If you have to ask, you probably can't afford it : Rooftop Views

Rooftop Views

If you have to ask, you probably can't afford it

Headlines today about the purchase by Tommy Mottola (Mariah Carey's ex) of a 949 acre ranch near Redstone Colorado for $47 million in cash.

The Crystal Island Ranch is on the Crystal River near Redstone. Redstone is an old mining town west of Aspen and south of Glenwood Springs. The entire town is an historic district and consists of shops, B&B's and galleries. It's one of our favorite places in the world.

Also in the news today - Prince Bandar has put his Aspen estate on the market for $135 million. Coming in at 56,000 square feet with 15 bedrooms, an indoor swimming pool, horse stables, tennis court and other assorted amenitites, it sits on 95 very expensive acres.

Let's do the math. With a 10% down mortgage (that's $13,500,000!) at a 30 year fixed rate of 6.75%, you'd be looking at a monthly payment of $788,046.69. That's before taxes and insurance. Hmmm, maybe one of those new 40 year mortgages would make more sense.

Of course, if you need a buyer's agent to assist in the purchase of this palace, we'd be pleased to lend our expertise.