thanks for watching "strange inheritance." and remember, you can't take it with you. >> i'm bob massi. for 32 years, i've been practicing law and living in las vegas. i help people with all sorts of real-estate problems, from trying to save their homes to closing major deals. 8 years ago, 6,000 people a month moved here looking for employment and affordable homes. little did anyone know that we would become ground zero for the american real-estate crisis. now, it's a different story. the american dream is back. but even today, i still get over 300 e-mails a week from people. they just want to know how to navigate the new landscape so they can live the american dream. we're gonna meet real people who face the same problems as millions across america, and we'll dive deep into a city on
the rebound, because las vegas was a microcosm of america, and now vegas is back. [ woman vocalizing ] 5.5 million people bought a home last year in america, and more than 2 million of them share one critical thing in common -- they have never done it before. so how do you take on something so huge if you've never done it before? well, we decided to tag along as a first-time homebuyer went shopping. this is gino. he's a pilot looking for a three-bedroom starter home near a major airport. kathryn is his realtor. she'll be helping him every step of the way. representing the seller is geoff. kathryn's already shown him two homes. next up is a three-bedroom, 1,900 square-foot home in henderson, nevada. >> gino, the home we're gonna look at now is a home that was
built in 2000. it's right around the square footage that you were looking for -- three-bedroom, two-story home. i think you'll really like the backyard, as well, so should we go take a look inside? >> all right, let's go. >> great. ♪ >> come on in. >> thank you. >> the nice thing about this house, which is somewhat unusual, is we have a downstairs master, so it gives you the functionality of a one-story for ease of livability, but you have the use and space of a two-story. [ tires screeching ] >> hold on. back up a minute. before you even step foot in the house, there's some critical things you got to know. number one -- always really understand your finances. outside of getting married, well, buying a home -- it's the biggest commitment you're ever going to make. many first-time buyers calculate what their mortgage payment would be, but there's a lot more to just knowing what your mortgage payment's going to be. >> their taxes, their homeowners' association, their energy bill -- they need to be really comfortable with that amount, and so a good agent will
sit down with them and make sure that they fully understand all of the costs. >> that brings us to step two -- you got to get the right realtor, somebody that understands the area, exactly what your needs are. >> the biggest thing in buying a house is making sure that your agent's in it for you as the buyer and not for the deal. >> your realtor -- they're gonna be the guide. they're gonna take you through this entire process from beginning to end. >> how long have they been in business? that would be one of the questions i would ask. how many homes have they actually sold? >> the third thing to do before stepping inside any type of home is find the mortgage lender that you're gonna be able to work with. >> you want to make sure that your lender has their act together and really has you pre-approved, not pre-qualified. they've look at your bank statements, tax returns -- all your income and assets. >> otherwise, what happens? well, you find yourself that dream home, comes time to closing -- lender doesn't approve it, derails the entire deal. okay, now we're ready to go house shopping.
the important thing now is to know exactly what are your priorities. >> as a pilot, i'm gonna be gone a lot, so i'm looking for a safe area, an efficient area, some place close to the airport. >> this is a home you're gonna live in for a long time. make sure you find out certain things -- what's the crime rate in the area? have there been a lot of foreclosures? what's the history of the values in the area where you intend to buy? >> what are the h.o.a. monthly dues on this? >> the monthly dues on this are $25 a month, so really affordable. that's gonna be mostly a landscape association, so they're not gonna be super hard on you. >> this is critical. if there's a homeowners association, you need find out exactly what the monthly dues are, any assessments, the rules and regulations, and how they enforce them, because they are basically your government in the area where you live. >> so upstairs, we've got your loft that we talked about earlier, secondary bathroom here, which is a full bath -- tub/shower combo. this bedroom, actually, is great
'cause it's got a huge closet. let's go down to the backyard, and i'll show you what we've got down there. >> excellent. >> so what do you think so far, gino? >> um, so far, so good, actually. it's got everything i'm looking for -- size, functionality. the only thing that i would, i guess, worry about, is stuff like the roofing. when's the last time it was done, or are we up-to-date on the water heater, the appliances? >> one of the things that we're gonna do, gino, is when we find the right house for you, we're gonna have the home professionally inspected by a licensed and bonded company. >> the home inspection is so critical to understand what you're buying. every home you buy is as-is, the good and the bad. >> i guess, we'll just work on financing and -- >> i'll let you two get back to the office for the offer. >> great. thank you so much, geoff, for showing us the home. >> it was great to meet you. >> i appreciate it. >> good to see both of you. how are you doing? >> good to see you. >> you know, i was wondering -- what's the like, maybe the four or five top things that you want to discuss with a first-time buyer of a home?
