(MoneyWatch) Think a $10 million home sounds extravagant? It's not that far off the norm in some of these cities.
Multimillion-dollar listings may be rare in most places in the U.S., but not in these 10 markets, which have the highest concentration of homes listed for more than $10 million. No surprise: New York City takes top billing with the most expensive listings. Much of the rest of the list is dominated by Southern California.
When it comes to high-end real estate, location really shores up the value, according to the Coldwell Banker Previews Luxury Market Report. Experts there estimate location is 35 percent of the value of a home in the Bel Air neighborhood of Los Angeles, and that number jumps to 50 percent in Aspen, Colo. While the percentages may differ, the fact is that location drives the values of the multimillion-dollar homes on the market in this top 10 list of the most expensive places to buy real estate.