The recent national story about a $12 million sale of a waterfront mansion listed for $40 million six years ago sparked some interesting comments and questions from our adult children at Sunday night dinner. They wondered about the market and considered real estate as an investment, and calculated the number of individuals who could afford ultra-priced homes and the possible mortgages that might accompany those residences. "I don't know anybody who could take a $28 million hit." We don't, either. Perhaps LeBron James. "Was the seller dreaming at first, or has the higher-end market fallen that much?" In the "anything goes" days of 2004, people believed just about any asking price was attainable. "What would the payments be on a mortgage that size?" We're assuming the new buyer does have a 20 percent downpayment ($2.4 million), and the contacts to get jumbo financing on $9.6 million. A 30-year, fixed-rate jumbo (5.75 percent) would mean ...
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