Highest priced home in SoWal is sold!

[Smiling JOe]

We are advised that most of the sales of million-+ properties are cash sales, certainly not mortgage properties. Many are 1031 rollover exchange properties, where one has an obligation to reinvest the gains in a 45-day window, or end up paying capital gains taxes. That means 15% of the gains for those of you lucky enough to live in states with no state income tax. If you have a state income tax (we have just under 10% in CA), then you get the privilege of paying that, too. Creates a very strong incentive to shop around for your dream home if you're not already there. I feel certain that this house was a cash sale. SJ, do you know?

I can make a call and find out, but I do not know off the top of my head.

In FL, about 80% of million dollar + homes are cash sales. I feel like this one almost has to be a cash sale for a couple of reasons, but I do not know for sure. You can find out soon enough when the Clerk of Courts records the Deed, by finding out if there is a note on the property. I bet if you are sweet to her, ShallowsNole will let you know.

 

[Amp22]

It was cold cash.

 

[John R]

It was cold cash.

yes.

 

[Miss Kitty]

It was cold cash.

"That's Hot!"....Paris Hilton

 

[Rita]

It was cold cash.

:scratch: