PEOPLE AND PLACES

PEOPLE AND PLACES
All over the world in different countries, cultures, tongues, and colors are people who have the same basic desire for happiness and respect from his fellow men. We are the same all over as members of the human race. If we honor each other's boundaries with propriety and consideration our voyage thru life can be rich in knowledge and friendship..........AMOR PATRIAE

Sunday, September 13, 2015

CALIFORNIA real estate trophy that has been owned by some of the world's wealthiest people: How much will $100 buy in your state?

 

 

 

 

Massive Bay Area palatial home with panoramic views smashes records with its $47.5 million sale (after a decade-long restoration project costing $30 million)

  • Locksley Hall has been sold for $47.5 million dollars
  • It comes with five bedrooms, seven bathrooms, and three half-bathrooms -- as well as around 9,235 square feet
  • A San Francisco banker named CO Perry built the home around 1895
  • Multimillionaire Robert Friedland and his wife bought Locksley Hall in 1995
  • They reportedly spent $30million to restore the mansion over a decade

A San Francisco Bay Area mansion has been sold for a cool $47.5million.

The sale of the luxurious home, Locksley Hall, has also reportedly broken multiple home-buying records.

The house features five bedrooms, seven bathrooms, and three half-bathrooms -- as well as around 9,235 square feet, its listing says.

Welcome: Locksley Hall's front entrance is seen here. The home recently sold for $47.5million

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Welcome: Locksley Hall's front entrance is seen here. The home recently sold for $47.5million

Snack time: Next to the front entrance is a seating area overlooking the waterfront 

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Snack time: Next to the front entrance is a seating area overlooking the waterfront

Stunning: The home features five bedrooms, seven bathrooms, and three half-bathrooms -- as well as around 9,235 square feet

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Stunning: The home features five bedrooms, seven bathrooms, and three half-bathrooms -- as well as around 9,235 square feet

Meal time: A dining room in the three-story home features windows that open onto a veranda with seating nearby 

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Meal time: A dining room in the three-story home features windows that open onto a veranda with seating nearby

Purchase: The home's sale has also reportedly broken multiple home-buying records

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Purchase: The home's sale has also reportedly broken multiple home-buying records

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Purchase: The home's sale has also reportedly broken multiple home-buying records

It reveals the history behind the three-level mansion, stating a San Francisco banker named CO Perry built the home around 1895.

'The home underwent a massive restoration of approximately $30 million to retain its original architectural detail while bringing the property into the 21st century,' the listing says.

It also reveals: 'Current owners purchased the property in 1995, taking 10 years to rebuild the property to such exacting high standards it achieved landmark status.'

The owners mentioned in the listing who renovated the home have been identified in reports as Robert Friedland and his wife.

Forbes has estimated Frieland, a 'mining mogul,' as having a net worth of $845million.

Robert Friedland, pictured,  reportedly sold the home. According to Forbes, his net worth is $845million

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Robert Friedland, pictured, reportedly sold the home. According to Forbes, his net worth is $845million

Greetings: The home's entrance features is seen here with a staircase nearby 

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Greetings: The home's entrance features is seen here with a staircase nearby

Entertain: A living room in the home is seen complete with wall detailing and a chandelier hanging overhead 

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Entertain: A living room in the home is seen complete with wall detailing and a chandelier hanging overhead

Not so far away: San Francisco can be viewed out of the living room windows 

 

Not so far away: San Francisco can be viewed out of the living room windows

Care for a stroll? Whoever owns the home will be able to take a walk on a veranda outside the living room

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Care for a stroll? Whoever owns the home will be able to take a walk on a veranda outside the living room

Curl up with a good book: Locksley Hall's library features wood paneling and a leather chair for reading 

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Curl up with a good book: Locksley Hall's library features wood paneling and a leather chair for reading

Cook something up: The mansion's kitchen offers lots of storage space and leads into an adjacent breakfast room 

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Cook something up: The mansion's kitchen offers lots of storage space and leads into an adjacent breakfast room

Historical: A  San Francisco banker named CO Perry built the home around 1895, its listing says

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Historical: A San Francisco banker named CO Perry built the home around 1895, its listing says

Way to start the day: The breakfast room offers views of the water and homes in the area 

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Way to start the day: The breakfast room offers views of the water and homes in the area

Master of the house: A hallway leads to the home's master suite - which is complete with a view of the San Francisco skyline 

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Master of the house: A hallway leads to the home's master suite - which is complete with a view of the San Francisco skyline

Rise and shine: The master suite features a large bedroom and adjacent living room space 

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Rise and shine: The master suite features a large bedroom and adjacent living room space

Nook: Another view of the bedroom included in the master suite is seen here 

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Nook: Another view of the bedroom included in the master suite is seen here

Fit for a party: Whoever bought the home will be able to look out at the Golden Gate Bridge from the master suite all the time 

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Fit for a party: Whoever bought the home will be able to look out at the Golden Gate Bridge from the master suite all the time

Splish splash: The master suite inside Locksley Hall also leads into a bathroom 

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Splish splash: The master suite inside Locksley Hall also leads into a bathroom

Private time: It also includes a room that could be used by the new owners a private office or study space 

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Private time: It also includes a room that could be used by the new owners a private office or study space

Look down below: The view from the master suite shows the multi-floor staircase inside the sumptuous Locksley Hall

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Look down below: The view from the master suite shows the multi-floor staircase inside the sumptuous Locksley Hall

Splendor: The 'great room' in the Locksley Hall also has windows that open leading to light and fresh air 

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Splendor: The 'great room' in the Locksley Hall also has windows that open leading to light and fresh air

Different perspective: Another view of the great room showcases its high ceilings and detailing 

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Different perspective: Another view of the great room showcases its high ceilings and detailing

Prep time: The great room features a space where meals can be prepared and food  stored

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Prep time: The great room features a space where meals can be prepared and food stored

Nap time: One of the mansion's large bedroom suites is seen here 

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Nap time: One of the mansion's large bedroom suites is seen here

Bedroom suite

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Bedroom suite

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Sleep well: Two other bedroom suites inside Locksley Hall are revealed in these photographs

Take a dip: Locksley Hall also comes with a pool located on its grounds with lights nearby 

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Take a dip: Locksley Hall also comes with a pool located on its grounds with lights nearby

Life of leisure: The new homeowners will be able to unwind in the waters and shaded seating area

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Life of leisure: The new homeowners will be able to unwind in the waters and shaded seating area

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Life of leisure: The new homeowners will be able to unwind in the waters and shaded seating area

Hideaway: You can take a break from swimming by hiding under the branches 

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Hideaway: You can take a break from swimming by hiding under the branches

The grounds are seen in the evening

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The mansion's grounds are seen in the daytime

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Stairway to heaven: The grounds are seen both in the daytime and in the evening

High above: Flora on the property are seen in this view of the grounds and outdoor staircase 

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High above: Flora on the property are seen in this view of the grounds and outdoor staircase 

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High above: Flora on the property are seen in these views of the grounds and outdoor staircase

The great outdoors: A lawn on the ground could be used for outdoor activities or a social gathering

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The great outdoors: A lawn on the ground could be used for outdoor activities or a social gathering

The listing also claims: 'Perfectly positioned on the south-eastern crest of Belvedere, the property features unobstructed 270-degree views that encompass the San Francisco city skyline, the Golden Gate and Bay Bridges, Angel Island, and the majestic waters of the bay.'

Some of the home's other elements include a pool, wood-paneled library, breakfast room, great room, and living room.

Curbed San Francisco wrote: 'The sale breaks the record for the highest reported single-family home sale in San Francisco proper by $12 million, and the highest reported sale in Belvedere by around $22 million.'

Even less-expensive homes in the San Francisco area require deep pockets. Dailymail.com earlier reported in order to own a median-priced home, an annual salary of about $158,000 is needed.

