Dream House or Nightmare?

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  • Posted By: Ilovethebeach @ 10/18/2007 2:02:38 PM

    Enter Your Comment

  • Posted By: Phish @ 10/18/2007 2:02:36 PM

    People used to buy homes to live and raise a family in...not to buy low and sell hi. It's that mentality that has caused part of the housing bust. People looking at a home as investment first and a place to live second. In this particular case, if they "love" their home, have no problem making the payments on it, and part of the money they used to build it was given to them what's the big deal. I never recall hearing my parents worrying about what thier home would appraise for if they put in granite counter tops and spanish tile floors in the bathroom. Just like the stock market, what goes up must come down and vice -a-vers-a. The market will rebound. As for that lifetime warranty on their roof, why put the extra money in a roof like that if they didn't plan on living their until they died.

  • Posted By: lesson1 @ 10/18/2007 1:47:02 PM

    Interesting article. Rogers, Hope everything works out for you. Meanwhile, enjoy you health.

    • Posted By: rogerally @ 10/18/2007 2:02:19 PM

      Thank you for your kind words. I'm sure it will.

  • Posted By: she27 @ 10/18/2007 2:02:18 PM

    Poor Roger...Give me a break!

  • Posted By: AngieRios @ 10/18/2007 2:00:13 PM

    Why was this article even written, they have a big house and don't want or need to sell. So what is the problem? I am a realtor in Texas, people are losing their homes because mortgage companies put them in overpriced loans.
    There are plenty of "bargains" out there. Buy them, rent them till the market is better, then sell them. These are "clearance sales" people, if you have the money or good credit get them while you can.
    Don't sell right now if you don't have to. And if you don't have to sell, don't worry about the market. It's that simple. These websites that give you an automatic response to home value are unreliable. The housing market will come back, it always has. Don't forget the savings and loan problems in the 80's, the market will came back. Stop worrying about what-if's.

  • Posted By: jmad @ 10/18/2007 1:59:32 PM

    It's great to have all of the extras, but what most people don't realize is that you cannot price your house based on the extras. Most real estate agents run comparables (compare properties at the same level in/around the same area) and the majority of homes do not have the whole house stereo or the hurricane proof windows. Basically all the little extras in your home should be seen as "freebies" for the future owners. Seeing your home as an investment is great, but it's good to keep in mind that not everyone values the same things that you do. You may have a theatre room in your basement, but the only people that can afford your home don't share the same love for movies. Basically you just lost all the time, money, and effort that it took to put that room in. Keep it simple so that future buyers can see what changes they can make and don't feel bombarded with the amount of personal things that are going to have to be changed/removed.

  • Posted By: Busco @ 10/18/2007 1:59:32 PM

    Again the Main Stream Media pedeling doom and Gloom to fit the aggenda. I live in Hawaii while the rest of the US was riding high on the tech wave my property value drop 50%. You know what just as Joebuyer and Kevica has said he has a really nice roof overhead quit moaning. Instead of demanding instant 50% profit enjoy the house be grateful what you have and when he sails the property in five years for 1.5 million let see you do a story about how much money he made in the real estate and how upset he is when he has to pay all the taxes on the capital gains!

  • Posted By: Gene22 @ 10/18/2007 1:58:39 PM

    Too bad, so sad. If the housing market had not crashed, we would be seeing sob stories about how the high cost of buying a house. These people took a chance and lost. Deal with it.

  • Posted By: greedkills @ 10/18/2007 1:58:35 PM

    Enter Your Comment

  • Posted By: LaramiK @ 10/18/2007 1:58:34 PM

    I agree with jva123. Just enjoy it and live in it for a long time. Spend a few holiday seasons in the house, have some great parties. Fill all of that empty space up with memories and you won't want to leave it.

