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Post by pi on Aug 2, 2020 16:32:25 GMT -5
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Post by pi on Aug 2, 2020 16:33:09 GMT -5
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Post by stampsgal on Aug 2, 2020 18:03:13 GMT -5
Re the sale of Adam's house...wasn't there a rumor going around in the early days that he paid cash for the house? Am I misremembering? There was some discussion about having 2 mortgages, while he was waiting for his house to sell...made me think of that rumor. I have absolutely no idea where that came from originally...thus my mention of "rumor". Adam himself, in an interview spoke of having to pay his mortgage, during the first house era. That is one of those soundbite tidbits that you remember as one / me, haha --wondered if he would be able to pay cash. And on the thread a person or two who live in the US commented about accountants maybe indicated to Adam that a mortgage was a better way to go. And I remember me thinking ...why pay any interest ...if a cash buy would have been an option. I am not familiar with US tax breaks.
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Post by stampsgal on Aug 2, 2020 18:49:35 GMT -5
.....BANG ON!!!! You were darn sharp to think of that! Guess Adam could look at it as doing a few QAL concerts (after taxes) for "free" ...to pay for loss on --the renovations, and the taxes, utilities, pool and yard care, staging, etc etc. Luckily he has to have banked a "boat load of money"/more than me for sure , over the years. The "albatross" is gone. True. But since we have no idea what Adam originally put down on the house, or how much was owed, he may have still walked away with money in the pocket, even with selling at a loss. Of course we will never know about his business (nor do we need to know, lol). But he made millions before he joined Queen so he could have put a big chunk down when he made the purchase. The important thing is he got it sold and must be thrilled about that. I am confused by your comment regarding what a person "puts down". To me that does not reflect on the purchase price or selling price of a home, or if you pay cash or have a mortgage. At the time of the first house purchase, the scoop and articles said, he paid around the 2,999,500.00 mark. That is what the new 2020 articles are also saying. And recent articles indicate he sold it for 75,000.00 less than he paid. Plus when he moved in, he put in new hardwood floors, renovated a room or two, changed lighting fixtures...(kept one for his new bathroom). Then there was the second renovation of the whole back yard with pools, concrete, doors replaced with those slider doors that fully open, super expensive lights and canopy. There was guessing re the cost of that second renovation being a lot of money!! So impossible after two renovations, realtor fees, taxes, up keep and staging that he made money, when he got 75,000.00 less than he paid for it. An easy google will provide similar articles re costs. I can see why he originally asked for close to 4 million, in hopes of getting a return on his renovations/investments/ betterments to the house. "The singer recently re-listed his three-bedroom, 3,049-square-foot home nestled above the Sunset Strip for $3.35 million, after a failed previous attempt at selling the contemporary home. The house was first listed for sale back in 2017 for $3.995 million, with different representation. But it wasn’t until The Agency’s Emil Hartoonian and Nicholas Siegfried took charge of the listing that the right buyer came in sight and Adam Lambert’s house finally sold for $2.92 million."
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Post by melliemom on Aug 2, 2020 20:15:15 GMT -5
True. But since we have no idea what Adam originally put down on the house, or how much was owed, he may have still walked away with money in the pocket, even with selling at a loss. Of course we will never know about his business (nor do we need to know, lol). But he made millions before he joined Queen so he could have put a big chunk down when he made the purchase. The important thing is he got it sold and must be thrilled about that. I am confused by your comment regarding what a person "puts down". To me that does not reflect on the purchase price or selling price of a home, or if you pay cash or have a mortgage. At the time the scoop and articles said he paid around the 2,999,500.00 mark. That is what the new 2020 articles are also saying. And recent articles indicate he sold it for 75,000.00 less than he paid. Plus when he moved in he put in new hardwood floors, renovated, changed lighting fixtures...( kept one for his new bathroom). Then there was the renovation of the whole back yard with pools, concrete, doors replaced with those slider doors that fully open, super expensive lights and canopy. There was guessing re the cost of that second renovation being a lot of money!! So impossible after two renovations, realtor fees, taxes, up keep and staging that he made money, when he got 75,000.00 less than he paid for it. An easy google will provide similar articles re costs. I can see why he originally asked for close to 4 million, in hopes of getting a return on his renovations/investments/ betterments to the house. "The singer recently re-listed his three-bedroom, 3,049-square-foot home nestled above the Sunset Strip for $3.35 million, after a failed previous attempt at selling the contemporary home. The house was first listed for sale back in 2017 for $3.995 million, with different representation. But it wasn’t until The Agency’s Emil Hartoonian and Nicholas Siegfried took charge of the listing that the right buyer came in sight and Adam Lambert’s house finally sold for $2.92 million." in a way anything you do to enhance your home doesn't necessarily figure into selling of home.. Many times buyers don't like the add ons and put on their own spin on the property.. If you fix up your home It's usually for just your taste.IMHO What Adam did with those reflecting pools cost him big time in not being able to sell the place sooner
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Post by pi on Aug 2, 2020 21:13:59 GMT -5
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Post by pi on Aug 2, 2020 21:16:43 GMT -5
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Post by stampsgal on Aug 2, 2020 21:36:01 GMT -5