Journey: A stone pathway on the expansive property is seen curving in this photograph

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Journey: A stone pathway on the expansive property is seen curving in this photograph

Meeting place: Two stairways meet together at this space on the property

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Meeting place: Two stairways meet together at this space on the property

The listing promises 'Perfectly positioned on the south-eastern crest of Belvedere, the property features unobstructed 270-degree views that encompass the San Francisco city skyline, the Golden Gate and Bay Bridges, Angel Island, and the majestic waters of the bay'

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The listing promises 'Perfectly positioned on the south-eastern crest of Belvedere, the property features unobstructed 270-degree views that encompass the San Francisco city skyline, the Golden Gate and Bay Bridges, Angel Island, and the majestic waters of the bay'

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The listing promises 'Perfectly positioned on the south-eastern crest of Belvedere, the property features unobstructed 270-degree views that encompass the San Francisco city skyline, the Golden Gate and Bay Bridges, Angel Island, and the majestic waters of the bay'

Perspective: Guests and the home's owners alike will be able to look out from the veranda and watch boats go by in the water

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Perspective: Guests and the home's owners alike will be able to look out from the veranda and watch boats go by in the water

Near yet far: San Francisco is seen from a dining space tucked into a corner on a veranda

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Near yet far: San Francisco is seen from a dining space tucked into a corner on a veranda

Dramatic: The mansion's verandas offer lots of space to look at the nearby sights and admire the property's greenery

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Dramatic: The mansion's verandas offer lots of space to look at the nearby sights and admire the property's greenery

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Dramatic: The mansion's verandas offer lots of space to look at the nearby sights and admire the property's greenery

Relax: Locksley House, located in Belvedere, underwent a ten-year renovation 

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Relax: Locksley House, located in Belvedere, underwent a ten-year renovation

San Francisco in the daytime

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San Francisco is viewed in the evening

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Never too far away: Views of San Francisco from the house, both in the daytime and evening, are seen here

Welcome to the neighborhood: Other homes in the area can be spied from the luxury property 

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The Belvedere home is located in the San Francisco Bay Area

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Welcome to the neighborhood: The Belvedere home is located in the San Francisco Bay Area

Keys to the castle: The expensive home was recently purchased for a whopping $47.5million 

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Keys to the castle: The expensive home was recently purchased for a whopping $47.5million

Up above: Locksley Hall is seen situated in Belvedered, alongside other large homes

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Up above: Locksley Hall is seen situated in Belvedered, alongside other large homes

On the waterfront: 

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On the waterfront:

Read more: http://www.dailymail.co.uk/news/article-3232479/Taste-luxury-Massive-San-Francisco-Bay-Area-home-sells-cool-47-5-million-breaking-property-sale-records-way.html#ixzz3lb9w101T
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Incredible history of Beverly Hills real estate trophy that has been owned by some of the world's wealthiest people - but remains undeveloped

  • The Vineyard, an extremely coveted piece of real estate in Beverly Hills, California, is being marketed for $1billion
  • Incredibly, the 157-acre plot has been undeveloped for decades - despite garnering enormous amount of interest
  • In 2002, Brad Pitt went to check out estate - but was told he would need to make 'another movie or two' to afford it
  • Several years later, Tom Cruise placed 3% of then-$25million sale price for one lot in escrow - but deal fell through
  • Trophy property is now in the hands of man who paid nothing for it, a Middle Eastern royal - and a convicted felon
  • It has been under development for 12 years - and is being used as part-time event venue until buyer comes along
  • Ex-owners include Hollywood legend Merv Griffin, sister of Shah of Iran, Shams Pahlavi, and producer Jack Bean

Perched on a grassy peak with a panoramic view of Los Angeles, it has been owned by some of the world's wealthiest people - including royalty.

It has also attracted the attention of many others, including actor Brad Pitt, who was told he would need to make 'another movie or two' to afford it.

These photos show The Vineyard, an extremely coveted piece of real estate in Beverly Hills that is now being marketed for a staggering $1billion.

Incredibly, the 157-acre plot has been undeveloped for decades - despite garnering an enormous amount of interest from the rich and famous.

While some offers (such as one from Hollywood star Tom Cruise) have fallen through, other buyers' extravagant plans for the property have faded.

