Would you spend $10 Million on a home.

Reply #83

Teddi — Thu, 16 May 2013 01:09:57 GMT

It was built in 2009 so not that old and it's been on the market since 2009. LOL. idk though, a new 14k sf house on the water? If you can get it for $8M that would be a steal...by their standards. 10k sf on the water are going for $5M and those are the older homes. It's in Boca. Which I don't like, too overcrowded and trafficky. And I hope no one takes offense to this, but when winter hits and the snowbirds fly in, it's my worst nightmare. Little tiny people driving the huge sedans, who can bare... [ More ]

Reply #82

Teddi — Thu, 16 May 2013 00:22:39 GMT

Sorry about you losing your stuff. That blows. I see you are in NJ. Is it from Sandy or just the way it always is?

As I just told Jill, I was going by one house I love in PBC. It's pretty much the only house in S. FL that I could conceivably be even vaguely interested in spending $10M on so that was my model. I forgot to state it was just for this one home.

But while I can make an argument for getting a $10M house...barely, it chafes me to even attempt to make an argument for paying $200K... [ More ]

Reply #81

Jill34786 — Thu, 16 May 2013 00:19:31 GMT

Chances are the home you were looking at has either been owned for a very long time and the Homestead exemption has been applied or it's way overpriced. Odds are that the assessed value is in the $3-4 million range...but the current owner may feel it's worth a bit more .

If the home you are looking at is in Jupiter, then most likely it's in Admiral Cove which is indeed a very nice neighborhood.

Reply #80

Teddi — Wed, 15 May 2013 23:42:08 GMT

Frankly, I firmly believe that the entire South Florida real estate market is overpriced. Even when the bubble burst and properties were being halved. Even then it was too high. A few foreign investors came in and jacked up the price, then everyone with 2 nickels to their names (and some who didn't) started buying and flipping. When a person is able to buy a property today, and flip it in a month for $5K to $10K more without having to do anything at all to the property, everyone rushes to follow... [ More ]

Reply #79

ginmqi — Wed, 15 May 2013 20:21:52 GMT

Totally agreed. I would pay off my home and mom's home. Then redo the entire driveway (it's all jacked up), finish the basement, get all new appliances, new siding, remodel the bathroom and kitchen, insulate and reroute the upstairs (where my bedroom is at) for better heat and AC control. Get better land scaping. Otherwise I like where we're living now.

But I would splurge so much on traveling....get an RV and drive to 49 states, fly to Hawaii, go see Asia, Europe, Africa, Australia, etc... [ More ]

Reply #78

maximumfun — Wed, 15 May 2013 20:19:39 GMT

I like my home... I would travel... alot... but leave my home the same size. Did I mention travel ALOT

Reply #77

ginmqi — Wed, 15 May 2013 20:14:50 GMT

I wouldn't live there either exactly because of all the hurricanes. At least not on the east side of Florida, maybe some place like Tampa (gorgeous place). Also I'm sure they also get flood/hurricane insurance as well. It's also possible that the assessed value was way less than 10M. Right now the housing market is real hot (some say it's another bubble) and alot or properties that are on Zillow for 10M this year has only been valued at around half of that in the past 2-3 years. So the fact that... [ More ]

Reply #76

Teddi — Wed, 15 May 2013 19:58:16 GMT

Mea culpa, Jill!!! I should have stated that the taxes in question was for one specific house I was looking at. I didn't do an analysis of other homes in PBC or even bother to look at their tax codes. I just love this one particular home and the asking price is just shy of $10M which was right on point for this discussion; taxes on it in 2012 were $67,144.

Thank you for pointing that out. I don't want to intentionally mislead anyone. LOL. I didn't really care about the other homes, just this... [ More ]

Reply #75

haymaker — Wed, 15 May 2013 19:20:21 GMT

Does that feature work if you have a power failure in the middle of making a long post ?

b/c we have power fails around here more than any other place I've lived.

Reply #74

rdgrnr — Wed, 15 May 2013 18:00:03 GMT

13 bathrooms?

Judge Judy must have the fudge-puddles

Reply #73

Piaceri — Wed, 15 May 2013 17:50:02 GMT

Could be. All the more reason to check out that 4th side. It could mean the 4th side is a neighbor (although how close can they be with 370 acres) or the 4th side is a mountain (foothill) side. I noticed the area is actually a development as there is a HOA fee. That could be the 4th side.

Reply #72

haymaker — Wed, 15 May 2013 17:48:18 GMT

I think the 4th side is the lake you see at the bottom of the photo.

Reply #71

Jill34786 — Wed, 15 May 2013 17:41:04 GMT

Good analysis!

One slight exception, property tax on property in Palm Beach county for any home(not just waterfront) that is assessed at $10M is roughly three times as much at $200k.

Property tax on more moderate homes assessed at $3M run over 60k per year. Many other counties in Florida have extremely high property tax as well.

Reply #70

ginmqi — Wed, 15 May 2013 16:06:24 GMT

Yup I learned the hard way. I actually posted two links to 10M dollar property on the Zillow website and then I got a warning page saying I could not do so because I was new and it was spam protection. So then I hit back button but my post was lost and I didn't know about that life-preserving button. And so I hit forward button on my browser (which in other forums would reload the page and retrieve my post) but it had just tried to submit the post again and I got a 2nd warning and a account lock... [ More ]

Reply #69

Ronnie316 — Wed, 15 May 2013 15:54:53 GMT

The very first button below your posting (red and white circle) will retrieve a lost post. (last thing typed

Reply #68

ginmqi — Wed, 15 May 2013 15:40:59 GMT

I had written a long reply but due to my stupidity it got lost. Anyway, just want to say that this is an interesting discussion and no harm or foul is intended. It's useful to pick apart the numbers and just see exactly what the costs are...because I think too many people say well look A B so I can afford B! But we also have to look at other costs as well that are not on the price tag so to speak. But anyway in the end if you did have 120M cash a 10M home is certainly affordable in the sense tha... [ More ]

Reply #67

dallascowboyfan — Wed, 15 May 2013 15:00:17 GMT

You go Girl (Judge Judy

Reply #66

Ronnie316 — Wed, 15 May 2013 14:52:31 GMT

Go for it Judy.

Reply #65

KY Floyd — Wed, 15 May 2013 14:49:34 GMT

surrounded on three sides by open space

Sounds like that 4th side might be a deal breaker.

Reply #64

Teddi — Wed, 15 May 2013 02:59:34 GMT

Absolutely. I think the older you get, not only is it less important to try to outdo the Joneses, a house of that size would require a lot of time, effort and upkeep, even if you had a staff. Seems like too much of a bother to have in your senior years.

That being said, Judge Judy built her dream home a couple years ago for $40 million. Of course, part of why it cost so much is because she had it built in under 4 months, by a builder who specializes in expediting mansions. The crews work aro... [ More ]

Reply #63

Teddi — Wed, 15 May 2013 02:40:46 GMT

LOL. Never say never, that's when fate steps in to prove you wrong.

Reply #62

helpmewin — Wed, 15 May 2013 02:27:35 GMT

Would you spend $10 Million on a home

Reply #61

helpmewin — Wed, 15 May 2013 02:26:14 GMT

you have a new friend

Reply #60

jackpotismine — Wed, 15 May 2013 02:24:07 GMT

I think whether or not you would buy a $10 million home depends on where you are at in your life. The older you get, the less important it is having an expensive home is to you. That being said, I wouldn't buy a house that expensive or that big. I would want to buy a home where I felt secure and safe. A place where the surroundings are clean and peaceful. Where neighbors are friendly.

Reply #59

Piaceri — Wed, 15 May 2013 02:14:42 GMT

So, I was thinking no way would I ever spend $10m on a home even if it was possible... then I came across this:

Exquisite Colorado Estate on 370 bucolic acres in Saddle Notch, Loveland surrounded on three sides by open space. State of the Art log home designed by Architect Kathy Scott and built by Pioneer Log Homes of British Columbia with incredible attention to detail. All interior wood surfaces designed and created by homeowner's personal company Genesis Innovations. Extraordinary hand ca... [ More ]

Reply #58

Teddi — Tue, 14 May 2013 23:56:26 GMT

What do you mean rent? Rent your primary home, or rent a vacation home? If it's a primary home, then no. That would be too big of a waste. Same money you pay for rent you could pay for a mortgage and still have something to show for it later on.