>> buying a home for the first time can sometimes be a bumpy ride. we want to make sure that the financing is in order, that they're comfortable with the financial commitment that they're making, also that the home suits their needs. >> how important is it for the homeowner to understand what we call the cc&rs -- the make-up of the homeowners association, if there's a management company? >> one of the advantages of what we call cc&rs is that it's gonna maintain and help you maintain your property value so that there's a continuity to the neighborhood. your next-door neighbor isn't gonna paint their house purple with pink spots. >> one of the things that i've seen happen over the years that becomes very controversial is the earnest money deposit, which is sort of the good faith money, gino, that you put down, saying, "i believe i want to buy this home," subject to the conditions of financing, and you're happy with the home. it's a common problem sometimes, though, isn't it, where the earnest money goes hard and they
can't get it back. >> you're absolutely right. as a broker, it's probably the most disputed item that i've seen in my career. also you have what's called a due diligence period, which is typically anywhere from 10 to 15 days. >> this is your time to make sure there's no hidden surprises waiting for you. all the more reason -- have that home inspection. >> if we decide to make an offer, we'll receive what's called a seller's real property disclosure report. it's gonna disclose any information as far as the condition of the home. >> unfortunately, you don't get to pick your seller, so the truth and the veracity and the integrity of that seller on that disclosure statement is as good as the person that discloses it. gino, thank you for your time. >> appreciate it. >> kathryn, you're the best. >> as always, a pleasure, bob. >> my pleasure. thank you. up next, i'll introduce you to dennis and judy. like many americans, well, they got into trouble when the economy took a nosedive. >> the values -- they turned completely upside down, and then my son was unable to make the
payments. >> he's very good about managing the money and everything, and i just could see his pain, you know? >> sure. >> it was not good. >> and then it even forced me to get a second job. >> in order to maintain the payments. >> i worked seven days a week for three years. >> but this is a story about perseverance and creativity just like america, and the light at the end of their tunnel just might be a lesson for all of us. [ woman vocalizing ] today, we're out here with some big news about type 2 diabetes. you have type 2 diabetes, right? yes. so let me ask you this... how does diabetes affect your heart? it doesn't, does it? actually, it does. type 2 diabetes can make you twice as likely to die from a cardiovascular event, like a heart attack or stroke. and with heart disease, your risk is even higher. you didn't know that. no. yeah. but, wait, there's good news for adults who have type 2 diabetes and heart disease. jardiance is the only type 2 diabetes pill with a lifesaving cardiovascular benefit.
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♪ >> welcome back. i'm bob massi, the property man. i'm gonna introduce you to dennis and judy. in 2006, they moved to las vegas with their adult son right before the real-estate market crashed. >> we all lived together, and then it was kind of crowded, so i said to judy, i says, "you know, there are condos that are for sale right now -- one bedrooms." we figured we were gonna put my son in that condo. >> vegas is still booming. i mean, everything -- the prices are -- you're paying premium. >> oh, yeah, definitely. >> no question about it.
>> definitely. >> so, you know, around 2008, 2009, things started getting bad. >> the values -- they turned completely upside down, and then my son was unable to make the payments. >> so at that point, then, you're making a condo payment, what you're living in, and you're making your son's condo payment. >> correct. >> right. >> so when the prices started bottoming out, did you start contacting the lenders yourself to see if they would help you out? >> well, they just didn't cooperate. >> now, i'm assuming that you had to turn over a lot of your financial information. >> oh, definitely. >> what type of things did they want? >> pay stubs, bank account statements, checking account statements, any investments we might have had. >> but when push came to shove, the banks were just not interested in doing much about loan modifications. >> one of the things that a lot of homeowners experienced in dealing with the banks and trying to work something out is a never-ending updating process. often the banks would ask for financials or your last two pay stubs or your most recent tax returns.
