The REAL Cost Of Owning a Luxury Mansion!

Рет қаралды 444,500

Күн бұрын

This week, we're looking at an amazing new-build in Encino, and asking the question what does it take to afford a house like this? Although many of these types of homes are bought by cash buyers, mortgaging is still an option, and we go through the options available currently, as well as shedding some light into what it costs to run a home like this.
Do you have any more questions about luxury home ownership? Post them down in the comments and we'll do our best to answer them in future episodes...
Property address:
17228 Otsego St
Encino, CA 91316
Offered by Danielle Peretz
Danielle.Peretz@theagencyre.com
Tel. (818) 644-1477
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Chapters:
00:00 - Introduction
01:10 - Location
01:30 - Formal living room
01:55 - Guest bedroom and office
02:26 - Living space
02:50 - So let's talk about mortgages
05:57 - Kitchen
07:17 - Catering kitchen and pantry
08:09 - Garage
08:30 - How much do you need to earn to afford this home?
09:55 - Producer Michael's energy bill
11:10 - Outdoor area
13:35 - Lower level
14:55 - Home theater
15:55 - Ping pong - Michael vs Adam
17:04 - Gym
17:45 - Storage and server room
19:00 - Michael and Adam's thoughts on the economy
21:08 - iPhone sim car removal tool light fixture
22:22 - Bedroom 2
22:53 - Bedroom 3
23:37 - Bedroom 4
24:48 - Master suite
26:45 - Summary
#mansion #realestate #luxury

Пікірлер: 996

@wood1y 5 ай бұрын

I was waiting for a lot of topics you didn't discuss here. 1: Taxes, what does it cost to buy, and to upkeep a house like this just in taxes. 2: Staff. do you need one for this size? or just have a cleaning team come 1x /week? How do you get a chef? You pay one full time, or are there services where they visit you x times a week if you want? 3: How much does staff cost if you need staff? How much is to take care of the garden, the pool, and even to keep this house clean? 4: Is there a service charge if there's a gated community for security, if yes, how much is it usually? 5: do you need insurance on the house,? 6: cars, how much is to own a luxury car, taxes, insurace, in Calirfornia? ... I'd love to hear from these :)

@tirkentube 4 ай бұрын

Here is a quote from an article explaining just that: "Heritage Estate Management, which provides household staffing and management services for homes on the West Coast, says keeping those mega-manses in pristine condition takes a lot of work, according to Insider-and needs a large staff to get the job done. Housekeepers, for example, can make $30 to $35 per hour, chefs can earn $50 to $100 an hour, and butlers and nannies can make a staggering $100,000 a year, Huber explained. These sums add up: A staff of 20 people can set property owners back $5,000 a day-or $1.8 million a year. Although frequency of service can vary; some homeowners may want help a couple times a month, while others may want constant service. .... 'These homes run like a well-oiled machine,' Jenny Greenwood Huber, Heritage Estate Management’s owner and founder, says. 'At this level, it’s usually a business in its own right.' Take Beyoncé and Jay-Z’s $200 million purchase of California’s most expensive home ever, a stunning 30,000-square-foot residence. Such a property would require work that couldn’t be accomplished by only two people, especially if that couple was busy with touring, conducting deals, and engaging in other entertainment industry activities, according to Heritage Estate Management. “That’s like a hotel at that point,” Huber said. She says a home of that size would require at least 10 rotating housekeepers, two to four housemen, full-time gardeners, a trio of rotating chefs, many butlers, chauffeurs, and, if necessary, tutors and nannies. The biggest house Huber has provided staffing for was a 70,000-square-foot secondary residence. 'When they came into town, we would have 20 people added in a temporary capacity,' she said. 'It was housekeepers, butlers, ladies’ maids, chefs, and all of that, and it would be for three weeks. Just a massive team alongside the skeleton team that we helped put together.' Looks like it takes a village to run a mansion."

@weprayforcars7 4 ай бұрын

Taxes are different in every state, also it depends how many pools you have, plot size, driveway size etc. So it's impossible to calculate that in a 20 minute video.

