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Sales of million dollar homes have been on the rise as people look for good investments also many of these expensive homes are much cheaper than they used to -- Joining us now -- time Akio op team investments and she has brought along too well how movements.
They she's gonna show was which you WorldCom bonds aren't Tony welcome back -- -- start with the first house.
It was sold I believe what was it June lie if this year sold for 960000.
Bucks but that's -- down.
From the initial price tell me.
Yes it's sat on the market for 500 in eighteen days with six price drops and it was originally listed at one point five million dollars.
So it's a gorgeous home almost 6500 square feet on the -- -- it has all the bells and whistles.
But it was priced wrong to begin with someone had a big hope of a big dollar.
And they had a real awakening and sold it for 960000.
Dollars after almost two years on the market.
That that's just terrific because I mean -- I'm thinking in terms of 2006.
And 2007 prices.
A 960 ground for that house is a bond -- -- I want that -- -- fantastic the second house I think this is you brought this -- from Miami.
It sold -- -- I think -- 930000.
Down from all walks.
One point 379.
And this comes sat on the market for 311.
-- so -- tech 450000.
To get this property off their hands.
I'm I'm trying to walk away with a bottom line from the two homes that you show sold is now bottom line -- stability.
That bargain hunters invest is all moving in.
Because prices have fallen so much and these homes they get desperate to sell is not right.
Absolutely and don't be afraid when there's a lot of days on market don't be afraid to go in -- Go in try to get that bargain and get home at that you really want as a steel.
Well all these homes being sold for people who gonna live in them or all they sold as investments.
They are probably more so sold for people who want to live.
And not so much as investments but I do have an investor in Miami -- looking right now at a five million dollar home.
It was listed at 59 and we're going in at 475.
So you think -- drafted a million to.
This right there goes the invest that takes the risk.
That many believe prices could come down a little bit in the future -- that's obviously the risk isn't.
Yes they do take that risk in this particular home in Miami we have -- we have a renter that wants to go in -- 30000 dollars a month.
-- three years so this is a good investment for him but we gotta get a price where it makes that -- have.
It limit repeat that please hits -- -- -- -- thousand dollars a months with a three you know leasing deal.
Exactly -- trying to do the math that's been -- 360000.
Dollars a year for three years which is a million dollars in rent so he gets is million dollars back.
-- put in for seven so we gets 25% of the purchase price back plus he's got to pay real estate taxes that is that it.
I was just gonna say you have taxes in Miami taxes are a little -- highs so yes you have taxes -- -- -- insurance obviously hurt mean -- with particular property is on the water.
But yet it anyway you look at it this is still a fantastic investment if if we get a new price spiral that takes it all the way back up that if right.
Yes exactly and there's a lot of ifs in there -- especially with the mortgage deduction and everything that's going on at -- plant.
Well keep us up to date on this one I'm very interest in the profit of the guess 30000 bucks a month to three years.
A new offer a million to less than they'll have been -- front and very interest you bet that's not.
-- have always good stuff thank you very much indeed thank you so much up.
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