>> you are going through these call centers and getting a different representative every time you call in, and you're not getting anyone that has any knowledge about that particular file or about that client or borrower. >> and then, if nothing happened internally within their department in 30 days' time, they were again asking for the same information, and you had to provide it again. >> how did that make you feel, turning all that very proprietary, personal information over to give to a lender? >> violated. i felt violated. >> you were keeping current on your payments. >> oh, yeah. definitely, yeah. >> how important was keeping your credit good? >> oh, very important, because we've had it for so long good, we didn't want it to go bad, you know? i mean, you work so hard and so long for that, especially him. he's very good about managing the money and everything, and i just could see his pain, you know? >> sure. >> it was not good. >> and then it even forced me to get a second job. >> in order to maintain the payments. >> i worked seven days a weeks
for three years. >> these are people that had always made every single payment on time, never missed a bill, had perfect credit, had worked their whole lives to really do the right thing and to maintain that, and the banks basically said, "well, if you're still making your payments, we're really not gonna look at you." >> you're good citizens. you've always paid your bills. you had good credit. how did it make you feel as a relation to the lenders, particularly hearing on the news how they're getting billions of dollars of our tax dollars? >> that's what bothered me. that's what made me feel violated, because they were getting all this money and they weren't giving it out. they weren't helping anybody. >> weren't helping the american people. >> right. >> they turned to their mortgage broker for help. >> dan was a mortgage broker, and he worked with the frank napoli group. >> it was truly heartbreaking at times to sit across from someone who was in a situation where all they wanted was a piece of the american pie, you know? they wanted to own their home -- the american dream. they wanted to own a home. they went out, they found what they wanted, they signed up for a mortgage, they paid whatever
they had to pay for the house because the prices were so over-inflated at the time, and they worked so hard to try to keep their property, and it just got to a point where they just couldn't do it anymore. >> the decision was i want to short-sell the two condos. i can't do it anymore. >> short sale basically meant, by definition, that you owed "x" amount of dollars. >> correct. >> the value of the home was much less. >> right. >> and you're basically going to the lenders and you're saying, "i want to bring a buyer in to buy it for the present value." >> right. >> you tried to short-sell. any luck? >> at the beginning, no. it took a while because what happened was the institutions -- they were waiting for appraisals to come in, and they didn't like the appraisals they were getting, so they were sitting on it and not selling it. they just hung out for more. they wanted more, more, more. >> as they struggled to stay current on the two underwater condos, ironically, the huge drop in real-estate prices meant that they could afford to buy and live in a new home. you were able to qualify, though, working two jobs, retirement, i'm sure, from your job back east. >> correct.
>> even though you had these other condominiums. okay. so you get into this home. you're making all the payments. at some point, you then made a decision. it probably was very difficult for you. >> we took over this home, then it forced me to work even more because now i had to pay for this home and work with the other two condos, and i couldn't do it. i mean, i was getting older and i said to judy, "i can't do this. i'm not 30 years old anymore." >> yeah. >> i'm pushing 60. >> yeah. >> i can't do it. >> so they told the lenders that if the short sales wouldn't work, well, they could just have the underwater condos back. what you basically were in is what we called a few years ago, was a strategic foreclosure. >> mm-hmm. >> how did that make you feel? >> horrible. >> terrible, because i know incurred the debt. i'm not a person to say, "okay, i incurred the debt -- screw it. i'm not gonna pay it." i did feel bad. i really felt terrible. >> eventually, the bank agreed to short sales. >> we were just so far under
that we had to file a chapter 13 bankruptcy. >> which is basically what they call a wage earner's reorganization. >> correct, so we're paying the creditors back at full, less the interest. >> over a five-year period? >> mm-hmm, yeah. >> if there were no other options left, bankruptcy tended to be your hail mary to get you out of that debt, and not everybody -- it wasn't a great situation or a resolution for everyone. >> now, chapter 7 bankruptcy is a liquidation. all the debts are wiped out. chapter 13, on the other hand, is a method of paying your debts back over time. >> it's 100% paid back. what they're letting you go for is this interest, 'cause they freeze everything at that point and it's a full payback of what you owe. >> and it basically -- it made you feel better because you're responsible citizens. >> right, right. >> so why was a bankruptcy needed? because short sales could still leave money that is owed. even if the banks agree to write off the debt, which they don't