And even a mortgage I wouldn't get if I had a choice. I never could understand millionaire winners or athletes who have their homes foreclosed or have nowhere to live. Someone gives you a check for $20M, why take out a mortgage on a $1M house. If it... [ More ]

Reply #57

Teddi — Tue, 14 May 2013 23:15:12 GMT

There was one couple featured on TLCML, who built a huge house in a very blue blood neighborhood. And they agree that it's much too much house for just the 2 of them. But they wanted the opportunity to experience what it was like to live in a mansion. Jetted tubs, home theater, the works. They planned to stay there only for a few years, then sell it and get a smaller place.

I love that concept. Experience a little extravagance then go back to being you. Best of both worlds.

and they felt... [ More ]

Reply #56

onlymoney — Tue, 14 May 2013 23:09:47 GMT

So just rent, it's much cheaper.

Rich people do that now with personal jets and high end boats. It's like time shares but with jets and boats. Time shares allow one or more occupants to share a living space, mostly on the shore, and everyone who participates buys a time share for a period of time that all agree on. The occupants may have a month or two and then some other person/s takes over. No maintenance, fees, or any other expenses, just a flat rate.

Reply #55

Teddi — Tue, 14 May 2013 23:04:20 GMT

Me and you both. No close neighbors.

Less neighbors = less problems.

I have a large extended family and good friends. I'm good. We can wave to each other as we pass by. That's good enough. No one needs to bring over a pecan pie or lend me a cup of sugar.

I want land and plenty of it. Grow my own herbs, fruits and veggies. Maybe have a stocked lake to go fishing in when the mood strikes. I'd trade an herb garden and fish for close neighbors any day. LOL.

Reply #54

rdgrnr — Tue, 14 May 2013 22:11:55 GMT

...I like being relatively close to neighbors...

Me and you are polar opposites, LOL.

Reply #53

Teddi — Tue, 14 May 2013 21:57:01 GMT

Taxes on a $10M (14,000 square ft) house in Palm Beach county...on the water is $67k. But we can round that up to $6k per month for the sake of this convo. Let's pretend you can actually do this and assign $15K per month on utilities (light, water, gas), and you'd probably have to keep every light on 24/7 and run water constantly to get there. Security system, housekeeper, gardening, homeowners and flood insurance we can guesstimate to be 15K a month, but let's tack on extra $$ for an umbrella p... [ More ]

Reply #52

noise-gate — Tue, 14 May 2013 16:04:06 GMT

I have lived all my life in big homes, so its no big deal, but $10 mil is a lot of house and if its just you and the wife- its a little overkill.

Reply #51

Ronnie316 — Tue, 14 May 2013 15:37:59 GMT

You are right on the money Teddi, thanks for posting.

Reply #50

ginmqi — Tue, 14 May 2013 15:34:46 GMT

You could make it work and if that's what someone really wants then it's their money. With investing, you need to be raking in at least 3% just to keep up with inflation. So you need to make way more over that to have actual spending money on top of the growth to keep up with inflation.Keeping it in a savings/money market/CD is very safe (super low risk) but also you're losing money each year because inflation rate is higher than the interest earned in those accounts. Also certain investments yo... [ More ]

Reply #49

Teddi — Tue, 14 May 2013 15:21:41 GMT

Here's the thing. If your take home money is $120M then $10M is still very much doable. I get the arguments about insurance, taxes etc, but really, you could invest just $20M and still rake in at LEAST $60K a month on interest with any half decent financial advisor, a decent advisor will get you 85k-$100k.

You can get $30K if you do it yourself and don't do anything other than keep it in a low yielding savings/money market account. and if you have no mortgage, no car payments, no major monthl... [ More ]

Reply #48

ginmqi — Tue, 14 May 2013 15:08:19 GMT

Agreed. It's all about how nice you can make it inside than having all these useless sitting rooms and library and all that. I like a nice, cozy place with very well furnished things. Also I like being relatively close to neighbors instead of having a huge piece of land.