This means that the verdant plateau sits impressively empty - with unparalleled views of the city, including the star-studded community of Beverly Park.

Unsurprisingly then, The Vineyard has come to be dubbed one of the most valuable undeveloped residential plots in the the world.

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Valuable: The Vineyard (pictured), an extremely coveted piece of real estate in Beverly Hills, California, is being marketed for $1billion

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Valuable: The Vineyard (pictured), an extremely coveted piece of real estate in Beverly Hills, California, is being marketed for $1billion

Secluded: Incredibly, the 157-acre plot has been undeveloped for decades - despite garnering an enormous amount of interest from the rich and famous. Above, this photo shows the windy road leading up to The Vineyard, which offers unparalleled views of Los Angeles

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Secluded: Incredibly, the 157-acre plot has been undeveloped for decades - despite garnering an enormous amount of interest from the rich and famous. Above, this photo shows the windy road leading up to The Vineyard, which offers unparalleled views of Los Angeles

Hollywood star Brad Pitt checked out the estate in 2002 - but was told he would need to make 'another movie or two' to be able to afford it.

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Meanwhile, actor Tom Cruise placed 3% of the $25million sale price for one lot in escrow - but the deal fell through

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Interest: Hollywood actor Brad Pitt (left) checked out the estate in 2002 - but was told he would need to make 'another movie or two' to afford it. Meanwhile, Tom Cruise (right) placed 3 per cent of the then-$25million sale price for one lot in escrow - but the deal fell through

Location: The Vineyard, which is perched on a grassy peak in Los Angeles, has been owned by some of the world's wealthiest people

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Location: The Vineyard, which is perched on a grassy peak in Los Angeles, has been owned by some of the world's wealthiest people

And the trophy property's back story and current ownership are just as impressive.

Indeed, the land has now come to be in the hands of a real estate operator who paid nothing for it, a Middle Eastern royal - and a convicted felon.

It has been under development for 12 years - and is being used as a part-time event venue until a buyer eventually forks out $1billion for it. 

'This is one of the most exceptional properties I've ever seen in my 30-year career,' Jeff Hyland, of Hilton & Hyland, told The Hollywood Reporter.

'This is as good as it gets.'

Hilton & Hyland has exclusive rights to the estate.

The Vineyard, which boasts a helicopter pad, was created after a single buyer apparently bought several small lots and combined them.

 

A piece of it was owned by Hollywood producer Jack Bean and his wife, actress and singer Mitzi Gaynor, before they sold up in the late 1970s.

The sister of the Shah of Iran, Shams Pahlavi, snapped up the property in 1977, although title deeds in her name are yet to be uncovered.

She reportedly had plans to build an enormous, unrivaled palace on the plateau - which the shah himself would, in fact, live in, it is reported.

However, during the Iranian Revolution in 1979, Iranian students apparently 'marched up' to the princess's then-home in Beverly Hills.

They hurled Molotov cocktails at the property - which prompted Shams to move out of the neighborhood to Rancho Mirage, and, later, Santa Barbara.

The plans for a grand palace were put on hold until 1987, when Merv Griffin purchased it - with the aim of building the biggest house in Los Angeles.

The Vineyard Beverly Hills: A stunning 157-acre plot

 

Owner: The property has now come to be in the hands of real estate operator Charles 'Chip' Dickens - who paid nothing for it - as well as a Middle Eastern royal and a convicted felon. Above, Dickens is pictured standing on the estate in a photo by The Hollywood Reporter

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Owner: The property has now come to be in the hands of real estate operator Charles 'Chip' Dickens - who paid nothing for it - as well as a Middle Eastern royal and a convicted felon. Above, Dickens is pictured standing on the estate in a photo by The Hollywood Reporter

Hilltop: The verdant plateau (pictured without grass) offers stunning views of the city, including the star-studded Beverly Park community

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Hilltop: The verdant plateau (pictured without grass) offers stunning views of the city, including the star-studded Beverly Park community

