Getting your player ready...
One of the most frequent questions in is “should I buy or should I rent?” Such a question is subject to the condition of the housing market you’re shopping in, unemployment, foreclosure environment, and so much more. But, believe it or not, even in this recession-strung economy, some people are still able to afford multi-million dollar homes, which spawned the question of whether the same rent vs. buy conundrum applied to someone who is able to spend five figures each month for a roof over their head.
We decided to find some of the country’s most expensive rentals on the market and do an apples-to-apples comparison based asking price of what a five figure will get you (factoring in 20 percent down payment for a mortgage) vs. what it can buy on the rental market.
Aspen is king when it comes to luxe mountain getaways. Known as a ski-resort city, the tourist destination has attracted celebrities and affluent socialites for decades helping to transform the market into a mix of high-end luxury homes and condos. In fact, the according to Zillow Real Estate Market Reports both clock in at about $2 million. With real estate prices remaining in the top-tier, it came as no surprise to find one of the U.S.’s most expensive rentals among , recently listed for $75,000/month (pictured below). The 7,800-sq ft estate site on a one acre lot just 1.5 miles east of the city. Features include 5 bedrooms, 5 full and 2 half bathrooms, reclaimed oak floors, media room, billiards table, and a large patio with a built-in barbecue. The mountain living masterpiece is also available for short term lease at a still steep rate of $3,000-$7,000/month.
For just under $73,000/month, the same renter could become the buyer of a contemporary Aspen estate in Snowmass Village. Located on 40 private acres “just minutes from Aspen and the lifts on Snowmass Mountain,” is a gorgeous 13,000-sq ft home (pictured below) with 7 bedrooms, 7 full and 2 half bathrooms, exercise room, two media/family rooms, game room, office with a deck and wet bar, and a covered patio with a fireplace, pizza oven, grill, fire pit and hot tub. Currently listed for $17,950,000 a 20 percent down payment is about $3.59 million placing a payment at $72,794/month.
While snow lovers head to Aspen for all-star slopes, Malibu is a coast-side city where people flock to enjoy the other end of the weather spectrum: sun, surfing, and sand. A few things that Malibu does hold in common with the ski-resort town is an ultra-high median home value-$1,515,100 according to the Zillow Home Value Index-and its reputation as hot spot. Take David and Victoria Beckham for example: the budding couple and now 4-kid clan recently swooped up a for . If six figures is a bit of a stretch, then perhaps a $45,000/month (pictured below) could fit the bill and still allow for some surprise run-ins with the British stars. After all, the listing description states the property is available through October. The luxury 3-bedroom, 3.5-bathroom Malibu rental is situated at the end of a gate drive and “offers complete indoor/outdoor living so you can truly enjoy the beach.” Highlights include walls of glass that open to a beach front patio with BBQ, master suite with fireplace and ocean-view office, and a roof top deck with a brand new spa.
For someone looking to become a more permanent neighbor to the stars, a 10-acre, computer-controlled compound could be your answer for just about the same monthly price. Designed by Douglas Busch, this 4,000-sq ft homes (pictured below) claims to have 360 degree views of the ocean and be the “most amazing sustainable residence in Malibu.” Green features include steel troweled concrete exterior walls, imported drought tolerant landscaping, solar heated resort size pool. Currently listed on the market for $9,945,000, a 20 percent down payment is about $1,989,000 placing a 30-year fixed mortgage payment at $43,083/month.
What’s bigger than a view of the lake? How about a home on the lake. In addition to a waterfront property on Lake Travis, $20,000/month for a mortgage payment can simultaneously buy a piece of history. Currently listed for $3,950,000, this 4-acre property (pictured below) was originally designed by O’Neil Ford and later updated by Dick Clark and David Dalgleish. The home includes 4 bedrooms, 4.5 bathrooms, indoor pool, and an open floorplan that makes it great for entertaining. With a 20 percent down payment of $790,000, a payment would be $21,725/mo.
It has been said before: is unlike any other U.S. housing market with some of the highest values per square feet in the country. Likewise, the areas that are the priciest in the city, (e.g. Upper East Side, SoHo, Greenwich Village, West Village), are more often than not a townhouse, penthouse, condo or apartment but rarely a free standing house. Though not the highest-priced , this 5-floor Manhattan townhouse is looking for a tenant that can hand over $48,650/month (pictured below). With 4,865-sq ft of living space plus a finished garage and private outdoor space, the glamorous home totals over 6,000-sq ft in size. Additional features include a new elevator, intercom system, two terraces, 7 fireplaces, and marble foyer.
If you’re in the market for a mansion in the Big Apple, Manhattan will leave you disappointed. Heading to the Hamptons is your best best. You’ll still face sky-high prices but a yard, close proximity to the beach and significant acreage between neighbors are added amenities. For the price of renting the $50K townhouse above, a buyer could spend only $174 more a month to call a $9.5 million Southampton home off the market. The mid-century estate (pictured below) is situated on the “world famous Lake Agawam” on 1.7-acres of prime . The cottage-like home has 5 bedrooms, 5 bathrooms, two livings rooms, two fireplaces, brick terraces, outdoor swimming pool and almost 245-ft of private lake frontage. A 20 percent down payment on the Southampton retreat is $1.9 million making for a payment of $48,824/mo.
