re: The Pennington house off highland

You obviously don't understand the proportion of your financial situation to theirs. That family's wealth is in the hundreds of millions, "losing" 12 million on asking isnt that big of a deal. You can't even assume this was a loss not knowing the build price.

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Do you understand how real estate appraisals work?

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Please list some comparable homes to that house.

High end real estate doesn't follow the same principles as normal real estate, the people that buy and sell these don't have to be as rational with their money. When they built this house, I'm sure they realized that BR wouldn't be an ideal place to try and resell a home of this size and value. They knew that and proceeded onwards, why do you care how their money is spent.

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Do you understand how real estate appraisals work

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It's apparent that you don't understand how "appraisals work."

You keep confusing build costs with appraisal value even when you don't have a clue what the build cost was for that house, including the cost of the acreage it is built on.

Again, why are you so upset over what someone else does with their money?

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High end real estate doesn't follow the same principles as normal real estate, the people that buy and sell these don't have to be as rational with their money. When they built this house, I'm sure they realized that BR wouldn't be an ideal place to try and resell a home of this size and value. They knew that and proceeded onwards, why do you care how their money is spent.

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Do me a favor and go do your homework on the comparative advantages of building vs. buying, and then go do some more homework and come back and tell me whether building a house in Baton Rouge is that much cheaper than buying one. They didn't pull a number out of their arse to come up with that list price.

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fricking terrible analogy. What does taking a 12 million dollar loss on a house have to do with what I decide to eat?

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What the frick do you care it's their money? You assume it was a 12 million dollar loss but you don't know what she paid for the house. Lastly she could use 12 million as fire starter for her fireplace and not miss a beat.

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You keep confusing build costs with appraisal value

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I'm not confusing anything. This property is unique because there are no other comps to compare it to, so the appraisal heavily relies on building material costs and land cost. I'm not sure how you can refute that, but you can certainly try.

It isn't about the appraisal. Imagine this conversation:
Paula: hello agent, I would like to list my house with you for $18 million
Agent: mrs. De la bretonne! Your house on highland? That is a wonderful listing and I know I could make a lot of money off the listing but I don't think it will sell for $18 million. We should list around $10 million.
Paula: well I'll only work with you if you list for $18 million.
Agent: I understand, but I can't go against my moral judgement on this one.

Seems likely right?

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The asking price can't be that far off from the build cost. What decent real estate agent would advise their client to list their home for millions over the actual appraisal value or what the comps and market support?

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You keep throwing these terms around when it's clear you don't understand them. For example, build cost and appraised value are two completely separate things and yet in the above quote you equate them. This is even more true of VERY custom houses, which this one obviously is.

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This is why I am in favor of an inheritance tax. People who don't earn their fortune see no value in keeping it.

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why should the govt get it?