Sprawling: 'This is one of the most exceptional properties I've ever seen in my 30-year career,' said Jeff Hyland, of Hilton & Hyland, which has exclusive rights to the property . 'This is as good as it gets.' Above, part of The Vineyard in Beverly Hills, which covers 157 acres

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Sprawling: 'This is one of the most exceptional properties I've ever seen in my 30-year career,' said Jeff Hyland, of Hilton & Hyland, which has exclusive rights to the property . 'This is as good as it gets.' Above, part of The Vineyard in Beverly Hills, which covers 157 acres

The sister of the Shah of Iran, Shams Pahlavi (pictured) snapped up the property in 1977, although she never fulfilled her plans to build an enormous, unrivaled palace

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Meanwhile, attorney Conrad Klein took charge of The Vinyard following Herbalife founder Mark Hughes's death from an overdose of doxepin and alcohol. Hughes had bought the estate from Merv Griffin

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A princess and an attorney: The sister of the Shah of Iran, Shams Pahlavi (Ieft) snapped up the property in 1977, although she never fulfilled her plans to build an enormous, unrivaled palace. Meanwhile, attorney Conrad Klein (right) took charge of The Vinyard following Herbalife founder Mark Hughes's death from an overdose of doxepin and alcohol. Hughes had bought the estate from Merv Griffin

The Hollywood legend, then aged 61, reportedly wanted to construct a 58,000-square-foot mansion - to triumph over producer Aaron Spelling's home.

At the time, Spelling's 56,000-square-foot property was the largest in the city.

However, after encountering difficulties with fire department officials (over the property's number of exits) and money, Griffin's plans fizzled out.

Shortly after, the actor, who died in 2007, snapped up The Beverly Hilton, and The Vineyard was sold to Herbalife founder, Mark Hughes.

Hughes, then in his early 40s and worth nearly $1billion, reportedly aimed to build a sprawling Mediterranean villa on the luscious plot of land.

He was happy to spend up to a whopping $100million on his creation, which would boast tennis courts and a nature sanctuary, it is reported.

However, following his divorce from his third wife in 1998, Hughes apparently 'lost interest' in The Vineyard - and two years later, passed away.

Following the businessman's death from an overdose of doxepin and alcohol, the management of the estate - which was, then, not considered to be as valuable as it is today - was given to the Mark Hughes Family Trust. It would be inherited by Hughes's then-eight-year-old son, Alex, at the age of 35.

Attorney Conrad Klein, the principal trustee of the Hughes's estate and his former friend, started trying to sell The Vineyard, Curbed reports.

Famous owners: A piece of The Vinyard (pictured) was owned by producer Jack Bean and his wife before they sold up in the late 1970s

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Famous owners: A piece of The Vinyard (pictured) was owned by producer Jack Bean and his wife before they sold up in the late 1970s

Event space: The vast piece of land (above), which boasts a helicopter pad, was created after a single buyer apparently bought several small lots and combined them. It has now been transformed into an event space to raise publicity and hopefully attract a willing buyer

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Event space: The vast piece of land (above), which boasts a helicopter pad, was created after a single buyer apparently bought several small lots and combined them. It has now been transformed into an event space to raise publicity and hopefully attract a willing buyer

This photo shows another section of The Vineyard, now owned by Dickens, convicted felon Victorino Noval and a Middle Eastern royal

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This photo shows another section of The Vineyard, now owned by Dickens, convicted felon Victorino Noval and a Middle Eastern royal

In 2002, Pitt traveled to Beverly Hills to check out the property, which is situated just minutes from the iconic Beverly Hills Hotel and Rodeo Drive.

He asked real estate developer Gary Morris, also a friend, whether he should purchase the property - and received a startling response.

Morris apparently told the Fight Club actor that if he 'made another movie or two', he could probably afford to purchase the plot.

Several years later, Cruise also expressed interest in The Vineyard - and even placed three per cent of the $25million sale price for one lot in escrow.

He reportedly planned to build a mansion on that lot - and create a soccer field for his children on another lot - but the deal ended up falling through.

Meanwhile, Klein had become close to real estate operator Charles 'Chip' Dickens, who had traveled to the city after hearing about The Vineyard.

