Posted on 05/30/2016 6:18:16 PM PDT by SoFloFreeper
Depending on how much credence you give to "whisper listings," there are between 27 and 50 $100,000,000+ houses on the market; last year, only two houses in that bracket sold worldwide.
The glut of super-duper-ultra-luxury houses on the market worries economy-watchers, who view the oversupply as a bellwether for a housing crash -- the last glut (which wasn't nearly as pronounced as the current one) was in 2007/8.
(Excerpt) Read more at boingboing.net ...
A house in the older white neighborhoods in my city can barely be on the market a day before the broker’s phone is ringing off the hook. At least here we’ve kept the Gimbedat-housing away from established neighborhoods and they’ve taken to building them in new locations after some ferocious battles on the subject. So the smarter people snap up any house at all in any condition in one of those neighborhoods.
That is an excellent observation.
...somehow I don’t think what goes on at this price range tells us much of anything about the broader economy.
That’s exactly what I was wondering.
I looked at my town in northeastern NJ; that is bad news (but hardly a secret here). Nobody sees any point in buying a home with high taxes in a declining area with few worthwhile jobs.
I’ve stated for years now on FR that there has been no recovery here, and I see that map as vindication.
All that I’ve met have been from Texas.
My mother-in-law bought a house in Rowlett (east of Dallas) 4 years ago for $125,000. She just sold it, after some very minor improvements, she listed it for $154,000 and sold it for $172,000. She literally had 50 offers the first day that it was on the market.
Interesting, I figured it would be my neighbors escaping the Mexifornia.
Where would they be moving from? Near the inner city? Older decaying suburbs that are getting too ‘interesting’?
“Where would they be moving from? Near the inner city? Older decaying suburbs that are getting too ‘interesting’?”
That’s precisely why we moved here. Likely others, as well.
It’s happening here as well and probably all over the country. As the third world pours in Americans flee their old neighborhoods.
Our politicians looking out for our best interests. Thanks W, thanks Obama. There’s a circle in Hell reserved just for traitors.
There are certainly some localized housing bubbles around which might portend a crash of a very different sort.
The billionaires won’t be able to keep their estates going if Bernie gets elected and the min wage goes to $15 hr or Trump gets elected and builds the WaLL.
My family lived in one of these mansions with 16 bedrooms, 20 full baths and four kitchens... We never knew where our next meal was coming from...
“$100,000,000+ houses?” Rent ‘em out cheap. Maybe they’re HUD approved.
;-)
Since 0bie’s goal is to include, and some current progressive city regulations already require, mixed use developments - high end homes fronted/surrounded with *affordable housing* (i.e., Section 8/we the taxpayer assist with payments) - why not?
Turn that mansion into the housing development that these utopian libs can only dream of neighboring with.
I think Sean Penn, George Clooney, etc would welcome these folks as their newest neighbors. Don’t you?
I know there are some private schools that have set up in those large spaces.
Man, think of the frat house you could make out of one of these places. Sure would beat the dump I lived in.
And in 2007-2008, I don't remember there being ANY $100+ million houses on the market or even in existence.
Unless you’ve sold your soul to obama’s boss, how many average folks can afford these places.
Forget about all the extra bedrooms, baths, and kitchens, I would devote all that extra space to the garage and workshops.
Of course, if I had a big family, like that Muslim invader/freeloader in Denmark that was discussed yesterday with 3 wives and 20 children...
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