Monday, November 17, 2008

UPDATE: Christina Aguilera

Back in the summer of 2007, pop star mommy Christina Aguilera and her music executive huzband Jordan Bratman forked over $11,500,000 for the Beverly Hills mansion of addled rock legend Ozzy Osbourne and his extremely ambitious wifey Sharon.

That left Missus Dirrty with an extra house in the Hollywood Hills where she had been living since April of 2003 when she paid around five million big ones to buy a 5,411 square foot Steve Hermann designed residence on Devlin Drive.

In April of 2008, not long after Mister and Missus Dirrty moved into the old Osbourne mansion on Doheny Road, she listed the 4 bedroom and 7 bathroom Bird Street nest for $7,995,000. We've heard through the gossip grapevine that several celebs and their mostly superflouus entourages have toodled up the hill for a walk around. However, no big name or deep pocketed person has bit the big bullet

So, like so many other high end sellers with lavish properties languishing on the market, Miss Dirrty and her property purveyor rather wisely hauled out the price chopping machete and hacked the asking price by a gigantic one million clams bringing the asking price all the way down to $6,995,000. Our bejeweled abacus tells us is more than 12% lower than the original asking price. Wow.

We are certain some of you Chicken Littles will go hog wild wagging your fingers with righteous anger over this prodigious price paring, but please try to keep in mind that Miss Dirrty's digs were (probably) priced much higher than the market from the get-go. Now then, while some of you cackle with glee over falling real estate prices and drive everyone berserk stating the economic obvious, Your Mama is going to move on to other things.

56 comments:

Anonymous said...

This place is only going to appeal to a certain type of person ... To be honest, I think it's one of Hermanns weaker projects ...

If you have kids or at the age where you're thinking about kids then forget it - as demonstrated by Christina herself!

Jimmy said...

Actually the price cut was a mere 12.51%. Still...

Anonymous said...

Who wants to live in a night club? Oh, yeah. Her.

Anonymous said...

I'd place current market value on the place at $4.5M tops if she's serious about selling it. That's about $.5M less than she paid for it 5 1/2 years ago, but with virtually NO land other than the house's footprint, that's all it's worth in today's market. The longer it languishes, the more she'll lose because market conditions aren't going to improve anytime soon, no glee intended, just the facts.

Anonymous said...

I've shown the house... and it looks TIRED! She turned one of the bedrooms into a closet, which diminished the bedroom count. She painted the downstairs screening room with dark colors turning it into a bordello theme. It certainly doesn't sparkle like it did when Steve Herman originally rolled it out. Should have been priced at 6 million when it was originally rolled out.

Anonymous said...

It's a striking place - in a hotel lobbyish sort of way. Looks like a fun place to throw a party, but not very liveable

Anonymous said...

"Our bejeweled abacus tells us is more than 12% lower..."

Actually, thanks for re-itereating and stating the obvious jimmy

Babe Parish said...

maybe tyra banks can use it for the next "cycle" of ANTM...

SitDownKaren said...

It looks like a night club or the porn house in "The Big Lebowski".

Anonymous said...

ITs a cool house, I watched him remodel it. used to owned by lizas old boyfried, son of the orig "cowardly lion guy" forget his name. steve paid 1,700,000.sold it to courtney cox for 5mill , her bus manager told her she was crazy, she backed out, there was a mysterious "flood" in the nick of time, insurance payout, back on the market for 6.5million, and sold for 6 or 6.5 not sure.this house is not overpriced now . good houses in that upper market are selling, house on doheny in escrow for 10million plus 13million on blue jay just came onthe market,dane cook just bought viewsite for 7million. hllywood blvd asking 6.4million sold for 5750,000 only 3200 sq ft. and marmount 6.2million in escrow, sorry you doom and gloomers there are some good sales out there, happy day

Anonymous said...

No doom & gloom 9:59. We're discussing this particular house, not any of the houses or streets you mention. I intentionally avoided using the word 'property' since this house has zero. It's way overpriced for all but the few who place a premium on who once lived there over investing their hard earned dollars wisely.