Dickens, now 54, a former high school football star who dropped out of college, was initially representing a group of investors in Chicago,

However, after the investors failed to fork out a $2million down payment on the property, Dickens told Klein something that shocked him.

'I want you to give it to me,' Dickens told the attorney, then in his 70s, adding that he would help him settle up some entitlement mapping.

 

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Star-studded ball: A description of The Vineyard on the site reads: 'The Vineyard offers a level of security and privacy only heightened by astonishing views that cannot be matched by any other development in the country'. Above, Noval poses with NFL star Tim Tebow

Dickens called this option, 'The Chip Deal', according to the Hollywood Reporter.

Although Klein was initially outraged by the proposition, he later concluded that Dickens was the best man to develop The Vineyard.

'You get the tentative tract map work complete, on time, and I'll do the deal with you,' Klein eventually told him.

Dickens was told he could buy the land for $23.75 million cash if he completed the mapping before deadline, court records show.

However, the terms of the deal were later changed from an all-cash purchase to a seller-financed purchase.

This enabled Dickens - who met the tract map deadline - to receive a loan for the full cash amount from the Mark Hughes Family Trust.

Shortly after, offers for The Vineyard started 'flooding in' - starting at $34million and rising to more than $100million.

This is one of the most exceptional properties I've ever seen in my 30-year career. This is as good as it gets

Jeff Hyland, Hilton & Hyland

'A lot of people in town were utterly bewildered by what had happened,' an anonymous attorney told the Hollywood Reporter.

'[Dickens] pays no money and nothing to develop the property. It was unheard of. [The Vineyard] was the best deal in town by a country mile.'

Alex Hughes's legal guardian - his mother and his late father's third wife, Suzan Hughes - was apparently not happy with the deal.

She constantly pressured Klein to find a 'more suitable buyer' who could bring in money - not one who had little money to his name.

Klein and Dickens's relationship subsequently soured, leading to a lengthy legal battle which saw Dickens file for bankruptcy - but keep The Vineyard.

Dickens later found a partner with the money he required - Cuba-born convicted felon Victorino Noval, general manager of Secured Capital Partners.

Noval, 53, who had pleaded guilty to tax evasion and mail fraud in 1997, reportedly paid back some of the debt to Mark Hughes Family Trust.

This debt was limited to $57.5million in a court settlement, which also outlined a payment schedule.

Eager to be involved in a promising real estate deal, Noval also reached out to his friend - an unnamed royal from the Middle East.

This royal now owns Dickens's share of the equity in the property - meaning Dickens will not make much money when it is eventually sold.

Massive: Lawsuits over The Vineyard are ongoing. Above, the property is pictured without grass - it covers a whopping 157 acres

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Massive: Lawsuits over The Vineyard are ongoing. Above, the property is pictured without grass - it covers a whopping 157 acres

Klein was later legally removed as a trustee of the estate. He recently appealed to have his status as a trustee reinstated, but was rejected.

Other trustees are also involved in the complex legal battle.

In a bid to draw attention to the hilltop estate, Dickens and Noval went on to transformThe Vineyard into an impressive event space.

Last March, actress Charlize Theron used the land to throw a party in aid of her Africa Outreach Project.

And last December, singer Rihanna performed as the headline act at a 'diamond ball' charity event there.

 

A description of The Vineyard on the site reads: 'The Vineyard offers a level of security and privacy only heightened by astonishing views that cannot be matched by any other development in the country.

'Simply describing the views as “unparalleled panoramic views of Los Angeles all the way to the ocean” falls short of the almost “god-like” experience had by each of the privileged few who have accessed the site. It’s designated as the most exclusive land in America.

It adds: 'The Vineyard has been called one of the most beautiful properties in the world and is estimated to have a value of as much as $1billion'.

Lawsuits over The Vineyard are ongoing.

