It's time again.

http://www.hgtv.com/hgtv/dream_home_2008/text/0,,HGTV_30596_65579,00.html


The Dream Home NC would have been more useful to me but I'll take this one. Something like 45 million entries to last years Dream Home.

BTW this might get tricky when I win this. 2.2 million dollar home. Let's say I'll owe 35% on the 2.2, that's 770,000 I'll owe in taxes. Works out to be about $4900 a month on a 30 year at 6.5%. Taxes and insurance are probably in the heart attack range.

Let's say I can rent it out for $10K a week for 20 weeks. Okay if I do that I can probably afford that house. Maybe not. Mgt fee, gardeners, maids, POA fees, taxes on the rental income.

I wonder how many people who win these dream homes can actually keep them?

I've heard that almost no one keeps the house (but, hey, I'd still like to win!!!!). If the taxes don't get you, geography will---how many people live near enough to actually use or live in the Dream House? Very few, I'm sure. Still fun to dream, though, huh?

Edited to say, oh what the heck, I just submitted my entry. Ya'll can come visit when I win....!

This message was edited Jan 2, 2008 10:49 AM

Just imagine trying to sell it if you had to in this market. You had better hope you don't win.

Oohh....good point. Hmm...maybe I could spend the kids college money? Oh, I forget, that would only buy me the front porch...sigh...I knew I should have won the one in Ashevllle, NC last year. At least I could have used that one until the foreclosure, its close enough...

On a serious note, we had a fire in a home under construction on our street this week, and they are looking at it closely for insurance fraud due to the mortgage crises. Its a higher end home, for sale well above what most homes on our street would command, so I guess that's why. Hate to think someone would be desperate enough to do that, so hopefully, its just an honest little arson or electrical fire!

Now is not the time to be building a house with the idea of selling any time soon. That fire is well, "well timed". Haha.

That house up in NC was sweet and I'm close enough to get a good amount of use out of it. Still if I couldn't rent it out for enough money, I couldn't hang on to it for long.

This year's dream home is the first home in a tiny development on the bay. There'll be about a half dozen other homes with private beach and shared swimming pool. I wonder what the regime fee will be. Being part of such a development leads me to believe that there will be rules, lots of rules. I'd bet dollars to donuts that the winner would be unable to rent the house out as a vacation rental. That would surely be against the rules.

The guy who won the HGTV house in Texas thought he could keep it if he turned it into a bread-and-breakfast. He was not allowed to do that, so he had to sell.

That said, it's a darn cute house. I can't wait to win it.

One thing that bothers me is the plasma TVs. In rooms as sunny as those will be, LCD is the only way to go.

LOL Now that is thinking ahead.....

Your right about short term rental being against the rules, it very well could be. Worse yet, that development could fail. LOL. Then your stuck with a lot in taxes and no way to sell. The IRS is so forgiving I'm sure they would set up a plan for you. Worse case is, that's income and they could come after the rest of your stuff. Not like property taxes where you just let them have the house. Now that I think about it you could ruin yourself by winning a million dollar house.

Get ready for me to be on 60 minutes telling my sad story.

Thats it! No LCD TVs? I'm NOT letting them give it to me when I win. I mean, really, WHAT were they thinking?

PS. Yes, of course, I'm joking....

PSS Kinda've funny in an expensive home how they might overlook some silly detail that could be really annoying for years to come. I have a modest home, with what many would call a high end kitchen (not installed by moi, but by the previous owner who, as a contractor, could get things wholesale). Problem is, its long and narrow and about 3 yards too long. I find it takes me forever to go between the sink, stove and refrigerator and over the years, its starting to really bug me. Funny how little things do that--wonder if that is because most of us have so much, or is it just human nature???

And who wants to grow palm trees for the rest of their life? Jeez. What a curse to win!

They did a decent job with the landscaping. I would put a few more exotic plants in but it was looking pretty good to me.

I have to say, that patch of lawn looked pretty out of place. Couldn't they come up with something better? And you know that's community property so they won't let me change it when I move in. Oh well, at least I won't have to take care of it.

But don't you just love the Fishing Closet and the Doggy Dream Home (the canine cabana.) I definitely need to incorporate those ideas into my next mansion.

I saw a house out in the country that had it's own butchering shed. Freezers and all. LOL. It stood out as a strange thing to put in a real estate ad. Fishing closet reminded me of it.

I did like the doggie dream house BTW.

Butchering shed?? with freezers to hide the bodies? Hmmm. Where's that place?


That fishing closet would get changed to a potting shed right away. I'm not much of a fisherperson.

Sigh.......... ok, kids, when I win I've decided that's where we'll all go for a round up. By the time the neighbors figure out it's against the covenants, we'll be finished with the round up!! What fun!

Anyone spot this? I would think the chances are much better. I could use a blower, etc. LOL.

http://www.hgtvpro.com/hpro/pac_ctnt/text/0,2595,HPRO_20196_36676,00.html