Anonymous said...

any house like it in the hills sunset plaza, doheny is worth..............

1MM tops

at least that is what they were selling for before we were all fooled by the wall street pigs

Anonymous said...

children children, here is where we stand

"Jeff Lewis"

To the 1 million viewers of Bravo's reality show Flipping Out, Jeff Lewis is the acerbic, demanding, and sometimes petulant face of real estate speculation. In the program's first two seasons (already in reruns), Lewis turned a hefty profit buying and updating homes to sell in Los Angeles' toniest neighborhoods. At the start of the year he sold a 1,900-square-foot house to Lost star Dominic Monaghan for $1.6 million.

But as the cameras stopped shooting seven months ago, the housing market went from slowed to stalled, leaving the 38-year-old speculator, as he says, "paralyzed." Lewis has been mired for months in a dispute over the boundaries of a $2.5 million property. A deal to buy a house fell apart when Countrywide Financial (CFC.) foreclosed on the seller. Until recently, Lewis lived in a 700-square-foot home, tight quarters for an entourage that includes two cats, three dogs, and, during working hours, a housekeeper and two assistants. "These are not great times, and people are suffering," says Lewis, a self-professed "working millionaire" who has flipped more than 40 homes.

lil' gay boy said...

Oh honey, Jeff Lewis ain't a yardstick for nuthin' but crazy…

;-)

This may have started out as a Hermann project but it looks to me like its been bastardized beyond belief. Target audience is going to be small.

Anonymous said...

Old owner was Jack Haley Jr. Upstairs was 70s hotel lobby chic, downstairs was office and archives. It was tired and in need of major work.

Anonymous said...

Tell you what if I can sell my 9MM pad that was appraised for that recently although I bought it for 1MM in 2000 I will buy this place for 7MM

My place is right down the street and looks just as good and I have a lot of looky loos but no buyers with realistic offers

Anonymous said...

I agree with most posters; this house is overpriced for this neighborhood in the Sunset Strip. Not sure where 'Anonymous 9:59AM' gets his info, but my search on Redfin.com indicated only three houses over the last year selling for more than $4.7 mil. The two brand new houses on Viewmont Dr (both 5,000sf) sold in May for $5.7 and $6.35 mil. Although the completely remodeled house on Tanager Wy sold in May for $8.5 mil the only other higher priced sale in the neighborhood was back in May of '07. Based on comparable sales over the last year, I'd say 'Anonymous 8:23AM' was correct... the most likely current sale price is around $4.5 mil.

Anonymous said...

Joe Francis is living in it now. Fact.

Anonymous said...

i woul dlove to see the dumps you all live in... haha, would bring me such joy.

this house is actually beautiful just very, very taste specific in a modern masterpiece meets white-trash hooker sorta way, hence why christina is the owner.

Anonymous said...

www.devlinmodern.com

Anonymous said...

the kitchen is beautiful

wall coverings / painting and furnishings could do wonders in making this home pretty cool.

i don't have oppions anymore on price, too hard in this market. it doesn't make any sense that some homes seem to be selling for waay more than they did a few years ago and others right downt he street are selling for less than a few years ago. its all just about who wants your house and what you want for it, there isn't a rule of thumb for value in LA right now.

Anonymous said...

this house is hideous from the road

Anonymous said...

almost all the houses in this area are pretty boring / ugly from the road, no yard just a shitty facade right on the street. but thats the way it is up there. id much rather live in a neighborhood like mulholland estate or the summit where you may not have as dramatic of views but have property.

pollylanda said...

The information on the recent sales can easily be pulled up on the mls. viewsite.$7,100,000 hollywood blvd $5,750,000 and doheny in escrow above $10,000,000 so honestly there is no doom and gloom if you have a slick great house sunset strip, harold way also just sold for a million more than the owner bought it for. if you have a great view, great house you are going to sell and make bucks$$.. simon cowls girl bought the house on doheny for almost 5million , little view and is now gutting the whole place. those are the facts.

