Most expensive house in dallas? (Arlington, Garland: townhome, buyers, construction)

[nsumner]

Originally Posted by zatires

Why would a very rich person from Europe or Mideast come to Dallas and buy a $50m home? Does not make sense at all.

You would be surprised and probably amazed how some very rich people spend their money. They do know that they overbuilt too. They moved back into their smaller home across the street with about 14K SF which is for sale too for 6.5 mil but it has only 20 acres.

Naima

[killer2021]

Originally Posted by portorro

Maybe it can be bought by the city of Denton in order to create a Museum of some sort??? Heck even I would pay $3 to take a look at the property....In a couple of years they make the money back up on admissions alone.

Do the math on it.

I'd say a 10%/year return would be fair for an investment. So if you bought it for 65m you'd want to make more than 6.5m revenue AT LEAST. Let's see, what could we do to make money. Maybe rent it out as some sort of rich fantasy retreat. That would mean we would have to have it fully booked and the per day fee would be $17,808. If you wanted to give tours/viewings at 10$ per ticket you would need 650,000 guests per year or 1780 per day.

Of course that is only factoring in the house. There is still plenty of land to be used.

Unless there is some sort of great idea for the house. I don't see anyone buying the home to make money. They would only buy it for pure pleasure.

[momof2dfw]

Originally Posted by zatires

Why would a very rich person from Europe or Mideast come to Dallas and buy a $50m home? Does not make sense at all.

This house is definetely doomed, will never be sold at these prices, due to location, overbuilt, and overcustomized. All three things are big no nos in real estate arent't they?

Originally Posted by nsumner

You would be surprised and probably amazed how some very rich people spend their money. They do know that they overbuilt too. They moved back into their smaller home across the street with about 14K SF which is for sale too for 6.5 mil but it has only 20 acres.

Naima

There are a LOT of mega millionaires that have homes in the Dallas area. One house down the street from me is owned by a wealthy Brit that has 3 houses in the States to have when he comes thru. Yep, some wealthy Brit bought a house in GARLAND, TEXAS on a golf course and keeps a Ferrari and Lincoln in the garage for his twice yearly visits of all of 2 weeks each.

There are also many other mega millionaires that live in areas and homes that many would not think that one such person would live in. But they do because they LIKE the area. One good friend does and they only travel to other places and don't own any other property besides their residence in an EASTERN suburb of Dallas. No lake houses, no mountain houses, no beach house, etc. Nada. But they are pretty down to earth.

[zatires]

Originally Posted by momof2dfw

There are a LOT of mega millionaires that have homes in the Dallas area. One house down the street from me is owned by a wealthy Brit that has 3 houses in the States to have when he comes thru. Yep, some wealthy Brit bought a house in GARLAND, TEXAS on a golf course and keeps a Ferrari and Lincoln in the garage for his twice yearly visits of all of 2 weeks each.

There are also many other mega millionaires that live in areas and homes that many would not think that one such person would live in. But they do because they LIKE the area. One good friend does and they only travel to other places and don't own any other property besides their residence in an EASTERN suburb of Dallas. No lake houses, no mountain houses, no beach house, etc. Nada. But they are pretty down to earth.

At this environment, in the financial crises we are in right now, to be able to buy a $50M home, being a mega-millionaire is not enough. Sad to say, but true to the core.

You will need to be mega-mega millionaire
Yes there are rich people in Dallas, there are rich foreigners that live in Dallas, no doubt, but none own a $50M property do they?

The mega millionaire from Britain has a house in Garland, how much is it worth? $50M? I doubt it.

In this environment to buy a $50M house in a crappy location, you will need to be a mega-mega millionaire, or a billionaire.

It is very doubtful that a very wealth (different than rich) foreigner will have much to do in Dallas, he/she will not move to Dallas to live here for a long time, thus will not need to buy a $50M house. If the wealthy person buy a house of $50M in a city like Dallas which does not offer much of attraction for extremely wealthy, he will be much richer than a mega-mega millionaire. Because he will also have residences in other cities, countries, regions etc, and to be able to afford all those locations, upkeeps, he will need income in the hundreds of millions each year.

