A Major Money Lesson Retirees Can Learn From Barbara Corcoran's Selling Her Dream Home
While Corcoran never thought she would leave the home, she's decided the time is right to move on and below we share the important reason behind that decision.
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Corcoran found her dream home by chance, long before she was capable of buying it. Corcoran told CNBC that she discovered the home in 1992 while delivering packages to keep her real estate company, The Corcoran Group, afloat. While delivering an envelope to the owner of the 4,600-square-foot penthouse apartment, Corcoran caught sight of the terrace through the French doors. She asked the owner that, if she ever decided to sell the apartment, she sell it to Corcoran.
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While Corcoran discovered the apartment during the early days of her business, Corcoran enjoyed immense success over the coming years and she gained notoriety. When the penthouse's owner was ready to sell in 2015, she remembered that conversation with Corcoran and called her. Corcoran and her husband, Bill Higgins, paid $10 million for the apartment and spent $3 million renovating it.
The decision to sell a home you love is never an easy one and Corcoran told CNBC that she has a connection with all of the homes she buys, calling it an 'emotional love affair.' Corcoran purchases properties where she instantly feels she belongs and said she 'mourn[s] every move.'
Though Corcoran, now age 76, renovated the apartment into a dream space that she never planned to leave, she explained that navigating the apartment's curved staircase is becoming more difficult for her and her husband, who's 80. So, it's time that they move on.
According to Elle Decor, Corcoran received multiple offers for the penthouse. She priced it at less than the cost of its purchase and renovation, but a bidding war pushed the final price past the $12 million mark. The penthouse sold within 24 hours of being listed.
There are a few important lessons here. The first is the fact that while letting go can be difficult, sometimes it's the only reasonable choice. Properties can contain many memories, but they're expensive to upkeep and maintain. Holding onto them when they're no longer practical can be a costly choice and as Corcoran demonstrated, letting go of them can be a smart personal financial decision.
Corcoran's decision to sell the apartment also highlights the importance of knowing the real estate market when you decide to sell. Corcoran had put about $13 million into the apartment, but listed it for $12 million. Since it's a hot real estate market and she had a desirable property, competitive bidding drove the sale price up.
And did you catch the lesson in Corcoran's story about how she found the apartment in the first place? It's to dream big about your future. Corcoran was working as a messenger when she found the apartment and she was doing so to keep her business afloat. Despite the fact that she couldn't have afforded the apartment then, she was forward-thinking and willing to dream enough that she asked the owner to call her if they ever sold it. Years later, Corcoran's vision and gumption paid off.
Don't be afraid to dream big and envision your financial future. Sometimes the slimmest chances work out, as they did with Corcoran's dream apartment.
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This article originally appeared on GOBankingRates.com: A Major Money Lesson Retirees Can Learn From Barbara Corcoran's Selling Her Dream Home
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