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If you’ve dreamed of owning a million-dollar home, the time is now. According to the Zillow Home Value Index (ZHVI), high-end homes in the U.S. are now listed for 27 percent less than their prices at the peak of the market in June 2006. That translates into hundreds of thousands of dollars in savings — and the possibility of buying a million-dollar home for, say, $500,000.

Los Angeles real estate agent Gary Gold of Hilton & Hyland confirms most of the homes in the million-dollar bracket are selling for a third less than the peak market price — and that many of his clients are taking advantage of the discount.

“The [luxury] market is solid; people are buying for sure,” he said. “In general there aren’t too many people that say ‘let’s wait until prices get lower.’ ”

Gold emphasized that not all real estate markets are the same. While average prices are down 30 percent across the U.S., some of the higher-end homes in New York or San Francisco are still selling at strong 2006 prices, and properties elsewhere can be found listed for even lower prices — up to 50 percent off.

“Real estate is very local and every neighborhood is different. Every situation is different. There are certain things that are selling from zero to 50 percent [off] depending on the situation,” said Gold.

Why such a significant drop in prices? According to Gold, these homes may have been overpriced when they sold in 2006, or they are now located in a real estate market that is no longer considered high-end. Below are seven homes currently found on Zillow that were once priced in the million-dollar price bracket when they sold in 2006 but are now listed at prices 48 to 52 percent less. And no — these are not distressed sales (foreclosures or short sales).

10040 E Happy Valley Rd, Unit 19, Scottsdale, AZ 85255 (below):
2006 sale price: $4,100,000
Current list price: $1,999,900
Price cut: 51%

Billed as an “entertainer’s dream,” this 8,549 square-foot home on the Scottsdale real estate market is almost entirely one level, except for a large, private suite on the second story. The recently remodeled 6-bedroom, 8-bath home sits in a gated community that includes patrolled security and access to a putting course, 13 tennis courts, fitness center, and clubhouse dining. Scottsdale’s median home value is presently $ 135,200.

1511 Serena Dr., Myrtle Beach, SC 29579 (below)
2006 sale price: $3,100,000
Current list price: $ 1,590,000
Price cut: 49%

Golf lovers: Here’s your dream property. This 6,000-sq ft home in the prestigious Grande Dunes neighborhood in Myrtle Beach, SC, overlooks Grand Dunes’ 18-hole course. Inside, the house opens with an arched rotunda, supported by four columns. A custom two-story mahogany library includes wall-to-ceiling shelves and a wrought-iron staircase and book ladder. An elevator leads to the second floor which holds a home theater and private master suite. The midpoint home value in Myrtle Beach is $111,500, so this home is still a pricey piece of Myrtle Beach real estate.

11 Merrall Rd, Dedham, MA 02026 (below)
2006 sale price: $2,350,00
Current list price: $1,250,000
Price cut: 47%

Located on 1.3 acres of greenery at the end of a private cul-de-sac, this 5-bedroom, 5.5-bath home includes a media room, floor-to-ceiling stone fireplace and the private suite on the second floor can be used as au-pair quarters or a guest suite. Dedham real estate has seen an 8.5 percent year-over-year drop in values where the ZHVI is now $314,400.

4200 Monteverde Dr., Lincoln, CA 95648 (below)
2006 sale price: $1,673,500
Current list price: $759,999
Price cut: 55%

Interested in doing more than grilling outdoors? This home, which is located in Lincoln, CA — about a 30-minute drive from Sacramento — includes an outdoor kitchen complete with mini-fridge and sink. The 6-bedroom, 5.5-bath house also has mosaic tiled floors, theater room and heated pool and pool house. Current Lincoln, CA home values are presently $256,900 — well below this listing among Lincoln real estate.

1105 Conure Ct. Oceanside, CA 92057 (below):
2006 sale price: $1,499,000
Current list price: $759,000
Price cut: 49%

This Oceanside, CA home was a new construction when it sold for nearly $1.5 million in 2006. The ranch-style home contains a large front courtyard, cabana, and “guest casita.” The kitchen includes double ovens, granite countertops and a wine fridge. The Oceanside, CA real estate market, and most of the other areas north of San Diego, have retained a lot of their value, hitting a market midpoint value of $310,800.