@tirkentube 4 ай бұрын

@@weprayforcars7 speaking from my own experience owning a home on this part: but taxes, although different in every state, typically work the same for property taxes, so the numbers will be different, but the process is the same. But, in my state, it's the assessed value of the home, which is done by a state tax assessor every 4-6 years, they will drive by your house and quickly assess the value based on previous values of that home and homes on that street, and the current exterior condition of the home, as well as any other records of damage or improvement to the home (this is why you want permits for rennovations, it will increase your tax value, but will be proof for an increase in appraisal value as well, hopefully). In my state, they take the assessed value, say $300k, and multiply that by 0.25 (25%), and then they take that number and divide it by 100, and then multiply it by the current tax rate, which fluctuates, but is usually around $2.00 for the city and $1.50 for the county. In some places it is much higher, like $4.00 or more for the city. So, for: $300,000 x 0.25 = 75,000/100 = 750 x 3.5 = $2,625 in taxes. Let's do this for a $30 million home: It comes out to $262,500 in taxes each year. For insurance, this will change depending on both the plan you choose, much like car insurance, and the company you choose, as well as the plan amount, but for a $150,000 home it's around $1,000 per year. So for a $30 million home, i'd imagine it to be around $200k-400k per year or more.

@charlesjay8818 4 ай бұрын

If you have to ask the price........... You can't afford it!

@chehammond4872 4 ай бұрын

@@tirkentubeyeah some states forego income taxes and instead shift the tax requirements onto property owners.

@GrizzlyCompany 5 ай бұрын

$7.5 million house with interest will cost you $17.2 million when all is said and done. Absolutely disgusting.

@FREEDOMFIGHTERX141 5 ай бұрын

Madness

@cooliocoolio5080 5 ай бұрын

Should note the ppl buying these houses have excellent credit and access to lower mortgage rates due to their standing w banks… furthermore most ppl buying 5-10 M homes buy them out in cash haha

@frawdulent 5 ай бұрын

That’s BiDeNoMiCs.

@letmelick 5 ай бұрын

They do not use regular banking institutions like the rest of us,so they get a lower interest rate.

@craigcampbell1843 5 ай бұрын

@@frawdulentthe smartest thing the GOP ever did was convincing poor people like you that the best way to help poor people like you would be to help the rich, instead of just … helping poor people like you. You probably think a billionaire in Florida actually needs your help paying his legal fees too. Man you people love getting conned. 😂

@ReneAlexisPenalozaMunoz 5 ай бұрын

I do respect the realtors that join you guys to visit mansions and big houses but....nothing beats when only the two of you are exploring these beautiful properties. You do it in such a way anybody can dream of living in those spaces. Surely is the language, humour and vibe you two input on the videos. Great video as always.

@matt-lang 5 ай бұрын

Yeah it's more fun when it feels more like a tour from friends. Some of the regular realtors are good, though, and keep it more casual with the guys rather than just try to sell every feature.

@hardiksingh3681 5 ай бұрын

Fact bro

@marklammers7863 5 ай бұрын

when i see this video i am so happy to be in the Netherlands. My intrest rates is 1.3%. My electrtic bill is 0 because off solar power. And insurence is 50 Euro per month for a house off 500k. My total cost per month is 600 euro about ( 700 dollar ) for everything incl. Nexflix, internet , gas , water etc. And bought the house last year. And with a salery off 80 k a year it is fine living!

@marievandelaar2825 14 күн бұрын

Welke stad? From what i hear, NL is in a horrible situation regarding housing. Impossible to find affordable living, in good neigborhoods close to utilities and transport etc.

@michellep2682 5 ай бұрын

We are not even close to having the highest interest rates or worst economy in US history. 2007-2009 rates were low but the housing prices collapsed. So many foreclosures and short sales. People couldn't take advantage of the low rates because they didn't have an equity to refinance. In the 1980's interest rates capped at over 18%. They came down by the end of the decade but still hovered around 10%. I've been in real estate industry (escrow) since the late 80's. 2007-2009 was way worse. Oh and love the GO watch. I have the same but on the brown nubuck strap

@rtothe7068 5 ай бұрын

Those are talking points of all MAGA!

@richardpeters4086 5 ай бұрын

Questions for Michael....... > Does he visit family in England ? > Do his family visit him ? > As a rich man, does he buy houses for family ? > Is he an American citizen now ? > Does he have houses in other coutries ? > Does he keep his British passport > Does he have staff ? How many ? Just silly questions that people are interested in Michael.

@williamwright5964 5 ай бұрын

Although I enjoy your house tours immensely, I also appreciate your sensitivity for the cost and realities of purchasing one of these beautiful homes. I like nice things as well, but I've never felt more connected to you guys as fellow humans. What a superb blend of luxury and reality you've presented here.

@rbslammed6163 5 ай бұрын

Are you being serious?

