BOSTON ( MainStreet) -- New York's Central Park West, Chicago's Michigan Avenue and other famously upscale U.S. addresses offer people who buy homes there a special cache recognizable around the globe.
"If you're talking to a business associate in South America and you tell them you live on Michigan Avenue, that automatically means something," Chicago real estate broker Phil Skowron says. "It's one of the most prestigious brand names in the entire country -- if not the entire world."
Skowron sells lots of condos on Michigan Avenue, known as the "Magnificent Mile" because it hosts many of Chicago's fanciest residences, shops and restaurants. The famous street not only offers a posh name and great location, but also hosts some of the Windy City's most beautiful condo complexes -- and most powerful people, he says."You've got it all here -- good location, beautiful architecture, great views and a virtual who's who of Chicago movers and shakers, " Skowron says. "It's the best of the best in real estate." Of course, all of those positives don't come cheap. Posh addresses typically command higher prices than similar properties just a few blocks away do. For instance, Skowron says Michigan Avenue condos typically cost $1,000 per square foot -- 10% to 20% more than you'd pay if you bought something four or five blocks away. But the broker thinks the extra price is worth it. "You'll get you that initial premium back when you sell," Skowron says. "Michigan Avenue is the place where everyone in Chicago wants to live -- and it always will be." Here's a look at some properties for sale on some of America's most famous upscale streets: