Posted on 05/30/2016 6:18:16 PM PDT by SoFloFreeper
Depending on how much credence you give to "whisper listings," there are between 27 and 50 $100,000,000+ houses on the market; last year, only two houses in that bracket sold worldwide.
The glut of super-duper-ultra-luxury houses on the market worries economy-watchers, who view the oversupply as a bellwether for a housing crash -- the last glut (which wasn't nearly as pronounced as the current one) was in 2007/8.
(Excerpt) Read more at boingboing.net ...
Feel better?
Oh, by the way: THEIR version of suffering still will be a whole lot better economically than your situation. But you can content yourself, can't you, knowing that they'll only be able to afford THREE homes instead of FOUR, right?
Make America Great Again. Repeal Obamacare. Build a wall. Pray for spiritual revival.
I’d think about turning these uber-mansions into apartment complexes, if I had one.
Socialism is like redoing a math problem to try to get a different answer. Liberals simply do not get that economics is actual math, and has fixed properties.
Real Estate is set up for another major crisis. Not just the big ticket homes, but retail space. The onslaught of online shopping will continue to decimate retail and retail realty will suffer for that.
Sports Authority is going out of business and closing all of its stores.
There are few things they sell that I cannot buy from Amazon or online.
They are not alone.
Nobody will move in to rent those gigantic warehouse sized stores. What on earth would they sell? Who would shop there? Why?
In the building where I live, the Fedex, UPS and Post office trucks unload box after box of things bought online. Each of these represents boxes and boxes of things not bought at some local retail establishment.
The bottom falling out of the retail property market will have a knock down effect to all types of property.
Try Zillow for your area. The blue dots are foreclosures / auctions.
I was amazed at the sheer number and the apparent percentage of homes that have blue dots.
After the 20th bedroom, 25th bathroom and the 3rd kitchen, what is the point?
I am not saying you should be allowed to build a super large home, I am just asking, what does one do with all of that space?
Let them eat cake.
” I am just asking, what does one do with all of that space?”
Brag !
.
Old saying from my dad
“Crap rolls down hill”
Plenty places to sleep over and no wait at the bathrooms.
Most likely breakfast in bed next day, could be worse.
Throw parties and fund raisers.
Skateboard down the hallways.
Have fun...
It's scary that there is still the fallout from the last housing crash in terms of unprocessed foreclosures. Add on top of it the fact that the Fed has its ZIRP, so they basically have nowhere to go in the way of dropping rates if there is a Housing Crash 2.0.
Host great family reunions!
I live in what’s called a “outer ring” suburb of Dallas. It’s actually closer to Sherman. The builders here literally cannot build fast enough to meet the demand. It is seriously white flight on a grand scale. My entire subdivision is probably less than 5 years old, and every new family that I meet seem to be thanking their lucky stars that they were able to get one of the coveted homes.
Up next - negative interest rates.
You could put 120 million Chinese young adult males in those houses. And let them try to find a woman worth marrying.
Concentrate power by having the local gentry as your perpetual guests, to the point that their well-being requires their waiting on you, getting invited to your soirees, hunts and entertainments. Thats what Louis XIV did at Versailles, and the nature of the British aristocratic country house society - see PG Wodehouse, etc.
Doesnt seem to work quite like that anymore though.
They arent all from California?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.