@frankm5019 5 ай бұрын

P.M and Adam did a video on this topic .they were in a $20 million dollar house in beverly hills and mike was sitting on a couch going over all the costs.this was about a year ago.mike went over propert tax ,maintenance, security, utilities...it was much more informative than this video

@k.y.6148 5 ай бұрын

You started the explanation of what it costs for this house, but didn't finish. Can you just do a sit-down talk about all the other expenses of a typical house of this size? Internet access, water, sewer, utilities, insurance, various cleaning services and yard maintenance services, what you need to plan on to pay for things breaking down, security, if you have it, HOA if any, anthing you can think of. Maybe even get actual quotes for these services. That would tell the whole story.

@prettywitty9051 5 ай бұрын

It's so weird that they excluded so many expenses. Are they deliberately hiding it to keep the average Joe Ill informed

@darylh649 5 ай бұрын

Although he did give you an indication of what your mortgage payment would be per month, there are other important costs such as property taxes, HOA fees, insurance, utilities, and staff wages to maintain this luxury mansion.

@paulguk 5 ай бұрын

This. We can all work out mortgage payments based off property price (though for these multi-million properties people generally pay outright). What isn't as well known are the additional 'hidden' costs as mentioned above. Would appreciate another video that goes on to explain these things.

@davep5647 5 ай бұрын

.The economy is super strong right now.Record high employment,strong retail and real estate.The wealthy are doing fine. Cost of living is absurdly high all over the Western world.I just wonder how long the lower income workforce can afford to live and work in the area of their respective industries.Will a dishwasher commute 45 miles to make $17/hr?

@_nellysunshine 4 ай бұрын

They do and they work OT every week. It’s an exhausting lifestyle where many don’t spend time with the families that they provide for.

@stockey 5 ай бұрын

There's a Mansion tax too, for houses over 12M i think, and you forget city taxes, insurances and maintenance of the house and yard, those houses are money pits.

@bryduhbikeguy 5 ай бұрын

Thank you both for another year of great videos. With so many awesome homes,cars,and watches episodes it must be difficult to schedule everything and still deal with your personal lives. I appreciate all that you do and wish you a very Happy New Year.

@lifeofdazz 5 ай бұрын

Hope everyone had a wonderful Christmas and happy new year all 🤶🎄

@MrSeebsy 5 ай бұрын

Great video, Londoner here who paid his NJ home off in 15 yrs. The painful part you never mentioned & that nobody is taught at school..... The 1st decade of a 30yr mortgage, You are basically the Banks surf..... The Interest/ Principle split on the minimum payment is like 99/1. & every time you do re-fi you reset that 30yr clock so you just reset that part of the curve I call the take it up the ### part. Happy New Year Lads.

@JustaPairofPants 5 ай бұрын

I appreciate you guys being real and talking about the monthly cost as well as the current state of the economy. It would feel very disingenuous to ignore the current interest rates in a video like this. My wife had to leave real estate because the market it terrible right now. Hopefully everything will turn around soon. Merry Christmas.

@rickeythomson6226 5 ай бұрын

Sorry for your wife but u took the words out my head besides that part there a honest bunch truly merry Christmas stranger hope it all comes full circle for you and yours ❤

@mtnslyr 5 ай бұрын

Housing prices is through the roof, how is market terrible?

@lancairw867 5 ай бұрын

@@mtnslyrno one’s buying because high interest rates and a slowing economy

@mtnslyr 5 ай бұрын

@@lancairw867 If no one is buying then why is the price so high?

@LG-th8xt 5 ай бұрын

The price is still high because of the greed of the seller. When he is convinced that no one is buying at those prices, and it eats away at his business, prices will fall, but everywhere. There are always people who buy even in an obvious crisis, but these are mostly the ones for whom it is worth: let the last person turn off the light.@@mtnslyr

@johnlaine2654 5 ай бұрын

I’m in Outer South West Sydney Australia and a Home and Land Sales Agent until I retired. Most “Average” size family homes would range from approx 1100 sq ft to about 3000sq feet.; for the average family) eg 1st homebuyer. Luxury homes also exist(naturally) , however most average homes don’t have Living areas this large or multiple Ensuites I. Each home Usually only 1 ensuite.At this time even the smallest homes are approaching $1 Million dollars. The world has gone Mad. My First 3 bed home with land cost me $40,000AU. THAT WOULD NOW BE AROUND THE $1 million mark.

@redwood_shores 5 ай бұрын

That's crazy, period.

@EE-uj6tw 4 ай бұрын

It’s shameful the prices and unaffordable situation here. Did you see the unliveable,mould infested apartment in Bondi Beach for 7.1 million dollars? Makes this place look cheap.

