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Buying Property – Above $25,000,000
How much total liquid cash do you need to purchase a home above $25M?
Residential Properties in Excess of $25 M should be purchased with cash. The property taxes alone will be above $25,000 per month. Furthermore, maintenance on estates of this caliber requires full time staff as protecting the capital investment is essential. Utilities, staff and landscape can quickly add up to another $20,000-$30,000 per month. A minimum of $1M should be allocated to improvements, art & furnishings.
When will I be required to have liquid cash during a transaction?
Deposit = (when you locate the property and make an offer)
Inspections = (once your in escrow which is usually 30-45 days)
Final settlement = (five days before the close of escrow)
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Andrew Arroyo
Andrew Arroyo Real Estate
7880 Exchange Place
La Jolla, CA 92037
Phone: (858) 342-9292
vip@andrewarroyo.com
La Jolla
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