Over the course of the past few years, some people were able to take the rough real estate market and make the most out of it. A great example of this is Jeff Greene, who became a billionaire during the recession. He was able to foresee that a number of homeowners would not be able to make their payments and would eventually default on their mortgages. This allowed him to know which homes to buy and then resell. While it was a dark time for real estate during the economic downturn, things are different now, and Greene has a very different take on the field. He believes things will continue to get better, and that the area will be able to sustain the higher prices for homes today.
Greene’s Road to Wealth
Greene owns a number of luxury hotels, including the Tideline Ocean Resort and Spa, and is working on developing even more, including two 30-story towers in downtown Miami. They would be hotels as well as condos, and he feels that the influx of wealth to the area will certainly be able to support the continued real estate growth.
Mr. Greene is not only investing in the Miami area though – see Miami real estate here. He also has property in other prime parts of the country, including a 25-acre property in Beverly Hills, CA. He’s been working on improving the opulent home and making it something truly special. It is 35,000 square feet and has 12 bedrooms, 23 bathrooms, and two kitchens. In addition, it is in a prime location and has some great views of Los Angeles. It offers even more including a garage that can hold up to 24 cars, a bowling alley, a rotating dance floor, and a vineyard. This is appropriate, since the wine cellar is able to hold up to 1,000 bottles.
He’s been building the estate for seven years, and he finally put it on the market. The asking price for the property is $195 million. This makes it potentially the most expensive public listing in the nation right now. Mr. Greene feels that the price is reasonable though, considering what the buyer will be getting, as well as the location.
Last year, there were only three properties in the US that sold for greater than $100 million, so selling the $195 million property in Beverly Hills may seem as though it will be a bit difficult. Greene feels that the property will sell though, and he believes that the probable buyer would be a sheikh or a Russian oligarch. It could also be a billionaire from China who wants a property in the United States. Greene believes that new wealth is coming to the US, and that the house will surely sell.
If his history is any indicator, then he’s probably right. He’s known as a very crafty investor, and he never spends his money unwisely. He looks toward the future and tries to predict the outcomes of the real estate market – www.sunnyislesmiamirealestate.com, and it has served him well thus far.