patrick.net

Some clown bought a 117 million house in woodside, ca.

looks like the oligarchs have some FRNs to dump into RE.

If you have that kind of money, why do you need to buy a house anywhere expensive? If I was that rich, I buy a mansion someplace cheap (and warm) on a couple thousand acres of land and hire people to wait on me hand and foot.

TechGromit says

If I was that rich, I buy a mansion someplace cheap

A lot of rich people are sociopaths that want to rub it in. You just want to be left alone in peace and pursue life without being harassed or haraassing. Not everyone is like that.

Mick Russom says

Some clown bought a 117 million house in woodside, ca.

looks like the oligarchs have some FRNs to dump into RE.

Yeah, I would like to see the tax bill on that. I was reading about a 95 million dollar apartment in NYC that had 60k a month in HOA fees!! I guess that is beyond our understanding.

People who can afford $100m houses don't really care what it costs to buy a place.

If they're buying a place in woodside, they're probably a tech executive who still cares about working.

If you love what you do, there's nothing wrong with that.

lostand confused says

Mick Russom says

Some clown bought a 117 million house in woodside, ca.

looks like the oligarchs have some FRNs to dump into RE.

Yeah, I would like to see the tax bill on that. I was reading about a 95 million dollar apartment in NYC that had 60k a month in HOA fees!! I guess that is beyond our understanding.

Usually in New York your property taxes are included in the HOA or CO-OP fees.

TechGromit says

If you have that kind of money, why do you need to buy a house anywhere expensive? If I was that rich, I buy a mansion someplace cheap (and warm) on a couple thousand acres of land and hire people to wait on me hand and foot.

Keeping squatters off your land would be a problem.

IMHO, the ridiculously high prices (20-100 mil) quoted for some of the properties may well be the result of two reasons:

1. money laundering to favored clients

2. asset allocation just like buying art, as a hedge against inflation. In jurisdictions with less than 1% property tax rate, the "storage fee" is actually lower than hundreds of pounds of gold . . . and you can be sure that the house is "allocated" and deeded, and the title not clouded by MERS in that price segment. On top of all that, you get to enjoy the place.

The townspeople also benefit by having those guys paying for their bureaucrats, thereby keeping the property tax low for the rest of the homeowners.

Further down in that article, it talks about our government is buying its own debt through these quantitative easing schemes. I have trouble wrapping my head around that!!!!

As for housing, some people have shotloads of money. I met a man who bought a house cash for 8M somewhere around Los Altos. And it was a fixer upper of sorts. He is a small player but started a company that got bought out by a bigger company. Happens all the time here.

Kevin says

If you love what you do, there's nothing wrong with that.

I ♥ collecting rent. I've gotten pretty good at it.