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The $43 Million Dollar Tear-Down: Who Says The Housing Market Is Bad?

Published on Friday - June 17, 2011

Just when you thought there was no hope for the news headlines ever to report a positive story for real estate investing again, we get hit with word of this incredible deal.

If you thought buying million dollar waterfront properties and tearing them down to rebuild was a thing of the past that went extinct with the end of the last bubble, this is a big wake up call.  So real estate investing companies pay attention to this post and start hitting the market with a much more bullish outlook!

Last year’s most expensive sale in the Hamptons was the sale by Joanne Brown, ex-wife of New Jersey Governor Jon Corzine.  The 6,000 plus foot, oceanfront residence that used to be rented out for $900,000 for a summer, went for a cool $43.5 million.  Sounds like a great property that any real estate investing business would have wanted to get their hands or have a hand in selling.

However, clearly the home simply didn’t cut it or seem like salvaging to the new owner, billionaire hedge fund manager, David Tepper.  He decided to tear down and completely demolish the property to make room for a new home.  Apparently not having an ocean view from every room was just completely unacceptable.  The property, now cleared, makes room for an almost modest 12,000 square feet Georgian Colonial style mansion.  The new improved waterfront masterpiece is said to include tennis courts, second floor sundecks complete with jacuzzi and much more.

So it is clear that there is really no shortage of money floating around out there for home purchases and remodeling.  Perhaps David would even make a really great private mortgage lender.  Though the bottom line is that there are buyers, ones that are ready to move, you just need to get out there and find them, and certainly don’t limit yourself to small deals either!

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