TCPalm : With home prices soaring and demand growing, $1 million doesn't go as far as it once did

TCPalm : With home prices soaring and demand growing, $1 million doesn't go as far as it once did: "If you have $1 million to spend on real estate and want to be in an established downtown neighborhood, like Coral Ridge, expect an older home that may need some updating. If you want to be on the water, you may have to settle for an empty lot. The further west you go, you'll get more land or more square footage -- but not necessarily both. You may not get that golf course view you expected or even a pool.
Fort Lauderdale Realtor Barbara Panton says she doesn't bother selling million-dollar homes anymore.
'My main focus is on $3 million and up,' she said. 'I do these [lower-priced] type of properties for friends.'
To the average South Floridian, it all sounds nuts. After all, a $1 million house, whatever the condition and size, is still pure fantasy to most people here. Assuming you have the $200,000 down payment, the remaining mortgage on a 30-year fixed loan at 6 percent interest is about $4,800 a month. Property taxes can reach about $25,000 a year, depending on the assessed value. Then there's insurance and the cost of any homeowner's association fees and maintenance. "