It’s all about the land.
When someone purchases a property in Palm Beach, they will tear down the current house and build what they want.
The classic example of what not to do was what Michael Jordan did. He built a huge mansion in an area that wasn’t as desirable from a land perspective, and he wound up selling it at a huge loss.
> He built a huge mansion in an area that wasn’t as desirable from a land perspective… <
As the old saying goes, better to have the worst house in a good neighborhood than the best house in a bad neighborhood.
What happened to Michael Jordan happened to a friend of mine. He’s a carpenter, and he bought and renovated a huge house in a sketchy part of town. It was for his own family. The house is now done, and it’s beautiful.
It’s also located on a street that’s now filled with Section 8 rentals. So there’s no need for my friend to turn on the TV to watch a police show. He need only look at his front window.
🙁