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Anyone else post about this yet? You can take 1mil in cash and not take possession of the Dream Home making the winnings (with the GMC car) value before taxes 1,553,565. That's 1.5 mil cash plus the SUV. As for me, I would keep the house.....but this is a nice option for those that would struggle with it financially. Thanks HGTV for the choice. | ||
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I'd take the money and run. I don't think I need to concern myself though. Been entering every DH contest since the first in Jackson hole. HGTV never came a knocking, so I built my own DH. It would be Nice to have a cash Cush. ~~~~~~~~~~~~~~~~~~~~~ Yeah it's me chanceinhell, Member since Jan 03. I had to reregister because the overlords wouldn't let me in. That's how I roll. | |||
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I would DEFINITELY move there!! It would be a new life, a fresh start....I'm planning to move "coastal" anyway and now that my children are out of college and just got their "big world" jobs, the timing is perfect. I've been job searching for anything from the Outer Banks to the Caribbean....I just want to move coastal. This would be a dream come true! | ||||
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I hear ya. Illinois winters are REALLY gettin to me. While the Gulf is my very personal fav coast (would that be called the south coast?) I could adjust to S.C. real fast. | |||
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I'd take the house. I really want a vacation or two with family and friends in it, then I'd sell it. Not ready to leave Colorado yet, love it here. | |||
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I would definitely take the money and build my own dream home... ~~~~~~~~~~~~~~~~~~~~ Psalm 37:4 Delight yourself also in the Lord and He will give you the desires and secret petitions of your heart. ~~~~~~~~~~~~~~~~~~~~~ | |||
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If Vinnie wins I'm going to ask him if I can live under the porch!  {Proud Member of the Flapjaw Club} ~♥~ ~♥~ | |||
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...but,the house is worth over 2 mil. And that's just the house, all them furnishings would jack up the worth. And, the median income on the island is ~$80,000 not exactly chump change... ♥~♥~♥~♥~♥FWW~Sisters of the Straw~GTA♥~♥~♥~♥ Proud member of the TT RT TT RT D2 Stow-away...and proud of it!!!! ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ It is better to light one candle than to curse the darkness! | |||
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This house has everything I ever dreamed of, and the location is exactly where I'd like to be! The cash option is tempting, but.... | ||||
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No way Mr Bill. I think that is where the gator lives. You, my friend, can stay inside. I think there is plenty of room in the golf club closet. | |||
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Are there really gators there? | ||||
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http://www.dreamcharleston.com...tors-charleston.html | ||||
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But will it actually sell for 2 mil. before tax time. Has anyone anylized the real estate market for 2 mil homes? | ||||
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I am trying to find the average days on market for houses being sold. Looks like the price could be justified at 2.2 for the house. Maybe more. What I did find is that with 1600 people living there, 135 houses for sale seems high. 1/8th of the houses are on the market? | |||
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Maybe a lot of the homes are sold to people who aren't living there - vacation homes. | ||||
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Thanks Webenomads......Aligators.....that's pretty scary. | ||||
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I read that the gators average under 5 foot and average weight is 22 pounds. Being a mix of fresh and salt water, I would think gators are rare. | |||
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I would definitely take the cash option. The house is awesome, but judging from past winners, there's no way to actually keep the Dream Home on the average middle class income. Even with the 500K to help with taxes..... it doesn't come close. But I do love the dreaming  | |||
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I love the dreaming too! I still think it would be fantastic to at least get the chance to stay for a long weekend to see what the house really feels like. But there's that little matter of liability and insurance that says you have to own the house first! ~♥♥~ Flapjaw "Embrace each moment... Live every dream." | |||
