MANSIONS for CHEAP? Where? How cheap?

Well what's your idea of a mansion? Of cheap? Of the "casual buyer"?

Answer those and give some more info and we can help.
Texas is really a great state to get a "cheap" mansion, a house that may be $15 mil in Cali may be $3 mil in the outskirts of Dallas. Austin is a very "happening" place both in real estate as well as the people. It is a very hip, fun and vibrant place to live. Wether you are into nature, shopping, nightlife whatever, there is something there and it is constently growing with residential and retail investments. While the rest of the nation is heading downwards Austin is enjoying an upswing with many large corps coming over to stimulate the local economy.

 

several places in FL like Miami area, South beach area, Ft Lauderdale, and other parts of the state mansions can be had for 50% off or more

$6M mansions going for $2.5M or so, its still cash but a lot less cash

 

And bigger than the $15 million Cali home, as well as more property.

 

Who did you hear this from? RE agents?

It's true that the market is in a major down-swing, but if you buy now you're only going to be a knife-catcher. I think we've got another year or two before there are some 'amazing' deals, and even then they're just going to be priced accordingly for what they are.

 

plus no cali laws to follow...

 

There was an article on reuters two weeks ago on foreclosures in Loudon county VA (Washington DC metro area).

I don't really know if properties are going really cheap but this is what they claimed....

http://www.reuters.com/article/topNews/idUSN0130613220080407

 

Do you get the feeling the market’s getting a little tough in Las Vegas?
Image Unavailable, Please Login

 

I am not sure this is true. The indications I have read are that the very high end market has sustained price growth over the past 2-3 years. Where are some examples of these $6MM homers selling for $2.5MM or so?
Most of the discounted properties are the $200-500k homes.

BT

 

I have to wonder if the larger homes in this price range might stay down for some time. Considering that the cost of utilities have increased greatly, there may be a mindset change toward smaller homes. For example, the cost to heat our house has tripled in the last five years, and electricity rates went up 26% on April 1 where I live. In 2004 our total utlities was about $3000. This year we are on pace to be about $7000. That is a significant jump.

You might be able to buy 5000 sq ft in Topeka for the same price as 2000 sq ft in Chicago, but can you afford to heat and cool it?

 

my gf used to work at Sotheby's real estate, she told me about some mansions that went into foreclosure and auction

Also there are some penthouses and very nice apts in SoBe that have dropped considerably

 

I guess this may be regional or even smaller in scope. The Palm Beach county real estate (which is within an hour of Miami) has held steady at the top end, and even increased on the island of Palm Beach. My local clients that have done spec houses in the $4MM plus range have held them for 1-2 years, but have not reduced their prices at all really before selling. The homes I design in Scottsdale are $3-5MM and the prices are either steady (holding out for top dollar), or reduced a maximum of 15% if the house has problems.
I hear what you are saying about utilities, but it is similar in autos. Someone driving a 430 getting 10-12 mpg will be paying 3X the cost for the gas to drive it, but they are not going to trade it in for a Honda Fit to save a few $$$ on gas. They are part status symbol, part luxury, part fun. All things the very wealthy will not give up to save what amounts to a very small amount of money relative to their net worth. The bold will continue to be bold, and want the most expensive, largest homes available.
BT

 

Is that for real? Their site is really crappy and doesn't have any pricing info...

I would love to get 2 for 1!

 

I work in shortsales and foreclosures and I think the best deals are on "McMansion's". The super high end stuff hasn't really changed much at all. In my area, houses in that retailed in the 600-1.5 million range can frequently be purchased at about a 50% discount from the bank if you hassle them enough. This varies all over though. I have deals in Arizona and the discount is much greater.