Do most lose money when they build a mansion?

[Amun Ra]

https://www.zillow.com/homedetails/2101-Adel-Dr-Loganville-GA-30052/98022149_zpid/

Found a ton of these mostly on the eastern side of the US where they are well over 10k sq ft and so many seem to sell for about $100 per sq ft. Does the price per sq ft go down significantly when building large or do these guys just sell at a loss just to get out of the property?

 

[elderado]

Don't have a general answer for you, but looking at that specific property, the old saying is true: for some people, the only taste they have is in their mouth.

Imagine what it would cost to remodel that!

 

[JesseJamesFinn1]

https://sacramentoappraisalblog.com/2011/06/24/superadequacy-real-estate-word-of-the-day/

 

[JesseJamesFinn1]

https://sacramentoappraisalblog.com/2011/06/24/superadequacy-real-estate-word-of-the-day/

I know idiots who built illegal ADUs and got nothing extra from the bank or buyer. She spent $500k in materials, she got $175k back. She's the only person to lose money buying real estate in Coastal CA because of illegal building and superadquency.

 

[Amun Ra]

Don't have a general answer for you, but looking at that specific property, the old saying is true: for some people, the only taste they have is in their mouth.

Imagine what it would cost to remodel that!

Really? The only think I don't like about that is like 75% of the floors. I think the rest isn't bad at all. Of course redoing 12k sq ft of floor at $5 per sq ft and you're looking at $60k

 

[Clubber Lang]

https://www.zillow.com/homedetails/2101-Adel-Dr-Loganville-GA-30052/98022149_zpid/

Found a ton of these mostly on the eastern side of the US where they are well over 10k sq ft and so many seem to sell for about $100 per sq ft. Does the price per sq ft go down significantly when building large or do these guys just sell at a loss just to get out of the property?

Looks dated IMO
And the quality of the materials look like they came straight from Home Depot showroom.
Nothing about that house has style or charm. Just a warehouse with ugly furniture.

Crazy that the taxes are only 8k/year for 19,000sq/ft on 2.5 acres
I have rental properties in the Tri state area that could fit in their kitchen that I pay 6k/year in taxes!!

 

[Amun Ra]

Looks dated IMO
And the quality of the materials look like they came straight from Home Depot showroom.
Nothing about that house has style or charm. Just a warehouse with ugly furniture.

Crazy that the taxes are only 8k/year for 19,000sq/ft on 2.5 acres
I have rental properties in the Tri state area that could fit in their kitchen that I pay 6k/year in taxes!!

Yeah, they must have found a good loophole to get those taxes so low. Seems in 2007, they were paying $33k per year.

 

[vanzandt]

Looks dated IMO
And the quality of the materials look like they came straight from Home Depot showroom.
Nothing about that house has style or charm. Just a warehouse with ugly furniture.

Crazy that the taxes are only 8k/year for 19,000sq/ft on 2.5 acres
I have rental properties in the Tri state area that could fit in their kitchen that I pay 6k/year in taxes!!

$8K/year?!!
waaa-tf?

Look at this one.

https://www.zillow.com/homedetails/1010-Amsterdam-Ave-NE-Atlanta-GA-30306/35918987_zpid/

I don't care if they did use Bruce hardwood floors in the damn thing.... I'm going with the 40 mile drive to downtown and saving $17K/year in taxes.
..."Throw in the Roomba and that piano and you've got yourself a deal."

 

[elderado]

https://sacramentoappraisalblog.com/2011/06/24/superadequacy-real-estate-word-of-the-day/

Ah, yes. Of course, an easy one to spot. Some neighborhoods have a great deal of price flexibility, usually tract homes do not. But hey, if you have a dozen children, raise the roof, by all means.

 

[JesseJamesFinn1]

Ah, yes. Of course, an easy one to spot. Some neighborhoods have a great deal of price flexibility, usually tract homes do not. But hey, if you have a dozen children, raise the roof, by all means.

True, or build a $2 million dollar swimming pool the bank only gives $50k credit on appraisal for.