A novel place for bargains?

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Terrell Owens sells house for half price.

Anyone ever track sports or music stars that are about to hit hard times, to get a bargain?

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Terrell Owens lived in the neighborhood...

Glitch99 (Jan. 13, 2013 @ 3:46p) |

Yeah, that's basically what I was trying to say - you need buyers with the disposable resources to throw away on the exc... (more)

Glitch99 (Jan. 13, 2013 @ 3:52p) |

Maybe a little morbid, but estate sales are another angle to consider. My parents got some great deals at Jimmy the Gree... (more)

PFDigest (Jan. 13, 2013 @ 4:08p) |

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Who cares.

StevenColorado said:   Terrell Owens sells house for half price.

Anyone ever track sports or music stars that are about to hit hard times, to get a bargain?

I'd assume that selling for half the asking price just means the asking price was 2x market value, not that it was some amazing bargain... And the asking price mentioned is just the original price, when he put it on the market upwards of 3 years ago, not the most recent asking price.

This "article" is nothing but substanceless T.O. bashing, and has nothing to do with housing or deals.


click for Louis Vuitton house
Disclaimer
tennis8363 said:   Who cares.
Since rockstars and sports stars are known for profligate spending and not financial sense, when they no longer sell records or play pro ball, things go downhill quickly.

78% of National Football League players are either bankrupt or in financial trouble within two years of retirement. An estimated 60% of National Basketball Association players go bankrupt within five years after leaving their sport.
link

So you can predict this group of people will be in financial trouble, with expensive assets that will get sold off by financially distressed people with generally little financial knowledge... In other words, suckers ripe for the pickings.

<--- The only problem... bad taste and bling.

I agree with the above. The sold price is the market price. What the original asking price was does not matter.

Just looked through the photos and looks very nice. Nothing bawdy as I have seen in other ball player homes.

Yes there are deep discounts to be had on the assets of fallen starsI just bought an ex nfl players car. He invested over $30k into it and I got it for $3k. He got a DUI and had to unload it

http://img.photobucket.com/albums/v644/fwfinance/A2AA8D18-7D5F-43F8-B0E1-D8C9DB1712C6-323-0000017D3A744941.jpg

I also bought Kobe Bryant's range rover

http://img.photobucket.com/albums/v644/fwfinance/0B1D31BF-24D1-44E6-94E7-30E0E57A836B-2369-000004602A3381BC_zps16f80ce6.jpg

Over $50k in customization With full alligator interior , I paid a fraction of just the customizing cost
http://img.photobucket.com/albums/v644/fwfinance/photo210.jpg

http://justinjay.com/blog/wp-content/uploads/2010/11/Kobe_Bryant-0451.jpg

SUCKISSTAPLES said:   I also bought Kobe Bryant's range rover

That car looks awesome. Are you planning on keeping for a while or flipping in a few months?

scottybweyy said:   SUCKISSTAPLES said:   I also bought Kobe Bryant's range rover

That car looks awesome. Are you planning on keeping for a while or flipping in a few months?


NFL players themselves can be good at flipping cars too: http://getitwrighthere.com/horrific-photo-from-dallas-cowboys-st...

Is the alligator comfortable?

SUCKISSTAPLES said:   Yes there are deep discounts to be had on the assets of fallen starsI just bought an ex nfl players car. He invested over $30k into it and I got it for $3k. He got a DUI and had to unload it

http://img.photobucket.com/albums/v644/fwfinance/A2AA8D18-7D5F-4...

I also bought Kobe Bryant's range rover

http://img.photobucket.com/albums/v644/fwfinance/0B1D31BF-24D1-4...

Over $50k in customization With full alligator interior , I paid a fraction of just the customizing cost
http://img.photobucket.com/albums/v644/fwfinance/photo210.jpg

http://justinjay.com/blog/wp-content/uploads/2010/11/Kobe_Bryant...


Nice, I'm jealous. These are inside deals, I bet. No one just browsing the listings is going to happen onto these. I do wonder why these people sold the cars for so much lower than market price. I guess they just couldn't be bothered with it?

Again, having the opportunity is the key here.

Once again, SIS is my hero.

lonestarguy said:   scottybweyy said:   SUCKISSTAPLES said:   I also bought Kobe Bryant's range rover

That car looks awesome. Are you planning on keeping for a while or flipping in a few months?


NFL players themselves can be good at flipping cars too: http://getitwrighthere.com/horrific-photo-from-dallas-cowboys-st...


Too soon...

FSBox said:   



Nice, I'm jealous. These are inside deals, I bet. No one just browsing the listings is going to happen onto these. .

No inside deals. The convertible was found just browsing eBay and the range rover was found at a local public auction . I know how to spot deals and what to look for - the general public is clueless and looking for things like a 3-5 year old Camry or Accord, with low mileage . You can't get a deal on those, everyone and their mother is looking . On specialty cars there are deals like this quite often

You are correct that most of these distressed sales are to insiders - usually the athlete/entertainer etc first asks their agent or attorney for money , and these people get first crack at deeply discounted asset sales

SUCKISSTAPLES said:   FSBox said:   



Nice, I'm jealous. These are inside deals, I bet. No one just browsing the listings is going to happen onto these. .

No inside deals. The convertible was found just browsing eBay and the range rover was found at a local public auction . I know how to spot deals and what to look for - the general public is clueless and looking for things like a 3-5 year old Camry or Accord, with low mileage . You can't get a deal on those, everyone and their mother is looking . On specialty cars there are deals like this quite often


Awesome, for you!! I have been wondering how would one buy an automobile on eBay and do it in such a way that would be safe? Any info on that?

SUCKISSTAPLES said:   FSBox said:   



Nice, I'm jealous. These are inside deals, I bet. No one just browsing the listings is going to happen onto these. .

No inside deals. The convertible was found just browsing eBay and the range rover was found at a local public auction . I know how to spot deals and what to look for - the general public is clueless and looking for things like a 3-5 year old Camry or Accord, with low mileage . You can't get a deal on those, everyone and their mother is looking . On specialty cars there are deals like this quite often


Awesome for you!! I have been thinking about how a person could buy a car on eBay and do it in a safe manner. Any info on that?

eBay has great protection in terms of buying something and never receiving it. They'll reimburse you and the guarantee details are listed right on the auction page for most cars (a few cars with title problems do not qualify)

The more common issue though is getting something in far worse shape than the seller described . You can either take the risk of that , as I do on lower priced transactions

Or for higher dollar transactions You can minimize this risk by having an independent inspection done of the item before you pay for it. There are mobile inspectors who will come to the sellers home, but you'll have to confirm with the seller they will allow such an inspection . Costs about $160

Thanks, SIS! I am very interested. Hubby has shown some interest in the high dollar cars sold from the insurance companies due to the damage from hurricane Sandy too. I am a bit more nervous about that. Hard to know what the damage is.

Flood cars are the absolute worst and most risky cars to buy and are virtually impossible to resell.

Those cars are completely different from the ones we are discussing here- assets owned by entertainers who have fallen on hard times . There's typically nothing wrong with those cars , except perhaps deferred maintenance .

Without extensive auto experience you should stay far away- if the people who are professionals in the biz of buying damaged cars have passed on buying a particular one, there's a good reason and you shouldn't buy it , it sounds like you guys don't have extensive auto experience and you are asking for trouble buying flood cars

Nope not extensive experience at all. I think I will go back to looking at eBay. Thanks so much for your insight!

SUCKISSTAPLES said:   FSBox said:   



Nice, I'm jealous. These are inside deals, I bet. No one just browsing the listings is going to happen onto these. .

No inside deals. The convertible was found just browsing eBay and the range rover was found at a local public auction . I know how to spot deals and what to look for - the general public is clueless and looking for things like a 3-5 year old Camry or Accord, with low mileage . You can't get a deal on those, everyone and their mother is looking . On specialty cars there are deals like this quite often



how about merc/ BMW etc luxury cars? best place to find deals on them?

Glitch99 said:   StevenColorado said:   Terrell Owens sells house for half price.

Anyone ever track sports or music stars that are about to hit hard times, to get a bargain?

I'd assume that selling for half the asking price just means the asking price was 2x market value, not that it was some amazing bargain... And the asking price mentioned is just the original price, when he put it on the market upwards of 3 years ago, not the most recent asking price.

This "article" is nothing but substanceless T.O. bashing, and has nothing to do with housing or deals.


A 7700 sq ft house, with 6 BR, 8 BA, a full size basketball court, a huge pool, a home theater, gym, a walk-in closet the size of a small apartment, just outside Atlanta, all sold for $700K is a steal. I'd call it an amazing bargain.

It would probably cost more than that to build it, but it's not really an amazing bargain given its location and market conditions.

This is his house:
http://www.zillow.com/homedetails/5207-Sandy-Shores-Ct-Lithonia-...

This is what zillow comes up with for comps:
http://www.zillow.com/homes/comps/14492013_zpid/

The first house on that list is probably the best comp for it, but it's surrounded by houses that sell for low $/sq ft.

There is an FSBO on the market right now on the same street:
http://www.redfin.com/homes-for-sale#!market=atlanta&num_beds=5&... (newer home, but not a lot of details)

And this is a fairly nice house not too far away, slightly older and not as nice: ($51/sq ft)
http://www.redfin.com/homes-for-sale#!market=atlanta&num_beds=5&...

