This story reminds me of the old Steve Martin joke: “How do you become a millionaire? First, you start with a million dollars.”
Last year, when the Florida luxury market was struggling, Steven Lempera bought a home in Coral Gables in an online auction for $27.8 million, or a fraction of its original $68 million asking price.
Now that the high-end market is booming amid the pandemic, Mr. Lempera is looking to unload his prize for $49.9 million.
Situated on a V-shaped lot with water on both sides—its dock is large enough to accommodate a 200-foot mega-yacht—the roughly 14,000-square-foot, nine-bedroom home is large, mostly white and contemporary. It has an elaborate entryway with a double staircase, large open entertaining and dining spaces, an office, and a gym. The property is being sold fully furnished; many of its rooms are decorated in vibrant shades of blue. The most distinctive feature is arguably the pool, which was designed with patterned coral-like tile mosaics on the bottom that can be seen through the water.
You might think there were significant renovations made to justify such a price increase, but it seems like the only part of the house renovated was the kitchen.
Let’s say he is able to sell it for $45 million, that there are $5 million in closing and transfer costs, and that $2 million was put into the kitchen. That’s still a net of over $10 million, in just one year, for not doing much.
Except having the ability to start with a $27.8 million dollar house.
If you’d like to see some pictures, here is the listing.
If anyone reading this ends up buying the house, please don’t forget my commission. I’d happily settle for just 1%.
If math can grow feet and fangs I’ll be dead by now because even something simple as this made my head spin. Although that joke at the start made me laugh 😄
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there were lots of numbers, and big ones too. yes, I like that Steve Martin line as well
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I can’t see any hurricane-proof barrier walls on this island, so count me out.
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If you have the money to buy this, I’m sure you have the money to build the wall. or perhaps you could get another country to pay for it…
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Wouldn’t matter, the hurricanes would just go over it or under it.
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those pesky hurricanes…
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Now that’s a successful flip. Not a bad place to compose Borden’s Blather.
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if I was living there, I might hire someone to write my posts for me… 🙂
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It confirms the old adage, “It takes money to make money’! And that profit margin may dwindle quickly unless the house sells in a short period of time. If he has to carry the mortgage for any length of time, his profit will be sorely impacted. And that is all, of course, based on his getting his asking price, which may well be negotiated down in order to move the property. But I agree with Pete, it looks like a perfect place to house the staff at Borden’s Blather. Great post, Jim!
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I guess that’s the risk associated with investing in real estate – high risk, high reward. And yes, there would be a staff to help with my blogging. I would probably hire a local poet to read me your daily posts… 🙂
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I was hoping for an artistic residency, but I would settle for that!
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that’s even better; we’ll make it a hangout for WordPress bloggers…
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i can picture you checking your stats from your yacht, juggling on the deck, and teaching a business course (maybe an infomerical, just for fun, from the lido deck.
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you have described my ideal life – you must have seen a copy of my vision board 🙂
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“Buy Low, Sell High.” Why does the old adage seem too obvious, but nearly impossible to achieve? Like “Trade Up.” Trade an item for one of higher value … Jim, have you considered launching an Jim-fomercial on “How To Get Wealthy By Starting Rich.” 🙂
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I could do an infomercial on how to turn a million dollars into a thousand dollars…
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Oh, I’m all in if you’re looking for investors, Jim. 🙂
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I can essentially guarantee results… 🙂
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It’s a good plan, and the 1% commission too! 💵 💰👍
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for you, I’ll cut my commission in half 🙂
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Lol, thanks!
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it pays to know people 🙂
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Hee hee, glad to know ya!!
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You reminded me of the old joke: Q – How do you begin a small business during a recession? A – Start with a large business…
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love it! 🙂
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Is it 1% before the closing costs or after? I just want to make sure that I can afford your commision.
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1% of the sales price; but for you, I’ll cut that in half,,, 🙂
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🙂
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Wow! Great return! I would be more than happy to give you 1% commission if I had the money to buy this place!!!
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if you win the lottery, just keep me in mind… 🙂
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Yes, I worked this out a long time ago about all the ‘self made’ millionaires who came from money and started with nothing like a profitable company or two boarding houses.
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the luck of birth…
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You may have heard the old joke about how to become a millionaire: Start with a billion dollars and buy an airline.🤣
This home looks fantastic and it is probably just a second or third home for the owners. I wouldn’t buy it even if I had the money. It looks to be awfully vulnerable to hurricanes and global warming. Home insurance costs must also be astronomical.
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too bad the joke about the airline has some truth to it…
Yes, I wouldn’t mind visiting this place, but I’m not sure I’d want to own it…
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I’d sure like to have the money though😄
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as would I…
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If you get that place I will bring drinks to stock your fridge as payment to use it for a week! 🙂
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you can use it during hurricane season… 🙂
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Oooh you are too kind! I am stocking the fridge with wine. 🙂
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nothing like wine during a hurricane…
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Thats right! Will sleep through it!
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sounds like a reasonable plan… 🙂
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Cheers, Jim. Would make a nice wee second home.
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a nice pied e terre…
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That’s a ridiculous amount to spend on a house!
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and it’s probably in a high risk weather zone (hurricanes)
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It really takes money to make money.
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indeed it does…
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As everyone else said it takes money to make money…I am not in that 1 %…
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neither am I… 🙂
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Very entertaining. Let us know if you sell it, lol 🙂
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expect a blog post if I sell it… 🙂
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I’ll keep my eyes peeled. Lol 😉
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as long as you also don’t hold your breath… 🙂
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Lolllllllllllllll 🙂
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Rather than trying to deal with the mega wealth of the rich and famous, I would settle for Steve Martin playing his banjo. Now that’s precious!
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yes, you can’t go wrong with Steve Martin!
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