 

 

 

 

 

 

 

 

 

 

The salary you need to earn to afford a house in America's major cities revealed: San Francisco homeowners need the deepest pockets while Cleveland is crowned the new most affordable

  • San Francisco home buyers must earn the most in the nation: $157,912.06 annually to afford monthly payments of $3,684.61
  • Portland, Sacramento, Miami, and Denver all moved into the top 10 most expensive list
  • New York City moved up a notch to third least affordable city to buy a home in
  • Cleveland is the most affordable city despite the salary needed to buy a home there climbing by over 22 percent

Bad news for those hoping to move to San Francisco: The most expensive city in the country somehow got even more expensive.

The technology apex grew 12.47 percent more expensive for home buyers since the first quarter of the year, says mortgage resource website HSH.com.

Those hoping not to rent will have to earn $157,912.06 per year to afford the principal, interest, taxes and insurance payments on a median-priced home in the area.

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Thanks to being a high tech hub, the San Francisco area remains the country's least affordable for home buyers

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Thanks to being a high tech hub, the San Francisco area remains the country's least affordable for home buyers

With its miles of sandy white beaches, San Diego remains the country's second least affordable city for home shoppers

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With its miles of sandy white beaches, San Diego remains the country's second least affordable city for home shoppers

Finance and fashion mecca New York City remains perennially expensive for home buyers, and salary requirements only went up

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Finance and fashion mecca New York City remains perennially expensive for home buyers, and salary requirements only went up

A person wanting to buy in the Golden Gate city would have to earn $16,496 more than last quarter for the same house. The median home price is $841,600.

The website assumed a 20 percent downpayment to make its calculations, thus avoiding adding in PMI insurance costs for those who pony up less.

The site based its stats on the National Association of Realtors’ 2015 second-quarter data for median-home prices and HSH.com’s 2015 second-quarter average interest rate for 30-year, fixed-rate mortgages.

San Francisco protesters frustrated as tech boom inflates rent

The salaries required to afford to buy homes in 27 metro areas (above) was revealed by HSH

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The salaries required to afford to buy homes in 27 metro areas (above) was revealed by HSH

San Diego remained in second place, with home buyers having to earn $104,839.73 annually to afford a pad. That's the first time  'America's Finest City' has reached over $100,000. the median home price is $547,800.

The Big Apple takes a huge bite out of your salary, moving up one spot from fourth to third, with New Yorkers having to earn $90,750.14 per year to afford that probably way too small abode in the sky.

Los Angeles and Boston rounded out the top five, with home buyers having to earn $88,315.32 and $86,164.15 respectively to afford their median priced homes.

Bargain hunters might want to migrate to Cleveland, which beat out Pittsburgh this quarter for most affordable housing in the country, with owners having to earn $33,714.17 for that white picket fence dream. You can get a home there for a median of just $129,700.

Party town Miami has gotten even more expensive in the past quarter, breaking into the top ten least affordable cities

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Party town Miami has gotten even more expensive in the past quarter, breaking into the top ten least affordable cities

Rainy Portland, scene of the hit series Portlandia, has become more expensive as well moving up on the list into the top ten least affordable areas

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Rainy Portland, scene of the hit series Portlandia, has become more expensive as well moving up on the list into the top ten least affordable areas

Portland, Sacramento, Miami, and Denver rounded out the top ten most expensive places for home buyers for the first time.

Detroit, generally thought of as a buyer's dream with foreclosed mansions selling for one dollar and back taxes, got 13.22 percent more expensive this quarter. It also had one of the highest rates for 30-year fixed-rate mortgages at 4.05 percent, as much as the much more expensive Seattle.

If you want to live by the beach, Tampa is a steal with home buyers only having to earn $41,488.22 to afford a median-priced $175,000 place.

If you're looking for a home buyer's bargain, consider where LeBron James lives, which comes in as most affordable, but hurry because prices in Cleveland are rising

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If you're looking for a home buyer's bargain, consider where LeBron James lives, which comes in as most affordable, but hurry because prices in Cleveland are rising

You'd have to earn $54,385.77 a year to handle a median priced home in Philadelphia

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You'd have to earn $54,385.77 a year to handle a median priced home in Philadelphia

Political hotbed Washington DC salaries have to reach $83,027 to make a median priced home doable

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Political hotbed Washington DC salaries have to reach $83,027 to make a median priced home doable

Cincinnati, St. Louis, and Atlanta all remain relatively affordable.

