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Homes We see many many entertainers, selling their massive expensive homes. Once it may have been a method of burying their income in what appeared to be a equity growth investment. But I'd think many are finding the upkeep cost to be mounting while the function of the home as to their usage declining, and the prices not bringing the expected gains they had hoped would offset upkeep, taxes and other expense related to owning these homes. Millions upon millions in excess luxury things, yet, as they get older, they are finding they don't do the entertaining they use to do, nor do they have the time for the fancy of bouncing from home to home, and paying for staff at some of these homes, all of which becomes a costly drain. Not to mention the cost of furnishing it and securing it. I think their advisers may need to find other means for them to bury their money. Some find they are no longer making the mega money they use to make in their prime and some are still making even more money. but they are being motivated by some means.... Even we saw a great deal of people making over 250K bouncing from home to home, that trend has seemed to slow down as well, and these ranges of millions of dollars plus homes, may become something of a different natures as time passes. We've seen so many go bankrupt, because not only is it about the house, they have to buy the expensive cars to park there, then they have to change cars to stay up to date and then the cost of outings all become more costly as each year rolls around. It's amazing that some spend great deals of money on these homes and yet, there is something that drives them to come to sell them. Even some who have owned various properties for a long time, seem to be shedding those properties to the new generation who are eager to follow in the footsteps. I guess being from a very diminished lower income spectrum, I'd not consider so many properties except as median renter market type homes purely for rental income. I don't see a mass over multiple 100k vehicles parked at multiple locations all with insurance and maintenance cost, but low usage. maybe this trend will change in some ways .... who knows. |
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I know what you mean.... !!! Some of these big estates in the 10's of millions is quite excessive when it just one person or a couple. then there is the thing of people buying Condo's in Elite Areas for 10's of millions. I've never understood why anyone would pay that kind of money for units, for example like people pay in New York's Upper East Side. some of these very big estates, probably could serve as small hotels, and it certainly has never made much sense to have 5-10+ bathrooms. 
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