@thoth3696 5 ай бұрын

Truly Appreciate Both of You . Thanks. Truly inspiring,not just the wealth, but how you both come across. Great personalities,down to earth and the amount of mutual respect is refreshing. All the ingredients for a successful life.

@drluisgoncalves 5 ай бұрын

According to the most recent data: The United States economy grew at an annualized rate of 6.9% in the last quarter of 2021. For 2021 as a whole, the economy grew 5.7%, the fastest pace since 1984. The unemployment rate in the United States was recorded at 3.7% in November 2023.

@vernicethompson4825 5 ай бұрын

Thanks for the stats! Doesn't sound like a "bad" economy to me! And consumer spending is unabated, the mark of the "real" economy. The only people who seem to be suffering are service workers, who have always suffered regardless of how well the overall economy is doing.

@enrriquesantander3129 5 ай бұрын

I love seeing these videos and how amazing and respectful Michael is making everyone feeling rich with its humble educated and respectful charm and not just seeing Adam as an employee but actually seeing and respecting appreciating him and enjoying being there with him as just another millionaire person around him not as someone who just gets paid to film him and around, I wish there was more people like you Michael and Adam you’re a very lucky person to be around him Great Job in life both of you👍🏻👍🏻😊

@nextlevel5828 5 ай бұрын

I'm happy to see you guys are doing homes again. Have a great day

@justamom4902 5 ай бұрын

Thank you for explaining the financial expenses for owning a home like this. It's so easy to get blinded by the size and the beautiful views. It's good to be educated in how much they really cost. I still gotta have my little mansion on the beach though, I will just have to cut back on frivolous shopping.

@BrabusMike 5 ай бұрын

It’s cool to me to hear Michael talk a slight bit about the HVAC zoning in these houses. I’m in HVAC sales and it really is a huge expense in some houses. Great video!

@radomiriz 5 ай бұрын

I've been following you guys for 3 years now, and I think I've watched every video. The journey has been fabulous, thank you very much.

@kgv_kiko2854 5 ай бұрын

and im still waiting for michaels house

@petatrethewy2695 5 ай бұрын

Love your camaraderie when it's just the two of you. You really seem to genuinely enjoy yourselves. Can't imagine how people can afford to buy and then, maintain these monuments to excess. However, interesting to know the 3 bed 2 bath LA house is much the same as many areas in Surrey, England, where a swimming pool isn't the norm, sadly!

@dzigi8 5 ай бұрын

We need Producer Michael’s house tour

@alainportant6412 4 ай бұрын

He is poor, and a poser. People understood when he faked buying a private jet and never gave a tour of his crib.

@TheDominator74 5 ай бұрын

I like how understanding he is about the situation for ”ordinary” people. The taste for normal priced watches is also great!

@davyhamadani2806 5 ай бұрын

Mortgages are my specialty in my 25 years of working in a bank for mortgages.. super mansions like the one you show the Loan to Value is around 50% to around 60% banks don't take the same risk as a regular home. an expensive home i say a house between 3 to 5 mill and in that case it would be 30% to 40% down anything above that 5 mill it should be around 50% down.. i did a few of them in my career. people who can afford a house like that the mortgage you get has to do with tax breaks.. what usually happen is they buy the house cash and then them they go get their mortgage to recoop some of their funds they shelled out. and usually the rates for houses like that are rather complicated it most of the time of an adjustable rate that is custom made for the individual borrower.

@MusicMike747 5 ай бұрын

Most people are starstruck by beautiful things. Thanks for highlighting the underlying costs that come with home ownership. Of course, the numbers on a house like this are eye watering, but the factors you mention apply to every home. Especially mortgage rates, which impact costs exponentially.

@Aggie4life77 5 ай бұрын

As for number of bedrooms for a home, I think it depends on a couple of things. For one, does the house have dedicated rooms for other things like gym, Theater, office, hobby room etc. If It has all of those dedicated rooms, I agree that you only need 4 or 5 bedrooms max. If your home doesn’t have those dedicated rooms, the then the more bedrooms you will need. I’ll say this. Any home you buy, it’s always smart to think about who will buy your house if you were to sell it. Even if you don’t have kids, you have to think the person that’s buying it may have at least 2 kids, so that’s two bedrooms right there. Then at least one guest bedroom so that’s 3. After that, it comes down to dedicated spaces.

@epac-footballscene2004 5 ай бұрын

Inspirational! We've subscribed and Happy New Year.

@nikolajovicic174 5 ай бұрын

Every corner of this house screams OVERPRICED at $7.5M

@vernicethompson4825 5 ай бұрын

Yes, especially in Encino.