Anonymous said...

how long ago ????

it has all changed in the last few weeks

and at that time many backed out and said "sue me"

today

dow is below 8000, the lowest since 2003

next week if the dow is at 5000 do you think high end housing will get listed and sold at firesale prices ??

or do you think owners will hire more gardners to start more fires to collect from the insurance like the ones from last week ?

Anonymous said...

more fires will surely drive down the housing market as well

I heard there were fire tornados, the sole reason for the massive spread of the fires in LA

I also heard LA almost lost their power all together

Anonymous said...

real estate agents/brokers are the best cons. everyone who bought a house in last five years is now a bag-holder, for a long long time.

Dr. Toni Grant "the love dr." said...

what would be very interesting to find out would be how manyof the very "negative" people on here actually do or have owned real estate now or ever. I am not a real estate agent but they are like any group of people, some good some bad, some are very professional some are not.yes we are experiencing some very difficult times but even the most experienced financial people cannot see any sure fire "signs" one day GM is at 66yr low and magic mountain is posting all time highes . houses are going into foreclosure and up the street or up the hill things are selling for record numbers, check out bevhills flats where things are still selling in multiples. so this site will be so much better if people presented the most accurate information, not "blanket" derogatory statements that really only mirror that particular posters anger about their own self worth and feelings of failure and low self esteem, come on, thats basic high school psych 101 . you bitch about things because you dislike yourself and yourlife and what you have or have not done, see therapy rather than poisioning this site...thats all for now signed Dr. Toni Grant, of the Love line"the Doctor who tells it like it is, but in a nice way."

average joe :[) said...

Dr. Toni Grant,

We don't want no stinkin radio doctor to tell us we have issues! The voices in my head tell me I have issues but I ignore them just like I will ignore you! I will buy this house for 75k next year!

dr. toni grant. the love doctor said...

Thank you Mr.Joe.I especially enjoy your posts and I understand that your recent celebrity status due to the election and your plumbing business does not allow you as much time to post . but I do enjoy perspective on real estate, its cutting edge and show a very unique perspective that many might find hard to understand, but its apparent you are traveling on a much different plain than the rest of the world and being special can be lonely , but please continue to share your very special thoughts with all of us.

Anonymous said...

you people are all so f*ckin dumb to sit here a diss real estate agents. as Dr Toni said, some are bad some are good, just like anything. And, real estate agents don't dictate the price of property and actually have NOTHING to do with it.

If there is anyone to blame this housing crisis on its the banks, they caused the foreclosure mess and downwards spiral of prices, not real estate agents.

And no, I am not a real estate agent.

Anonymous said...

guess what ? you all are right.. the party's over.. banks aint making loans so how are people supposed to pay for these houses ?
iou's ? better personal checks that the seller has to hold till the market gets better.

BRETTSOMMERS,MATCH GAME said...

NEWS YEAR RESOLUTION. lets stop blaming people, if you ever saw that commercial about the debit card, where the chick wants to write a check, thats all that happened, the "hot potato" mtg back securities, got a bad wrap, yes, lenders did ridiculous loans, but they were hot potatoes , fund them, package them, ship them out to wall street, sell them as "secure investments" everyones happy, been done for years, until the %100% easy doc with 550credit score people stopped making mtg paymenst, only 3% of loans in nation are in foreclosure, but all mtgs have been labeled "risky" invest. thats like labeling all preachers wives murdering sluts because that one chick did her preacher husband in , after he made her wear hooker pumps. come on, its all about fear, and its out of control.Warren buffet saw how ridiculous it was and took a buy position in goldman sachs, and lost millions, its bigger them him, the fear is non stop and non sensical...everyone said i was stupid, but i won more matches on match game.....BRETT SOMMERS

personal responsibility said...

