Property Voyeurism

[Nrrrrvous]

The closet is aligned with the elevator so it is odd that the elevator doesn't continue up that high given there is a perfect location. The top floor might have been an add-on or something else. If the elevator doesn't go to the top floor, there is no way I could slum it in a place like that!

I'd be fine. I've been told on multiple occasions that my elevator doesn't go to the top floor. Not sure what they meant...

[Phredd3]

The closet is aligned with the elevator so it is odd that the elevator doesn't continue up that high given there is a perfect location. The top floor might have been an add-on or something else. If the elevator doesn't go to the top floor, there is no way I could slum it in a place like that!

Maybe I'm not reading it right, but my look through the floor plan is that the "top floor" isn't actually a full top floor. It's a single bedroom/office and the rooftop terrace. You'd have to take a bite out of the bedroom/office, change the configuration of the stairs, and move the mechanical room (in the little A-frame) to get the elevator to go up that high.

[DukieInKansas]

Maybe I'm not reading it right, but my look through the floor plan is that the "top floor" isn't actually a full top floor. It's a single bedroom/office and the rooftop terrace. You'd have to take a bite out of the bedroom/office, change the configuration of the stairs, and move the mechanical room (in the little A-frame) to get the elevator to go up that high.

I think you are right - no elevator to that floor as it would have required going through the roof/terrace floor to get there. The little A frame section is the mechanical room at the front of the building on the larger section of the terrace.

The bathroom with a window next to the toilet wasn't making sense to me. It is on the top floor and it appears that there are no buildings with windows that would look out at it.

I wish they had indicated the floor for the pictures.

[Indoor66]

Could be a cost thing (The higher the shaft has to go, the more expensive everything gets)? Maybe adding that next floor puts you over some cost threshold or subjects you to elevator-safety-related regulations, or something.

Is that extra $100 or $200k a concern in a $30,000,000 abode?

[bundabergdevil]

Is that extra $100 or $200k a concern in a $30,000,000 abode?

For $30M, I don’t want an elevator, I want The Rock to carry me upstairs on demand when I jingle a bell.

[duke79]

For $30M, I don’t want an elevator, I want The Rock to carry me upstairs on demand when I jingle a bell.

LOL, that may cost you $35 million!

[bundabergdevil]

A 12.5 acre property in the BVI? Yes, please. How much? Price Upon Request, you say. Hmmmm...

https://www.sothebysrealty.com/eng/s...oil-nut-bay-vi

[Dr. Rosenrosen]

The One Bel-Air is going to auction next month. If you’ve been waiting for the opportunity to snatch up a 105,000 sq ft home in Bel-Air, now is your chance!

https://www.dailynews.com/2022/01/10...or-295-million

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[Bluedog]

The One Bel-Air is going to auction next month. If you’ve been waiting for the opportunity to snatch up a 105,000 sq ft home in Bel-Air, now is your chance!

https://www.dailynews.com/2022/01/10...or-295-million

7C93C3CD-DA64-4BB7-A122-3C3F0F6981A7.jpg

I need at least 50 bathrooms, 49 won't do it!

[CrazyNotCrazie]

The One Bel-Air is going to auction next month. If you’ve been waiting for the opportunity to snatch up a 105,000 sq ft home in Bel-Air, now is your chance!

https://www.dailynews.com/2022/01/10...or-295-million

7C93C3CD-DA64-4BB7-A122-3C3F0F6981A7.jpg

Yo, Holmes, to Bel Air!

Interesting place. It has 49 bathrooms. Seeing as it is probably a good idea to occasionally flush each toilet, that will keep someone pretty busy.

Interesting that at the end of the description it notes two other properties that were listed for well over $100MM and sold for less than a third of list.

[bundabergdevil]

I need at least 50 bathrooms, 49 won't do it!

I have noticed I pee more frequently as I've gotten older...


What do we think the potential buyer market size is for a property like this? I wouldn't think your run of the million billionaire would want to drop 30% of their NW on this. I'd say you would need $10B+ so that's about 225 people on Forbes' list of the richest in the world. Toss in some hidden dynasty, royalty, and emir money and you can probably add another few hundred to the list...but <1,000 people total, I'd say.

Would a private company ever have cause to buy a property like this?

[CrazyNotCrazie]

I have noticed I pee more frequently as I've gotten older...


What do we think the potential buyer market size is for a property like this? I wouldn't think your run of the million billionaire would want to drop 30% of their NW on this. I'd say you would need $10B+ so that's about 225 people on Forbes' list of the richest in the world. Toss in some hidden dynasty, royalty, and emir money and you can probably add another few hundred to the list...but <1,000 people total, I'd say.

Would a private company ever have cause to buy a property like this?

I don't think it will go anywhere near list so the field of potential buyers will grow, though it will still remain pretty limited.