Reply #47

ginmqi — Tue, 14 May 2013 15:06:07 GMT

Yeah, housing prices are going up again and many think it's another bubble because of people who are flipping them and the people who were just waiting to buy are now finally coming in after the housing crash hit bottom.Dave Ramsey has it right in that you want to buy a home in a neighborhood that's a bit lower in price than the average home price in that area. Because then your value will likely go up, as opposed to buying a very high priced, nice home in a neighborhood that's over-valued.... [ More ]

Reply #46

JoshUK — Tue, 14 May 2013 15:03:50 GMT

Not a fan of huge houses, would just like a nice house in a nice place. Maybe a nice car and a few extra luxury items.

Reply #45

HoLeeKau — Tue, 14 May 2013 15:00:53 GMT

I agree, I'd feel uncomfortable rattling around in a humongous house. When I'm bored I go look at the MLS map to see photos and videos of local properties for sale. Prices are rising here. Used to be a $400K house was perfect. Now I see a bunch for $600K. The ones I see for more than $750K are what would be a monstrosity to me. One had a huge bar, like bigger than some commercial bars I've been in. WTH would I do with that? And if I decided to take it out, what would I replace it with? It's prac... [ More ]

Reply #44

ginmqi — Tue, 14 May 2013 14:30:09 GMT

Thanks for the welcome!

I agree no one should be living like hobo. I guess for me and in my opinion I would not do that because I do not want nor need a 10 million dollar house. I am perfectly happy in a 500,000 house...which to me is already an amazing upgrade to what I'm living in currently. But yeah if someone wants a 10 million dollar home and they can afford it right now then they can get it. It's their money. Just don't come crying to me if/when housing market/stock market crashes... [ More ]

Reply #43

Teddi — Tue, 14 May 2013 14:25:22 GMT

Thanks. Now I know where NEVER to live

Reply #42

Ronnie316 — Mon, 13 May 2013 23:09:42 GMT

Welcome my friend. You make a good point and I respect your opinion, however I think part of winning should be finding a way to enjoy the windfall and I don't see how only 300 million would require scrimping and saving to the point of not buying a $10 million house if that's what a person wants.

I know people in their 70s with millions in the bank who are scrimping and saving for the future.......

Hello, do the math. The future is limited and $200 million divided by a life expectancy of 40... [ More ]

Reply #41

haymaker — Mon, 13 May 2013 22:54:10 GMT

I would spend 10 mils. on real estate, but not on one home.

Reply #40

haymaker — Mon, 13 May 2013 22:52:26 GMT

I'd go back to anaheim before I'd live near those people.

Reply #39

ginmqi — Mon, 13 May 2013 18:29:03 GMT

Why thank you!

I've been a casual lotto player with a couple of friends and I've always been fascinated by discussing it and it's fun to talk and dream. haha. Only thing is I'm surprised so many people take the lump sum over annuity. Guess not much faith in the USA govt huh? Although looking at how people spend their money, it's hard for me to see how the avg person can protect and grow their wealth either...aka this exact post where people want to purchase a 10 million home...... [ More ]

Reply #38

dallascowboyfan — Mon, 13 May 2013 18:22:58 GMT

Welcome to the LP ginmgi

Reply #37

ginmqi — Mon, 13 May 2013 18:20:19 GMT

Hell no. That much on a home is a terrible way to spend your money, imo. Especially if you only have 300 mil and you spend 10 mil on a house...the insurance/tax/maintenance on that home is gonna run 6 figures at least so unless you are a real savvy investor and can make all that money each year to cover up for the running cost of the home...then I would never spend that much on a home.

Reply #36

dallascowboyfan — Mon, 13 May 2013 13:48:34 GMT

No way I could spend $10 million on a home. I wouldn't know what to do well I guess I could hide from hubby and the boys

Reply #35

jjtheprince — Mon, 13 May 2013 02:49:16 GMT

Not just no, but hail naw! LOL

Think of the property taxes!!! It's painful to think of all that money going to waste err I mean the government.

Reply #34

Masone — Mon, 13 May 2013 02:26:02 GMT

joshuacloak I would love to have some of those things in my house, specifically that basketball court, but the go kart course and the mini golf looks fun as well. Kinda reminds me of the movie Richie Rich.

Just make sure you don't invite any stranger kids over, their parents will see that as an opportunity to get money from you. We all seen what happened to Michael Jackson. Try to be nice and all people see are dollar signs.