"If there is anyone to blame this housing crisis on its the banks, they caused the foreclosure mess and downwards spiral of prices, not real estate agents"

Umm, the banks? Please! People CHOSE to buy these properties. THEY set the price themselves in agreeing to the price THEY paid.

Let's get down to brass tacks here. People must be held responsible for the decisions THEY made. The banks simply made the capital available to people to help them follow through with THEIR decisions. If you're going to blame the banks, hell why not use the other side of the coin and blame the people -- the banks are the victims -- banks set lending limits based on the fair market value of the property which is set by all the buyers willing to pay the amounts they were.

I'm so tired everyone being a victim, take responsibility for your decisions! Risk and reward, its a two way street. No one put a gun to your head and told you to sign.

PEOPLE decided to invest in property and there are risks to that. They set the price by signing on the dotted line, not the seller, not the agent, not the banks, not the government. This may not be a very compassionate thing to say, but sorry, if you didn't realize this at the time, you probably shouldn't have been signing on the dotted line in the first place.

All investments involve risks and if you're willing to put a significant amount of your net worth on the line, you damn well better be prepared to deal with the worst case scenario -- I know you'd take all the credit if it goes the other way.

Anonymous said...

pollylanda (were you also 'Anonymous 9:59AM' yesterday?) I'm not a broker, so I only have 'guest access' on the MLS website. That's why Redfin.com is helpful, you can search for recorded sales. (Please see my posting from last night 'Anonymous 10:52PM' with nearby sales over the last year.) I'm not familiar with 'viewsite' but if you meant that one of the brand new Viewmont houses recently went in escrow for $7.1 mil, then wow! That's $750,000 more than the price paid for 1724 Viemont in May! The 'Esquire House' on Doheny is not exactly a comparable property. The owner is offering "to carry up to $5 mil." and it's 2 stories with 7,200sf... I'll be curious to see how much it goes for, it is definitely top-of-the-line!

Anonymous said...

you people are idiots, banks are too making loans

just not to people with no money and no credit.

have a downpayment and good credit and there is no problem getting a loan. which rich people buying these homes have.

Anonymous said...

but the problem personal responsiblity is the bank got greedy and made loans to people who never hsould have had them banking on that the market would continue to rise and even if they forclosed the property woudl be worth way more... didn't happen, to o many foreclosures and they crashed the market... yes, it is everyones own fault if they can't afford their house but the bank starts the whole problem by making subprime loans a normal practice.

Anonymous said...

I am so tired of all the blame game.

Point blank, this is a market which we all take place in and there for are all to blame for what happened. Real estate agents don't set prices, the market does they simply facilitate the transaction that the market supports the house is worth via comparable sold properties.

Buyer's stupidly bought thinking the market would continue to fly up and doing the American way of buy the most you can possibly afford to pay each month, not what you can feasibly pay off. People now days buy never expecting to pay off and actually own their home, a mortgaged property is a liability not an assett.

Banks made BAD loans, these loans are investments for the banks, the banks got greedy gave money too freely and now want us to feel bad that people aren't making payments and are forclosing. The banks NEVER should have made these sub-prime loans to people with no credit and no down payment.

As for availablity of money, its all hog wash, there is still plenty of money in the system,as Anon 10:24 said, you just need decent credit and a down payment. Everyone shouldn't be able to own property if they cannot get the down payment and manage their credit, those are the prerequisites to owning and now in the future will come back into the picture.

Anonymous said...

The Big Lebowski, is all i can say

pollylanda said...

Anonymous 9:12... why bother using, redfin,zillow, or any of those sites in the hollywood hills, they are useless, the viewsite was not one of the new construction. the house on viewsite was featured on this site, it was bought by dane cook, before that owned before that by guy from vegas who bought it from the divorced wife of the producer who killed him self in the house. I like this stuff, so my information accurate. if you want more, again featured on this site, ryan phillipe on rising glen, not a pretty house, i am sure he will gut it, but 7million plus for 8,000 sq ft that has to be completely redone.

dr. toni grant . the love dr. said...

