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White Elephants in Real Estate

So, this was a fun interview with The Today Show, where they explored "White Elephants" in today's Real Estate market. Given the amount of work I do with pro athletes and luxury estate homes, I definately see this on a daily basis--as I just built one myself--some of the images in this segment are of the house I just built in Manhattan Beach. Though it would be considered a white elephant by most standards, I truly love it and have set my 2009 goals to ensure that I can properly "feed" it!

click to watch Today Show "White Elephant" segment

Posted by Ed Kaminsky on 01/06/2009 03:49 PM

Comments (13)

White Elephants in the ActiveRain Channel

white elephant, luxury homes, auction, athletes, athlete homes, new construction, multi million dollar homes, 2009 market

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13 Comments on White Elephants in Real Estate

JAN

Ahhh yes... "having" a white elephant is one thing; "feeding" it is another. That's a good topic for a blog actually! Feeding your white elephant. Now that you have this thing, what are you going to do with it?!? Jose Conseco had one solution: drop it, it doesn't make good business sense. Any other thoughts? --James Wirth

For Conseco, finding the buyer who is willing to pick up on the feeding schedule is the key. ;) Hoping our new SportStar Relocation NLS that we are beta testing right now (more on that in a future blog release) will help Conseco's real estate agent get his elephant in front of the best buyers in the marketplace!

Relo for sports superstars. What a great idea! With as much team trading as they do, that's a no-brainer!

Very interesting piece! I can imagine getting a bit winded when showing an 18,000 SF home. You really need to be in shape for that! LOL. Thanks for sharing.

Oh yeah, that's a good point. I've never been in that big of a home, although I'm sure I'll be receiving a dinner invitation from Ed very soon :)

What do you do, have a few Segues waiting for guests to use? --James Wirth

The link was not working from AR...had to cut and paste. Looked just like my home...only different. Maybe mine would be a white rat. Crap, I knew I should have taken up professional baseball instead of real estate.......

Ed,

Thank you for sharing the video. It sure is a very nice looking white elephant. I wonder how much it costs to feed it for a year and judging by its size, better wear some comfortable shoes for showings and plan for a water or champagne break after showing the first 9,000 SF of the 18,000 home.

Oh, the 18000 sf home isn't mine. The shots of the Italian Villa styled one is mine. Mine is 10,000 sf smaller!

James, you've gotta check out SportStarRelocation.com. There's opportunity for everyone on this blog to make money through SSR. PLEASE check back in a few weeks though, because we are launching a very exciting, groundbreaking enhancement that I'm sure you will find valuable!

Tim, thanks for the heads-up. I think the link is fixed now.

Sharp site Ed, extremely sharp. I completed the vendor information even though you have a lending arm -- let me know if there's anything I can do at a local level. --James Wirth, 425-501-4749