Consumption and Real Estate
who can actually afford to actually live on oceanfront property?
Question : who can actually afford to actually live on oceanfront property?
I mean,doctors,lawyers,and the like probably don’t even make that much.I’ve seen houses on the ocean go for over 5 million! I mean come on,who can afford that,plus taxes,utilities,etc.I bet only like CEOs of companies and presidents of companies can afford to live there,but there can’t be that many.There are 100′s of houses on the ocean,just here in New England!
oceanfront property
Best answer:
Answer by doinou
CEO’s
YOu are correct. Even a doctor can not afford a $ 1Million house. What made it possible was a “No Documentation” loan. The bank agreed not to check the borrowers income. In return, the buyer paid a slightly higher interest rate..