23032 Erwin St. Woodlawn Hills, CA 91367 (below):
2006 sale price: $1,380,000
Current list price: $669,960
Price cut: 55%

There’s truth to saying “location, location, location” and this 1950s Los Angeles ranch-style home proves it. Once sold at $1.3 million, this home is in the high-end West Hills, CA real estate market where the median home value is $490,800. While the 1,797 square-foot, 3-bedroom, 3-bath home includes a pool and spa on over a half-acre, the listing notes that the home needs some “cosmetic updating.”

12212 NW 72nd St Parkland, FL 33076 (below):
2006 sale price: $1,360,000
Current list price: $649,900
Price cut: 52%

This corner-lot home was a year old when it sold for over a million. A few years later, the 6-bedroom, 5-bath home is still in great condition, featuring a three-car garage, large pool, and detailed porcelain tile floors throughout. The home sits well in the Parkland, FL real estate market, where the city’s median home value is $435,500.

More Real Estate News:

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About the Author

Erika Riggs, the Zillow Digs manager, covers home design and trends.

  • http://www.ScottsdaleLenderForeclosure.com Terry S. Smith

    I show million dollar + homes every week, and the deals are amazing.

    You cannot build these homes for what they are selling for

  • http://www.DowellTaggart.com Dowell Taggart Team

    I saw some stats that million dollar home sales are up due to the price cuts. There is a segment of the population that understands when to buy.

  • http://blog.movoto.com MH for Movoto

    wow! these are gorgeous. and even though they were probably a bit overpriced during the building boom, 50% off is still insane!

  • http://www.homesforsaleinmorgantownwv.com Homes In Morgantown

    Some great homes, for sure. I actually moved to WV from CA because of the housing bust. Amazingly, the market here has not taken anywhere near the hit that most other areas have taken. We have million dollar homes here that might have gone down 10% max during this downswing. It’s interesting to see the difference in buyers attitudes here versus CA where 50% less seems to be the norm now regardless of what section of the market we are talking about. Thanks for a great article. I’ll be coming back more often.

  • Mohdudul Huq

    You can save to buying the house but no saving in taxes. Because the appraisal value will remain the same.

  • http://www.zillow.com/blog/2011-03-29/once-a-million-now-50-percent-off/ Mike

    Taxes in CA are at the new price Not The old value

  • Mary Neigebauer

    I’m a Realtor Broker/owner in Illinois. We have a condo in the Tampa area. I’m looking for a great buy in that area.
    I have clients looking to retire in Sun City Villages.
    We usually visit in the month of November.
    Would you send a referral agreement to me?
    Thank you kindly.

  • Aaron

    Is it really a reduction in price or is the housing market comming back to equilibrium after the pontsy scheme that atificially inflatted it. As an appraiser in CA is say it’s the latter. The houses are returning to affordable for a buyer that is truley qualified for a mortgage.

  • Katherine

    We paid $196,000 for our home 3 years ago and now it is valued @ $94,9000 in Florida!

  • http://none Mr.F.G.Cortes B.A.

    I am in the market for a house(or mansion) that has been foreclosed and is now vacant.I do not want to be homeless( I have a Social Security check every month).I heard that some cities are trying to keep vandals away( and drug addicts,prostitutes,drug buying and selling,taggers,graffitti etc.)and are offering incentives(dollars mostly from our taxes under the guise of “development” – California’s governor has found wealth here)of up to $ 120.000.00.

  • Mike

    Just a bunch of overpriced McMansions. The reason these people went broke is because they borrowed more house than they could afford.

  • http://www.goldwasserrealestate.com Greg Cooper

    I just closed a home today at $2.4M that was originally listed for $12.9M. It was the best deal in the Austin area at 11,000 sq/ft.

  • http://www.youtube.com/aerostockians scaf sofact aerostockians

    I think that winters are going to be so unbearable in many states that people will relocate to Florida, Panama, and all over South Latin America. Many million dollar homes will sale for almost nothing because no one wishes to live there. The weather forecast is terrible for the USA and Europe. There will not be buyers and many will abandon those properties to whoever wish to have it for almost free.

  • Peter Rice

    Look on realtor.com and count how many homes
    for sale in the millions

  • Jim

    You’re not ‘saving hundreds of thousands’ when the market prices were inflated to begin with. And the slide in prices that reflect a true value are no where near bottom yet. Just realtors whistling in the dark……

  • http://www.houserefinancecenter.com Laura Morton

    It’s good to see the luxury market picking up steam. A $2 million house for half price is great. But my concern is for the average “Joe” who wants to sell his $300,000 house. To think that he has to settle for $150,000 is heartbreaking.

