Orlando FL Mansion “Versaille” Largest House in U.S.

An amazing house that puts Florida on the map of luxury real estate is located near Orlando in Windermere with neighbors such as Shaquille O’Neil and Tiger Woods.

Queen or versaille mansion in orlando florida

A house most would consider fit for royalty, the house so big its name “Versailles” is easily earned standing at 90,000 square feet! Just to put this into perspective the average home size in the US is right around 2,400 square feet which is right around 37 times larger.

Versaille mansion in windermere florida

The house came to fruition in 2003 by the owner of the largest time-share company in the world David Siegel, owner of Westgate Resorts.  The home was sought out to be built as the biggest one in the US but had some downtime in construction due to the downturn in the market in 2008, since the recovery they have continued construction since and are set to be finished in 2016.

 orlando florida luxury mansion versaille

This house is as large and fancy as you can imagine with such items like $4 million in mahogany doors and windows along with a million pieces of marble.  The house is equipped with 15 bedrooms and 30 bathrooms, two movie theaters one for the kids and the other for the adults and a bowling ally.  When you get hungry you have a choice of 9 different kitchens to visit with a projected staff of around 30 to assist.  If you are looking to enjoy a little pool time you have a choice of one indoor pool or 5 outdoor pools.

 Versailles biggest house in the US

The master suite is said to be 4,000 square feet with a 4,000 square foot closet with an elevator stop inside.  The house has a four-story ballroom for charity type events along with a two-story wine cellar set to hold up to 20,000 bottles.  The list continues and will grow as the construction is finished, at least there is still time if they want to throw in another indoor pool or something!  The house in 2008 was just the shell with floors and exterior doors with almost 2 acres of interior floor space the place was on the market for $100 million.  Needless to say it never sold so we will see it through as it finishes as it was originally intended.

 windermere luxury real estate

 mansions in windermere

Buying a Home After Bankruptcy

Sometimes no matter how hard you work and how careful you are in the financial aspect of your life you can still have issues and problems comecan you buy a house after filing for bankruptcy up.  The American dream can sometimes seem to be at an impossible distance in certain situations whether it was a divorce, job loss or the market tanked.  Bankruptcy is not fun for anyone but there is some light at the end of the tunnel.  There is a good probability that you will be able to pick up the pieces and recapture what has been lost so quickly.  Buying a house after filing bankruptcy is possible and sometimes can be a viable option much sooner than you think.

The biggest change happened when a new policy was approved from the Federal Housing Administration announced (August 15th 2013) that some could get approved with an FHA backed mortgage as soon as one year after the bankruptcy.  This is of course the best-case scenario but there are other possibilities to get approved for a mortgage in a timely manner.  Other things to keep in mind are the different situations as some may have just a bankruptcy and others could have had short sales or other foreclosures on their plate as well.

When you are interested in getting back to the world of homeownership it is important to understand a minimal timeframe of one year is required from the date of bankruptcy discharge OR if you had a short sale it would be from that closing date, same goes for a foreclosure. Other rules for this particular situation would be that your bankruptcy and the loss of your home has to fall under what FHA calls an “economic event”.  Some of these rules include loosing your income for at least six months, 20% job loss or a major pay reduction.  This may nix you out of this avenue but even without this loophole a traditional turnaround time to purchase a home could be as soon as 2 years.

After going through such a big financial ordeal like bankruptcy two years may be just enough time for you to get back on your feet.  At one point I have heard roomers that it can take up to seven years before you could qualify for a mortgage, but in more recent days it has taken some much less time.  The key things to keep in mind are as follows

  • Try and rebuild your credit or just have no credit (as opposed to bad credit). This would include making your payments on time, set up automatic payments and regulate your credit report.  This would be similar with no credit score except you will have to pay cash for everything and have no credit cards or credit lines of any kind.

  • Save up for a down payment. Believe it or not this really is being required for almost everyone, not just the people with a foreclosure on his or her record.  The idea is at least 20% should be saved for a down payment but when in doubt, the more you save the better chance you have of the lender qualifying you for the house.  Showing the lender that you are serious on doing right by the house note and have a good financial means to back it makes the chances much higher when being reviewed by the underwriter.

  • Eliminate debt and keep it away.  When going about these steps don’t acquire more debt, no additional car loans or other credit lines to your favorite clothing store.  None of this will look good when applying for a home loan.

  • Keep your income stable.  If you are one that jumps around from job to job it really can look negative on your mortgage application.  Ideally you will want to have a good stable income for around two years to show reliable income.

There are other items you may come across such as higher interest rates or even having to look at a less expensive home than you thought you could afford.  It would be wise to find a place that could be easily paid off with a 15-year mortgage this way hopefully you wont run into this situation again.  The moral of the story is that buying a home after bankruptcy is possible and in some instances sooner than you think and each situation is different, do your own research and don’t lose faith!

If you are ready to buy a home check out www.moversatlas.com to research the neighborhoods and communities that you are interested in buying real estate. We provide everything you need to know to make an informed decision on buying your new home!

 

Lebron James $17 Million Miami Mansion For Sale

After Lebron James left the Miami Heat for Cleveland it was inevitable that he would have to part way with his stunning Miami Mansion overlooking Biscayne Bay in Coconut Grove.

luxury houses for sale in miamiThe beautiful waterfront home has an impressive 12,000 square feet and boasts 6 bedrooms and 8.5 bathrooms.

luxury real estate in cocnut grove

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This amazing luxury property comes loaded with a ton of amenities including a concrete dock with enough space for two 60 foot yachts:

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A home movie theater:

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A 3 car garage:

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And an infinity pool overlooking Biscayne Bay:

bicayne bay mansion for sale with inifinity pool

The house is exactly what you might expect in Miami as far as luxury properties are concerned.  The price tag on this place is right at $17 million which equals $1,396 per square foot!  For the average homeowner putting 20% down on a 30 year fixed mortgage you can expect a monthly payment of $65,000 a month, of course that doesn’t include utilities or taxes for that matter.

According to public records you would pay around $185,000 a year in property taxes but as they say, you get what you pay for.

For most of us this maybe slightly out of our price range BUT if you are looking for another fabulous house in Florida we have plenty to offer.  Check out www.moversatlas.com to start your home search find important information on the neighborhoods and communities that you are interested in living!