2022 Real Estate Observations (Boston, Weymouth, Hingham: fence, suburb, driveway)

[bostongymjunkie]

Originally Posted by jayrandom

First, it was a joke. Gilded Age industrialists have been used a stand-in for the out-of-touch wealthy for many, many years. The actual Gilded Age industrialists built their mansions in Newport between about 125 and 110 years ago, so removed but actually pretty close.

Second, I'm not exactly sure what a 'groveler' is, but the fact it was built means it made sense to at least one person and more likely at least two. I can't imagine any amount of money where I'd build that house.

Forgive me for missing the joke. A groveler would be a wide-eyed cheerleader for out-of-touch wealthy power brokers. No shortage of them these days. In short, a wannabe. A "trust the elite" stooge. A 60K a year wage earner wearing a Canada Goose parka and with a picture of John F. Kerry, and maybe the Kardashian's, on the wall.

I'm sure it made sense to someone (even in 2012 when it was built) but I would venture to say it doesn't make sense to most.

[r_p]

Originally Posted by msRB311

Based on how crowded the cape is every summer I'd say it's still appealing to many.

It has lost some appeal for me and my parents even have a house I can go to any time I want there. During the summer there isn't much to do other than go to the beach. If you try to do anything else you will be right there with everyone else.

We are talking about folks who can drop $30 million on a vacation home and another $250-$400k/year on its upkeep. Just more convenient to get NetJets membership and rent luxury villas in Barbados, Maldives, Seychelles, Bali etc.

[msRB311]

That house is beautiful. If I had 30 million I'd buy it.

[jayrandom]

Originally Posted by r_p

We are talking about folks who can drop $30 million on a vacation home and another $250-$400k/year on its upkeep. Just more convenient to get NetJets membership and rent luxury villas in Barbados, Maldives, Seychelles, Bali etc.

I would guess one of two things here:

1) Someone convinced themselves that it would be a 'good investment'. Being good at one way of making money often leads some to believe that they're good at other ways of making money even when that isn't true.

2). Someone wanted this exact house and had enough money to make it happen. That person can no longer live there. And so the house has to be sold for a loss.

I would add that the NetJet + exotic rentals appeals to some, but not all. Lots of people want to nest.

[msRB311]

I dont see that house as a good investment. It's 30 million bucks and close to the ocean...it could be in the ocean someday. Anyone who buys that house will likely have so much money that they won't even be thinking about that.

I say turn it into a hotel

[robr2]

That house was built in 2004 and purchased in 2011 for $4.5 by Amin J. Khoury, the founder of a number of companies. He's 83 YO, has F/U money, and this is probably his summer house when he wants to get away from Palm Beach.

It's probably an unrealistic price but I'm sure he's not desperate to dump it.

[robr2]

Originally Posted by msRB311

I dont see that house as a good investment. It's 30 million bucks and close to the ocean...it could be in the ocean someday. Anyone who buys that house will likely have so much money that they won't even be thinking about that.

I say turn it into a hotel

You can't just turn a house in a residential area into a hotel. They got laws against that.

[lrfox]

Originally Posted by r_p

We are talking about folks who can drop $30 million on a vacation home and another $250-$400k/year on its upkeep. Just more convenient to get NetJets membership and rent luxury villas in Barbados, Maldives, Seychelles, Bali etc.

Sure, if that's what they prefer. But someone who can drop $30 million on a vacation home likely doesn't have to choose either/or. And considering that even on a Gulfstream G800, you're looking at upwards of 48 hours of round trip travel time to get to those Indian Ocean and South Pacific paradises, it's a lot more convenient to drive (or be driven) 1-2 hours to your weekend house if you want to get away frequently. And if you have kids, friends and family you'd like to spend time with, it's much easier in the 15,000 square foot home a few hours drive from their homes than it is coordinate flights across the planet for everyone. This is all to say nothing of the "status" that comes with owning the largest home in an already elite area. There are plenty of millionaires who have their mansions on the Cape/Islands where they weekend and still manage to jet off to exotic locations for "real" vacations.

[msRB311]

Originally Posted by robr2

You can't just turn a house in a residential area into a hotel. They got laws against that.

I could really care less what happens with this house.

[BostonMike7]

Originally Posted by newenglandgal123

No takers on this beauty? $30 mil in Barnstable, on the market almost a year and no price reductions yet!

https://www.redfin.com/MA/Osterville.../home/77352840

When i hit the lotto for $1Bil again, that's the one i'm gonng buy.