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re: How? Just how do so many people afford 2+ mil secondary homes in florida?
Posted on 7/1/23 at 4:51 pm to BengalBlood81
Posted on 7/1/23 at 4:51 pm to BengalBlood81
Is it really that hard to imagine? If you had a successful corporate career by the time you reach your mid 40s and don’t have a net worth of at least a few million dollars then you did something wrong.
0
Posted on 7/1/23 at 4:51 pm to BengalBlood81
I know an Apple executive who just bought a large part of a mountain and they are downsizing to a 5000 sq ft home. Nice.
Posted on 7/1/23 at 4:53 pm to BengalBlood81
If you tell the realtor you are white and straight, you get the “Cis gendered white male” discount of 80% off.
Posted on 7/1/23 at 4:59 pm to BengalBlood81
In addition to what’s been said, there is a ton of PE money buying out entire industries. Small banks and insurance agencies are selling out….as well as physician practices, construction, manufacturing, IT….it goes on and on.
Owners that were already wealthy are able to cash out for large payments and need to put the money somewhere.
Owners that were already wealthy are able to cash out for large payments and need to put the money somewhere.
Posted on 7/1/23 at 5:06 pm to LSUminati
quote:this
If you want to get there on your own, fact is as long as you work for someone, you have virtually no chance. I won’t say no chance, as you could become a high level executive at a big company, but chances are if you aren’t self employed you will never have the kind of money to touch that realm of life.
Posted on 7/1/23 at 5:06 pm to SquatchDawg
Generational wealth.
Posted on 7/1/23 at 5:12 pm to SquatchDawg
There is also a lot of hard money lending going on in the panhandle. These properties will cash flow 200-300k a year, so if you can access the money the property pays for itself
Posted on 7/1/23 at 5:13 pm to dukke v
quote:
Have you ever go down the diversion canal???? You will see where all the money in south Louisiana is at.
Ever been to St' Charles Avenue or Audubon Place?
Or even the nicer streets in Old Metaire? People are buying 6-800k homes and tearing them down lol.
Posted on 7/1/23 at 5:16 pm to OldCat55
Longboat Key is full of money and very nice. A friend of mine let us stay at his condo one summer. We were the only people there. Rules are you can’t rent to anyone and the snowbirds are up north. They sold for 1.4 million. The condos sit empty over half the year. $$$
Posted on 7/1/23 at 5:25 pm to achenator
My uncle has a second home in Seagirt, NJ. Nice house, 3000 sq about 3 million. People are paying 2-3 million to tear houses like his down and build huge monstrosities
Posted on 7/1/23 at 5:28 pm to BengalBlood81
quote:
How? Just how do so many people afford 2+ mil secondary homes in florida?
Win the birth lottery
This post was edited on 7/1/23 at 5:29 pm
Posted on 7/1/23 at 5:42 pm to BengalBlood81
quote:
How? Just how do so many people afford 2+ mil secondary homes in florida?
It’s either Florida, Mexico or Spain. We chose Spain.
Posted on 7/1/23 at 5:45 pm to BengalBlood81
Maintenance nightmares on top of it.
Posted on 7/1/23 at 5:52 pm to Koach K
Just came to say lol @ the posters trying to say they wouldn't want the headache of damage, renting, maintenence.
If you have that kind of money, I can guarantee booking rentals and managing the property is not on your to do list.
If you have that kind of money, I can guarantee booking rentals and managing the property is not on your to do list.
Posted on 7/1/23 at 5:53 pm to Damone
It's ok to be White 
Put it on the plastic
Put it on the plastic
Posted on 7/1/23 at 5:59 pm to Dandaman
quote:
1% of Americans have a minimum net worth of around $11.1 million.
Is it really that high a percentage?
Posted on 7/1/23 at 6:15 pm to BengalBlood81
Back when Alys beach was getting started they would put the owners name and list their hometown signs on the lots. The majority of the homes being built had signs from people coming from Texas. Oil money def playing its part.
Also, big law partners (not New Orleans firms, big firms in Houston/NYC etc) and Managing Directors in Private Equity / Wall Street can pull down a few mil a year or more. They start buying that second property once they make partner or MD and feel the flow.
Also, big law partners (not New Orleans firms, big firms in Houston/NYC etc) and Managing Directors in Private Equity / Wall Street can pull down a few mil a year or more. They start buying that second property once they make partner or MD and feel the flow.
Posted on 7/1/23 at 6:26 pm to BengalBlood81
Friends sold their homes in California and moved to Florida buying a bigger home for less money
1984, I bought my home in Orange County for $80k that needed work.
I remodeled the house twice over the years to update it.
Retired and talked about moving home to be closer to family.
Guy offered me $945,000 cash as is.
Checked with friends that were real estate agent. It was a fair price and I signed the papers in 30 days.
1984, I bought my home in Orange County for $80k that needed work.
I remodeled the house twice over the years to update it.
Retired and talked about moving home to be closer to family.
Guy offered me $945,000 cash as is.
Checked with friends that were real estate agent. It was a fair price and I signed the papers in 30 days.
Posted on 7/1/23 at 6:50 pm to BengalBlood81
Hell, I don't even know how people afford first houses anymore
Posted on 7/1/23 at 7:04 pm to LoneStar23
I think a lot of these people own succesfull companies. It’s hard to make that kind of money as an employee unless you are a big company exec (and there aren’t that many of those in the grand scheme of things).
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