I am confused by your comment regarding what a person "puts down". To me that does not reflect on the purchase price or selling price of a home, or if you pay cash or have a mortgage. At the time the scoop and articles said he paid around the 2,999,500.00 mark. That is what the new 2020 articles are also saying. And recent articles indicate he sold it for 75,000.00 less than he paid. Plus when he moved in he put in new hardwood floors, renovated, changed lighting fixtures...( kept one for his new bathroom). Then there was the renovation of the whole back yard with pools, concrete, doors replaced with those slider doors that fully open, super expensive lights and canopy. There was guessing re the cost of that second renovation being a lot of money!! So impossible after two renovations, realtor fees, taxes, up keep and staging that he made money, when he got 75,000.00 less than he paid for it. An easy google will provide similar articles re costs. I can see why he originally asked for close to 4 million, in hopes of getting a return on his renovations/investments/ betterments to the house. "The singer recently re-listed his three-bedroom, 3,049-square-foot home nestled above the Sunset Strip for $3.35 million, after a failed previous attempt at selling the contemporary home. The house was first listed for sale back in 2017 for $3.995 million, with different representation. But it wasn’t until The Agency’s Emil Hartoonian and Nicholas Siegfried took charge of the listing that the right buyer came in sight and Adam Lambert’s house finally sold for $2.92 million." in a way anything you do to enhance your home doesn't necessarily figure into selling of home.. Many times buyers don't like the add ons and put on their own spin on the property.. If you fix up your home It's usually for just your taste.IMHO What Adam did with those reflecting pools cost him big time in not being able to sell the place sooner Totally agree with what you are saying. You are actually agreeing with what I am trying to "argue". This is the comment I was disagreeing with. " True. But since we have no idea what Adam originally put down on the house, or how much was owed, he may have still walked away with money in the pocket, even with selling at a loss."
My point was ---It does not matter how much a person puts down on a house. That has nothing to do with gain or loss on a house. It is how much was the original cost and how much he sold it for. Which we do know. I also remember a few fans fact checking this price, back in the day. The amount of the purchase price in articles from 2014 and now in the 2020 articles is the same. Also the youtube blogger who bought the home has what she paid for the house in articles. Seems based on numbers it was sold for 75,000.00 less than what he paid for it in 2014. Yes he will get money for the house, but it will not cover the initial cost to him. (or all the other stuff I mentioned---as you are saying too) Am I missing something in my thinking?
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Post by deb5anne on Aug 2, 2020 21:55:42 GMT -5
Stampsgal and Melliemom I think you are both right. But I'm sure he's happy to eliminate that second mortgage payment and second set of taxes. It must feel better to not feel like he's just throwing money out the window. So he's got more cash flow from the standpoint that he doesn't have to shell out that extra cash and can do whatever with it. Sometimes you're better off to cut your losses and move on. Don't really know why it didn't sell originally but when the pandemic hit I remember thinking it might be a while. So I'm really glad it's over for him! Just my take on the situation!
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Post by lurleene on Aug 2, 2020 22:33:32 GMT -5
True. But since we have no idea what Adam originally put down on the house, or how much was owed, he may have still walked away with money in the pocket, even with selling at a loss. Of course we will never know about his business (nor do we need to know, lol). But he made millions before he joined Queen so he could have put a big chunk down when he made the purchase. The important thing is he got it sold and must be thrilled about that. I am confused by your comment regarding what a person "puts down". To me that does not reflect on the purchase price or selling price of a home, or if you pay cash or have a mortgage. At the time of the first house purchase, the scoop and articles said, he paid around the 2,999,500.00 mark. That is what the new 2020 articles are also saying. And recent articles indicate he sold it for 75,000.00 less than he paid. Plus when he moved in, he put in new hardwood floors, renovated a room or two, changed lighting fixtures...(kept one for his new bathroom). Then there was the second renovation of the whole back yard with pools, concrete, doors replaced with those slider doors that fully open, super expensive lights and canopy. There was guessing re the cost of that second renovation being a lot of money!! So impossible after two renovations, realtor fees, taxes, up keep and staging that he made money, when he got 75,000.00 less than he paid for it. An easy google will provide similar articles re costs. I can see why he originally asked for close to 4 million, in hopes of getting a return on his renovations/investments/ betterments to the house. "The singer recently re-listed his three-bedroom, 3,049-square-foot home nestled above the Sunset Strip for $3.35 million, after a failed previous attempt at selling the contemporary home. The house was first listed for sale back in 2017 for $3.995 million, with different representation. But it wasn’t until The Agency’s Emil Hartoonian and Nicholas Siegfried took charge of the listing that the right buyer came in sight and Adam Lambert’s house finally sold for $2.92 million." But it would be the same as when we purchased our homes. The cost may be 400K and if you put down 100k you would only have a 300K mtg. when you move in. But the house still cost 400K. Your renovations could have been paid right out of pocket. So if you sold at a loss for less than the 400k at say 350K, you still only owed the 300K. Just a hypothetical because we still don't know how much he put down on the house or what he still owed on it when he sold. But that does not have anything to do with you selling it for less than you paid for it. My sister sold her home at a loss but she barely owned half on it when she sold cause she had made a huge down payment. So yes she walked away with some cash tho she sold it for less than she bought if for. But whatever Adam paid for in renovations or what he sold it for, my guess is he is not hurting. So nothing to worry about. HA. So happy for him. My only point is we don't know what the circumstances were cause we don't know the details. We only know the purchase price and what he sold it for.
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