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Wealthy supposedly looking to sell mansions ahead of tax changes

Discussion in 'The Okie Corral' started by Mr981, Jul 16, 2012.

  1. Mr981

    Mr981

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    http://www.cnbc.com/id/48168996

    You have to wonder how many buyers there are out there--maybe Chinese, huh,--looking to drop major coin on these estates

    Could there be unintended consequences of chasing after ultra-rich--like a trickle down of further depressed housing prices as more real estate comes on line?

    My read on this is the more uncertainty there is going on with taxes and the economy, the more crazy hoops you put people through trying to stay one step ahead of the tax man.
     
  2. teumessian_fox

    teumessian_fox

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    The current depressed market is confined to middle to lower class housing. As pointed out in the article, high end housing has been the "bright spot" in the real estate market because it's been exempt from the bubble.

    The article refers to houses in the $38 million dollar range. I doubt that a glut of those such properties would have much impact on the current local (lower to middle class) markets.
     

  3. Restless28

    Restless28

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    They see the writing on the wall. Their crystal balls predict the coming depression.

    They are right.
     
  4. droidfire

    droidfire

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    Everyone sees the writing. Not everyone can read.

    Outdoor Hub mobile, the outdoor information engine
     
  5. Restless28

    Restless28

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    Too bad. When the depression comes, community is what will see us through.

    I'll say it again. If I lived in a big metro city, I would be making plans to move NOW. Imagine L.A. type riots in Atlanta, Chicago, New York, New Orleans, Seattle, Detroit, Dallas, etc, etc.

    Once the welfare bucks start missing paydays and the paydays are reduced, the masses will be angry.
     
  6. Glock20 10mm

    Glock20 10mm Use Linux!

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    More akin to they don't want to accept what they are reading.
     
  7. JohnBT

    JohnBT NRA Benefactor

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    " Imagine L.A. type riots in Atlanta, Chicago, New York, New Orleans, Seattle, Detroit, Dallas, etc, etc."

    Imagine? I remember the 1968 riots in D.C., Chicago, Baltimore, Louisville, well, you get the idea. To quote the BBC...

    news.bbc.co.uk/onthisday/hi/dates/stories/april/6/.../2902487.stmCached - [ame="http://www.google.com/search?hl=en&safe=off&biw=1280&bih=833&q=related:news.bbc.co.uk/onthisday/hi/dates/stories/april/6/newsid_2902000/2902487.stm+1968+race+riots&tbo=1&sa=X&ei=_mgEUK2dJYS30AGpnbmrBw&ved=0CBUQHzAH"]Similar[/ame]
    Dozens of major cities in the United States are rocked by an escalation in the race riots following the assassination of Martin Luther King.

    John
     
  8. Dennis in MA

    Dennis in MA Get off my lawn

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    Theoretically, my neighbor and I could cross-purchase each others' homes and then lease them back for a token amount on a 2-year lease. In 2 years, sell em back to each other. ;)

    There are ALWAYS ways.
     
  9. Jonesee

    Jonesee

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    I didn't read that in the article. Can you post what I missed?

    What I read is they are selling to maximize total proceeds from the sale net of taxes.
    What I read is they are willing to sell for a bit less to get a closing before a capital gains tax is reinstated.
    I read people of wealth maximizing their returns.

    I did not see fear of depression anywhere. But I could be wrong.