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Salt water gators??? Hmmmm.... If you think you can, you can--unless you can't! | ||||
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Usually gators are further south. *****Catch the Excitement***** ******Dreams and happiness to all my MB friends****** ~ ~ ♥ ~ ~♥ ~ ~♥~~♥~~♥ a flapjaw and a Sheltie collector avatar fan Real Friends Believe in Your Dreams | |||
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sorry....they have them on Kiaweh. I was riding in the golf cart & my husband was walking along a pond with a ball retriever while we were waiting on the group in front of us and all of a sudden, he looked up & there was an alligator sunning himself on the bank in front of him. Needless to say, he came back to the cart. | ||||
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of course you couldn't quit your job & retire but I think you could live there, work, invest the cash (minus the expenses for a few minor changes) and still be able to live there. That's my plans anyway! | ||||
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I think the BIG difference from say Tyler TX. is this house is made for vacation rental, and even the developer said they are also the property managers for renting out the homes. If you can rent it for 1800 a week for 20 weeks. $36,000.00 That would go a long way towards property taxes and a mortgage payment. That leaves you with 32 weeks of living the dream. | |||
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Sounds good Vinnie. Music are you sure it was not a crocodile? You saw it, so you would know for sure, but it was my understanding alligators lived in the south and crocks up farther. How neat you live near there. *****Catch the Excitement***** ******Dreams and happiness to all my MB friends****** ~ ~ ♥ ~ ~♥ ~ ~♥~~♥~~♥ a flapjaw and a Sheltie collector avatar fan Real Friends Believe in Your Dreams | |||
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YEP....alligators in SC! Crocodiles are in the tropics (usually southern hemisphere) below the equator although some can be found in the southern tip of Florida but gets too cold this far up for them. So...alligators in our area and I saw it with my own eyes (rounded snout versus the pointed one) might have the picture. | ||||
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Yikes! The gater issue seals the deal...I'll take the money and run. Those things freak me out. | ||||
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I don't want to belabor the gator issue but did you notice from the construction cam photos that at the start of this project there were about 15 construction workers and when the house was finished there was only Jack and Linda left? Where did all those workers disappear too? And why are the gators around the Dream Home a lot fatter after the house was done as opposed to when the construction began? {Proud Member of the Flapjaw Club} ~♥~ ~♥~ | |||
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Thank you Music, it helps to have experts to provide the correct information. Now Mr. Bill, I hope the gators did not get them, but makes you a little suapicious. I heard the lead landscaper now has a nickname of lefty. *****Catch the Excitement***** ******Dreams and happiness to all my MB friends****** ~ ~ ♥ ~ ~♥ ~ ~♥~~♥~~♥ a flapjaw and a Sheltie collector avatar fan Real Friends Believe in Your Dreams | |||
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We are well ensconced on the other side of the country. It would be the money for us too. As always, I'd try to negotiate the vacuums into the deal. PCH The poster formerly known as AudreyMarks | |||
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Vinnie I forgot you were in Illinois. I was just there visiting my son a few weeks ago sorry I missed you. I really love the outside decks in the dream home, I can picture myself relaxing and drinking a cup of tea. *****Catch the Excitement***** ******Dreams and happiness to all my MB friends****** ~ ~ ♥ ~ ~♥ ~ ~♥~~♥~~♥ a flapjaw and a Sheltie collector avatar fan Real Friends Believe in Your Dreams | |||
