Million Dollar Decision

The Taj Mahal, perhaps, with a few fewer domes and without the water feature.

But take a look at houses across the valley that are on the market for $1 million to $1.1 million, and two things become apparent.

First: While there certainly are million-dollar houses that look like what most of us would assume a million-dollar house to look like, a million bucks apparently isn’t what it used to be.

Second: A home buyer who has a cool million lying around will be able to buy a lot more house than he could have even a year or two ago.

Geoffrey Cotter of Universal Realty agrees that some million-dollar homes "are not million-dollar homes in the way people think of them."

Some, Cotter says, are not custom homes, but pumped-up tract homes that "share the same floor plan, or a similar floor plan" as others in their development.

Others are sub-million-dollar homes that became million-dollar homes only through the heated appreciation of the valley’s housing market in recent years.

"I was in one the other day, a $1.6 million (home), and you basically could have bought the bathtub at Lowes," Cotter says. "It didn’t have what you’d expect — the pizzazz, the uniqueness, the one-of-a-kind (feel)."

But for million-dollar homes in which price tag and luxury vibe mesh, it all begins with location, location, location. Some neighborhoods simply merit a seven-digit tab over others, says Debra Pizzolato of Key Realty, and, often, "you could get the same house in another part of town for half the price."

Such amenities as tennis courts, parks, golf courses and gated access are valued by purchasers of million-dollar homes. "The view is foremost in people’s minds," Cotter adds. "They want the views."

That makes even the home’s location within a neighborhood important. Key, says Sean Spangler of Realty ONE Group, is "where it is in relation to its surroundings. You could be in a great area, but it may back up onto a major road."

A sense of open space, as manifested by large lots, is important, too, Cotter says. "They don’t want someone breathing down their neck. They want to see some space around the outside of the house."

In the case of high-rises, million-dollar buyers expect such added amenities as valet parking, fulltime concierge service, spas, gyms, game rooms, movie rooms and around-the-clock security, says Tony Preus, president of sales and marketing for Panorama Towers.

Inside a home, a million-dollar price tag usually demands first-class furnishings or, at the very least, some really nice upgrades.

"A lot of people who look for houses in the million-dollar range or above expect and want upgrades and custom counters and light fixtures and faucets," Pizzolato says.

Also appealing are such technological add-ons as whole-house speaker systems with wireless remotes, home theaters and outdoor patio dining areas equipped with all the latest appliances, Pizzolato says.

Granite, stone and marble touches are desirable, too, notes Lori Shannon of Windermere Prestige Properties, and a prospective buyer with a million bucks to spend "expects the quality" commensurate with that investment.

"I’ve shown many clients houses where people are asking a million, and they’re like, ‘You’ve gotta be kidding me. This is basic stuff you’d get in an entry-level home.’ "

That can be tricky, though, because what may be a desirable high-end amenity today may not be tomorrow. What million-dollar buyers want is "ever-changing," notes Debra Ballard of Ballard Realty Group. "I think it’s just like fashion."

Among the ranks of currently hot furnishings, according to Ballard, are Viking custom professional stoves, Sub-Zero custom refrigerators and custom hardwood cabinetry.

If someone does have a spare million around to invest on housing, now’s not a bad time to make a move. At Panorama Towers, for instance, a million bucks, give or take, now can net you an almost 2,500-square-foot corner unit with a killer view of the Strip, Preus says. That same unit would have gone for about $1.25 million two years ago.

A million bucks, Preus notes, "will get a lot more today than you could get yesterday."

But scraping together that cool million? We’ll leave that to you.

Contact reporter John Przybys at jprzybys@reviewjournal .com or 702-383-0280.

WHAT A MILLION GETS YOU ACROSS THE U.S.