I don't totally understand how it works, but I guess this could be similar to some of the highest priced apartments in NYC that wealthy foreigners pay a fortune for then never actually use - I think it can be a creative way to park your money in the US. The whole thing doesn't make a lot of sense to me and seems kind of gluttonous, but I'm the guy with kids sharing a room in a dinky little overpriced apartment, so what do I know.

[bundabergdevil]

I don't think it will go anywhere near list so the field of potential buyers will grow, though it will still remain pretty limited.

I don't totally understand how it works, but I guess this could be similar to some of the highest priced apartments in NYC that wealthy foreigners pay a fortune for then never actually use - I think it can be a creative way to park your money in the US. The whole thing doesn't make a lot of sense to me and seems kind of gluttonous, but I'm the guy with kids sharing a room in a dinky little overpriced apartment, so what do I know.

Hmmm...you think it will go for <1/3 of list like the others? Hard to imagine that size decrease but the more expensive things get the more volatile the movement.

[CrazyNotCrazie]

Hmmm...you think it will go for <1/3 of list like the others? Hard to imagine that size decrease but the more expensive things get the more volatile the movement.

No clue. But given the track record of these types of deals, it seems like they put out a ridiculous number and are willing to settle for a much lower but still ridiculous number. Even if it goes for half, that opens up the universe a fair amount.

Maybe they can do a package deal with the nice BVI place you posted.

[bundabergdevil]

No clue. But given the track record of these types of deals, it seems like they put out a ridiculous number and are willing to settle for a much lower but still ridiculous number. Even if it goes for half, that opens up the universe a fair amount.

Maybe they can do a package deal with the nice BVI place you posted.

You appear to be right but is this already the discounted price? I’m reading that it was once valued at $500M!

Haven’t found the original build cost though. Would be interesting to see.

[Bluedog]

The thing I don't get is what is the intended use of the property and expected owner's family size with 21 bedrooms. Is that so you can have a huge party and people can sleep overnight? I just don't get the practical use of it, but j guess it's not supposed to be practical. It's like owning a modern palace, I suppose. Large family + staff + guests maybe.

[aimo]

I believe I mentioned this somewhere back in this thread, but my childhood home, for which my parents paid $16,000+ in 1962, sold 12/2020 for $216,000.

It just RE-sold last month for $295,000. IN-SANE!

https://www.zillow.com/homedetails/4...50003739_zpid/

I don't know if Bostondevil is on this thread, but she can attest to the craziness of this. Apple and Google coming to the area are going to keep these buyers from losing everything on this house, I suppose.

[Mtn.Devil.91.92.01.10.15]

I believe I mentioned this somewhere back in this thread, but my childhood home, for which my parents paid $16,000+ in 1962, sold 12/2020 for $216,000.

It just RE-sold last month for $295,000. IN-SANE!

https://www.zillow.com/homedetails/4...50003739_zpid/

I don't know if Bostondevil is on this thread, but she can attest to the craziness of this. Apple and Google coming to the area are going to keep these buyers from losing everything on this house, I suppose.

Folks are moving to Asheville from expensive urban areas with their work from home gigs and prices here are skyrocketing.

We bought our house in 2011. Since then, the value has gone up roughly 114%.

Madness, I say.

[bundabergdevil]

Folks are moving to Asheville from expensive urban areas with their work from home gigs and prices here are skyrocketing.

We bought our house in 2011. Since then, the value has gone up roughly 114%.

Madness, I say.

Paving paradise and such…

[CrazyNotCrazie]

My parents bought the house I grew up in in a NJ suburb very close to NYC in 1973 for $60k. We sold it in 1995 for mid-upper $200s. It was sold again in 2003 for $550k (we had lousy timing). It is now on the market as a FSBO for $914k. The market for suburban houses outside NYC went up a lot with Covid as people wanted more space and were less concerned about commuting, though I think it has settled down a bit (taxes are also extremely high in this area - now over $20k).

I have driven by periodically and the current owners have not taken care of the house at all - it is very sad for me as I lived there basically from birth until I went to Duke. Badly chipping paint, overgrown bushes, etc. The listing consists of about eight dimly lit pictures of random parts of the house, leaving out the kitchen, bedrooms, living room, etc. For example, there is a picture of the stairs to the attic where they clearly pulled up the carpeting that was previously there but did not refinish the wood so it looks horrible. I have been tempted to express interest and tour the house but I think it would be too depressing.

I randomly discovered in conversation a few years ago that the grandfather of one of my son's friends grew up in the same house. I was talking to the kid's dad about where we grew up and he said his father grew up in the same town as me. He named the street and there are only about 12 houses on the street, so we quickly established that it was the same house - there was one other owner who owned it for about two years between their family and mine. I have met the grandfather several times and it is fun to discuss - he was very jealous that as an only child I got a big bedroom while as the youngest of three he got the closet-sized fourth bedroom, and he explained to me some of the changes that were made while he lived there while I told him about some things we later did.