Home Value Estimator Accuracy in Wyoming: Understanding the Factors
When it comes to real estate, understanding the value of…October 1, 2023
Elon Musk becomes a for sale by owner. A man who is best known as being the chief executive officer and co-founder of Telsa Inc., recently tweeted his intentions to sell some of his homes. Until recently, Musk followed a methodical real estate investment strategy centered on the ritzy Bel-Air neighborhood of Los Angeles. Between Musk himself and his associated companies, they owned no fewer than seven homes with a combined worth of more than $100 million. His goal was to create a cushion of privacy by buying up properties near and next to each other after concerns about people attempting to scale the walls of his primary mansion.
The tech leader and head of SpaceX made a startling promise during a May 1st tweet. He promised to start selling his real estate listings with the goal of shedding his possessions. Just two days later, the billionaire worth more than $36 billion listed the first of his properties as for sale by owner on Zillow. The combined asking sales price of these properties was $39.5 million.
Since then, Musk has listed another four properties as for sale by owner properties on Zillow. Their collective asking price was $62.5 million. At the time of this writing, he has a total of six properties up for sale that boasts a total asking price of more than $100 million. The CEO of Tesla also listed a mansion in the Hillsborough area of San Francisco for sale for $35 million.
Musk started off as a renter in the Bel-Air neighborhood of Los Angeles. In 2010, he moved into a colonial-style mansion that he shared with his five sons. Later, in 2012, he purchased the home for $17 million. Its current worth is estimated to be $22.3 million. On May 3, the mansion was one of those listed by Musk as For sale by owner. The asking price was $30 million.
This particular home features different wings that span a total of 20,248 square feet. The mansion includes a backyard pool, a two-story library, a tennis court, and a brick-ceilinged kitchen.
By 2013, Elon Musk had purchased another home located on the same street. This one — which he bought for $6.75 million in October of that year — was owned by actor Gene Wilder for more than 30 years. The three-bedroom, three-bathroom home is designed in the ranch style and spans 2,756 square feet.
Musk used the home, which he listed as for sale by owner for $9.5 million also on May 3, as a school for his children. In addition to its other amenities, the home offers a view of the exclusive Bel-Air Country Club. He also purchased another home on that same street.
In 2015 and 2016, Musk purchased two more homes in the Bel Air area. These were located on an adjacent street. He bought another mansion in 2018. This one — a colonial-style home with a white brick facade — had an estimated worth of $4.2 million. These homes are part of a four-home group that Elon Musk listed on Zillow on May 13th as for sale by owner. The price for the collective was $62.5 million.
The Bel Air neighborhood isn’t the only area where Musk made a real estate purchase. He also purchased a Mediterranean-style mansion in Hillsborough, a swanky suburb of the famed San Francisco Bay area.
Musk purchased the 100-year-old mansion located on 47 acres in Silicon Valley in 2017 for $23.4 million. With 16,000-square feet, this home features breath-taking views of the bay, a ballroom, hiking trails, and 10 bedrooms. When he listed the mansion on Zillow as for sale by owner, the asking price was $35 million.
Elon Musk is a billionaire. As such, it makes sense that he could easily absorb the costs charged by a real estate agent to handle the sale of his properties. Yet, he chose to list them as for sale by owner.
Today’s technology offers home sellers more reasons than ever to choose to sell their properties on their own. In addition to removing the middleman — the real estate broker in this case — and saving the six percent commission fees charged by them, choosing Richr provides them with the control to handle their own sales.
Elon Musk represents the entrepreneurial spirit that fuels many home buyers and sellers of today. Instead of dedicating a significant chunk of their profit to a third-party middleman like a real estate broker, they have access to a number of easy-to-use tools that allow them to control their own home buying or selling process.
In fact, using just the two of his homes that he listed on Zillow as for sale by owner for a total asking price of $39.5 million, Musk saved more than one million dollars in listing fees alone. If the buyers use Richr to make an offer, they would be credited with a staggering $1,185,000 back into their account at closing.
The coronavirus pandemic is yet another reason to use Richr. The technology provided by Richr gives both buyers and sellers the tools they need to connect, show, and view homes in a safe and protected manner. The option of using Richr provides people with the ability to meet their goals of buying and/or selling a home even when conventional methods simply aren’t an option.
If billionaires like Elon Musk are opting for the technology that Richr offers in order to have control over his home sales and save the six percent commission real estate brokers charge, isn’t that strategy something that you should think about too?
If you’re looking to buy or sell a house and would like to discuss your option, Richr can help you!
Our fully licensed Concierge Team is here to answer questions and provide free, objective advice on how to get the best outcome with your sale or purchase.