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Ski, Perhaps you can shed some light on how you figured that worth?...the dwelling and land, furnishings are HGTV LISTED as ARV $1.7 million. : Here are some estimates, an endeavor that is perhaps like a George Costanza guess... Kiawah land alone costs about $1 Mil an acre; or, $250K for this property. The furnishings are likely $175,000 for the 3000 sq feet. Linda? House alone, thus, is likely to be appraised at 1,250,000? To accept the DH home and the car, I think this would be required: Fed taxes...$892K; 39.6% new income tax rate is used here. S. Carolina state taxes..$155K (includes $2800 S.C. offset) using their 7% tax rate. Subtract $500K cash (from prize): $547K in the hole on Apr 15, 2014, to be made up using a loan against the property*. In view of all this, you now accept the Sweepstakes Dream Home and GMC and $500K. Happy, happy. You move to the sight at Kiawah. Property tax is about $915 a month on $1.4 Mil on a Charleston County dwelling and land; HOA is $200 a month; Insurance on the dwelling value, near $1250 a month in this coastal area. Utilities incl elec, TV, internet, phones estimated at $350 a month. That is very low ball. *A $3400 a month mortgage loan ($547k) taken out against the dwelling/land @ 4% *(if you qualify?---income should be 4X the total housing cost---) One might be required to have mortgage insurance added to the loan payments. respectfully submitted, shoeshine boy Shinola spec $6.00 Wing tips extraThis message has been edited. Last edited by: TangoW, | ||||
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I'm not trying to be rude, but Lakebound, that pic needs to be resized. | |||
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mortgage loan??? why would you need that? you are "winning" the house. Yes, you have taxes, insurance, HOA per month but not a mortgage. Also....if you accept the house, cash, car prize, the value is: $2,253,565 but if you take the cash option, the total ARV is $1,563,565 (as per the official rules sheet) | ||||
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Music, The loan Tango was mentioning was to pay for the over $500,000.00 left to pay the Tax billafter obtaining the home and paying for a portion of it with the money provided in the package. and don't forget the over $2000 a month for the expenses to live there.(Tango's explaination in a nutshell). Thanks for the tax information, most helpful. *****Catch the Excitement***** ******Dreams and happiness to all my MB friends****** ~ ~ ♥ ~ ~♥ ~ ~♥~~♥~~♥ a flapjaw and a Sheltie collector avatar fan Real Friends Believe in Your Dreams | |||
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TangoW has to say, nursejudy, that your post is a welcome note on a cold Saturday morning, and, TangoW has that silly George Costanza look on his face :>) This delightful Dream is still like buying a new Corvette---it is still way out of reach. I ponder the recent winners' strategies to keep this sweepstakes home. My guess is, winners work(ed) a covenant with the developer that carries the DH for sale on the Market right up to near Apr 15th of the following year at which time, if it is not sold, a signif discount is effected, thus it is returned to the developer(?) Upon winning, my phone call after a realtor, CPA and lawyer, is to the Developer before signing the required HGTV documents. That would be an exciting 24 hours! with faith as one strong virtue among a minimal three! | ||||
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Glad to see you as well this morning TangoW. Glad you worked on the figures as it saved many alot of research. I think it is very easy to enjoy the dream during this entry time. I can so easily picture myself enjoying my morning coffee or tea out on the deck enjoying the view. Just remembered something I heard yesterday about Corvettes. In New York City, they have a 1 minute time from park to thieft. When you get your dream car, stay away from there. Did you notice anything on the utilities, tankless water heater, any solar, etc? Usually we have had alot of discussion on that by now and I do not recall seeing any hints on the 360 or videos. I know we are leed certified, so we have to have some of those items or equivilent..This message has been edited. Last edited by: nursejudy, *****Catch the Excitement***** ******Dreams and happiness to all my MB friends****** ~ ~ ♥ ~ ~♥ ~ ~♥~~♥~~♥ a flapjaw and a Sheltie collector avatar fan Real Friends Believe in Your Dreams | |||
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Bottom line... If you couldn't afford to live in a million dollar home before you won, good chance you can't afford to afterwards. Taxes and monthly expenses will add up fast. ~~~~~~~~~~~~~~~~~~~~~ Yeah it's me chanceinhell, Member since Jan 03. I had to reregister because the overlords wouldn't let me in. That's how I roll. | |||
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Maybe....unless you can pay the income taxes Up front. My guess is another 250,000 to clear up all taxes from winning. The 2400 hoa fees, the 7500 property tax, 3500 insurance, 2400 utilities....most people can swing 16,000 for a. House. | |||
