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Old 07-09-2019, 07:47 PM
 
9,293 posts, read 9,245,126 times
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Columbia and Pea Islands!

Heís Spent Just One Night on His Private Island. Heís Had Enough.
Columbia Island and neighboring Pea Island, both less than an hour north of Manhattan, are for sale for $13 million

https://www.nytimes.com/2019/07/02/n...-sale-nyc.html
He spent just one night on his private island. He's had enough
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Old 07-11-2019, 05:57 AM
 
Location: NY
3,895 posts, read 993,624 times
Reputation: 2261
Quote:
Originally Posted by Cida View Post
Columbia and Pea Islands!

He’s Spent Just One Night on His Private Island. He’s Had Enough.
Columbia Island and neighboring Pea Island, both less than an hour north of Manhattan, are for sale for $13 million

https://www.nytimes.com/2019/07/02/n...-sale-nyc.html
He spent just one night on his private island. He's had enough



Opinion:
Typical Realtor Modus Operandi.
Buy something for next to nothing, throw a coat of paint and ask for 4X or more.
Greed......Greed.......Greed.......but on a wealthier scale........................

Last edited by Mr.Retired; 07-11-2019 at 06:06 AM..
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Old 07-11-2019, 10:05 AM
 
2,611 posts, read 1,949,745 times
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Only in NYC....jejejeje
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Old 07-11-2019, 12:08 PM
 
Location: Confines of the 101 Precinct
19,635 posts, read 34,735,533 times
Reputation: 8409
Quote:
Originally Posted by Mr.Retired View Post
Opinion:
Typical Realtor Modus Operandi.
Buy something for next to nothing, throw a coat of paint and ask for 4X or more.
Greed......Greed.......Greed.......but on a wealthier scale........................
He did more than just add a coat of paint

Would you want to sell your home for the same price that you paid for it? I didn't think so.
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Old 07-11-2019, 09:12 PM
 
Location: NY
3,895 posts, read 993,624 times
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Quote:
Originally Posted by SeventhFloor View Post
He did more than just add a coat of paint

Would you want to sell your home for the same price that you paid for it? I didn't think so.
Agreed, but because their is no guideline on the amount of profit one can easily masquerade under the title of investor,
play the part of concrete hero all the while stealing your wallet and most importantly the bankbooks of our children's future.
And you wonder why kids today can't even afford a down deposit on a $400,000 dollar home.
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Old 07-12-2019, 05:41 AM
 
Location: Staten Island, NY
8,750 posts, read 7,122,619 times
Reputation: 8242
Quote:
Originally Posted by Mr.Retired View Post
Agreed, but because their is no guideline on the amount of profit one can easily masquerade under the title of investor,
play the part of concrete hero all the while stealing your wallet and most importantly the bankbooks of our children's future.
And you wonder why kids today can't even afford a down deposit on a $400,000 dollar home.
It takes a buyer to agree to whatever the asking price is to make this "masquerade" work. Real estate is mostly a free market. If the seller is asking more than the property is worth, the buyer should be smart enough not to buy it. If they really, really want THAT property, then it holds extra value to that particular buyer, which affects the value. It's all pretty simple.
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Old 07-12-2019, 11:50 AM
 
Location: Confines of the 101 Precinct
19,635 posts, read 34,735,533 times
Reputation: 8409
Quote:
Originally Posted by Mr.Retired View Post
Agreed, but because their is no guideline on the amount of profit one can easily masquerade under the title of investor,
play the part of concrete hero all the while stealing your wallet and most importantly the bankbooks of our children's future.
And you wonder why kids today can't even afford a down deposit on a $400,000 dollar home.
Would you want a guideline on the amount of profit that you made if you were to sell your home? I think not.
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Old 07-12-2019, 12:18 PM
 
1,737 posts, read 621,943 times
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The guy bought the islands for $1.5M, and invested $8M plus 15 years of his time and effort to make the larger island comfortably inhabitable. His net profit (if he manages to sell the islands for $13M) would be $3.5M, or about 33% of his original investment. Had he invested $9.5M into the market in 2004, his net profit over 15 years would have been more than 33%, but making the larger island livable was his labor of love, obviously. He bought a bunch of wild rocks buffeted by water, and has built the whole infrastructure for safe living on the larger island - the next owner will just have to put up the walls and a roof. If people buy a condo in NYC for a quarter of a billion, $13M seems almost like a really low price for two private islands off the coast of Manhattan, with the larger island being fully ready for having a house built on it. I do not see anything wrong with what he is doing.
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Old 07-12-2019, 12:47 PM
 
Location: Manhattan
21,506 posts, read 28,411,258 times
Reputation: 9763
He's asking too much.


But:
Quote:
More recently, there were rumors that Mr. Trumpís daughter Ivanka was interested in Rat Island,

Oh, how appropriate.
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Old 07-12-2019, 09:37 PM
 
24,247 posts, read 17,637,884 times
Reputation: 9170
Quote:
Originally Posted by SeventhFloor View Post
Would you want a guideline on the amount of profit that you made if you were to sell your home? I think not.
But the flip side of it is, people have to live somewhere.

Not only that, real estate markets can be pumped up by money laundering and tax evasion. A lot of foreign dirty money helped jack up real estate prices. As in from organized crime and tax evaders from other nations.

Would you want your neighbors to sell a home next to you to Colombia cocaine lords or Russian money launders, or Pakistani opium lords?
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