I like it when someone posts , lets stop blaming, and then goes right on blaming, is it the borrower who thought he could make payments cause his income kept going up?is it the bank that kept doing loans to him and his friends cause they had a sure fire place to sell the loan on wall street who then packaged them as "secure"mtg backed securities and sold them off to pension plans, ect.. around the world where little towns and school districts got the shaft when it all exploded? its not important whose fault it is , but for some reason, people are really into finding someone to lynch instead of helping those in need, so what if in that mix, one "greedY" investor, or banker, or person who should have known better to not live in a fire zone, equake zone, drink hinkly water, or whatever it is, SO WHAT, the majority are people in need, and if your life is great, happy , successful, thats nice but try to find some empathy, watch jim cramer sometime , he knows his shit

Anonymous said...

I live in LA but am not currently buying or selling a house in LA so I don't claim to have any real expertise about economics or the current state of the mortgage business. I do however, follow real estate closely (no, I am not an agent) and here's what I see.

Whenever I turn on the TV or talk to one of my real estate agent friends or have a look through the mls/redfin/trulia etc. I'm constantly seeing and hearing that money is tough to get (unless you have a lot of cash for a down payment (20%+), have very good credit (over 700) and a very high (and very stable) income.

Here's what I see in the LA neighborhood where I live...As recently as earlier this year, crappy 1,200 sf, 2 bedroom houses in my neighborhood that easily needed 1-200k in renovations were routinely selling for $850-1M. Houses with some upgrading and updating in clean shape went quickly for a million or just over. Easily...some of the larger houses went for 1.4-1.8M.

While that may not be a lot of money for rich people who make 4 or 500k a year, it is an impossible sum for most people. Do you know how much money one has to make in order to qualify for a traditional (jumbo) mortgage like that? Far more than most people, even most upper middle class people make.

By my unscientific calculation, in order to qualify for an $800k, 30 year fixed jumbo mortgage at 6.5% (which would be a fairly low jumbo rate) one has to be bringing in about $250,000 per year. That's without ANY other non-mortgage debt (i.e. student loans, car payments etc).

Again, I'm not in the mortgage business but my calculations show that computes to over $5k a month BEFORE taxes (which in CA are generally just over 1% of the purchase price, let's say $10k per every million, which is a low estimation). Add in taxes, insurance, maintenance, utilities and you were easily talking about a 6-7000 monthly nut for a decent "starter" house in my area. Now let's be honest, how many households can afford that kind of money?

Now that no-doc and no interest loans are drying up like rain in the desert (as well they should), I'm seeing house prices plummet. Yes, plummet. Houses that 1-3 years ago would have been snapped up for 800k are now languishing at 650 and 725. This is in what would be considered a solid, studio close, stable, upper middle class but by no means fancy neighborhood.

Of course, real estate agents will tell you houses are selling all the time, but with access to the internet it's very easy to check out what's really happening. Are there sales? Yes. Are there some sales at higher prices? Sure...but it looks like far more sellers are reducing reducing reducing or their properties are sitting sitting sitting.

Right in my (desirable but modest) neighborhood there is a pristine three bedroom 2 bath house with a swimming pool that appears to be for lease now after not selling at $870 (no price reductions). Another 2 bed piece of shit was priced at 720k originally, it's now being offered at a short sale at 620 after more than 250 days on market. Another well maintained, 1600 sf 3 bed 2 bath house with a big backyard a few blocks over sitting and sitting for months at $699.5. Another giant fairly new 5br, 3ba house not selling at 1.15M after 240 days on market. Another 3b3ba offered as a short sale at 999k after 225 days on market. Another perfectly renovated 2500 sf, 4b3ba house with swimming pool sitting after 135 days and a $100k reduction.

Why? Well, it's certainly not that no one wants to live in this 'hood anymore, it's more likely that it's increasingly difficult for people making 2-300k a year (which is a LOT of money) to qualify for a "starter" house in this neighborhood. So what happens when people making 2-300k a year can't afford a starter home in a modest neighborhood? Do I need to answer that?

