The story may seem more like one of those entertainment blurbs and celebrity news, but the story about musician Phil Collins purchasing a mansion formerly owned by Jennifer Lopez is an important one for the real estate industry.
Never mind the entertainer aspect of this. The key point to the story is that the most recent owner spent a lot of money to upgrade and renovate the home, and sold it for a profit of millions of dollars in the process.
We must not overlook the key point that the seller increased the value of the home and sold it for much more than he purchased it for within the past ten years.
After constant stories about sellers losing money, or at best breaking even, on the sale of their homes, it is encouraging to know that the possibility of home owners once again being able to profit from their investment just might be on the comeback trail!
(Almost) Spring Break
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