What Makes A Million Dollar Home Worth A Million?

When you see the words “Million Dollar Home” grandeur and extravagance most notably come to mind.  If you look at what is being marketed in this range, you would be surprised to find that this is not necessarily true. For one, a million dollars does not buy what it used to.  Now, it may be you are paying for privacy, being on a lake, residing in an exclusive area or in the case of the Finger Lakes, the availability of easy access property on the lake with a nice footprint and more than 100 feet of lake frontage.sub zero kitchen from HGTV

When a seller decides to put their property up for sale, they usually have an idea of what they would like it listed for.  Sometimes the offering price is dictated by what neighboring properties are listed for or have sold for (comparative analysis) and this price may actually have originated from an agent.  Or the price may have come from what they feel “inside” the value should be.  Remember it is the owners “castle”, except for when it is being assessed for tax purposes.

Most buyers expect the property to be in broom clean condition, a master suite, numerous baths, an updated kitchen with modern appliances and granite counter top.  They also want newer windows and a garage as well as having the other homes fit into their expectations.  You can have all of the “wants”, but if the property is nestled amongst properties that are just fishing shacks or small seasonal cottages that do not have the up-scaled landscaping, you most likely do not have a million dollar home. Buyers want to feel they fit into their environment. They want to know that the other owners share their lifestyle values. 

Currently there are quite a few properties  in the Finger Lakes area that are being marketed in the million dollar and up price range.  Many of them fit the price and then there are some that leave you wondering how that price was derived. These owners may justify their price based on their “million dollar view”, but in the Finger Lakes there are many properties with a “million dollar view” and would never command a million dollar price.

Of course if you put together privacy, ammenities, beachfront, and distictiveness  in area with similar properties, you will command a million or more for your property in the Finger Lakes.




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Mary St. George