With half a million bucks you can buy a lot of luxury: some pretty fancy playthings, exotic travel, perhaps a place in history. Or, you can buy one not-very-big, not-very-fancy house in North County.

Local homeowners may be casting apprehensive glances at their net worth these days as the theoretical value of their homes edges downward -- the median price of existing homes here dropped 10 grand in September and five thousand more in October to its present $510,000 as sales continued to slow -- but it's definitely too early for would-be buyers to begin sighing with relief, because that median price still tops the half-million-dollar mark.

Outside of California, $500,000 will buy a lot.

In Palm Harbor, Fla., in the Tampa Bay area, that much money will snag five bedrooms and four baths, a butler's pantry in the dining room, a family room that opens into a gourmet kitchen with 42 feet of wood cabinets with Corian countertops, a three-car garage, and much more.

In Springfield, Ill., it will buy a five-bedroom, five-bath home with 3,800 square feet of enclosed space, Delft tile surrounding the formal fireplace and a sunroom with aged brick flooring overlooking a wooded back yard.

But what is North County's median-priced house? How much house will half a million dollars buy here? To help answer that question, the North County Times turned to the North County Association of Realtors, and we wound up with a quintet of candidates in five very different locales.

These are the five houses we found that typify what can be bought for about $500,000.

Carlsbad

In Carlsbad, a half-million dollar home is likely to be an attached home, either a townhome or a condominium.

As a coastal community, Carlsbad can offer views of the Pacific Ocean, and when it does, those views contribute to the price of homes there. The representative home selected from Carlsbad has a piece of that view.

Alice Gowing's two-bedroom, 2.5-bath townhome of about 1,300 square feet with a detached two-car garage was an investment property when she bought it in 1990. The 16-year-old home at 957 Fir Tree Place, a short distance east of Interstate 5 in South Carlsbad, has no lawn to be tended, but it features a living room fireplace.

Reduced Monday to $499,900 from its original asking price of $508,000, it is priced slightly less than the North County median, and represents a per-square-foot cost of $385. The Las Playas townhome, in a community that includes a pool and tennis courts, is assessed homeowner fees of $115 per month.

"I love the community. It's clean, the association takes very good care of it," Gowing said.

Asked what she liked best about her house, Gowing was unequivocal: "I love the sunsets!" She can watch them from her living room or her bedroom, and from the bedroom she can watch the ocean. She's moving to escape the stairs, which age and health conspire to make more difficult for her these days.

"I have a security system that allows the doors and windows to be left ajar for cross ventilation," she said, an arrangement that, combined with coastal weather patterns, means the home is very comfortable despite the lack of air conditioning.

Fallbrook

In Fallbrook, a four-bedroom, three-bath detached home at 3559 Lake Shore Avenue falls into the median range. On the market with a suggested price range of $500,000 to $529,900, the home is in Lake Rancho Viejo, near the intersection of Highway 76 and Interstate 15. Its back yard overlooks a small lake, while the view from the front is of a high hillside covered with avocado and citrus trees.

"We were the first owners of this house, and we've lived here four and a half years," said Urszula Horn.

She and her husband, Marine Corps 1st Sgt. Christopher Horn, fell so much in love with the home's rural setting that they bought it despite working at locations in Kearney Mesa -- a long commute on an often congested highway.

"The price was reasonable, and we loved the country feel," she said, adding that there is "no shopping here, no stores: but it's very relaxing and very quiet."

The Horns like to take their dogs for walks on the hiking path around the lake, to which they have direct access from their back yard.

"I think what's interesting about this neighborhood is, it's kind of forgotten about, but it's also growing and developing," she said.

According to Horn, close to 300 new houses are due to be built around the lake, and more homes will be built north of Highway 76. "But it will still remain relatively private and secluded," she said.

Yes, the house has a central air conditioner. It also features an irrigation system for the lawn, an open interior and, in Horn's words, "a great kitchen for entertaining."

The Fallbrook home on 1/8 acre has about 2,150 feet of covered space and a two-car garage and is situated on a cul-de-sac. The per-square-foot cost of this house is $240. Homeowner fees are $60 per month.

Escondido

In Escondido, $500,000 is the price of a three-bedroom, two-bath ranch-style home with a well-manicured yard and a two-car garage. It, too, has central air conditioning and a fireplace. Located at the east end of town at 825 Socin Court, the 5-year-old house is equipped with a security alarm system.

