I admit to having a deep seated dislike of the Wall Street Journal as a biased in favor of big business and the rich. However, I don't like passing up a free gift, so when the paper was delivered to us at our hotel in Hawaii while we were there I read it – reluctantly. Every article confirmed economic disaster on every page as well as an intense dislike of our new Democratic administration. So, why am I telling you this? Well, because I want to tell you about an article about real estate entitled "The Hampton's Half-Price Sale." It's a report that the rich are having their own problem peddling their over priced houses.
The opulent homes in the old and exclusive Hampton residential area aren't selling very well. Reporter Lucette Lagnado writes about one gated mansion with 14,000 square feet, eight bedrooms, nine baths, five fireplaces, tennis court, ocean view and more. It was offered for sale in 2006 for $24.95 Million and is now listed at $12.95 Million, but has had no buyers. This is not a unique situation in Hampton. Ad's for homes in Southampton say things like "Owner is ready to make a deal before they lose the house."
But, that's not the only place the high priced homes are feeling the economic downturn. In Miami Beach, the paper reports, a man paid $8.6 million for a penthouse condo listed for $18.5 in 2006. However, the paper also has an article about an L.A. house which is for sale for $85 Million. There's a music room, a library, a ballroom which will seat 200 people, a gym and a 20 car motor court as well as other wonders all on 2.2 acres. The owner has moved on to bigger things. He's building a 39,000 square foot chateau-style home next to the Beverly Hills Hotel. No indication if there are any buyers for that one.
So there you are. I've saved you the price of the paper. You have "all the news worth printing" from that paper whose best use is for wrapping fish.