  • Bob

    To Greg Cooper who wrote this nonsense-

    ——————-

    “Greg Cooper on April 7, 2011 6:32 pm

    I just closed a home today at $2.4M that was originally listed for $12.9M. It was the best deal in the Austin area at 11,000 sq/ft.”
    ——————

    Post the MLS link or something else to show us the house, otherwise this story is complete garbage.

    P.S.- Thanks Erika for a good article and especially for photo’s of the listings.

  • J inglz

    In most states, your tax bill has nothing to do with what you pay for a property. Sure, it’s nice to buy a 2 million dollar house for 1.2 million. Problem is when the tax man has become accustomed to collecting $45,000 a year from that property, he’s not going to take his foot off your throat just because you managed to score a sweet deal. I have looked at some great deaks for beachfront homes in Florida–because I believe retiring boomers will eventually drive that market higher. What has stopped me? I simply cannot stomach a $25,000 a year tax bill while waiting for the rebound. Taxes in our country have gotten out of control–and are the biggest threat to the American Dream. I live in a house with no mortgage, yet the tax bills will continue to come until the day I die–and always higher each year.

  • Todd

    Oceanside??? This house is in FallBrook 20 Miles from the ocean.

  • Robert

    Big Deal!!! Let me know when the prices go down to $25,000. At least I would be able to sell them to someone and make a profit since I personally couldn’t afford to live in any of these houses even if you gave them to me for free. The taxes, insurance, and utilities are way beyond my means. I have yet to be able to afford a $100,000 home. What a joke!

  • Edi Heilig

    We moved from CA. when times were good and sold our house for more than twice what we paid. We live in TX now and what we can buy there for the money is amazing. I am sorry to see the prices going down. I still have friends in CA who are probably suffering now with upside down mortgages.

  • greg barnes

    OMG…is this for real…if a home is priced at $600,000 its not a million dollar home! Who cares what it sold for 5 years ago…more realtor garbage analysis to make the buyer feel they are getting such a good deal….I drive a 15 year old Mercedes that I bought for six grand, I don’t brag that I drive a sixty thousand dollar car, that’s the type of analyis this is here….get a buyers agent when you buy, negotiate all commissions cause 6-7% is ludicrous, you can find a good listing agent if you negotiate hard for 2-3%….

  • http://www.zillow.com Virginia Cole

    A 12 million house here on Hilton Head Island, SC sold for 4 million a few months ago. Cash deal, too, so there are some people who still have money to spend. Too bad for the seller(not a forclosure, either).

  • Marlo

    This is a national trend which escalated with the surge of oil prices 3 years ago and which now again are rebounding! The discretionary dollar found a home in the oilman’s pocket! Residing in Wisconsin the hit is proportionate to California and Florida. Though their homes were over valued due in part to many factors. Climate, transit of building materials, lack of competitive bidding, and “Bigger is Better”! (We have numerous homes of that nature in Madison also). Well I shared opinion with many in our area when they built or bought. Few listened and proceeded creating a home which had catherdral ceilings as for an example. Well the utility companies loved that! Cooling and heating a multitude of cubic feet of air space. I can speak to that specific for in my own home, for abating such ceilings as their common expanse rising, the cubic feet calculated, that it was like attaining every 9 years of heating, receiving the 10th year free! Energy conservation is no where in some thought’s. Yes people are seeing the reduction of home values but, remember X number dollars are still deemed by the tax man. All that ocurs with time is an accelerated mil rate to compensate for the revenue needed for goverment operations. Thus if you think you can win? Forget it.

  • Tina

    House sales are still declining though in spite of these reduction in house prices.

  • carol miller

    Next year they will be giving these house away.Thanks to Obama.

  • Jack Norbert

    The prices are still to drop. This is just a bunch of realtors’ @#$% to spice up sales. Things are not getting better in the overall economic picture, the times of free money are gone. The prices are still to drop and they have not hit the bottom yet.

  • Hugh Betcha

    You ain’t seen nuttin yet folx…Remember the dot.com bubble back in 2k? Nasdaq is still trying to recoup 50% … look @ the chartz…statz don’t lie, only the peepz that want u to know …have a nice day

  • Todd

    OK… There is a 5,000 sf house 1/2 mile to the beach, that has a major landslide problem, the deck was attached to the under slab parking facilities and the deck separated from the main house! Situation, the bank want’s to dump it for $500,000??. It would cost over $1 million to shore up with driven piles on a slope of 35% and over $500,000 to repair the damage to the house! By the way the view is over the freeway!

