This listing hit the open market on April 18th, which was long after mortgage rates had gotten into the 5s. It went pending in the first ten days, but then it fell out of escrow three weeks later. By then, the doomer talk had escalated and reviving the market urgency would typically be more of a struggle.
They stuck with the $3,995,000 list price though, and another buyer snatched it up the next day and closed in two weeks at a slight discount of $3,850,000 cash:
There might be some turbulence in the marketplace being caused by the incessant doomer talk, but I haven’t seen any quality homes having to sell at a big discount yet.
A nice place to live. I’m a little uncomfortable with the idea of having this home even given to me and having to come up with the ~$7000/mo in insurance, taxes and upkeep.
Question. Are the local municipalities flush with cash from the sales of formerly $600k houses for $2m and now paying 4x taxes with the likelihood of lower municipal expenses?
At the 36% rule. Being given this nice house the $7000/mo expense implies you need $250,000 in income.
……with no ceiling on the insurance costs, which could get a lot worse.
I was speaking with Kayla’s insurance broker who is licensed in 26 states. He had just quoted a regular 3000sf house in Florida at $42,000 per year.
A big earthquake and a few more fires and we could be right there with them.
Let’s be honest. Any earthquake or any “wildfire” is going to skyrocket insurance rates. Even a hundred miles away. IF you can get insurance.
Can you imagine paying $3,000 to $4,000 per month for insurance? Well, that would be like paying $7 for gasoline!
Oh wait.
With so much extra money flowing into county coffers, we should have the smoothest roads, the best schools, etc. in the country!
They should at least make an effort!