always do, the i.r.s. will then treat it as taxable income if it is not a primary residence. >> we're responsible for the difference of what the short sale is, and we couldn't -- >> you mean the deficiency of what was owed? >> and we wouldn't be able to pay that. the i.r.s. would come for the deficiency, and we couldn't pay that. >> so that's why we were told we had to put the condos into the bankruptcy. >> if you owed $100 on the condo, and it was worth $50, and you sold it for the $50, the difference -- the i.r.s. would send you a 1099 saying you have to pay income on that -- income tax on that. so that's what you threw into the chapter 13 bankruptcy. >> right. >> and so now, at this point in time, tell us about your present situation. >> the two condos are sold. we're in a home that we like. it still requires me to work two jobs to keep it up, you know? i have to keep it up. judy's working a lot of hours. >> yeah. >> but we're happy where we are, and it's what we had to do. >> well, we can see the light at the end of the tunnel. >> the short sales and bankruptcies allowed dennis and judy to get back on their feet. now they are rebuilding their
lives and paying off all of their debt. dennis and judy really thought out their strategy, and they used some really great real-estate professionals. and they did everything right. bankruptcies and short sales -- well, they're the last resort, and they're great options. and they can be very valuable. i have some great tips on how to do it right at... up next, we'll review what we learned today in the massi memo. [ woman vocalizing ] poor mouth breather. allergies? stuffy nose? can't sleep? take that. a breathe right nasal strip instantly opens your nose up to 38% more than allergy medicine alone. shut your mouth and say goodnight, mouthbreathers. breathe right.
amazing speed, coverage and control. change the way you wifi. xfinity. the future of awesome. ♪ >> welcome back. i'm bob massi, the property man. and it's time now for the massi memo. remember first-time homebuyer gino? well, he didn't end up buying that home, but he did decide to buy another one that kathryn showed him. you know, we covered a lot today from first-time homebuyers to
those struggling to pay the bills. the lesson -- you got to protect yourself, and how do you do it? do your homework. today, we met a couple who really struggled to pay their bills when things went bad. but guess what. they did their homework, and they successfully, actually, did a tricky bankruptcy and two short sales. remember this -- bankruptcy should only be used as your last resort, and i call it hitting the restart button. the most common is a chapter 7. simply put, your liabilities are discharged, and you can rebuild your life. it may not be the best way for you to go all the time, so listen -- get a competent bankruptcy attorney, and they will help you decide what's best for you. up next, the property man -- well, i'm heading down south to florida. we have some fascinating property stories and information from the sunshine state, so stick around and see this sneak peek. we're coming right back. [ woman vocalizing ] i am totally blind. and non-24 can make me show up too early... or too late.
potsc(in unison) drive russ, leland, gary: yes. gary: i have a ford f-150. michael: i've always been a ford guy. potsch: then i have a real treat for you today. michael: awesome. potsch: i'm going to show you a next generation pickup. michael: let's do this. potsch: this new truck now has a cornerstep built right into the bumper. gary: super cool. potsch: the bed is made of high-strength steel, which is less susceptible to punctures than aluminum. jim: aluminum is great for a lot of things, but maybe not the bed of a truck. potsch: and best of all, this new truck is actually- gary: (all laughing) oh my...
potsch: the current chevy silverado. gary: i'm speechless. gary: this puts my ford truck to shame. james: i'll tell you, i might be a chevy guy now. (laughing) it's a highly contagious disease that can be really serious... especially for my precious new grandchild. it's whooping cough. every family member, including those around new babies, should talk to their doctor or pharmacist about getting vaccinated. ♪ >> welcome back. i'm bob massi, the property man. well, i've shown you vegas, and now the property man is heading to florida -- tampa, orlando, palm beach, miami, and many stops in between. here's a sneak peek at what's coming up in season 2. what if you could build the ideal community from scratch? well, it's happening right now on a massive scale. >> lake nona is 11 square miles of an integrated, highly collaborative community. >> they've got schools and hospitals and neighborhoods and universities and recreation.