  • http://none LARRY FARLEY

    I have a horse estate for sale in northern Michigan
    for $595, that was bank appraised 4 years ago for $1.2 million. Beautiful horse arena, 9 bldgs. including helicopter hangar with pad. Beautiful setting.

  • http://none LARRY FARLEY

    I have a horse estate with 40 acresfor sale in northern Michigan for $595,000. that was bank appraised 4 years ago for $1.2 million. Beautiful horse arena, 9 bldgs including helicopter hangar with pad.. Craigs list Michigan Detroit Oakland Co.

  • http://- Narong

    I can buy the house but I don’t have money to pay property tax.

  • http://juno thomas

    it took me more than 15 yrs to pay off a 100K mortgage that I pay $4,000 a year on in property taxes. What a joke! The american dream of owning a home at a reasonable price died a long time ago. Most of us just haven’t the nerve to bury it yet.

  • Lee

    these are not great deals, these are what the houses are almost worth, the dramatic drop is only the insane asking prices people tried to get in the big flip game with the funny money bank loans. House prices will continue to fall and california will give away houses as the nuclear fallout from Japan becomes worse and not kept quiet by the media. anyone who buys a house now is insane or tricked by a realtor going broke.

  • John

    @Todd umm “Oceanside” is the city -.-

  • mark s

    I think these houses were way overprice to begin with. The market was so inflated do to over zealous sales people trying to boost there commissions. Now the housing market is where it should be where normal people can afford to buy a house.

  • Dan

    i am looking for these great deals in Miami, FL. Even in this slumping economic market, I have yet to see these dramatic drops in million dollar homes. Can anyone help me find these. Mainly looking in Coral Gables, South Miami, Pinecrest

  • http://none luis

    I am a sociologist by proffesion, and back in 1997 I stated that in a society where the cost of living increases including pay raises were only 3% for 70% of Americans; It was unsustainable to have a housing market where in one year some flips would produce a 20% profit. I predicted the housing bust nine years before it happened nationally. The unregulated banks on the other hand,knew it long before I did, and where making and selling bets on the failure, in the form of derivatives (as evil as it sounds). The old families that preyed on those investments were the real winners out of this well orchestrated fraud; since they took 8 trillion dollars out of the value of the market in the form of housing related stocks, plus the derivatives, but if that wasn’t enough, then the republican as well as the democratic administration gave a combine 1.5 trillion dollars of our tax money to cover for the money they have stolen from us, with the excuse that ” they were too big to fail “. Enjoy the ride America, enjoy the fricking ride,

  • sharon

    DONT EVEN BOTHER LOOKING FOR HOMES ON LONG ISLAND.DECENT HOMES ARE OVER 500,000..TAXES ON THESE HOMES ARE AT LEAST 10,000 A YEAR AND UP.MY ELECTRIC BILL IS AT LEAST 500 A MONTH AND THAT IS NOT EVEN IN THE SUMMER WHEN THE AC IS ON.THEREFORE IF YOU DONT MAKE AT LEAST 100,000 A YEAR DO NOT EVEN THINK ABOUT LIVING HERE.

  • J Muny

    Asking a realtor about the housing market is like asking a pimp if his girls are clean. Both are going to tell you what you want to hear. If you buy now you’re a fool. Prices will drop another 25-30% in the next two years.

  • realist

    No one cares about your resume; I’m a realtor, I’m a broker, I’m this, I’m that!

    All those houses are still over-priced!

    If you’re a realtor, you’re only objective is to make sales so you can get a commission, so naturally any time is always a great time to buy.

    With a the shadow inventory of homes added to what’s currently on the market, you’re looking a 2+ year supply of homes.

    Prices are still on the way down!

  • Living Abroad

    I Retired 2 years ago at age 60 and now live in Chiang Mai, Thailand…. You would not believe how many Americans, Canadians and Europeans live here.. Beautiful, laid back and super affordable.. If you seriously want to make the most of your Retirement Dollar, consider living abroad.. Panama, Ecuador, Thailand,whatever interests you most.. Leave your worries behind and immerse yourself into a new Culture.. It will make you feel like a kid again…

  • cielo

    WHY OH WHY im sorry but why do people pay millions for a 3 bedroom 2 bath, and its not always for the acreage either. So can someone give me a good reason. Sooooo many empty rooms!!! and for what???? to show off?? whats the point???

  • Pingback: $80k the Non-Distressed Way: See Homes for Sale for $80,000 | Zillow Blog - Real Estate Market Stats, Celebrity Real Estate, and Zillow News

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