@judesisilangilang4465 5 ай бұрын

You guys are the best when you do a house review. Straight, raw and truthful information and of course the fun and the humor❤️ Delightful.

@mariajaymie 5 ай бұрын

Loved the real breakdown of acquiring these amazing homes. I would love more videos like this. It was very informative. ❤😊

@sujitsinghpardeshi2093 5 ай бұрын

Hi Marai. How r you.want to live with you in this type of big mansion

@stevenbuss1157 5 ай бұрын

Great video, thanks guys. Would have been really good to get a more detailed break down of all the associated running costs i.e cleaners, pool guy, general maintenance, gardener, chef, security, taxes etc as you say no one buying one of these mansions is going to have a mortgage but what does it really cost them a month to live there?

@andrewforster2413 5 ай бұрын

Happy New Year to you both and thank you for the content. I wonder if you could do a piece concerning the running costs of your cars? I think it would be of interest to alot of people. Keep it up great work lads.

@AdamMurrayLive 5 ай бұрын

This was the best house I have seen on your channel as far as being usable and livable. This was such a great space!! I love it.

@insearchofadventure8161 5 ай бұрын

they raised the interest rates due to inflation not debt ! if you want people to be able to own homes then ban corporations from buying single family homes and limit the number of homes people can buy (for investments) ! Greed is the word that comes to mind as the reason people cant afford a home anymore !

@andredubois2607 5 ай бұрын

Finally the numbers! Thank you! Always a pleasure to watch you, I am from Montreal!

@EliteMustangGT 5 ай бұрын

Michaels outfit is on point today, love that he let the house shine, and not so crazy outfit.. Kuddos kid keep up the work.

@Paul-nr6ws 5 ай бұрын

Brass is naturally antibacterial and anti viral, so good for outbreaks. Wonder why they're coming back.

@brianpalay3760 5 ай бұрын

The only reason I was able to afford a solid, nice house in 2022, was that I accidentally made a great investment by buying a small starter house in 2018, moving to a new state, and selling it in 2022. Housing affordability is crazy. Thanks for shining a light on it.

@briannacc3983 4 ай бұрын

You're on your way to purchasing a townhome on Upper East side New York.

@dino0187 5 ай бұрын

I've been following you two almost from the beginning. I think you two work great with one another. Keep up the great videos.

@mehtasuraj09 5 ай бұрын

I would love to watch ‘Day in a life of PM’ video.. really interested in how Michael spends his usual day. Could you also make a video explaining what kind of businesses Michael owns ? Btw superb video…

@macsays2834 5 ай бұрын

Love your work guys! Great to hear you get real with the costs, it’s almost comforting to understand that the spiralling cost of living hits all levels..

@brynleytalbot778 5 ай бұрын

Unlike the 2008 financial crash with unrealistic mortgage debt wiping out the working class this upcoming one looks like over leveraging to buy assets for a ‘free’ income ride based on perpetually low interest rates will crash the middle classes, and the rich class, but probably spare the wealthy who have liquidated their riskier assets.

@benjaminblakemore9704 5 ай бұрын

I Think, better than the house 🏠... is the sensitivity and awareness of others struggles that Mr Michael has shown today, thankyou 👍 🙏 yep we are bloody struggling guys!

@Nils_Martin 5 ай бұрын

I love the Swedish minimalistic feeling of the interior design in that house. The blend of textures and soft hues to make sleek, modern décor feel warm and inviting is brilliant.

@TheHoroSexual 5 ай бұрын

I love that you’re wearing a Glashütte Original PanoMaticLunar!! You need to wear more GO’s on the channel so more people can be exposed to them. They are the undisputed value kings of German high horology. I’d love to see what you think of the PanoMaticInverse. I think you’d really like one on bracelet. Cheers Michael! Here’s to a happy and prosperous 2024!

@pippab636 5 ай бұрын

Love the house, particularly the kitchen and sitting area. However, the staircase reminds me of a garden fence 😂

@zachmoyer1849 5 ай бұрын

reminded me of a standard patio railing maybe thats what you meant but yeah was an odd choice lol

@tomminaj1202 5 ай бұрын

He legit got us a discount on toilets

@benjaminattwood4875 5 ай бұрын

I appreciate this approach and your honesty in owning these types of properties. Most interesting was how you shared your own electric bill-I think a good video would be to detail ALL the expenses that you incur owning your own home. Most don’t understand the types of bills that come with these homes.

