Report: Again, What Matters in Real Estate? Location x3
|November 18, 2013||Posted by Staff under Economic Principles|
Exhaustive Survey of Nearly 2,000 Markets and 52,000 Listings Shows More Than $2 Million Difference in Price Between Malibu and Cleveland.
This 2013 excerpt of Coldwell Banker, Nov 6, is by Heather Roberts and Katy Hendricks.
The glitz, glamour and white sandy beaches of Malibu, Calif., have attracted the rich and famous to this premier destination for years. Malibu is the most expensive place to live in the United States. An apples-to-apples comparison of four-bedroom, two-bathroom homes in more than 1,900 real estate markets across the United States, a sample-sized home in the affluent beach community of Malibu lists for $2.15 million, compared to $63,729 in Cleveland, Ohio.
What are the three most important things in real estate? Location, location, location. Part of Los Angeles, it is situated on the Southern California coast with beautiful homes and even more stunning views. Cleveland, Ohio, has mansions, too, but views only of Lake Erie and harsh weather.
This year’s report identified 20 markets where a four-bedroom, two-bathroom home costs more than $1 million, whereas in eight markets a similar home lists for less than $100,000.
The average listing price of a four-bedroom, two-bathroom home in the survey of more than 1,900 markets and 52,000 listings was $301,414.