  • Posted By: asimpson @ 10/18/2007 1:58:04 PM

    I am a realtor in the mid-west, where not many home owners have the luxury of designing and building their "dream home." I agree with the comment that said if it is your dream home, why worry about the resale value? Any specialty upgrades that aren't standard in most homes will never realize a full return on the investment. However, when everyone elses homes are being blown away or damaged in the next hurricane, you'll thank yourselves for the harsh weather-resistant windows, roofing and generator that most others probably don't have. The part of the country I lived in had many people suffering in their homes, trapped without heat or power for days, from last year's blizzards that plagued the mid-west. Then, over this past spring and summer, several more suffered wind and hail damage to their windows and roofs. You have a very lovely home and are far more fortunate than most. Maybe you should just count your blessings.

  • Posted By: Mariel in California @ 10/18/2007 1:38:49 PM

    First of all, your home is the single largest investment you will make (regardless of whether you plan on selling it in a few years, or living in it for 30 years). Speaking from someone who is currently shopping for a home (in the same dollar range or more and larger size), I've seen it all in the past 3 months. I've seen "custom homes" that were designed by couples that are oppulent and not marketable. Dining rooms at the other end of the house from the kitchen (the wife didn't want guests to see dirty dishes) to bedrooms that were cut in half for a computer alcove for their children. Designs which any good architect would talk them out of. So, there needs to be a marketability factor with all home designs. Everyone thinks that their taste in homes and decor is flawless; it's only the smartest people that will enlist the aid of a good architect (not the contractor alone) and also stage a home for sale and appeal to all the general public.

    As for this couple, the real estate market will come up once again, maybe not in 2008, but probably by 2009. I cannot imagine investing in a million dollar house with the thought of 'flipping' it in a year or two. As a minimum, I would look 5 years out if I wanted to upgrade or downgrade. My advise: Don't worry about it now. Set your mind on keeping it marketable, and wait until the market is more favorable to sellers.

    • Posted By: seekingworldlywisdom @ 10/18/2007 1:56:11 PM

      Mariel, IMHO, you have a 'incorrect' idea here just like a lot of folks in big trouble right now that is - A house IS NOT an investment'. A house is an expenses just like a car, you used it to shelter and you can buy a nice one if you CAN afford. That is it, no more no less. You said "your home is the single largest investment" nop, it's a largest expenses not investment. If you buy something that goes up in value with time and give you CASH every day, that's investment for ex. you buy Coca-cola stocks at 40s last year, that's an investment, it pays dividend every quater, increases dividend EVERY Year. Buy the house that you 'think' you can afford it and live in it.

  • Posted By: usmer1 @ 10/18/2007 1:54:59 PM

    I am tired of people whinning! Roger has the house of his and his families dreams and is worried about how much it's WORTH! From the article it doesn't appear like there are any problems in affording the house or making the mortgage and they have plenty of equity so what's the problem. If he is so concerned about its' worth, as always the markets will turn around in a few years. I didn't even read mention of any plan to sell and move; just whinning about its worth. Come on! There are more important things to be concerned with.

  • Posted By: scar0013 @ 10/18/2007 1:54:21 PM

    I am so sick and tired of hearing "sob" stories of the rich and well off. These people live in a luxurious million dollar home. They don't seem to be having any trouble making payments. Investments are risks!!! That is why they are investments. The market is terrible and yes they will lose money. But let's talk about a much more common problem.
    I know of a couple that bought a "new" townhome 2 years ago at 100% financing. They thought they would live in the property for 2-3 years and sell for a modest profit of $5-10,000. Now they can't sell!!! They keep plugging away making there payments on time in the hopes that eventually they will be able to sell and buy there "dream home".

  • Posted By: palmettosc @ 10/18/2007 1:54:13 PM

    It is pure and simple greed that has the market the way it is today. Greed of realtors. Greed of Bankers and Mortgage Brokers. Pushing the so-called newer-bigger is better on people is disgusting. Your value was inflated to begin with. Throw your pity party elsewhere. Meanwhile, we middle class will buckle down in our affordable homes (I have no problem paying my mortgage because I bought a house I could afford as well) and get ready to bail the industry out of this mess. Even if I hadn't planned to stay in my house for thirty years - I guess I will have to now so joing the club (and I don't mean the country club)

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