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  •  depends on how that $10M is structured (4+ / 0-)

    since it could be the FMV of a small family farm on the edge of urban development where the family wants to pass it down.  Problem is the land is worth more than it produces in income and frequently property taxes eat up any income from the land so bits and pieces are forced to be sold off.

    OTOH if you mean liquid assets of $10M, no problem because those are already in the 1% and should be doing some heavy duty estate planning  

    •  Exactly. It Is Funny, Sometimes When (3+ / 0-)
      Recommended by:
      BOHICA, entlord, Aunt Pat

      I talk about my parents wealth, and I wrote a few Diaries on it, when I note what you just said people get pissed at me. Most of my parents wealth is not in "liquid" assets. Land, houses, artwork.

      I mean that Tiffany Chandelier bought in like 1912 is sure worth a lot more now :).

      When opportunity calls pick up the phone and give it directions to your house.

      by webranding on Sat Feb 23, 2013 at 04:57:27 AM PST

      [ Parent ]

      •  also appraised value is not FMV always (2+ / 0-)
        Recommended by:
        webranding, Aunt Pat

        and stuff that is appraised at one value can sell significantly lower or higher than that value.  I know this after 40 years of bottom feeding or looking for undervalued or misidentified items on auction and other venues.

        Therefore my colonial coppers may sell significantly higher or lower than what I paid 20 years ago, depending on the market at the time.  As far as being wealthy, I am far from it, as each month I have to scramble to make sure my bills are covered (RX, utilities etc. with no Tiffany bills.........heck I don't even have an account) though I do own a farm which is valued rather high in terms of current FMV but I can't spend land

        •  Heck The Most Valuable Thing My Parents (1+ / 0-)
          Recommended by:
          Aunt Pat

          own, outside of some land, is the house my great grandfather built. It is huge. On a huge plot of land. Heck it has an elevator. Wine cellar. I hate to think what it is valued at, but I am pretty sure overvalued.

          Best I can guess is people don't want to buy a house like that. Or not many people do.

          If I could take it out of the small rural town where it is and drop it on Capital Hill in DC (where I used to live) I could get maybe $20M for it.

          But I am sure the value of it where it is, well not nearly what I could sell it for (although that would never happen).

          When opportunity calls pick up the phone and give it directions to your house.

          by webranding on Sat Feb 23, 2013 at 05:13:41 AM PST

          [ Parent ]

          •  dunno my house was built in 1875 (3+ / 0-)
            Recommended by:
            BOHICA, webranding, Aunt Pat

            purchased by my grandfather in 1942 and remodeled by myself in 1984.  It has about 5K SF but no wine cellar or elevator but we do have 3 flights of stairs going upstairs and it sits on a total of 100 acres.

            However it needs a new roof which would cost $12k or more and I note some apparent termite damage and some rot where the rainwater cascades on the deck, probably another $3K of damage.  Back in the day, I would have fixed this myself and re-roofed it myself but walking 100 yds w/o resting is beyond me today

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