@ashythedon 5 ай бұрын

I’m glad you guys are back to doing houses

@magicmike7198 5 ай бұрын

I know you prefer modern style but since you also love your audience, it would be interesting to visit a few more Victorian or Mediterranean style houses. You do it from time to time (well, maybe not Victorian) and every time, the houses are memorable. The influence that a different style can sometimes have on our taste is surprising. For instance, I hate modern style. To me, its cold, empty and a lost opportunity. But that doesn't stop me from dreaming about what I would change or what I would do differently. And sometimes, some modern things are more original than others and give me ideas. Anyhow, the goal of these videos for me is to enjoy your unique interaction more than anything else. That never disappoints. Cheers.

@Deep_Vibhakar 5 ай бұрын

I liked this insight on how much it cost to live in these kinds of houses. Could you go into detail about utility costs and taxes?

@sydneyboy71 20 күн бұрын

I recommend what kind of videos you should make: for example Rodeo Drive shopping, find interesting products and interesting people and nice places, as before, but the most important thing is to keep it as entertaining as always. I can only praise all the videos, I really like them.

@corysimp 5 ай бұрын

GREAT video guys!! Very insightful and gives us all the REAL perspective. Cheers, Mates

@RSXVPS 5 ай бұрын

Jesus, it puts interest into perspective - 360 months in 30 years. $48,000 a month in mortgage payments, total paid: $17,280,000 - for a $7.5M house... $10,000,000 in interest!

@ojosazules8828 5 ай бұрын

Exactly, are these figures even correct🤔

@johngill2853 5 ай бұрын

The debt is out of control so they raised interest rates? You sure it wasn't because of inflation?

@TheFrankybody 5 ай бұрын

High debt > inflation > higher interest rates > lower debt > deflation

@johngill2853 5 ай бұрын

@@TheFrankybody so the debt just got high? Bush, Obama and Trump administrations didn't have high debt???

@TheFrankybody 5 ай бұрын

@@johngill2853 When you have low interest rates everyone will take out loans and buy shit. Eventually when enought money has been printed you will have high inflation and the only way to get deflation is to increase the interest rates so no one takes out new loans.

@spizzenergi2292 5 ай бұрын

An important video. Micheal brought in reality with a bang. Well done guys.

@juliopaez4516 5 ай бұрын

This is one of my favorite homes you guys have reviewed in this channel.

@2011blueman 5 ай бұрын

The Glashutte Original PanoMaticLunar is the first watch Michael has shown that is actually on my wish list.

@djskum 5 ай бұрын

The videos that you, Adam, Enes and Mike film and produce are inspiring and a great motivator for those that want to move their life up the ladder! If you think out side of the box, make investments that create extra revenue these won't be dream homes but reality! The videos of how you, Enes, Doug Demuro, Manny khoshbin and the stradman James Condon should be watched between every other video as a lesson to achieve the goals of owning what you all have!

@craigrobertson7938 5 ай бұрын

The issue with debt is that houses were going up so much in price quicker than earnings. On top of that people were buying cars on finance that they couldn’t afford. Raising the interest rates is to re-adjust and make credit less affordable. Difficulty is doing that and not causing a recession.

@brynleytalbot778 5 ай бұрын

That’s the government’s fiscal policy agenda to bring about a soft landing. With so much private and public debt dependant on low interest rates, giving easy servicing costs, which led to rampant leveraging, it’s hard to see them achieving that.

@glenpeters955 5 ай бұрын

There are so many costs involved in not just buying a property like this but the cost of maintaining it must be enormous, what about insurance, normal breakage, gas, electricity, gardens maintenance and ofcourse staff.

@kalenen 5 ай бұрын

Should take him shopping for food and have him guess the prices of things

@trevorclark4140 5 ай бұрын

Top video as usual but I don’t think people who are buying these houses are asking the price or wondering how to make the mortgage every month.

@BrandonDoyleMN 5 ай бұрын

Great tour, hope you had a nice holiday break

@Laila-qv8ik 5 ай бұрын

Happy New year dear Michael and Adam!

@rayng4336 5 ай бұрын

Mc Mansions like this will invariably drop in value at such high interest rates. Or buyers will have to shell out the cash.

@user-og2wt3le4j 5 ай бұрын

Where I live this house would be listed for $2 million.

