Whether you consider yourself to be a student of house flipping and real estate, or a seasoned pro, there may be certain industry tales you’ve heard. In a list published this month by The Close, a website designed to give real estate agents and brokerages strategic insights from industry professionals, some intriguing real estate rumors are discussed…ones you might be surprised to learn are actually true. Here are a few.
Mark Zuckerberg bought four homes right next to his.
From a financial perspective this doesn’t sound implausible at all—Mark Zuckerberg probably has enough cash to buy-up entire blocks of his neighborhood.
As the story goes a developer planned to buy one of the homes next door to the Facebook co-founder’s residence in Palo Alto, California with the intention of renovating and marketing it using the tagline: “Live next to Mark Zuckerberg.”
Zuckerberg would have none of it. To stop the developer from using his presence in the neighborhood as a selling point the multibillionaire not only purchased the developer’s would-be property, but three others closest to his for a grand total of $30 million.
The Hollywood sign was a marketing tool for a residential development.
The landmark Hollywood sign that the world has come to know and love wasn’t intended to be a beacon for aspiring stars. Not originally. The sign, whose white capital letters stand 45 feet tall atop L.A.’s Mount Lee, was created in 1923 as an advertisement for a local residential development called Hollywoodland, which was billed as the ultimate residential destination.
Today’s housewarming parties evolved from mortgage-burning celebrations 100 years ago.
During the 20th century mortgage interest rates were super high, in some cases as much as 20 percent. So paying off a home was understandably a huge deal and homeowners would often celebrate their accomplishment with a party where they were said to burn their mortgage documents. Guests would bring gifts and join in the celebration.
Today’s housewarming parties come from that tradition, and although people use the term burning your mortgage when completing their final house payment—typically no paperwork is burned. None of any consequence.
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