The house was modest, and needed some repair, but it was attractive and in a very nice neighborhood, very near Mission Hills. Anyway, we got less than we might have because we wanted to sell quickly, but still managed to be within $20,000 of what we could probably have gotten if it had been similarly situated in Washington, and in similar condition.... |