According to Zillow reports, the has risen 9.3 percent since June 2010. Could this mean it’s a good time to buy instead of rent ? As it turns out, $60,000 per month can buy another waterfront home. Located on the Intracoastal waterway, this 1.5-acre Mediterranean estate (pictured below) includes an 8-bedroom, 8.5 bathroom main house, guest house, 209 ft of water frontage, billiards room, gym, pool, tennis court and garden room. Currently listed for $12.5 million, a 20 percent down payment is about $2.5 million placing a 30-year fixed mortgage payment at $60,095/month.
Aspen is king when it comes to luxe mountain getaways. Known as a ski-resort city, the tourist destination has attracted celebrities and affluent socialites for decades helping to transform the market into a mix of high-end luxury homes and condos. In fact, the according to Zillow Real Estate Market Reports both clock in at about $2 million. With real estate prices remaining in the top-tier, it came as no surprise to find one of the U.S.’s most expensive rentals among , recently listed for $75,000/month (pictured below). The 7,800-sq ft estate site on a one acre lot just 1.5 miles east of the city. Features include 5 bedrooms, 5 full and 2 half bathrooms, reclaimed oak floors, media room, billiards table, and a large patio with a built-in barbecue. The mountain living masterpiece is also available for short term lease at a still steep rate of $3,000-$7,000/month.
For just under $73,000/month, the same renter could become the buyer of a contemporary Aspen estate in Snowmass Village. Located on 40 private acres “just minutes from Aspen and the lifts on Snowmass Mountain,” is a gorgeous 13,000-sq ft home (pictured below) with 7 bedrooms, 7 full and 2 half bathrooms, exercise room, two media/family rooms, game room, office with a deck and wet bar, and a covered patio with a fireplace, pizza oven, grill, fire pit and hot tub. Currently listed for $17,950,000 a 20 percent down payment is about $3.59 million placing a payment at $72,794/month.
While snow lovers head to Aspen for all-star slopes, Malibu is a coast-side city where people flock to enjoy the other end of the weather spectrum: sun, surfing, and sand. A few things that Malibu does hold in common with the ski-resort town is an ultra-high median home value-$1,515,100 according to the Zillow Home Value Index-and its reputation as hot spot. Take David and Victoria Beckham for example: the budding couple and now 4-kid clan recently swooped up a for . If six figures is a bit of a stretch, then perhaps a $45,000/month (pictured below) could fit the bill and still allow for some surprise run-ins with the British stars. After all, the listing description states the property is available through October. The luxury 3-bedroom, 3.5-bathroom Malibu rental is situated at the end of a gate drive and “offers complete indoor/outdoor living so you can truly enjoy the beach.” Highlights include walls of glass that open to a beach front patio with BBQ, master suite with fireplace and ocean-view office, and a roof top deck with a brand new spa.
For someone looking to become a more permanent neighbor to the stars, a 10-acre, computer-controlled compound could be your answer for just about the same monthly price. Designed by Douglas Busch, this 4,000-sq ft homes (pictured below) claims to have 360 degree views of the ocean and be the “most amazing sustainable residence in Malibu.” Green features include steel troweled concrete exterior walls, imported drought tolerant landscaping, solar heated resort size pool. Currently listed on the market for $9,945,000, a 20 percent down payment is about $1,989,000 placing a 30-year fixed mortgage payment at $43,083/month.
Austin, TX
What’s bigger than a view of the lake? How about a home on the lake. In addition to a waterfront property on Lake Travis, $20,000/month for a mortgage payment can simultaneously buy a piece of history. Currently listed for $3,950,000, this 4-acre property (pictured below) was originally designed by O’Neil Ford and later updated by Dick Clark and David Dalgleish. The home includes 4 bedrooms, 4.5 bathrooms, indoor pool, and an open floorplan that makes it great for entertaining. With a 20 percent down payment of $790,000, a payment would be $21,725/mo.
If you’re in the market for a mansion in the Big Apple, Manhattan will leave you disappointed. Heading to the Hamptons is your best best. You’ll still face sky-high prices but a yard, close proximity to the beach and significant acreage between neighbors are added amenities. For the price of renting the $50K townhouse above, a buyer could spend only $174 more a month to call a $9.5 million Southampton home off the market. The mid-century estate (pictured below) is situated on the “world famous Lake Agawam” on 1.7-acres of prime . The cottage-like home has 5 bedrooms, 5 bathrooms, two livings rooms, two fireplaces, brick terraces, outdoor swimming pool and almost 245-ft of private lake frontage. A 20 percent down payment on the Southampton retreat is $1.9 million making for a payment of $48,824/mo.
According to Zillow reports, the has risen 9.3 percent since June 2010. Could this mean it’s a good time to buy instead of rent ? As it turns out, $60,000 per month can buy another waterfront home. Located on the Intracoastal waterway, this 1.5-acre Mediterranean estate (pictured below) includes an 8-bedroom, 8.5 bathroom main house, guest house, 209 ft of water frontage, billiards room, gym, pool, tennis court and garden room. Currently listed for $12.5 million, a 20 percent down payment is about $2.5 million placing a 30-year fixed mortgage payment at $60,095/month.