Cleveland may be the cheapest city of the bunch, but possibly not for long: Salaries needed to buy there jumped 22.47 percent from last quarter.

Not one city became more affordable since last quarter.

The Steel City of Detroit is thought of as the most affordable city, but it's real estate prices are rising, and salary requirements have gone up over 13 percent since last quarter

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The Steel City of Detroit is thought of as the most affordable city, but it's real estate prices are rising, and salary requirements have gone up over 13 percent since last quarter

Sunny Los Angeles remains one of the country's most expensive, with salary requirements of $88,315 yearly for a median priced home

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Sunny Los Angeles remains one of the country's most expensive, with salary requirements of $88,315 yearly for a median priced home

 

How much will $100 buy in your state? A Benjamin is worth $116 in Mississippi, but only $85 in Hawaii

  • Map by the Tax Foundation compares price differences between states - which can vary by more than 30percent
  • Washington, D.C., Hawaii, New York and New Jersey are the places $100 is worth the least
  • A C-note goes farthest in Mississippi, Arkansas, Missouri and Alabama

When is a $100 bill not worth $100? When it's in Mississippi, where it's worth $116. Or in Hawaii, where the value shrinks to just $85. 

A new map by the non-partisan Tax Foundation reveals that the cost of living difference between states means the value of the cash in your pocket varies wildly.

The Tax Foundation used federal data on regional price variations to calculate just how far a Ben Franklin goes in all 50 states.

And the differences are striking. A dollar is worth 30percent more in Mississippi than it is in Washington, D.C - which has the highest prices in the country.

The Tax Foundation used new federal data to show that $100 goes a lot farther in some states than others - and it varies by up to 30percent, based on prices differences between regions

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The Tax Foundation used new federal data to show that $100 goes a lot farther in some states than others - and it varies by up to 30percent, based on prices differences between regions

The Tax Foundation showed how residents of Kansas are actually richer than New York residents after factoring in the price of goods

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The Tax Foundation showed how residents of Kansas are actually richer than New York residents after factoring in the price of goods

The states $100 goes the farthest are: Mississippi ($115.74), Arkansas ($114.16), Missouri ($113.51), Alabama (113.51), and South Dakota ($113.38). The states where $100 is worth the least are: District of Columbia ($84.60), Hawaii ($85.32), New York ($86.66), New Jersey ($87.64), and California ($88.57).

In some states, $100 is still just $100. In Illinois a C-note is worth $99.40. In Florida and Oregon, it's worth $101.21.

Tax Foundation says the regional cost differences, which were recently released by the Bureau of Economic Analysis for the first time ever, could help Americans rethink the places that they live. For instance, Oklahoma has a significantly lower average income compared to New York ($37,000 vs $45,000). Adjusted for cost of living differences, however, Oklahoma jumps several places in the rankings and New York falls several places - making the real average income in Oklahoma $41,000 and just $39,000 in New York.

All this means that $50,000 after taxes in a high cost of living state like New York is really worth just $43,000. That same $50,00 in Oklahoma actually feels more like $56,000. 

The public policy implications are also immense; $100 in food assistance to a poor family in Washington, D.C., would buy less than $85 worth of food, while it will buy nearly $116 in Mississippi. 

REGIONAL PRICE DIFFERENCES BASED ON INFLATION DATA

The Bureau of Economic Analysis introduced the federal government's first-ever statistics on regional price differences in April.

The data to calculate the cost of living variation across the country is culled from Consumer Price Index information.

The CPI continually measures the cost of a 'basket of goods' in cities across the nation to keep track of inflation. The data, however, also provides insight into price differences in communities across the country.

The CPI testers keep track of prices of things like:

  • Coffee
  • Cereal
  • Fuel oil
  • Men's shirts
  • Airline fares
  • Hospital stays
  • Tickets to sporting events
  • College tuition
  • Funeral expenses

 

 

 

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