>> with a foundation of technology running through it. >> an entire city built from the ground up with the goal of improving how we live, and it's working. i'll take you behind the gates of some of florida's most exclusive luxury homes... >> welcome to one of the most pristine and private lakes on the lake butler chain. >> ...where cameras have not been allowed until now. >> ordinarily, we don't allow cameras in here to film these magnificent homes, but you're in for a special treat. >> florida is one of the many states that just seems to constantly take a beating from mother nature. but i've got the ways to keep your family safe. >> these rooms are engineered for 250 mile-per-hour winds. if the whole house collapsed around it, it is an entity unto itself. >> legendary coach lou holtz and his wife -- lucky to be alive after their home burns to the ground. >> this happens every day. i've been doing this 35 years. this is a very common
occurrence. >> it's taken a month to don in the difficult task we had ahead of us. >> where do you even begin after such a devastating event? i'll tell you. america's changing, and that includes where people live and how they get around. >> a new generation of workers -- the millennial generation all want to be close to where they work and close to where they want to play, close to where they want to shop. >> transit-oriented development could reshape how you live, work, and play, and sooner than you might think. all that plus how to sell your timeshare, how to shop for a home, the best landscaping tips, and much more. i'm gonna sit down with regular americans and help them through the same problems faced by millions -- foreclosure, divorce issues, h.o.a. battles, and on and on. there is lots to cover when season 2 of "the property man" starts this december. be sure to send me your questions or property stories at...
and check out our website at... i'm bob massi. i'll see you next week. [ woman vocalizing ] >> i'm bob massi. for 34 years, i've been practicing law and living in las vegas, the center of the recent real-estate crisis. lives were destroyed from coast to coast as the economy tanked. now, well, it's a different story. the american dream is back, and nowhere is that more clear than the sunshine state of florida. so we headed from the strip to the beach to showyou how to live the american dream. i'm gonna meet real people who are facing serious problems, take you behind the gates of properties you have to see to believe, and give you the tips that everyone needs to navigate the new landscape, because information is power, and the property man has got you covered. [ woman vocalizing ]
we've all heard the expression "if these walls could talk." but the walls behind me -- man, would they have some stories. this is 93 palm, better known as al capone's mansion. >> al capone, commissar of vice and corruption, became a front-page figure and a millionaire... >> capone was america's most notorious gangster, running the prohibition-era chicago mob known for bootlegging, smuggling, prostitution, and guess what -- murder. in 1927, capone came to miami beach and secretly bought the compound under someone else's name. ♪ now, 93 palm has been renovated and turned into an upscale venue for shooting films and videos. the 6,000-square-foot main house, it sits on a 30,000-square-foot lot overlooking biscayne bay on palm island between miami and miami beach. >> this is a private beach of the mansion. every six months, we bring new sand.
♪ >> the new italian owners paid $8 million for the property plus a nearly $2 million renovation. >> we found it in very bad condition. when we bought this property, we decided to save it. >> but they made sure to maintain many of the original details. >> now we are in the bathroom of the cabana. all the structure is original. >> this is the original window. >> as many 1920s touches as possible were kept, including the wood multi-pane windows, some original light fixtures, fireplaces, and art deco features such as gold-and-black powder room. >> we want to show you the al capone bath. ♪ >> this is completely the design from al capone. and it's a clear example of the art deco style. and the tiles are amazing. it's -- everything, it's original.
>> the estate is actually a collection of three houses -- the main villa, a gatehouse, and a two-story cabana. >> al capone wanted to be protected from the land and from the sea. >> the guesthouse, which served as the guardhouse during capone's days, has peepholes that would help determine if a visitor could be let in, and it's protected by a 7-foot wall and a heavy gate. ♪ al capone used his palm island estate as a getaway from his life as a big-time chicago gangster. >> it's a mediterranean flavor, and this historical building, it's a part of the eastern united states and of miami. >> when capone moved in in 1927, he immediately began over $100,000 worth of upgrades. he built this pool, which at the time was the largest privately owned swimming pool in the area, connected to the bay with a filtration system able to handle both sea- and freshwater.