@mariafrith7776 5 ай бұрын

Good to see you again 🥂✌️🥂and that’s a wonderful house tour ✌️👏✌️thank you for sharing 🍾🥂🍾

@raydowley1038 5 ай бұрын

Great show and shows guys just love your tours and glad you have lifted the lid on some of the expenses of running these houses, but some of these houses because of their size would need a cleaner or cleaners plus a cook or cooks with some of those to live in house. also, the maintenance people required for the upkeep of the house all adding to the yearly costs of the household budget. Thanks again guys for your shows just love them with great humour sprinkled here and there

@GoHighOctane500LC 5 ай бұрын

At this price I would expect more attractive architecture.

@waltervanderboor 5 ай бұрын

I have been in the mortgage industry with my own office for over 15 years, we ve seen 12% interest rates just as well as 0.5%. Fixing the % in general led to higher costs overall. If possible, I'd suggest anyone who buys to make the down payment as large as possible, remember you pay the remainer 3x. Ideally you do not have a mortgage unless you have investments that do better than the interest rate for a similar amount. But people get blinded, they want the house, not the mortgage. Get proper advice from an independent broke or financial planner, he or she can save you tons of money and help to take the emotions of off your decision.

@bryduhbikeguy 5 ай бұрын

Thank you for the advice and information.

@asg 5 ай бұрын

amazing video! i like it the information you give .

@noname-dv5py 5 ай бұрын

Thank you for the informative show.

@atodaso1668 5 ай бұрын

They didnt have to do it for covid, they didnt have to print record amounts of money either.

@TravisGinther 5 ай бұрын

If you pay cash for a house like that the only bills is the power, water, and cable bill 💵

@2011blueman 5 ай бұрын

You're forgetting the massive property tax bill, and then you have the gardeners, housekeepers, etc.

@merrychase9744 5 ай бұрын

its always around 0.5-1% a year on maintenance, and then 1.25% LA property tax, its not that simple to own a modern day castle. That's 150k a year minimum, excluding any bills. :)

@ruk2023-- 5 ай бұрын

And gas bill, property taxes, cleaners, gardeners, maintenance people, pool cleaner and ongoing repairs (and there will always be something on a house of this scale).

@giovanni4u117 5 ай бұрын

Simple solution. If you can afford a 30million dollar house, don’t buy in California. Pick another state with better tax incentives. Like Florida, Tennessee, Texas, etc,. To me buying a mansion in California is a serious waste of money unless your into luxury real estate sales.

@hassyg4083 5 ай бұрын

yeh property Tax doesn't exist in LA or house upkeep lol. worrying reading comments clearly people are still living with their parents

@jamieroberts3682 5 ай бұрын

Best video in a while all the extra info regarding costs were really interesting.

@user-uo7yz7rz4x 5 ай бұрын

Great to see you, I love these videos very much. Beautiful House. Hope to see more of your house tours❤.

@JWCinPDX 5 ай бұрын

Sorry Producer Michael, but the economy currently isn't in a shambles and is nowhere near the worst it has ever been. Remember when Jimmy Carter was president and home loans were running around 20%, inflation was about 12.5%. I bought a house for $160,000 in 1986 and an adjustable was around 14%. We bet on the come. Reagan was president and interest rates were falling. By the way, this year the Fed isn't expecting to have to raise rates, they may even lower them. People really need to stop whining about the economy. It truly isn't that bad. Trump put us on an upward course and Biden has done a lot to improve things.

@myselfandeye3884 5 ай бұрын

With all due respect but your take on the economy and why the interest rates are high is total bs. The economy isn't doing bad. In fact it's doing great compared to most of the other big economies. China is in deflation territory, Germany is in stagnation territory and GB is on the brink of recession and yet the US is seeing growth. The reason the interest rates were so low was because of the economic crisis that started in 2008. Since then they couldn't get inflation up no matter what they tried. A healthy inflation is around 2%. The Fed put the interest rates at historic lows to try and get inflation up. Then Covid happened and Russia thought it was a good idea to start a war in Ukraine. Those two crises shook the market and especially gas and oil prices and that's when inflation skyrocketed. To counter that they needed to hike interest rates. Inflation is lower now and stabilizing so now the Fed isn't raising interest rates anymore. That in a nutshell is what happened and why interest rates are high. Not because of the debt. Although the high debt is a problem it's not the main reason of a reason at all. Let's not forget Trump and the GOP gave the rich like you a tax break and that added 1.5 trillion dollars to the debt.

@marcleblanc7021 4 ай бұрын

I was curious about the up keep.on something like this. From landscape maintenance, just normal monthly expenses. Thank you guys for taking out time to show us these beautiful homes.

@napoleonalimi3170 5 ай бұрын

Happy Holidays Michael and Adam.

