{"id":3696390,"date":"2016-12-16T16:03:59","date_gmt":"2016-12-16T21:03:59","guid":{"rendered":"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/?p=3696390"},"modified":"2016-12-16T16:05:20","modified_gmt":"2016-12-16T21:05:20","slug":"longtime-homeowners-can-collect-millions-when-they-eventually-sell-a-home","status":"publish","type":"post","link":"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/longtime-homeowners-can-collect-millions-when-they-eventually-sell-a-home\/","title":{"rendered":"Longtime Homeowners Can Collect Millions When They Eventually Sell"},"content":{"rendered":"
\"The<\/a>
“The Manor,” listed with Hilton & Hyland for $200,000,000, is among the most exceptional properties in the United States.<\/figcaption><\/figure>\n

Almost four decades ago, noteworthy attorney and financier Leonard <\/span>Ross bought a<\/span>\u00a030,000-square-foot <\/span>bucolic <\/span>Beverly Hills estate<\/span>\u00a0at <\/span>almost $2 million, according to Variety.com<\/span><\/a>, at a time when the median home price was <\/span>$38,000.<\/span><\/p>\n

It was a <\/span>ritzy pink stucco residence, and partly because it had belonged to <\/span>newspaper magnate William Randolph Hearst, it was\u00a0<\/span>the most expensive property<\/span><\/a> listed on the open market in all of the United States at the time. <\/span>When people asked him why he, as a\u00a0single man needed such a large home, he said he\u2019d grow into it.<\/span><\/p>\n

This month, Ross is listing the <\/span>now 50,000-square-foot mansion and its five-acre compound for $195 million, a record sales price even for Los Angeles, where <\/span>Hugh Hefner\u2019s Playboy Mansion went for $100 Million<\/span><\/a> four months ago<\/span>. That doesn’t factor in the profit that Ross made from occasionally leasing out his property for upwards of <\/span>$600,000 per month<\/span>, according to The Wall Street Journal.<\/a>
\n<\/span><\/p>\n

In his book The Truth About Money<\/a> <\/em>financial consultant Ric Edelman advises homeowners to \u201chave as big a mortgage as you can get and never pay it off.\u201d Reasons include\u00a0the fact that the longer you live in the house, the more likely it is that your property will appreciate. On his Edelman Financial Services website, Edelman <\/span>tells<\/span><\/a> readers: \u201cHaving a long-term mortgage lets your equity grow while your home\u2019s value grows.\u201d<\/span><\/p>\n

Earlier this month, The Wall Street Journal supported Edelman’s\u00a0view of home value that increases with age. The publication quoted<\/a> examples of Ross and others who exited with millions when, in some cases, they initially paid thousands.
\n<\/span><\/p>\n

Over in the Hamptons, <\/span>top-producing Hamptons broker, Matthew Breitenbach,<\/span> describes corners of that bucolic region as resembling \u201dan old captain’s house that\u2019s beautifully renovated.” He says, “The best village corner.. It used to be a blue-collar little fishing village that\u2019s now vibrant, growing, unique. There\u2019s tremendous development and a lot of good inventory.\u201d<\/span><\/p>\n

The Hamptons in Long Island, New York, are enormously expensive with median home prices at $1,595,000, according to Zillow\u2019s <\/span>current home value index<\/span><\/a>. It wasn’t like that in 1978, when <\/span>Yvonne Dunleavy<\/span> purchased a modest home in the quiet village of Sagaponack for $140,000. In the 1990s, she rented it to to John F. Kennedy Jr. and some of his family. She\u2019s listing it now for a mouthwatering <\/span>$5.75 million, according<\/a> to the same article in The\u00a0Wall Street Journal.<\/span><\/p>\n

A lot can change over the course of homeownership, but prices have a tendency to climb.<\/span><\/p>\n

Image courtesy of Hilton & Hyland<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A lot can change over the course of homeownership, but prices have a tendency to climb.<\/p>\n","protected":false},"author":78,"featured_media":3697162,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1749,1],"tags":[],"class_list":["post-3696390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hlrn","category-news"],"acf":[],"yoast_head":"\nLongtime Homeowners Can Collect Millions When They Eventually Sell<\/title>\n<meta name=\"description\" content=\"A lot can change over the course of homeownership, but prices have a tendency to climb.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/longtime-homeowners-can-collect-millions-when-they-eventually-sell-a-home\/\" \/>\n<meta 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