I think there are some broad generalizations being made. A lot of people that have accumulated the wealth needed to afford a $4mm house got that way because they invested wisely and didn't squander money. I agree that people that drop that kind of coin on a house will likely want to make improvements to make the house fit their tastes. I don't consider replacing a furnace, a roof, etc. an improvement. It's deferred maintenance the prior owner should have done and reduces the budget for putting in flooring, kitchens, etc. If someone is looking at that house and seeing plastic adirondack chairs all over the back yard, a roof covered in pine needles, etc. I think a pretty fair question to ask is what kind of care of the house did the owner take.
Regarding the price tag, that neighborhood is around the corner from me and is really nice but that house isn't a $4mm house.
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