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$1 - $750mil

By Tony and Libby Kelly

Real Estate Agent with Keller Williams Realty Portland Premiere

December 16, 2008 03:14 AM

I just thought these two articles were more interesting when put together.

There are some areas of Detroit that are going into forclosure where the banks are just giving up and selling for $300, $100 even $1! The closing costs and broker's fees add up to much more than that! Even the property taxes are around $3,000! If they are lucky those areas will turn around someday in the future and it will be a worth while investment. Otherwise, at least it didn't cost much.

http://www.foreclosure-support.com/wp/article-0820131.html

A home in the French Riviera was just sold for $750 million dollars. It has broken a world record (it better have!) and just the commission alone could set someone up for life. The amount of the property taxes would have a family living very comfortably. I cannot even figure out how many foreclosures you could buy in Detroit with the downpayment!

http://www.huffingtonpost.com/2008/08/11/villa-leopolda-sold-for-7_n_118112.html

PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com & OUR NEW PORTLAND METRO BLOG AT http//:www.TonyandLibby.blogspot.com (make sure you leave comments)

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Terry Miller

Miller Homes Group - Tyler, TX

Miller Homes Group and Tyler Apartment Locator

Great post and I will go to the podcast and check it out. Have a great holiday season.

Dec 16, 2008 05:06 AM

Fred Chamberlin

Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA

Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

My in-laws lived in Detroit and during good times we couldn't get anything for their home when it sold. I can just imagine what it is like now. Love to have done the financing on the one in France. I would have bought Detroit. LOL

Dec 16, 2008 08:20 AM

Bo Hussung

Bell Title /Triserv LLC - Nashvle, TN

Good Lord Tony and Libby!

That is insane. It is almost offensive.

Dec 16, 2008 09:43 AM

Timothy Butterworth

Taking a break - Portland, OR

I will Detroit for $2000 in hopes to rent out the property at $400 a month :)

I do not think I could even afford the mail box for the property in the Riviera. Wow even at 1% commision that is 7.5 million before splits and taxes. I think 2 of those would be just fine and I can slow down some and work 4 days a week. :)

Great Post!

Dec 16, 2008 05:22 PM

Paul S. Henderson, REALTOR®, CRS

Fathom Realty Washington LLC - Tacoma, WA

South Puget Sound Washington Agent/Broker!

Tony and Libby, I would have change the way I think if I would get a call on showing a listing like that. I would probably stop taking floor calls or maybe take more...

Dec 29, 2008 10:41 PM

Amy Taylor

Burnit Studio Inc - Portland, OR

Hi Tony and Libby,

Wow, it's hard to understand why anyone would want a house like that 75 mil one. I wouldn't, even if I could. I always loved the story that Paul and Linda McCartney lived in a small country house when their kids were growing up, even tho they could have lived anywhere. My Dad was an architect, and towards the end of his career, (and for the house he built himself) he totally dispensed with the formal dining and living areas and built it all around a warm kitchen/gathering area at the center of the house, and it was so inviting.

Thanks!

Dec 30, 2008 08:28 AM

Janice Sutton

1st Stage Property Transformations - Murrieta, CA

Home Stager - Temecula Murrieta

Wow homes in Detriot for as low as $1!! Unreal. Good luck to you and happy selling!!

Jan 05, 2009 06:18 AM

Jenn Neumann Deer

RE/MAX Southern Shores - Surfside Beach, SC

Surfside Beach Real Estate

Wow, homes for $1?! I could rack up some rental properties. I'm glad our market here is not that bad. I will have to check out the podcast.

Jan 06, 2009 01:18 PM

$1 - $750mil

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