"The house is the former model home," said Jean Beck of Prudential California Realty. "The landscaping was done when it was a model."

It also is very close to Orange Glen Elementary School, and to Valley High School.

According to listing agent Caryn Gildea, the home features etched glass and some other small upgrades, plus two patios and an open floorplan that make it look larger than its 1,380 square feet. Laura McKinley, who owns the home, has her eye on a piece of property a little farther east in Valley Center.

The one-story Escondido house is offered in a "value range" of $465,000 to $515,768, or about $355 per square foot. There are no homeowner fees. A buyer has made an offer on the house subject to a contingency, but Gildea and Beck said they are looking for backup offers, just in case.

Vista

In a development called Lido at Shadowridge in Vista, the representative house at the North County median price is a two-story, three-bedroom, 2.5-bath home on a cul-de-sac. The one-fifth acre lot is lush with decorative plants.

This house, too, has a fireplace, and a bonus room now used as an office could be converted to a fourth bedroom.

"I'm really shocked that it's still here," said realtor Loree Nichols of Coldwell Banker/Carlsbad. "We had an offer on it when it first came on the market." That contract fell through, however.

"The yard isn't that big, but it's a three-bedroom and it has a two-car garage; but the only houses that don't stay on the market a long time any more are the ones with all the bells and whistles," Nichols said.

The owner, a woman who asked that her name not be used, said she bought the home "because I was a single mom with two kids and I felt safe here."

She called the neighborhood "family oriented," and said the neighbors are sociable and care about their homes and about the neighborhood.

"It's within walking distance of Rancho Buena Vista High School, the premium school in the area," Nichols said.

"And the house has all stainless steel appliances, 16-inch terra cotta tiles throughout the whole downstairs, and new sod and softscape in the back yard," she said.

"The extra room that was built wasn't permitted, so we don't quote it (as part of the square foot measurement of the house)," Nichols said, "but it was built to code."

With 1,835 square feet of covered space, not counting the 10-by-10 bonus room, this 16-year-old house, priced at $489,000 to $519,000, has a per-square-foot cost of $275. Homeowner fees, which cover maintenance and electricity, are $133 per month. The development has a community pool and spa, and it is adjacent to a golf course.

Oceanside

Farther west, the Oceanside development of Rancho del Oro Villa is where that city's representative home is found.

At 237 Belize Way, not far from Highway 76 and Frazee Road, is a three-bedroom, 2.5-bath house with 1,532 square feet of interior space. There is a fireplace in the family room, and the living room has a vaulted ceiling.

This house is next to a well-tended park-like playground; the home's lot is small, about one-eighth acre, with perhaps 10 feet of clearance on the sides and back of the home; landscaping consists of grass and a couple of juvenile trees. Highway 76 is directly behind the house, although a barrier wall tames the highway sounds.

"The property's price was lowered $20,000, and it probably needs another reduction," said Century 21 agent Eddy Delgado, who represents owners Susan and Saad Shamon. He added that it probably should come down $10,000 more "just because the market has shifted."

He described it as "just your standard house, with oak cabinets and four-inch tile countertops, dual pane windows -- it's a starter house."

The double car garage door dominates the front of the house. Despite being smaller than the Vista house, this house has larger room dimensions -- just fewer rooms -- according to information about both houses supplied by realtors. Homeowner fees for this house are $77 per month, and the per-square-foot cost based on the $510,000 price is $333.

Delgado said the Shamons want to sell the house so they can invest in a business.

Things in common

With a 10 percent down payment, a 6.5 percent mortgage on a $500,000 house will cost about $3,000 a month.

All of these homes have certain things in common. They all are in good repair, and they have a number of upgrade features that vary from home to home, such as tile countertops in the kitchen or wood flooring or carpeting. They all have tile roofs.

None is a large house, and two are not much larger than some two-bedroom apartments. None is located in a gated community, and none is on a busy thoroughfare. One, the Carlsbad home, has an ocean view; one, in Fallbrook, is next to a small lake; one, in Vista, is close to a golf course. Two are close to schools. But none brings access to special amenities beyond community swimming pools.

On the other hand, all five have garages to safely park cars or store belongings, and they all are located on clean streets in tidy neighborhoods.

And they all cost half a million bucks.

Contact staff writer Edmond Jacoby at (760) 739-6675 or ejacoby@nctimes.com.