Reply #33

joshuacloak — Sun, 12 May 2013 21:56:04 GMT

wall of text great and all, i just show u what my 10 million home will be like

hottube

hell yes go karts and mini golf

hell yes to trampoline heaven setup, this will be in dream house

indoor skydiving. u guys should try it, its a freaking blast

wave rider , hell yes i want one

my house will look something like that form the front, all fun stuff will be inside/behind it

think i would

Reply #32

Masone — Sun, 12 May 2013 20:26:34 GMT

Definitely. Once I win this 134 million PB jackpot, I plan to buy a house in the 13-20 million dollar range. I always look at houses on realtor.com, they are all fantastic to me. One thing I don't want, though, is to spend considerably more on a house just because of its location. Like the ones next to a beach, those cost a lot more even though they are not that big and you don't have much of a property outside the actual house. I'm not a big fan of beaches anyway. I rarely go, but when I do go,... [ More ]

Reply #31

joshuacloak — Sun, 12 May 2013 19:16:38 GMT

it depends where it is

if its inside the city, hahaha almust never onless i build my dream house details below

am not paying millions to live inside a bling bling house, when i can see the my neighbors or hear them outside my window

the other issue i have is, i demand fiber net of speeds at lest of 1 GB of fiber thro................

if am that rich, i can pay.................

and will guest where that is............... city............A catch-22

i think i just rent one of... [ More ]

Reply #30

rdgrnr — Sun, 12 May 2013 17:44:32 GMT

You're right, that would be a great place to set up a Carmel Corn and Taffy Apple Stand on the beach.

I imagine Carmel is real cheap there too.

So there's that.

Hey! I just thought of something else!

Carmel-ized Onions on a Stick

Reply #29

Ronnie316 — Sun, 12 May 2013 14:01:59 GMT

Reply #28

Ronnie316 — Sun, 12 May 2013 14:01:33 GMT

It pays to dream my friend, even in FL.

Reply #27

Win$500Quick — Sun, 12 May 2013 11:43:24 GMT

One day soon I will win a jackpot and I have a cap of $500,000for a home in a gated community. I am a very low key private person so I don't need the attention. Mega Millions arrives in Florida in 3 days. The return of A dollar and A Dream

Reply #26

C0w Pi3 — Sun, 28 Apr 2013 05:11:10 GMT

It be a good income property for the summer months but that's about it.

Reply #25

noise-gate — Sun, 28 Apr 2013 03:29:07 GMT

This is Carmel by the Sea Rdgrnr- you'd love it. Its far from the crap that's been percolating in your mind's eye.

Reply #24

markp1950 — Sat, 27 Apr 2013 02:42:40 GMT

I'd live sooo far away from EVERYBODY. I hate rich snobs, and poor folk will want me for my money.

From what I hear, that charities should give the rich folk the moncy, because rich folk create all the wealth.

So you just dump all your money in the hands of rich folk and money will just fall outa the sky to the poor folks...

OMG aren't the unfortunate rich folk suffering enough already. I mean the rich folk might strain themselves writing a check to the poor folk working for a living...... [ More ]

Reply #23

Piaceri — Fri, 26 Apr 2013 03:40:04 GMT

I don't think I could spend $10m on a single home, but maybe $10m on multiple homes. Definitely not anywhere California, not in a million years. I'd have to skip Colorado at this time, too. They're on my boycott list. There are lots of good ski/mountain properties in Utah, and lots fewer schmucks and Constitution haters.

I'd probably pick big acreage in the Texas Hill Country, a Caribbean beach property somewhere, maybe a lake house on Torch Lake in Michigan, and possibly toss in a Kentucky h... [ More ]

Reply #22

Artist77 — Fri, 26 Apr 2013 00:27:42 GMT

NOooooooooooooooooooooooooooooooo

Reply #21

Jon D — Fri, 26 Apr 2013 00:13:33 GMT

The hot new place in LA county to live is Calabasas, just over the hill from Malibu.

You'll have all kinds of celebrity neighbors like Justin Bieber, the Kardashians, and the Jacksons. Just what a down to earth new-money lotto winner needs

Reply #20

rdgrnr — Thu, 25 Apr 2013 22:16:52 GMT

Carmel-By-The-Sea?