StevenColorado said:   Glitch99 said:   StevenColorado said:   Terrell Owens sells house for half price.

Anyone ever track sports or music stars that are about to hit hard times, to get a bargain?

I'd assume that selling for half the asking price just means the asking price was 2x market value, not that it was some amazing bargain... And the asking price mentioned is just the original price, when he put it on the market upwards of 3 years ago, not the most recent asking price.

This "article" is nothing but substanceless T.O. bashing, and has nothing to do with housing or deals.


A 7700 sq ft house, with 6 BR, 8 BA, a full size basketball court, a huge pool, a home theater, gym, a walk-in closet the size of a small apartment, just outside Atlanta, all sold for $700K is a steal. I'd call it an amazing bargain.

...that sat on the market unsold for 3 years. The real real estate deals sit on the market for about 3 minutes, if they even make it to the open market at all.

If you actually need that much living space, then it may be a deal relative to the price of buying multiple smaller houses to achieve the same total sq footage. But the fact is virtually no one needs that much space, and thus values the excess accordingly (as waste).

StevenColorado said:   Glitch99 said:   StevenColorado said:   Terrell Owens sells house for half price.

Anyone ever track sports or music stars that are about to hit hard times, to get a bargain?

I'd assume that selling for half the asking price just means the asking price was 2x market value, not that it was some amazing bargain... And the asking price mentioned is just the original price, when he put it on the market upwards of 3 years ago, not the most recent asking price.

This "article" is nothing but substanceless T.O. bashing, and has nothing to do with housing or deals.


A 7700 sq ft house, with 6 BR, 8 BA, a full size basketball court, a huge pool, a home theater, gym, a walk-in closet the size of a small apartment, just outside Atlanta, all sold for $700K is a steal. I'd call it an amazing bargain.


I don't know... something odd is going on with this area that the house is in.

http://www.zillow.com/homedetails/4163-Panola-Rd-Lithonia-GA-300...

2750 sqft single family with 5 bedrooms for $70k. This house is just about across the pond from the house in discussion. In fact, except for the cluster of these multi-hundred-thousand homes, most of the homes in that area are incredibly cheap and an "amazing bargain". It would definitely cost more to build a similar home in this area than to buy an existing home. Some aspect of the community is taking away significantly home valuation to cause this phenomenon. It's as if the neighborhood is sitting on a giant sink hole or something.

Glitch99 said:   

If you actually need that much living space, then it may be a deal relative to the price of buying multiple smaller houses to achieve the same total sq footage. But the fact is virtually no one needs that much space, and thus values the excess accordingly (as waste).
There are no shortage of large homes in various parts of the country. The problem here isn't with the house itself. A house like this in any part of the DC/MD/VA metro area, I'd go so far to include even PG County, would go for $1.5-2M. In the good parts of town outside of DC, probably 3-5 million.

The issue here is the area. The location is a negative value here when paired up against a house like this. I just noticed that this was a predominantly "under privileged" AA community, of about 85% with an medium household income of only $35k a year. Then this would explain why this home has a tough time selling for a good price. The potential pool of buyers is therefore limited to well off AAs. Well off people of any ethnicity tend to be well educated and demand to live among their peers. This further shrinks the pool of potential buyers down.

FSBox said:   Some aspect of the community is taking away significantly home valuation to cause this phenomenon.Terrell Owens lived in the neighborhood...

FSBox said:   Glitch99 said:   

If you actually need that much living space, then it may be a deal relative to the price of buying multiple smaller houses to achieve the same total sq footage. But the fact is virtually no one needs that much space, and thus values the excess accordingly (as waste).
There are no shortage of large homes in various parts of the country. The problem here isn't with the house itself. A house like this in any part of the DC/MD/VA metro area, I'd go so far to include even PG County, would go for $1.5-2M. In the good parts of town outside of DC, probably 3-5 million.

The issue here is the area. The location is a negative value here when paired up against a house like this. I just noticed that this was a predominantly "under privileged" AA community, of about 85% with an medium household income of only $35k a year. Then this would explain why this home has a tough time selling for a good price. The potential pool of buyers is therefore limited to well off AAs. Well off people of any ethnicity tend to be well educated and demand to live among their peers. This further shrinks the pool of potential buyers down.

Yeah, that's basically what I was trying to say - you need buyers with the disposable resources to throw away on the excess. Absent those buyers (like in this area), the size becomes a negative on the value rather than a positive.

Maybe a little morbid, but estate sales are another angle to consider. My parents got some great deals at Jimmy the Greek's estate sale.



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