I'm not trying to be doom and gloom, I'm just giving one example of what's happening in LA real estate right now.

Anonymous said...

well, like everything else, there is opportunity that exists, its always the same psychology... watch what the masses are doing and then very cautiously go the other way, right now, one has to be extrem cautious, but because of all the doom and gloom people will dump good properties, I believe that if you can rent something, study the facts, don't listen to realtors or neighbors, see what something has actually rented for , and if it will come close in this market to covering the property then its a great deal. in bh and especially hlly hills little 1,000 sqft houses can rent for 4,000 mthly. and places are still bringing in high rents in west hllywood, and more high end condos are being built.

Anonymous said...

It is very simple

if you cannot get a nice modern home in the hills or in malibu for under a million do not buy (payment 10k a month)

if you cannot get a estate in BH for under 4MM do not buy (payment 50k a month)

if you cannot get a starter home in a nice part of LA for under 100k do not buy ($1000 a month)

do not believe the hype

wait and prices are soon to go down to pre 1990 levels very soon

Anonymous said...

a million dollar "modern" home at 1,000,000 with 20% down would be 5,000 per mth on a thirty year fixed add taxes that 6,000per mth...not counting the tax savings benefit. where do you get 10,000 monthly?

Anonymous said...

bev hills, 4million 30% down, 2,800,000 30yr fixed monthly $17,000 mthly taxes 4200 per month, fireins 400mth total $21,600 .. now where is the $50,000 montly? i have watched many of the comments on this board , and mostly i think the negative ones come from the "fans in the bleachers who do alot of "monday morning quarterbacking" probably never owned a property , were angry when real estate and probably stock market was going up and they watched those who stepped out and lived life, and risked, and did their best, but did not sit on the counch waiting for the day when these others who are too afraid to live life, finally got a chance to say, oh, see i toldyou so, the sky is falling its awful, see see see i told you so, well, these types never do anything, never buy a property or a stock, just like to drive by car accidents and scream oh, they got what they deserved, they should not be driving so fast.. bla bla bla

Trudy Styler said...

You're probably right 11:56. Many naysayers probably just enjoy pointing fingers at people in trouble.

The realities of a capitalist market is that things go up, things go down. It's always been this way and always will.

So it only makes logical sense that after the dramatic run up in real estate prices (for whatever reason, nefarious or otherwise) that some sort of price correction would occur.

I think the truly angry are the folks who "stepped out and lived life," bought a house at the height of the market on a non-traditional loan, took out an line of credit to redo the kitchen and now find that their 1.5M "investment" (or whatever) is not worth 1.5M anymore.

Will it be again? Sure, but not next week, next month or probably next year either and maybe not even the year after that.

For anyone to pretend that this fucked up financial situation isn't going to have a real and serious affect on the quote unquote "value" of real estate seems foolish.

You can't have falling wages, increasing joblessness, a tanking stock market, a faltering banking industry, economic difficulties in major economies like Britain and Japan and also have increasing (or even stable) real estate prices. These things are interconnected, one does not move very far without the other being affected.

It's not about screaming and yelling about how the sky is falling, it's trying to understand the economic ramifications of what is happening out there and how to deal with it. And make no mistake, what is happening with the economy is major. MAJOR.

Anonymous said...

Sure its major, but the whole world is about CHANGE now, if you look back at 911 and how humans are like ants, it went from "oh we are all going to die" to less than a year later, it was on to something else, no one forgot but people are more and more resilent. things are moving faster and faster, no matter how big, the headlines today are hardly remembered in a couple days, there is so much stimulus people just move on, it cannot be ignored that people ARE paying huge rents in los angeles. many people on the sidelines and like they always say, don't wait for "bottom" cause few actually buy at the bottom. by then its already started up, so yes definetly its a time to be cautious, but horrible, terrible things can happen, and people in 2009 are like ants, just pick up move on , start over, its not the same as 1929. its a totally different world.... People always need a place to live, they rent or they buy, but they have to live somewhere, and some business s and people are still making a good living.not the large numbers as before but the doom and gloomers are always around but never site statistics or facts just blanket doom and gloom. read up on what young attractive billionaire TOM GORE has to say about the economy right now, he says its all an illusion and since he is worth billiones at such a young age, i would say he probably is a smart guy

Anonymous said...

