Dream House or Nightmare?

Are we suppose to feel sorry for Roger Elliott and his family? No, I don't think so. With so many people strugging just to make ends meet and some less fortunate than that, this man and his wife could have put their money to better use than building a "Keep up with the JOnes" home. Perhaps he should have thought about building two less expensive homes and helping someone out by providing a lower rental home while still maintaining his investment for the future. Instead of spending everything on themselves. I cannot believe how greedy people are ... never satisfied ... always looking to make money on the next fool. Anyone that can afford to build a $750K house should not be crying or whinning about home prices dropping. Get real ... How embarssasing and shallow can one family get? Maybe all single parents with children who struggle every month to keep a roof over their heads ....should throw the "Elliots" a "whine and cheese" party!

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What people fail to realize is, that in any market boom the LAND is whats valuable, The home will never appreciate at the rate the property will. If they were to have bought a peice of land that was somewhat unusable and developed it, they would see a return against a rising market. Upgrading a house will never provide the same rate of return no matter what.

The poor rich man!!!! I have to believe -Roger being a contractor had to have seen this coming within the housing market , if he didn't then he is a fool. As far as the pricey upgrades those are personal chioces- you can not expect someone else to pay extra for your taste. Again if he did not know this prior to building this house =he is a fool. People losing their houses all over the country because they choose not to see that they could not really afford their house or they recieved bad advice never the less they are losing their house. Then we have a "fool" that can afford his house crying the blues over value!!! How long has Roger been in the building business? If he doesn't know by now that it always turns around--he is a fool! I'am in the construction business and my wife is in the medical field. Roger and his wife make a good coin. Stop crying suck it up and move on! "POOR RICH MAN AND HIS RICH WIFE"---fools!

Life is way too short to worry whether our not your "Investment Home" is going to "Pay Off". Life is to LIVE. If you are lucky enough to be able to designand build your perfect dream home and you can afford it . . . enjoy it!!!. Don't even think about whether or not it is going to pay off, enjoy it. "I feel angst", he says. Give me a break. Life is too short!!! He sounds like the type of person that is never able to relax and will never be happy. So sad!

i think its kinda crazy with the entire housing issue i just think the Elliotts housing issue is different. if its the dream house and the built it, with sounds like plans for long term so why do they care what it will sell for now. things may change in 10 years. if they plan on moving soon they ya i'd be upset too but if not who cares at least you have your dream house. because they are not worried about payments, just make it a home and be thankful you have one.

I'm sorry this happened to them, but a primary residence is exactly that, a residence - a place to sleep and raise your family. America is suffering right now because we have been marketed into believing that the appreciation and investment aspects of home ownership outweigh the practical aspects. Improvements are undertaken because it will "raise the resale value", not because it will make the home a more enjoyeable place to live. This is not to mention the fact that the home featured here probably WILL gain value - over the long term. We look at a snapshot of a down market and declare catastrophe, but look at the long term and while you are waiting for your "investment" to pay off, live in it, as it is intended to be used for.

Stop believing everything you see on TV, America. It ain't always true.

Boo-freaking-hoo. Give me a break. This is what's wrong with the nouveau riche in this country. Always looking to make a quick buck - double their investments. And now they won't be able to do that. Someone call the waaaambulance. If you look at old money - they built mansions to keep in their families forever and were not always chasing the next bigger better thing.

After many years of owning homes, and NOT being in the "upper middle class " to purchase homes, I have always believed that a home purchase is not an investment, and anyone who makes this assupmtion that they WILL make money on a real property sale, is just not understanding economics in its whole concept. My latest purchase was July 2005, with a planned sell date of 2008 so that my wife and I can move back to Georgia. IF iI sell for what I bought it for, I feel that I have been lucky. I NEVER count on making money on anything that I sell. If I do, then I was LUCKY. - Heck I'm living almost rent free - write off the interest and taxes...

As a contractor, Roger should have known that you never build a customized house to put on the general market. If he built the house for his family dreams, they should relax, count their blessings and enjoy it. If he thought he was going to turn it around quick, he just hit the wall of truth. Custom for your family means just that--it's not necessarily someone elses dream house.

After reviewing Zillow and forwarding it to some friends a couple of months ago, they agreed with me that the site lacks current information and grossly miscalculates estimated values for homes. It also has a lot of old information with limited descriptions. Someone visiting the site could get scared or shocked immediately. In my neighborhood, for instance, Zillow said my home was worth about $230K when the average home sold for approximately $320K over the past 20 months according to a much more reliable source, the Multimple Listing Service.

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When did a house become only an investment, and not a home? Stay in the house, make it your home and someday if you feel the need to make money when the ecomony changes, then sell.

Unfortunately it sounds like Roger and his wife placed many of "their eggs in one basket." For your family's sake, I do hope you both plan on living there for some time and enjoying your lovely abode. While it is true that home prices are falling (at the moment), it might be time to start investigating the underlying causes of this and forecast the future housing market's trend. IF the trend is for prices to continue to fall, particularly when they plan on selling, I don't see much reason to hang onto this investment. However if this is just a momentary downward trend, then stick it out. Also, enjoy the lower tax bill for the time =) (This happens on the stock market ALL THE TIME).

Unfortunately it sounds like Roger and his wife placed many of "their eggs in one basket." If they had planned to "flip" this home once built, then they are in for a rude awakening. I do hope they planned on living there for some time and enjoying their lovely abode. While it is true that home prices are falling (at the moment), it might be time to start investigating the underlying causes of this and forecast the future housing market's trend. IF the trend is for prices to continue to fall, particularly when they plan on selling, I don't see much reason to hang onto this investment. However if this is just a momentary downward trend, then stick it out. Also, enjoy the lower tax bill for the time =)

I can understand his frustration with his primary reason to build his "Dream Home" and losing equity in it if he sells it! But, the problem I have with people buildingh and living in their "Dream Home" is, that, they should be able to afford it, and live in it until they die or grow old and need to downsize. It drives me crazy that when people buy their "Dream Homes" they do it because it is a good investment! It should not be called their "Dream Home" but another name......maybe their Investment Home.... and as we all know now is a foolish Investment!!!!

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I have another comment to make. I live in Las Vegas, and I lost my MORTGAGE job over 3 months ago, and I am using up my savings to keep my mortgage up. I can not sell my house now in Las Vegas, I have equity now, but what happens in 2 or 3 more years? It is just a Gamble, no matter what.

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