Highest priced home in SoWal is sold!

[Smiling JOe]

FYI, the house in the Retreat, 155 West St. Lucia Lane, Blue Mountain Beach, Florida - MLS# 406866, which Kurt did a virtual tour on, went under contract the other day. List price $9.9 Million. Will the top dollar listings be tomorrow's best buys? We will soon see. The big spenders think long term and do not care so much about short term hiccups in the market. These long term thinkers are the ones that will outperform the "dayflippers."

[kurt]

Thanks for the heads up - here's the thread on it

http://www.sowal.com/bb/showthread.php?t=2079&highlight=record

virtual tour

http://www.emeraldcoasttours.com/155weststlucialane

[Miss Kitty]

Oh Mr. Kitty...you shouldn't have!!!!! ;-)

[Chickpea]

Does anyone know anything CONCRETE about the house in the Retreat designed by Bobby McAlpine that was listed for about $10 million AND that supposedly was under contract..... I woudl love to know if it closed and if so for how much!!!!

[Smiling JOe]

here is another thead (http://www.sowal.com/bb/showthread.php?t=3460&highlight=retreat) on that house, and in this thread, Kurt has posted a link to his original thread on this house.

[Smiling JOe]

The house closed on Friday at $9,150,000.

[Chickpea]

Just saw it - Thanks and WOW!

[Beach Runner]

I'm teaching a core class and we're doing amortization schedules. Here's the lab assignment:

QUANTITATIVE REASONING
IN-CLASS LAB
AMORTIZATION SCHEDULES
DUE 2/21


You’ve decided to buy your dream house on the beach at the Retreat in Blue Mountain Beach, Florida described at http://www.emeraldcoasttours.com/155weststlucialane/ (http://www.emeraldcoasttours.com/155weststlucialane/) that sells for $9,900,000. You’ll pay a down payment of 20%. Compute the monthly payment assuming that you take out a 30-year loan at 6.5%. Then construct an amortization table in Excel.

[Mermaid]

I wonder who bought it?

[Miss Kitty]

The house closed on Friday at $9,150,000.

Congrats to the lucky buyer! My mind still boggles at the price....

[Miss Kitty]

I'm teaching a core class and we're doing amortization schedules. Here's the lab assignment:

QUANTITATIVE REASONING
IN-CLASS LAB
AMORTIZATION SCHEDULES
DUE 2/21


You’ve decided to buy your dream house on the beach at the Retreat in Blue Mountain Beach, Florida described at http://www.emeraldcoasttours.com/155weststlucialane/ (http://www.emeraldcoasttours.com/155weststlucialane/) that sells for $9,900,000. You’ll pay a down payment of 20%. Compute the monthly payment assuming that you take out a 30-year loan at 6.5%. Then construct an amortization table in Excel.

BR...I love this! I have always wished that I had been lucky enough to have a math professor that taught "real life" math!

BR...you need to clean out your PM box!!!!

[Amp22]

I wonder who bought it?

It was a couple that already owned a lot in the Retreat but really liked the house. The negotiations were over very quickly, and there was another interested party that was very upset that it sold "out from under them". There is another house in the retreat nearing completion available for $8.5 mil but the other interested party wouldn't even get out of the car to look inside.

[Jolive]

That gorgeous house closed a few days ago for $9.15M ... follow this link for the informational sheet.
LINK (http://ecarmls.com/EmeraldReports/listings.asp?ID=55521801)

[Mermaid]

It was a couple that already owned a lot in the Retreat but really liked the house. The negotiations were over very quickly, and there was another interested party that was very upset that it sold "out from under them". There is another house in the retreat nearing completion available for $8.5 mil but the other interested party wouldn't even get out of the car to look inside.

Only goes to show--you snooze, you lose. :bang:

[Paula]

I'm teaching a core class and we're doing amortization schedules. Here's the lab assignment:

QUANTITATIVE REASONING
IN-CLASS LAB
AMORTIZATION SCHEDULES
DUE 2/21


You’ve decided to buy your dream house on the beach at the Retreat in Blue Mountain Beach, Florida described at http://www.emeraldcoasttours.com/155weststlucialane/ (http://www.emeraldcoasttours.com/155weststlucialane/) that sells for $9,900,000. You’ll pay a down payment of 20%. Compute the monthly payment assuming that you take out a 30-year loan at 6.5%. Then construct an amortization table in Excel.

Nice, Beach Runner. Then you can have students calculate how much they would have to charge renters per week to break even. :floor: And what a rental management company would get if they got 20% for owner referrals and 25% for management company referrals.

It's fun to have students think about these things. I wish my professors had given me such interesting questions in my quantitative classes.

[SGB]

You’ve decided to buy your dream house on the beach at the Retreat in Blue Mountain Beach, Florida described at http://www.emeraldcoasttours.com/155weststlucialane/ (http://www.emeraldcoasttours.com/155weststlucialane/) that sells for $9,900,000. You’ll pay a down payment of 20%. Compute the monthly payment assuming that you take out a 30-year loan at 6.5%. Then construct an amortization table in Excel.

There was no need to do the math in this particular case!

[Beach Runner]

There was no need to do the math in this particular case!
I hear ya. Anyone I know who could afford a house like that wouldn't need to take out a loan. I am in neither category.

[Smiling JOe]

There was no need to do the math in this particular case!Just think of the bundle they will save by not having to buy insurance that is not available anyway.

[John R]

There was no need to do the math in this particular case!

;-)

[Donna]

We are advised that most of the sales of million-+ properties are cash sales, certainly not mortgage properties. Many are 1031 rollover exchange properties, where one has an obligation to reinvest the gains in a 45-day window, or end up paying capital gains taxes. That means 15% of the gains for those of you lucky enough to live in states with no state income tax. If you have a state income tax (we have just under 10% in CA), then you get the privilege of paying that, too. Creates a very strong incentive to shop around for your dream home if you're not already there. I feel certain that this house was a cash sale. SJ, do you know?

[Smiling JOe]

We are advised that most of the sales of million-+ properties are cash sales, certainly not mortgage properties. Many are 1031 rollover exchange properties, where one has an obligation to reinvest the gains in a 45-day window, or end up paying capital gains taxes. That means 15% of the gains for those of you lucky enough to live in states with no state income tax. If you have a state income tax (we have just under 10% in CA), then you get the privilege of paying that, too. Creates a very strong incentive to shop around for your dream home if you're not already there. I feel certain that this house was a cash sale. SJ, do you know?I can make a call and find out, but I do not know off the top of my head.

In FL, about 80% of million dollar + homes are cash sales. I feel like this one almost has to be a cash sale for a couple of reasons, but I do not know for sure. You can find out soon enough when the Clerk of Courts records the Deed, by finding out if there is a note on the property. I bet if you are sweet to her, ShallowsNole will let you know.

[Amp22]

It was cold cash.

[John R]

It was cold cash.

yes.

[Miss Kitty]

It was cold cash.

"That's Hot!"....Paris Hilton

[Rita]

It was cold cash.

:scratch: