Homes: What you can buy for $5 million
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Homes for $5 million are considered extravagant almost everywhere.
That real estate price point is nearly 28 times as expensive as the current U.S. median home value of $179,200, according to Zillow. Even in notoriously posh and outrageously pricey markets like Beverly Hills, California, which has an approximately $3 million median home value, $5 million could snag a pretty nice place to call home.
While trends indicate that $5 million will often buy lux amenities like large closets and patios with a view, it won't necessarily buy a 10,000-square-foot manse. In the Gramercy Park area of Manhattan, it'll buy 2,561 square feet and a fireplace. In the Oceanfront neighborhood of Miami Beach, it'll buy 1,844 square feet and a spa-like master bathroom.
Here are 10 properties on the market for around $5 million across the country.
Las Vegas, Nevada
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This eight-bedroom, 8.5-bathroom home, located in Las Vegas' Centennial Hills neighborhood, is on the market for about $5 million. The home was last listed for $7.65 million in August 2010, but it was taken off the market later that month. It is significantly more expensive than the area's median home value, which is currently $255,800, according to Zillow.
Las Vegas, Nevada
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The property was built in 1998 and sits on 10 acres. It features a pool with a hot tub, tennis courts, an elevator, RV garage, 18-car garage, a patio, barbecue, fireplace, fitness center, three guest houses and a six-stall horse barn.
New York City, New York
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This three-bedroom, 2.5-bathroom condo is located in Manhattan's Gramercy Park neighborhood. It went on the market in June and is listed for about $5 million. Located in an 1852-vintage building, the unit is more expensive than the area's already-pricey $1,579,800 median home value.
New York City, New York
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The 2,561-square-foot condo features a private elevator landing, hardwood flooring, built-in shelving, in-unit laundry, a wood-burning fireplace, 250-square-foot terrace, walk-in closet, private storage area and bike room access.
Seattle, Washington
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This three-bedroom, two-bathroom condo is located in downtown Seattle and is currently on the market for about $5 million. It was built in 2006 and last sold for $4 million in May 2012. It is much more expensive than the area's median home value of $416,700.
Seattle, Washington
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The 3,018-square-foot unit features hardwood flooring, granite countertops, four fireplaces and four decks with views of Mt. Rainier and the Space Needle, according to the listing. It also comes with access to three parking spaces, a fitness room and spa.
Philadelphia, Pennsylvania
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This five-bedroom, seven-bathroom home in the Center City West neighborhood of Philadelphia is on the market for $4.9 million. It was first listed in September 2014 for $5.9 million and got a price cut earlier this month. The property is much more expensive than the area's $448,200 median home value.
Philadelphia, Pennsylvania
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The 8,806-square-foot residence was built in 1801, but it has modern light fixtures, built-in shelving and cabinetry. It features hardwood flooring, a fireplace, butler's pantry, elevator, walk-in dressing room, security system, skylight, media room, catering kitchen and guest apartment.
San Diego, California
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This three-bedroom, five bathroom condo at the top of the Omni Hotel is located in the East Village neighborhood of San Diego. It is currently listed at $4.9 million, about 9 percent less than the last time it was on the market for $5.4 million in October 2014. The condo is nearly 10 times as expensive as the $502,500 median home value in the area.
San Diego, California
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This 4,001-square-foot condo, which was built in 2004, features 10-foot ceilings, floor-to-ceiling windows, a fireplace, breakfast nook and in-unit laundry. It also comes with access to three parking spaces and "the luxury amenities of the hotel," according to the listing.
Chicago, Illinois
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This not-so-humble abode is located in the Streeterville neighborhood of Chicago and is listed for about $5 million. The six-bedroom, 7.5-bathroom duplex condo last sold for around $4 million in March 2013. It went on the market in November of last year for $5.25 million, and got a price cut in May. The condo is considerably pricier than the area's median home value of $295,900.
Chicago, Illinois
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Built in 2008, the 8,214-square-foot condo is a combination of two units. It features four terraces, large windows, in-unit laundry, hardwood flooring, a breakfast bar, pantry, soaking bathtub and access to two parking spaces.
Atlanta, Georgia
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This home, designed to look like an English manor house, according to the listing, is located in the Mt. Paran neighborhood of Atlanta and is on the market for $4.9 million. It was first listed for $5.9 million in July 2014 and got a price cut this past April. It was last on the market in 2008 for around $8 million but did not sell. Its current price is much more expensive than the $876,900 median home value in the area.
Atlanta, Georgia
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The six-bedroom, 9.5-bathroom, 11,820-square-foot residence was built in 2007 and features French doors, several fireplaces, two butler's pantries, a home theater, game room, wet bar, billiard room, library, porch, patio, security system, four-car garage and motor court, pool house, outdoor kitchen and spa.
Houston, Texas
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This property in the Afton Oaks area of Houston is on the market for $5 million. It was last listed for about $4 million in July 2014, but was taken off the market five months later. The home is much pricier than the $528,700 median home value in the area.
Houston, Texas
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The four-bedroom, 7.5-bathroom home, built in 2005, features a wrought iron staircase, five fireplaces, mahogany doors, limestone flooring, granite countertops, a library, deck, pool and hot tub, three-car garage elevator and wet bar.
Miami Beach, Florida
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This three-bedroom, three-bathroom condo, located in the Oceanfront neighborhood of Miami Beach, went on the market in May for $5 million. It is much more expensive than the $383,500 median home value in the area.
Miami Beach, Florida
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The 1,844-square-foot, furnished condo was built this year and features ceramic and hardwood flooring, in-unit laundry, built-in shelving, a spa-like master bath and walk-in closet. It also provides access to a rooftop pool, patio, hot tub, sauna and other "organic services and amenities," according to the listing.
Denver, Colorado
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This four-bedroom, eight-bathroom, 10,026-square-foot house, located in the Cherry Creek neighborhood of Denver, is listed for about $5 million. That's more than two times the $2.3 million for which it last sold in June 2012. It's also much more expensive than the $545,700 median home value in the area.
Denver, Colorado
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The property was built in 2002 and features a terrace, 800-bottle wine room, music room, library, fire pit, outdoor dining area, three guest suites, a rec room and gym, elevator, home theater and three-car garage.