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  #1  
Old 06-23-2009, 01:50 PM
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Thumbs up $5 Million in lost property value

I think I posted this ad about a year ago when Hattie and I were talking about crazy houses in CT but I cannot find the thread that would show the exact date (An easy search somehow became an impossible one) Point is that it was $14 million then and is a nice 9 million now. Hopefully it keeps going so i'll be able to afford it

http://www.raveis.com/propdetail.asp?STATE=CT&FROM=propfind&PG=1&LASTPG=17&TOTAL=82&KEY=2324982&FSTKEY=2324982&LASTKEY=2637983&sortdir=ASC

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  #2  
Old 06-23-2009, 02:09 PM
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And I still want it.

Lets see if I get it for $8m, which seems like a decent buy:

$2m down:
Finance $6m @ 5% for 360 months=$32,209.30 a month.
Taxes sound low as hell, but maybe they have something going: $38,511/12=$3209.25 a month.

So $35,418.55 a month, plus insurance and utilities. I'd WAG probably not much less than $40k a month when all thats figure in. The electric bill is probably $1k a month.

So I'm going to need 40 rental condos @ $1k a month to do that. Its doable, maybe I'll buy it from the next owners in 20 years.
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  #3  
Old 06-23-2009, 02:11 PM
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In this market it will probably take another 3 years to find a buyer...who knows, might only be worth a million then

I watched a video the other day where houses in Detroit suburbs are worth, get this $1,000-$50.00 and still not selling.....
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1982 300GD Carmine Red (DB3535) Cabriolet Parting Out
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  #4  
Old 06-23-2009, 02:21 PM
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You can buy houses in Bridgeport for not much more than that. I have seen lots go for $10k.

You can have them, I wouldn't take one of those properties if they tried to give it to me. I don't want to have to carry a gun to work, and always look for someone trying to rip me off.

High end RE always takes a beating, and anything over $1m is pretty dead right now. That property will probably come down a bit more, but not that much.

Right now the lower middle, IE low $300k range seems to be where you can still make some money.
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  #5  
Old 06-23-2009, 02:27 PM
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Well if you buy cheap theres always a catch.

Think its possible to by up a block of dirt cheap houses to knock down and build a few apartment towers?...Possibly take advantage of some state funded neighborhood cleanup program?
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1982 300GD Carmine Red (DB3535) Cabriolet Parting Out
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  #6  
Old 06-23-2009, 02:40 PM
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People have tried, it can be done but its a tough battle. Thats really the only way I would ever be interested in Bridgeport. I'd want to buy the raise the whole block so I had some control. You would need to get the city on board because zoning and streets would have to be changed.

Problem is in this market money is hard to come by, so finding the funding to do such a project would be challanging to say the least.
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  #7  
Old 06-23-2009, 02:53 PM
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Quote:
Originally Posted by Hatterasguy View Post
People have tried, it can be done but its a tough battle. Thats really the only way I would ever be interested in Bridgeport. I'd want to buy the raise the whole block so I had some control. You would need to get the city on board because zoning and streets would have to be changed.

Problem is in this market money is hard to come by, so finding the funding to do such a project would be challanging to say the least.



Here you go, I nice patch of grass thats ready to go and with easy access to the highway
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  #8  
Old 06-23-2009, 02:54 PM
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Buy low, sell high

What goes up, must come down

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  #9  
Old 06-23-2009, 05:18 PM
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Look at the grass south of the highway, someone else has been trying for years. Trump bought into that one for a bit, but backed out.
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  #10  
Old 06-23-2009, 05:32 PM
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Quote:
Originally Posted by Hatterasguy View Post
Look at the grass south of the highway, someone else has been trying for years. Trump bought into that one for a bit, but backed out.
Right on the beach and close to Fairfield with a marina to boot. Luxury condos anyone?

Although the only way that would work would be to disincorporate that area from Bridgeport and give it its own name or no one would want to admit living there
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1982 300GD Carmine Red (DB3535) Cabriolet Parting Out
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1991 350SDL Blackberry Metallic (481)

"The thing is Bob, its not that I'm lazy...its that I just don't care."
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  #11  
Old 06-23-2009, 06:06 PM
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Damn, 5 million out here will get you a good chunk of land, a helipad, private dock on the lake, 2 pools.... you get the picture.
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  #12  
Old 06-23-2009, 06:07 PM
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Damn, 5 million out here will get you a good chunk of land, a helipad, private dock on the lake, 2 pools.... you get the picture.
Number 1-Welcome back
Number 2-YOU MISSED THE MEET
Number 3-400 acres can fit a lot of helipads and pools...
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1982 300GD Carmine Red (DB3535) Cabriolet Parting Out
1990 300SEL Smoke Silver (Parting out)
1991 350SDL Blackberry Metallic (481)

"The thing is Bob, its not that I'm lazy...its that I just don't care."
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  #13  
Old 06-23-2009, 06:13 PM
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Quote:
Originally Posted by Fulcrum525 View Post
Number 1-Welcome back
Number 2-YOU MISSED THE MEET
Number 3-400 acres can fit a lot of helipads and pools...
Ha, thanks. Being busy sucks.....



Yeah, you can do quite a bit with that amount of land....



Hmmm, I wonder how many cars will fit there.....
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  #14  
Old 06-23-2009, 06:14 PM
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Originally Posted by iwrock View Post
Ha, thanks. Being busy sucks.....



Yeah, you can do quite a bit with that amount of land....



Hmmm, I wonder how many cars will fit there.....

It only needs to fit an SDL an SEC and a SWB G.
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1982 300GD Carmine Red (DB3535) Cabriolet Parting Out
1990 300SEL Smoke Silver (Parting out)
1991 350SDL Blackberry Metallic (481)

"The thing is Bob, its not that I'm lazy...its that I just don't care."
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  #15  
Old 06-23-2009, 06:20 PM
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Quote:
Originally Posted by Fulcrum525 View Post
It only needs to fit an SDL an SEC and a SWB G.
Ha.

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