I often have clients visiting from other parts of the country deciding if they want to live here. They go online and read about why the Triangle is such a wonderful town to live in. For example, they read Raleigh Considered Best Place to Live in US or Why is the Triangle on Top? When families visit and see all of the new construction and growth they ask me, "Where are all of these people coming from?" In particular I see a lot of families moving here from New York, California, Virginia, and Florida. They also have the misconception that we live in the boonies and that real estate in this area is a steal.

Although the Triangle market is affordable it's not Mayberry folks. Triangle's home prices are more affordable than in other areas around the country but it's not nearly as inexpensive as most of my clients believe it to be. Our real estate market has been slow and steady over the past several years but we have, by no means, been in a flat market.

So where am I headed with this post? Luxury homes in the Triangle just aren't moving this year. Recently I reported about luxury homes in the Triangle and indicated that the supply of homes in this price range is double what it was last year. Given that this segment of the market is a buyers market in this area I thought I'd give you a feel for what you can buy in my market. If you visit the Triangle you will find that the prices vary considerably for luxury homes depending on where you buy. Here is a quick glimpse into what you get for your money in this area.

***Please note that all homes represented herein are homes CLOSED in the Triangle in 2007.***

	N. Raleigh Current Supply on the Market: 11 Home Details: This home is located in N. Raleigh in the Stonemoor subdivision. This particular subdivision was developed by Creedmoor Partners and has some of the top builders and larger lots in the area. This home was built by Cooper & Rock in 2005. 4729 Sq. Ft. finished 5 Beds, 4.5 Baths Price Paid: $1,015,000 in 6/2007 0 DOM
	Raleigh - Inside the Beltline(ITB) Current Supply on the Market: 44 Home Details: The Hayes Barton Five Points area is the most expensive real estate in the Triangle. It was built in 1929 and completely renovated. 3651 Sq. Ft. finished w/951 sq. feet unfinished in the basement. 4 Beds, 3.5 Baths Price Paid: $1,049,000 in 4/2007 8 DOM
	Wake Forest Current Supply on the Market: 31 Home Details: Newer Estate with Private Pool on 1.84-acre Wooded Site in the Wakefield Estates neighborhood. This home was built in 2005 by Baldwin Homes. 5587 Sq. Ft. finished and 1760 Sq. Ft. finished basement. Price Paid: $1,150,000 in 2/2007 64 DOM
	Chapel Hill Current Supply on the Market: 29 Home Details: All brick estate home overlooking the 5th tee box at the renowned Governors Club. 5772 Sq. Ft. 5 Beds, 5 Baths, 2 Half Baths Price Paid: $1,060,000 in 3/2007 380 DOM
	Durham Current Supply on the Market: 21 Home Details: This home is located in a historical upscale neighborhood of Hope Valley that is rich in heritage. This particular home is nicely updated and located on the 1st fairway of Hope Valley Country Club. 4622 Sq. Ft. finished 4 Beds, 3 Baths, 2 Half Baths Price Paid: $1,200,000 in 5/2007 92 DOM
	Cary Current Supply on the Market: 22 Home Details: This home built in 1999 and located in Preston Plantation has magnificent views of Golf course while maintaining a sense of privacy w/wooded buffer. 5427 Sq. Ft. 6 Beds, 5 Bathrooms, 1 Half Bath Price Paid: $1,090,000 in 4/2007 26 DOM. Previous listing w/another agent so effectively add another 180 DOM.
	Holly Springs/ Fuquay Varina Current Supply on the Market: 9 Home Details: This home is located in an upscale neighborhood in Holly Springs called Sunset Lake. This particular home is stately, traditional brick, and located on private, wooded 3.85 acres. This home was built by EJD Construction in 2006. 5400 Sq. Ft. finished w/3000 Sq. Ft. unfinished in the basement. 4 Beds, 4 Baths, 2 Half Baths Price Paid: $1,200,000 in 9/2007 191 DOM

192 Homes Sold between $1M and $2M in 2007 which indicates there is still growth in this segment over last year. However, the majority of the sales occured prior to August 2007 prior to the market cooling down. For more information on Nationwide trends read 2007 Survey of Luxury Housing Market Trends Released which I felt had a few good points worth reading.

Now that I've posted details on the Triangle here please feel free to post a link to your post regarding "What you get for $1M?" in your market. It will be interesting to see what you get for your money in other parts of the country. I will post links to other markets at the bottom of this post for your reference.

Other Posts by Activerain Members:

Northern Virginia Real Estate -- What Can You Buy for $1 Million? By Brian Block