If the house was such a great deal, and if there were that many mega millionaires loving Dallas, the house should have been sold by now right? But it is in the market since 2004, almost 5 years now.

Donald Trump's mansion in Palm Beach area was sold for $100M, and it stayed on the market after being completely finished for close to 2 years. Who bought it? A Russian billionaire. Keyword here is not mega-millionaire, but mega-billionaire. So why didn't this mega-billionaire buy the house in Dallas? Because Dallas does not offer what Palm Beach does.

This house in Denton will stay in the market for quite more time, especially in this environment, if it did not sell in the high finance times of the last few years, it will be much harder to sell now, and not to a mega-millionaire from another country for sure

[aceplace]

Originally Posted by zatires

[b]At this environment, in the financial crises we are in right now,

That's exactly when expensive properties do sell, in a down market... albeit with a pretty good price reduction.

You're too negative on the Dallas marketplace, on the Dallas social environment, on the entire civilization here that, quite frankly, many people find very compelling. Yes, the wealthy can live anywhere they want, and they increasingly want to live here in Dallas, Texas. I'm not saying that Dallas attracts Russian billionaires, I'm saying that the area generates billionaires and near billionaires, and gives them plenty of incentive to remain here and keep the lights on and the economy running. Somebody that came to Dallas with a small fortune and ended with a big fortune is going to appreciate the way of life in Dallas that is quite different from where he came.

I will accept the idea that $35 million is too high a price... $25 million is more like it.

[$DFW8$]

Originally Posted by aceplace

That's exactly when expensive properties do sell, in a down market... albeit with a pretty good price reduction.

You're too negative on the Dallas marketplace, on the Dallas social environment, on the entire civilization here that, quite frankly, many people find very compelling. Yes, the wealthy can live anywhere they want, and they increasingly want to live here in Dallas, Texas. I'm not saying that Dallas attracts Russian billionaires, I'm saying that the area generates billionaires and near billionaires, and gives them plenty of incentive to remain here and keep the lights on and the economy running. Somebody that came to Dallas with a small fortune and ended with a big fortune is going to appreciate the way of life in Dallas that is quite different from where he came.

I will accept the idea that $35 million is too high a price... $25 million is more like it.

I definitely agree with you...zatires is way too negative!

[zatires]

Originally Posted by $DFW8$

I definitely agree with you...zatires is way too negative!

When did "stating the facts" became being negative?

I am not being negative, I just speak what I see, rather than thinking everything is in LaLa land. If you do think it is negative, well maybe things need to change to make it better. You can try to make a dime shiny as much as you can it will never be a silver coin, unless you melt it and mix it with some silver you will now have a silver coin. The more the silver the more the valuable the coin will be.

So rather than trying to see everything is perfect, one must see everything, and work on correcting the mistakes, and making the environment situation much better, thus prepare for the future.

[SOON2BNSURPRISE]

I stopped in here and had to read all the post's on the house and the price of the home. I live on the coast in California. Near Santa Barbara is a small community called Montecito, Oprah purchased a 45 acre lot with a 30,000 plus square feet residence with a view of the Pacific and the surounding hill side, that resembles the home in Gone with the Wind. The home and land is valued at $60 million. Oprah is a Billionaire and owns homes in differant parts of the country. Maybe you can get her to buy it. LOL I bring her place up to include a reference point to homes of that price range.

[jjones20]

yikes.....

[eastdallasson]

Mount Vernon on W. Lawther on White Rock lake was rumored to be priced at $50 mill. but who knows how accurate that is.

Hunt family's White Rock Lake mansion Mount Vernon for sale | News for Dallas, Texas | Dallas Morning News | Breaking News for Dallas-Fort Worth | Dallas Morning News (http://www.dallasnews.com/sharedcontent/dws/news/localnews/stories/080608dnmetmountvernon.1912c0e7.html - broken link)

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