How much house can $1 million buy?

Round one:

Cozy Cottage

On “Squawk Box,” the first house was in Montrose, Ala., and priced at $995,000. This quaint, two-story bay cottage sits on 2.5 acres and features magnificent waterfront views from either the screened-in porch or a private platform. This 2,300-square-foot house features original woodwork and four fireplaces. The kitchen includes granite countertops and beadboard cabinetry.

The cottage has three bedrooms and two baths. The master bedroom is downstairs, with two spacious guest bedrooms up the cherrywood stairway.

“Montrose is a beautiful place, gorgeous beaches—almost the Hamptons,” Lenz said. “The problem with the property is it has a fatal flaw.

“The house abuts the house next door, so you can look right in. … The value is suddenly destroyed.”

Mammoth Manor

Built around 1850, this Greek Revival mansion sits on 2.3 acres in Camden, Del. About 7,000 square feet, it is priced at $960,000.

While the ample kitchen needs some renovation, there are 11 potential bedrooms. The real selling point, however, is the main level, which features ceilings of nearly 13 feet and original stencils that match the house’s stained glass.

“It has a lot of potential uses,” said Lenz. “Both as a bed and breakfast, as a wonderful compound for a family.”

The winner: Mammoth Manor

Article source: http://www.cnbc.com/id/101262090

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