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This beautiful home is for sale! We would be happy to show you in person all that this property has to offer. http://www.alliancerdi.com/5806-river-birch-drive-bakersfield-ca-93306#

Earlier this month, Tim McCrary, Broker and President of Alliance Realty & Development, Inc., was interviewed for an article on the online magazine "Bakersfield Center" -- a resource covering the latest business, events, and community news. 

According to the latest Wealth Report from real estate consulting firm Knight Frank, Monaco has the most expensive luxury real estate in the world, with $1 million buying just 15 square meters (161 square feet) of prime property — about the size of California's smallest legal apartment.

Housing developer, Patrick Kennedy, is a small space lover and is aiming to develop the smallest apartment allowed by California code. At around 160-square-feet not a single inch goes unused and everything is multi-purpose. He's given his residential response to the Smart Car a spin — watch the video below to find out what works great, and what just cramps his style.

How much housing you can buy with a million dollars very much depends on what city you are looking to buy in.

According to Knight Frank data cited by CNBC's Robert Frank, a million dollars goes a lot further in Cape Town than it would in Monaco.

But what about in the U.S.?