Quote:
Originally Posted by BroadHopper
If anyone follows the real estate of Mcmansions, those who built one ended up losing big bucks I don't feel sorry for them at all!
To me its like payback for demolition of a perfectly good 'On Golden Pond' nostalgic fishing camp and putting in an 8000 foot Adirondacks that is more suitable in the Adirondacks.
Family had an 1892 fishing camp that was once a brake man's house on the old lakeshore railroad. We sold it when we can no longer pay the outrageous taxes. The new owner teared it down and built a humongeous mcmansion only to foreclose within a few years of ownership. About that time, 2007, the property did not meet minimum bid at auction and was 'abandoned' by the bank for a few years. The bank did not drain the pipes and substantial water damage was made. Vandalism took its toll. The bank eventually sold the property for less than what we sold it for. New owners tore down the 'new' mcmansion and built a bigger one at the same spot, only to find out they violated wetlands definition of building on the same footprint. Instead of fighting they left the property for the mortgage company to take care of it. Mortgage company had it off and on the market for about 1.3 mill. No takers yet. One of the mortgage executive is currently using the property. I'm surprised it wasn't torn down to satisfy wetlands.
I don't think mcmansion owners make money selling their property.
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Wow, that is quite a story. That's a lot of bad luck or s-o-m-e-t-h-i-n-g.