Updated: Oct 25
Housing prices have skyrocketed: Here is a Million Dollar Michigan Home
To say the last few years have wreaked havoc with the housing market would be an understatement. Consumers bringing cash to closings, bidding wars, lumber shortages, insufficient housing inventory are all contributing factors. The average cost of a home is fast approaching $400,000, and many homes have exceeded this average.
According to a recent article by CBS NEWS:
To understand how unattainable home prices have become for many buyers, look no further than the share of homes across the country worth at least $1 million. Since the start of the pandemic, the share of homes worth $1 million or more has doubled, with a record 1 in 12 properties now worth above that figure, according to a new analysis.
So, what kind of home does one million dollars get you in Michigan? This, of course, depends on your location, but my article is focused on the metro-Detroit area of Michigan. My kids and I decided to tour the local Deer Valley model by Pulte Homes. No, we are no longer in the market for a new home, having just moved in the Smetro Detroitpring of 2021. I wrote about our experience here if you are inclined to read about it.
The Deer Valley model has a “starting price” just south of the $1,000,000 mark, and I dare you to stay under with the upgrades you need to make this a forever home. The critical details of this home are a living space of roughly 3700 square feet, the must-have three-car garage, five bedrooms, and 3.5 to 5 bathrooms. Keep in mind; this is the model which is shown fully furnished. I joked with the Sales Associate I would want to buy this house exactly as is. She threw a random number of an additional $200,000 at me to see if my head would roll!
The first room you see off to the left of the entryway is a nicely furnished office area. My first question is always,” Where do you buy the furnishings?”. The answer is generally Crate and Barrel, Pottery Barn, and Pulte Furnishings.
Just off the right of the entry is a formal dining room.
All bedrooms are upstairs, starting with the master with ample living space.
Just off the main bedroom is another living space if your significant other has different sleeping habits.
There is no shortage of space within the main bathroom with quite a lot of room dedicated to the shower.
Don’t worry; they have his/hers closets with plenty of room.
Additional bedrooms for one’s growing family throughout the upstairs.
My son called this room his Fornite (Game room).
Don’t worry; there are bathrooms to accommodate everyone.
This view from atop the stairs shows the fireplace and living room.
Heading back downstairs, you enter the kitchen area. Make a note of the dark hardwood floors throughout the entire main level.
The kitchen is equipped with a large island, range hood, plenty of cabinets, and a pantry.
Just off the kitchen and breakfast dining area is a sunroom. In many of the Pulte builds, this is an option. Interesting Fact: Given this particular location in metro Detroit, it is mandatory as the area does not permit flat-backed houses.
A view of the patio just off the sunroom.
This room seems to be a staple in many of the Pulte builds. They call it their Pulte Planning Center (PPC).
I love the space off of the garage, making for a sizeable mudroom.
Excess furniture and decorations currently litter this model's three-car garage. Not too dissimilar from someone just moving in.
Not to be forgotten is a spacious basement. Dual-zone furnaces and air conditioners are needed to fully heat and cool this house. I can only imagine the cost of finishing this basement. Plan on $50,000 to $100,000 additional funds to complete this project.
The ultimate question is, “Would you pay $1,000,000 for this home?”. My answer would be, No Way, but if I were to buy a home today, this home would cost well over $1,000,000. I would guess a few years ago; it would have been significantly less. Still, consumers are lining up to buy these homes in droves. It will be interesting to see how long this demand continues.