Big Money Homes

[woodturner]

Sorry to keep at the Off-topic,

Doesn't seem off-topic at all. It may not be what the OP had in mind, but just like any discussion among friends, the discussion often goes in a different direction than what the first speaker had in mind.

To me, it makes more sense to continue the discussion in the same thread than start a completely new one, since the topics are related.

[MilDoc]

Uh huh .... check this out:

http://www.travel-to.info/2009/08/th...und-the-globe/

[BobSch]

...My wife and I chose to buy a house we could support on one income in case either of us lost our jobs.

As did we. My wife has always been conservative with money and it's rubbed off on me. That's why we both could retire early.

[cabinetman]

Uh huh .... check this out:

http://www.travel-to.info/2009/08/th...und-the-globe/

Those are quite impressive. But, for the price/sq.ft., they are out of whack. I mean really...20,000 sq.ft. for $5 million is better than $100 million. It's the location-location-location thing.
.

[gsmittle]

Those are nice shops, but where are the houses?

g.

[MilDoc]

Those are quite impressive. But, for the price/sq.ft., they are out of whack. I mean really...20,000 sq.ft. for $5 million is better than $100 million. It's the location-location-location thing.
.

Yep, but the one in
Southampton, Village Oceanfront Sanctuary New York
with its 2 swimming pools, 1,000 feet of both pond and shoreline access, etc etc etc is a great location.

And some of these come with a 3,000+ sq ft "in-law" house in the back!

Wonder if LOML would consider a $79,800,000 mortgage?

[cabinetman]

Wonder if LOML would consider a $79,800,000 mortgage?

Well, you only live once (AFAIK)...why not. I wonder what the monthly mortgage payments would be?
.

[charliex]

I like the idea of a 20,000 sq ft shop with a 3000 sq ft house attached.
I don't like the ostentatiousness of many of these places. Good design loses to trash and garbage display. If I'm impressed it's only because they had $xx,xxx,xxx.xx dollars to waste, not their donation to great architecture. The third house is rather nicely done.

[Rand]

I think it was Richard Pryor who said that cocaine was God's way of telling you you had way too much money. You could substitute a 20,000 sq. ft. home for cocaine in this case.

[BobSch]

Well, you only live once (AFAIK)...why not. I wonder what the monthly mortgage payments would be?
.

Something like $430,000.00 a MONTH!

Our whole house isn't worth that!

[tommyt654]

Quite Frankly, I don,t think any of those 3 homes really look that good from an architectural standpoint, They are just plain ugly IMO, but hey thats just me and it takes a lot to impress me I guess but those homes just look terrible in design and I,m sure probably function about as well as they look.I have a few friends here in Atl. with homes like that and I have to laugh when I go over to see them as most all of the rooms are empty, House Rich,Furniture Poor is what my wife calls them and their all preforeclosure now as they got in over their heads tryin to impress folks. Who you gonna impress if you can,t even furnish your home or have a great house but drive a honda civi thats 10 yrs old. Some folks just make me laugh.

[jackellis]

Our home is about 4200 square feet. It's way too much for two people who ought to be thinking about downsizing, but on the other hand I have a reasonably-sized shop, LOML has a similarly sized room for her stuff, and we can accommodate multiple nieces and nephews in 3 guest bedrooms. It's a large home but it is not ostentatious. The rooms are all tastefully furnished, mostly with "recycled" furniture that's much better than Ikea, but not so nice you'd be worried about putting your feet up on the coffee table (which we allow since shoes must be left at the door).

It's possible to have a really nice home that's fully furnished and comfortable without spending a fortune (OK, this IS Lake Tahoe, it's in California, and building costs are high). We really love this place, and I can promise than anyone who comes to visit will be impressed...by our common sense rather than by how much money they think we spent.

I'd get lost in a 10,000 square foot house.

[woodturner]

Our home is about 4200 square feet. . . .It's a large home but it is not ostentatious.

I suppose one issue is that "ostentatious" is, by definition, a subjective perspective.

I don't mean to insult or offend jackellis, but when one considers that 97% of families of 4 in the US live in homes of 2000 square feet or smaller, a home double that size does seem a little excessive to me. At the same time, he presumably can afford it, so it's his choice and his right.

One of the government agencies published a report a few years back, it may have been HUD, evaluating home size in various time periods. In the late 1800s, for a family of 4 the average home was around 1000 square feet. By 1920 it had grown to 1200 square feet and a one car garage. By 1970 it had grown to 1500 square feet and a 2 car garage. By 2000 it had grown to 2000 square feet and a 2 car garage.

In my opinion, one of the best tax law changes was effectively eliminating the gains tax on home sales. It allowed those of us who had to keep "buying up" to defer the taxes a chance to "right size". I took advantage of that to buy a more reasonable size house for myself. I can tell you I don't miss having to clean, paint, and maintain a 12 room house and multiple acres. That's just not my "thing", I'd rather be in my shop.

Even in my shop, these days I am more interested in down sizing. Realizing that most of the equipment and space in my shop is "clutter" and sits unused, I have focused on paying attention to what I really do use, and over time and getting rid of the "junk".

For me, simpler is better. When I consider all the time and money I used to spend keeping all that "stuff", I wonder how I ever managed to have much of a "life".

[MilDoc]

Well, you only live once (AFAIK)...why not. I wonder what the monthly mortgage payments would be?
.

I really wonder what size mortgage, if any, someone who can afford an $80,000,000 home would need?

Anyway, according to my bank, assuming a 10% down payment, a 4.5% interest rate, and a 30 year mortgage:

Monthly Payment: $364,813.42
Total Interest: $59,332,832.31

WOW! Interest is 82.5% of the home price! Well, I guess I won't even ask LOML.

Unless I win the Super Lottery.

[LCHIEN]

I really wonder what size mortgage, if any, someone who can afford an $80,000,000 home would need?

Anyway, according to my bank, assuming a 10% down payment, a 4.5% interest rate, and a 30 year mortgage:

Monthly Payment: $364,813.42
Total Interest: $59,332,832.31

WOW! Interest is 82.5% of the home price! Well, I guess I won't even ask LOML.

Unless I win the Super Lottery.

same proportion as for a $50,000 home...