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Paid 800k for mine in 2014 ( Boston area). It’s now worth $1.5M and I’m staying put. Every time I have the itch to upgrade, I spend a little bit of money to make the current place a bit more comfortable 🙃. The house is paid off and I can’t justify buying up
We own $6.5M worth of houses but two of them are revenue generating. Our primary home cost $842k when we bought in 2015 and is now worth $1.5M. I can’t imagine spending $8m on a single home but I think it has a lot to do with your overall finances. You must be doing well to even consider it, but it seems silly to complain about the cost of an $8m home when you own a $4m home.
Out of my league. I couldn't afford that if I had two partner jobs. Lol. My house is valued at $1.8m. That's enough for me, keep the money in stocks and the partnership account.
You are my kindred financial spirit 🙌
Bought my house at $1.65m in early 2023. According to all of the real estate sites, it's now worth close to $2m. 🤷 you're clearly in a very different bracket. A lot of it depends on where you're looking and the reason for moving. Are you looking at a new house for more space for kids etc. or is your current home decent enough that you can be happy in it and you're just looking for the next nice thing? If it's the latter, I wouldn't recommend it.
Insane.
Bought mine in LA for 1-17m not it would be close to 2. I would struggle to pay more than 2.5/3 for a house as I’m too tight 😂
You are insane
If you can afford it and it's in a desirable location go for it. Luxury real estate will appreciate at a much higher clip than most.
Yes, but anything on either coast in Florida/California/Connecticut/Nantucket/Etc. or similarly the mountains.
8mil? How big is it. That’s big bucks
lol why you really asking 😂
I bought an Nyc condo in 2013 for 1,090,000. Now it's worth 1,400,000 because there's a huge assessment in the building making the condos in that building a hard sell (was 1,800,000 pre pandemic). I also bought my house upstate NY 2016 for 404,000 before everyone moved here, which has now doubled and is close to 1 million. But I can't really sell my house because we live here so I am a person paying my fair share of New York State and city property taxes. But wow, an 8 million dollar house. I might hold off, but I am not at the level that can relate to that and the luxury market does very different things than the regular house market. Good luck!
My current humble abode in a HCOL is a foreclosure bought during last RE downturn for a whooping $160K. It has appreciated quite a bit since.
A question to consider might be, what is the probability of RE recession in your geo in the next few months.
MBB/boutiques v big4?
$9m for me. You loser!
Damn it.
I would look at how many years its adds before FIRE.