10 homes you won't believe cost $1 million (or more)

  • Photo courtesy of Zillow

    Picture a house costing $1 million. Does it have high-end appliances, upscale finishes, a sparkling pool or a beautifully landscaped patio?

    These homes look nothing like that.

    In metro areas with hot real estate markets like San Francisco, you can find homes priced well over $1 million that are true fixer-uppers -- or even teardowns.

    While homes costing around $1 million may sound expensive for buyers used to prices closer to the U.S. median home value (currently at $186,200, according to real estate website Zillow), many of them present relatively good deals for buyers looking in pricier areas.

    "In expensive metro areas, the starting (price) point is going to be higher," said Brendon DeSimone, real estate expert for Zillow. "No matter what market you're in -- high end or low end -- there's a fixer-upper for sale."

    If the home happens to be in an in-demand location in one of these high-priced markets, DeSimone said a $1 million fixer-upper can end up with multiple offers above its asking price and may be worth $3 million to $4 million after renovation.

    The key for buyers in expensive metros is to find the best deal in the neighborhood where they want or need to live, even if it involves paying for repairs. But the problem, at least in many markets these days, is low inventory. It's getting harder to find properties no one else wants.

    Click ahead for 10 homes you won't believe are on the market for $1 million or more.

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    Ilyce R. Glink is an award-winning, nationally-syndicated columnist, best-selling book author and founder of Best Money Moves, an employee benefit program that helps reduce financial stress. She also owns ThinkGlink.com, where readers can find real estate and personal finance resources.