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Vinnie, I like your $250,000 left estimate to complete paying the taxes much better then $500,000. Now, say someone from California whose home is paid off would have enough left to cover a number of years of that $16,000 annual house cost without touching anything else. Now you have given me something to think about. Today after the superbowl party in the play room, I will be serving hot chocolate on the dreamhome front porch watching the bicycle riders going by.Care to join me anyone? *****Catch the Excitement***** ******Dreams and happiness to all my MB friends****** ~ ~ ♥ ~ ~♥ ~ ~♥~~♥~~♥ a flapjaw and a Sheltie collector avatar fan Real Friends Believe in Your Dreams | |||
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I would take the cash. The house is one of my favorite dream houses. $1 million would build a pretty nice house where I live and I wouldn't have to worry about hurricanes, mosquitos, or alligators. Golf is cool and all but they sure are proud of their course with those kind of fees. Like I said, I love the house but I have a different idea of a dream location. How about it HGTV? When you going to come to Montana and build my dream home? | ||||
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I like where I live. I'm taking the cash! Sherry Does this hat make my butt look big? www.keepyouinstitches.blogspot.com http://s193.photobucket.com/al...9/keepyouinstitches/ www.friendsofthedaingerfieldpu...library.blogspot.com | |||
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I found my calculator, put in a 4% 30 yr mortg on 550K: $3400 a month mortgage payment. | ||||
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I definitely DON'T want to stay where I am! I want to move to the coast!!! Kiaweh Island is just fine with me!!!! | ||||
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Tango, I saw some 2% loans advertised in the past week, may be can bring it down a little. The coast is nice Music. *****Catch the Excitement***** ******Dreams and happiness to all my MB friends****** ~ ~ ♥ ~ ~♥ ~ ~♥~~♥~~♥ a flapjaw and a Sheltie collector avatar fan Real Friends Believe in Your Dreams | |||
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Where have you seen those advertisements of 2% loans can you share it,as I am looking for a new home,as its costing me out of my Budget. ocean isle real estate Rony Polter | ||||
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That 2% figure is quite an anomoly. Last week's 30 year jumbo loans were 3.51%. 2% loans are under a restriction. The first years are set, but 3-5 years into the loan the set-up is an adjustable rate. Large down payments are required. Pay attention to penalties of various kinds including early pay-off. Count on 4% by Apr 15th, '14, as we are running an inflation scenario day by day. The era of change is coming fast and the Fed Reserve usually is in the caboose. Respectfully submitted, shoeshine boy | ||||
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I'll take the Home, along w/ the rest....wouldnt keep it all for myself though. The home I would love to give to my church home (ministry), so they could do what they chose with it. Then I'd give most of the **$ and keep some to pay off debt. I'd keep the vehicle since I need one. | |||
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My daughter recently got a fixed loan for 2. something. I get e-mails every day advertising lower loans which i delete because i do not want a loan, but if someone needs one and qualifies, they are out there, one just needs to research. All that is very nice of you Nikki, you seem very kind, but you need to know you would still need to pay tax on the entire 2 mil price of the package. That is what most people would use the $500,000 along with coming up with the rest. If you win, you need to see an accountant as Uncle Sam still requires his part. *****Catch the Excitement***** ******Dreams and happiness to all my MB friends****** ~ ~ ♥ ~ ~♥ ~ ~♥~~♥~~♥ a flapjaw and a Sheltie collector avatar fan Real Friends Believe in Your Dreams | |||
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Hey! You! Me and my team back at head quarters have been working hard this year to make our dreams house come true and we finally have a product ready to go to market!! But! We need your help! At this moment we are working on determining the viability of our product. Considering that i was wondering if any of you who are a member of this forum could take a small, 8 question survey on surveymonkey.com. (Don't worry this site won't install malware on your PC or spam advertisements. Microsoft sometimes uses survey monkey to conducts its own surveys.) RHouse Survey http://www.surveymonkey.com/s/2T8SMZ5 Thanks for your consideration! Any suggestions will help alot too! | ||||
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