Category — real estate

Despite the current mortgage crisis in the U.S. and the fact that homeowner equity is at its lowest point since 1945, there are wealthy people buying multi-million dollar houses. As in $49 million for a 29-room townhouse. Wow.

Personally, I don’t know anyone with that kind of money but I have known a few millionaires over the years. In my mind, owning a million dollars in property is attainable, and it’s a starting point for more wealth. (My father used that base to build up to several million in property in the 1980s, though he overextended himself and lost a lot of it.) That’s my answer to “If I had a million dollars.”

But I wouldn’t buy a single home for a million dollars. Some options:
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The U.S. economy is in a recession, according to Warren Buffet and others. Home foreclosures were at an all-time high in the last quarter of 2007, and in some places such as parts of Florida, condos have been discounted down to 50%. If you’ve got the money and the patience, you could make a killing in real estate, buying when everyone is selling. That’s the prosperity mind, but it’s easy if you already have the money. (However, I don’t see this recession lasting long, espcially if a Democrat wins the Presidency. So if you have the money, you might consider some real estate.)