Anon
how do I know ????

I own and have owned homes from 500k to 5MM

try owning a home and then tell me what your payments are and you will find that they are 20-30% more than you were told

Anonymous said...

Anon
how do I know ????

I own and have owned homes from 500k to 5MM

try owning a home and then tell me what your payments are and you will find that they are 20-30% more than you were told

Anonymous said...

average idiot joe strikes again at 2:43.

"try owning a home and then tell me what your payments are and you will find that they are 20-30% more than you were told"

If they OWN a home, and tell you what their payments ARE, then that is what their payments ARE. Who is going to tell them that their payments are 20-30% more than their payments ARE?

Perhaps your pea brain was attempting to say "get a payment estimate on a loan you are applying for and you will find the actual payments end up being 20-30% more than you were quoted intially"?

That is a distinct possiblity and happens when the loan approval turns up information you "forgot" to list on the initial application. Maybe you "misjudged" the down you can make, or made a little "error" in stating your income. Or forgot to list that those loan defaults that turn up on your credit report.

Somehow I suspect you are talking from experience of having these types of things happen to you.

average joe :[) said...

anon that was not me

YOU DUMBASS BIRD TURD SHIT WORM POOH OF A BROKE ASS WHO DOES NOT HAVE A LIFE SO HE OR SHE MUST TROLL ON HERE AND FUCK WITH OTHERS !!!!!!!!!!!

carla in california said...

Reading all of these posts brings to mind an article I read in Money magazine a few years ago regarding a incredulously stupid couple that wanted to live in a home in Santa Barbara so badly, they gave up their financial freedom for God knows how many years.

Essentially, the article detailed a woman who interited a house, A FREE HOUSE, from her late mother, but chose to sell it and use the money as a down payment to purchase a million dollar plus home that, initially, she and her doctor ($200k/year income) husband didn't have the money to buy without a large down payment.

First of all, this stupid woman had A FREE HOUSE! Instead of selling it for $217,000 and using it as a partial down payment to live in Santa Barbara, why not live cheaply in "mom's house" until the bank account rises to a respectable level? Cash is King! Cash is always respectable.

Secondly, she and her husband sold the home they were currently living in, paid the bank the balance and added whatever profit/gain obtained from the sale to the $217,000 from the sale of the inherited house as a down payment for this "I'm willing to sell my soul to the devil" house in Santa Barbara. UNBELIEVABLE!!

Thirdly, after Money Magazine crunched the numbers.... comparing monthly income and expenses, it basically stated this "successful couple" was "barely making enough" to cover the mortage and other monthly bills. WTF???? What kind of stupid doctor agrees to such a lifestyle when it could have been avoided?

In THIS scenario, I blame the buyers. F*ckin' Idiots! I can't believe I still remember this stinkin' article after all of these years! Stupid! Stupid! Stupid!

Now, how many of us believe this stupid couple were one of the many who succumbed to foreclosure for whatever reason? Hmm????

Anonymous said...

You've to be able to afford the house , maintence / upkeep , property taxes , insurance , and it's going to cost you $$$$$$$$$$$.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

On Forbes Mag , they were talking about Hollyweird saying .

To considered living in Beverly Hills , BelAir , etc you've to
make this amount Per year .

$1 million - $500 million = Poor

$501 million - $1 billion = Rich

$1.1 billion - $ 70 billion Super Rich ......

Christina Wash said...

I suppose that she thought that the privelage of living in a house previously inhabited by her was worth the million dollar mark up lol!

loan modifications california said...
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