If you've been watching television, reading the news, looking at the internet, going to a gas station, convenience store, or just about anywhere in the last few days, you know that tonight's Mega Millions lottery drawing jackpot is a staggering $363 Million. Yes, the cash option comes in at "just" $259 million. And then there's taxes. If you choose to get the yearly installments, you'll be pulling in a cool $13,975,500 a year for the next 26 years. No matter how you slice and dice it, let's face it -- it's a boatload of money. You could even jump into the Presidential race at this late stage and still be able to fund a strong campaign! It's okay to daydream...
Let's take a fun look at what $363 Million can buy you in Northern Virginia real estate. In addition to a good tax advisor and financial planner, you'll no doubt need a great Northern Virginia REALTOR after you win this bundle of cash.
How many average Northern Virginia homes could you buy?
In February 2012, the average home sales price in Northern Virginia was $396,107. With $363,000,000, you could buy 916 homes. That's almost exactly half of the total number of homes sold in the area during the month of February (there were 1,834 total home sales).
Maybe you're particularly interested in Alexandria, Virginia. If so, you're in luck. There are 391 homes on the market in Alexandria at an average price of $635,627. You could buy all of them for just over $248 million. Taking the cash option on the lottery winnings, you'd still have $11 million left for furnishings, or $28,000 per house. If you bought all these Alexandria homes, you'd be the proud owner of 1,173 bedrooms, 1,173 full bathrooms, and 391 half bathrooms. You could sleep in a different bedroom every night for the next 3 years!
While you couldn't quite afford to purchase all of the 514 available homes in Arlington whose price averages $750,151, you could pick up over 480 of them.
McLean, Virginia boasts an average current listing price of over $2.2 million. While this number is skewed by some very high-end homes, 148 out of the 199 available homes on the market in McLean are priced at over $1 million. Therefore, even tonight's Mega Millions winner can't afford to buy them all. However, after taxes paid on your winnings you could still scoop up 80 ultra luxurious homes in McLean!
Falls Church is the smallest city in the country and there's only 30 homes currently on the market there. You could buy them all at full asking price for $21,103,590 since the average listing price is $703,453. This would hardly make a dent in your winnings!
Maybe you're only interested the best in luxury. After all, you're now a multi-millionaire. After the fanfare dies down from the big win, you want to buy some REAL real estate. Million dollar homes are almost common-place now. Let's go for the $4 million+ price tag. Right now there's 40 of these available in Northern Virginia -- the average price is $6,631,242. You could afford to buy 39 of these with your winnings, though with a great Northern Virginia REALTOR negotiating for you, you should be able to get them all and still have some money left over. If you bought all these estates, you'd be the proud owner of 117 acres of prime land in Northern Virginia along with 234 bedrooms and 312 bathrooms.
Okay... stop dreaming. You didn't win...
You can still start your search for Northern Virginia real estate here in any price range.
If by some chance in 175,000,000, I win the jackpot tonight, I'll be happy to refer you to another professional REALTOR who can help you...
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