@user-yj5lk7ju5d 5 ай бұрын

Over priced

@nathanwilliams8269 5 ай бұрын

How can you guys not know that the beeping smoke detector means the battery is low??? Instead of pulling the battery you put it in the fridge??? You guys shouldn’t be showing homes.

@MrONELAST8 5 ай бұрын

I love how you bring the real reality to owning a luxury home and you don't say that's pretty to everything you see BUT the Kitchen I love the Island. I subscribed because I want to hear honest opinions on a home tour.

@SoothingSounds-ph5mm 4 ай бұрын

I like the formal living room at the entrance for welcoming guests and not having them in your intimate family spaces. Great family home!

@CampDavid54 5 ай бұрын

Re-elect Biden and make America pay again

@Strongeralways 5 ай бұрын

Not a very thoughtful comment! Nothing is black or white in life

@nasidctg 5 ай бұрын

Nothing to do with Biden nor Trump. It's just greed and thievery in many forms and complicated white collar shit all around and the regular people are just happy with tiktok and only fans.

@aquatrax123 5 ай бұрын

It’s just what happens when you become the world police and give Pfizer billions of dollars.

@treasuretim3 5 ай бұрын

@@Strongeralwaysexcept the newspaper

@mhxxd4 5 ай бұрын

@@Strongeralways the presidency this year is

@michaelcandel4209 5 ай бұрын

Bidenomics

@MercilessGuitar151 5 ай бұрын

MAGAt traitor

@steveshay5364 5 ай бұрын

I like Adam’s tv layout in the game room, but also love not having any on the upper floors. That’s how I’d set it up. For actual bedrooms 2 is perfect, one master & one guest suite. The rest become purpose rooms: music lounge, library and one for the dogs. Guess the last would just be storage or a second guest room?

@lukasenegacnik7246 5 ай бұрын

Ty for sharing info wth us michael ❤

@rcmast3rtract0rking 5 ай бұрын

Thank Biden for the mess

@ruk2023-- 5 ай бұрын

Not true. I'm saying this apolitically so try and avoid being partisan in your reply but the current president always inherits problems from previous president and the ones before. Biden inherited a lot of damage done by Trump. Trump inherited a lot of damage done by Obama etc etc. Politics 1.01 - make as much as you can the next guy's problem.

@aselfieb 5 ай бұрын

I'm favoured financially, Thank you Jesus $32,000 weekly profit regardless of how bad it gets on the economy.

@jamesliamedward5915 5 ай бұрын

YES!!! That's exactly her name (Elizabeth Ann Graney) so many people have recommended highly about her and am just starting with her 😊 from Brisbane Australia🇦🇺

@DavidRollo-hy9jy 3 ай бұрын

You wouldn't put that up if it was true Wannabee

@aselfieb 3 ай бұрын

Big thanks to Elizabeth Ann graney

@aselfieb 3 ай бұрын

Her top notch guidance and expertise on digital market changed the game for me

@aselfieb 3 ай бұрын

+1458

@MarketAppraisal 5 ай бұрын

Amazing video as always Michael.

@maceg003 5 ай бұрын

Actually one of my favourite houses you have shown on your channel... Certainly my favourite staircase! I hate the open / floating glass style ones... Thanks for the information about house prices / mortgages too

@kenrichards8637 5 ай бұрын

The economy will only get better when you stop voting Democrat, You reap what you sow.

@12345678bobster 5 ай бұрын

100%, delivered as ordered. If you want something else, order something else.

@vernicethompson4825 5 ай бұрын

No, the economy is finally improving under a Democratic president. If we could keep the government in Democratic hands for the next 12 years, no one would be complaining about it. Because then we would finally see an end to 40 years of disastrous Republican supply-side economics.

@12345678bobster 5 ай бұрын

@@vernicethompson4825 We've found the brainwashed guy! Everyone thank vernicethompson4825 for voting economic illiterates that destroy our economy!

@stefan6412 5 ай бұрын

Did Producer Michael predict a second Trump Presidency? He said nothing will change for 12 month and 6 month after the rates should come down. I reckon he expects Donald Trump to be better for the economy than Joe Biden. 😁

@oprahslibido9595 5 ай бұрын

Amazing prediction since the Fed controls the interest rates and not the President.

@Maarttiin 5 ай бұрын

You are truly a legend, Michael. I thought the toilet discount in previous videos was nothing but a joke, BUT YOU GOT THE DISCOUNT!! This is why I love this channel!!

@brynleytalbot778 5 ай бұрын

With rising interest rates perhaps this luxury content is destined to be flushed away. The toilet discount a parody of this content styles future.