The Most Crazy (And Not So Crazy) Expensive Homes In America - InvestingChannel

The Most Crazy (And Not So Crazy) Expensive Homes In America

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The Most Crazy (And Not So Crazy) Expensive Homes In America

We can’t wait to share today’s Housing is Haunted installment with you. It’s the stuff we all love to gawk at. 

But first, some business … 

Bye, Bye Nvidia! 

Last week, we mentioned interest in Nvidia (NVDA) fading our proprietary sentiment indicator, Trackstar. Of course, Trackstar measures investor search interest in tickers across our 100-plus financial media partners. 

Last week, Nvidia had fallen to third place behind Tesla (TSLA) and Apple (AAPL). At the time, we thought (AMZN) would leapfrog Nvidia first. But, as it turns out, the SPDR S&P 500 ETF (SPY) flew past NVDA, gaining 24,257 searches over the last week, while NVDA searches decreased by just over 1,500. 

We’ll keep an eye on the Trackstar action, but it’s not like NVDA stock is dying. It’s up roughly 5% over the last month, compared to an approximately 5% decline in AMZN and 1.6% drop in SPY. 

Housing is indeed Haunted. Still to come this week in The Juice: A whole slew of 2024 mortgage interest rate and housing price predictions (that’s tomorrow) and data on just how much less expensive it is to rent an apartment rather than own a home in most decent size cities these days (that’s Thursday). 

Here’s where we’ve been so far in October: 

So, now, a little escape before we get back to the reality of this housing market for most people.

Point2 recently listed the most expensive properties for sale in every state.

No shocker, California topped the list with a $250 million estate up for sale in Bel-Air. Because the ultra-rich don’t finance properties the way you and I do, we won’t even run the numbers on the monthly payment at that level. No doubt the help you’d have to hire to keep the place clean and running likely costs more per month than most of us make in a year. 

After the Bel-Air listing, here the next four most expensive properties for sale in the US:

  • Palm Beach, FL: $218 million
  • Manhattan, NY: $195 million
  • Aspen, CO: $105 million 
  • Incline Village, NV: $76 million

That New York City pad for $195 million is in a massive tower at the edge of Central Park, called Central Park Tower. In fact, it’s the tallest residential tower in the world. It’s 98 stories with 198 residences, built in 2019. 

The unit for sale at that price covers more than 17,500 square feet with 1,500 sq.ft. grand salon, 2,000 sq.ft. private ballroom, private elevator vestibules, separate entry points, observatory, library, media room, and more. 

There are actually other units for sale in the building right now, ranging in price from a paltry $6.5 million to $75 million apiece. 

However, if you want to slum it, go to the low end of Point2’s list:

  • Lincoln, NE: $3.89 million
  • Alexander, ND: $3.95 million
  • Inverness, MS: $6.5 million
  • Hermosa, SD: $6.9 million
  • Overland Park, KS: $7.5 million

Maybe you’d use traditional financing on a $3.89 million property? If ya did, you’re talking, a $778,000 (20%) down payment and, inclusive of taxes and insurance, at monthly payment of $27,589 on a 30-year mortgage at the current interest rate of 7.8%. 

Enough of the unrealistic, though super entertaining fun and games.

If you really want to slum it, consider this.  

We ran the numbers. A large swath of Americans could afford the payment on a $250,000 home. That is if you use the personal finance standard of spending no more than 30% of your income on housing. 

A $250,000 house with 20% down results in a monthly payment — with taxes and insurance — of $1,773 a month. At the 30% threshold, you need to earn about $5,777 a month, or about $69,324 a year. 

Redfin searched its equivalent of Trackstar and found that these are the ten places with the largest share of homes for sale at $250,000 or less:

  • Flint, MI: 92.8%
  • Youngstown, OH: 91.2%
  • Rockford, IL: 86.5%
  • Syracuse, NY: 83.8%
  • Anderson, IN: 82.8%
  • Florissant, MO: 81.4%
  • Lawton, OK: 79.9%
  • North Little Rock, AR: 78.9%
  • Milwaukee, WI: 78.2%
  • Jackson, MS: 77.3%

In Flint, for example, the median price of a home is just $110,000. In larger Milwaukee, it’s a still reasonable $179,900. In Syracuse, you’re looking at a median list price of $159,900. 


The Bottom Line: It’s not only people locked into solid mortgage situations who are doing well in this not-so-great housing market. Absolutely, rates are high. And this is a problem. But, if you’re looking to downsize not only your home, but to a different pace of life in a smaller city, you can do it. And you might even be able to use the proceeds from whatever you sell to pay cash. 

And, take it from us, there are worse places to live than, say, Syracuse. You have relatively quick access to New York City and the incredible Finger Lakes region right there. 

As always, The Juice tells it like it is, which isn’t always good news. However, amid the bad, there’s almost always a silver and attainable lining.

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