What kinda name is that?

Do they sell Carmel Corn and Taffy Apples on the beach there

Reply #19

Artist77 — Thu, 25 Apr 2013 22:00:18 GMT

never

Reply #18

psykomo — Thu, 25 Apr 2013 19:52:58 GMT

Don't worry win billion $$$ lottery try 2 move in THEIR HOOD U will B

classified trailor trash spit on if U make it 2 their gala'$$$$$

No discrimination on their DECK'$$$$$$$$$$$

U will B dar Hob Nob Gobblin

Reply #17

noise-gate — Thu, 25 Apr 2013 19:48:30 GMT

You betcha. .

Reply #16

lottolaughs — Thu, 25 Apr 2013 16:47:10 GMT

Carmel-By-The Sea for me....hands down. Love it

Reply #15

Ronnie316 — Thu, 25 Apr 2013 15:31:59 GMT

MMMM, if you had $300+ million and spent 10% on a home how could you NOT afford to manage the property and live comfortably on the remaining $250+ million

Reply #14

rdgrnr — Thu, 25 Apr 2013 15:26:01 GMT

Yeah maybe, but you know all the sushi joints and steak houses in town are gonna be like Schmuckville USA.

And speaking of Colla-rodda specifically, all the streets will be infested with strolling dandies with their big poofy turtleneck sweaters and sheepskin-lined boots with their pants tucked in and their perfect pompadours begging attention while admiring their trendiest ski-spectacled fashionista personas in the shopkeepers windows.

No thanks, I think I'd rather just stay here and eat... [ More ]

Reply #13

helpmewin — Thu, 25 Apr 2013 15:18:26 GMT

Reply #12

noise-gate — Thu, 25 Apr 2013 15:14:39 GMT

Why not have a home in Malibu Colorado? I can't imagine one not being able to afford it.

It is a misconception that Malibu is simply filled with actors etc, its the view, the weather and close proximity to LA in general. Many actors do not like being in Southern California- Gene Hackman prefers New Mexico for one.

Reply #11

helpmewin — Thu, 25 Apr 2013 15:12:37 GMT

Reply #10

helpmewin — Thu, 25 Apr 2013 15:11:23 GMT

Reply #9

Ronnie316 — Thu, 25 Apr 2013 15:06:53 GMT

Winners...................................

Would you spend $10 Million on a home.

2 members gave this topic an average rating of 5 out of 5

Member Rating

helpmewin

Ronnie316

Reply #8

Ronnie316 — Thu, 25 Apr 2013 15:05:13 GMT

No worrys, neighbors in them hills dont hob knob much beins all the walls and gates and such.

Reply #7

Ronnie316 — Thu, 25 Apr 2013 15:03:15 GMT

Reply #6

Ronnie316 — Thu, 25 Apr 2013 15:02:47 GMT

IMA help people and animals too.

Reply #5

Elizabeth03 — Thu, 25 Apr 2013 14:46:58 GMT

Celebrities and other people buy homes for $10 million dollars all the time.. I would why not..

Plus I'd help alot of people and animals.-they are in need of kindness..

Reply #4

helpmewin — Thu, 25 Apr 2013 14:45:32 GMT

Reply #3

Ronnie316 — Thu, 25 Apr 2013 14:39:47 GMT

Good one Coin Toss

Reply #2

Coin Toss — Thu, 25 Apr 2013 14:34:48 GMT

No.

Consider 17 Mile Drive in Carmel, CA.

There's Lucille Ball's old house, Merv Griffin's, Clint Eastwood's...etc...

What about that one over there?

Oh, some schmuck who won the lottery, they won't be here long.

Reply #1

rdgrnr — Thu, 25 Apr 2013 14:33:38 GMT

Not if I had to live around schmucks like Robert Redford or Barbara Streisand.

Couldn't pay me enough to live there.

Would you spend $10 Million on a home.

Ronnie316 — Thu, 25 Apr 2013 14:30:38 GMT

Suppose you won the $Billion and walked away with $300+ million. Could you be happy in Malibu or Aspen?

http://realestate.msn.com/mega-homes-in-the-priciest-zip-codes