capone added a new dock for his speedboats, new garages, a boathouse, and details like rock gardens and fountains. >> i want to show you the grotto, the bridge, and the lighthouse. >> the coral and rock grotto lighthouse and bridge is where al and sonny capone would feed their tropical fish. ♪ >> here we are in the al capone master bedroom with a bath and with a closet. >> you can see a lot of windows, but the view is amazing. there is a very mediterranean flavor inside this room. >> once word got out that it was actually al capone who'd bought the house, the miami officials, well, they were outraged. the authorities pledged to do whatever they could to keep capone out and show that he was not welcome to the area. and so there were multiple arrests and raids on the compound. instead of leaving, he invited people in and threw wild parties right here on these very grounds. ♪
february 14, 1929, the saint valentine's day massacre. seven members of chicago's north side gang were assassinated as they waited for a shipment of bootleg whiskey. while it was widely suspected that capone ordered the hit, well, he had an ironclad alibi. he was relaxing right here on palm island in florida. [ jazz playing ] october 17, 1931, capone was sentenced to 11 years in prison for tax evasion. he was first sent to the u.s. penitentiary in atlanta but later transferred to alcatraz island. he got out early in 1939, but he left alcatraz sick and a broken man. he retreated to 93 palm to live out his final days. this small bedroom above the front entrance is where al capone spent most of his time, especially near the end. from this bedroom, he was able to watch through the window to
see those who were coming and going, and it was here that he died in 1947. up next, how do you know when it's time to move from your starter home to your forever home? i'll tell you and introduce you to a couple who have found paradise by doing it the right way. [ woman vocalizing ] it's time to rethink what's possible. rethink the experience. rethink your allergy pills. flonase sensimist allergy relief uses unique mistpro technology and helps block 6 key inflammatory substances with a gentle mist. most allergy pills only block one. and 6 is greater than one. rethink your allergy relief. flonase sensimist. ♪
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♪ >> welcome back. i'm bob massi, the property man. shopping for a home is one of the biggest things we'll ever do, and you can't take that process lightly. this is critical -- picking the right realtor could be the important decision andisthe most important decision you make when buying a home. >> it's important to understand how long the agent's been doing this. have they gone through the ups and the downs of the market? because many agents leave the real-estate industry once times get tough. and what are their sales? >> scott and tamlyn are a young couple raising a family in florida. in the past six years, they've
moved five times. and all were rental properties. why? because they wanted to make sure that when it was time to make the huge investment of buying a house, it would be their forever home. >> we don't want to buy something that's not where we're going to live for the rest of our lives, so we decided to rent, and we're so glad that we decided to do that. we tried neighborhoods that we thought were gonna fit for us, and they didn't. >> did you ever get to the point, scott, where you felt, "geez, maybe i'm just throwing good money after bad. you know, i'm appreciating somebody else's home while i'm paying rent"? >> absolutely. that gone through my mind every time we wrote a monthly check. but when we did relocate at one point in my career, we bought a house that we liked based on appeal of the house. we didn't know much about the area. we didn't know much about the neighborhood. and after we lived there, we realized that was not the ideal location for us. >> so, scott and tamlyn turned to a realtor, warren cleveland. >> a lot of agents, they don't want to take the time to sit down and discuss what's important.
you know, i think that's really key 'cause with the days of the internet, you can go online, you can find all kinds of information, but sending you 300 properties, which may or may not meet your criteria, that doesn't really help you. i don't care if this takes a week, a month, a year, two years. i mean, we've had clients that have lasted two years until they found the perfect home. >> when i work with buyers, specifically buyers, i want to make sure they know what they want. >> what are the things that will make the home the best fit for you over the long haul? >> when we go through a buyer counseling interview, that's what we're trying to get to, and that's an evolving target sometimes. >> i don't want to look at 100 houses. i want you to take what we're looking for, whittle it down to what you can find, 'cause i know the market is competitive, and i know we need to get out there, and if we find the house, we need to jump on it. >> what must the house have before you say yes? >> water. >> okay. >> cul-de-sac. >> good place for the kids to run around. there's got to be space for them to play. >> it's all about priorities. >> the more you can understand what's important to them in the very beginning, really the more
successful this outcome becomes. >> how did you know that warren was the right person for you? >> i gave him our checklist. he goes, "i can do that. i can get you in a house. i promise you i can get you in a house." and at that point -- and we sat for an hour on the back porch, and we really talked about what our family's needs were and what we were really looking for. this house is our forever house that we're getting. even when we drove up to the front of the house, we were like, "enh." and then we walked through the front doors, and we looked at each other, and we were like, "okay! so let's sign a contract." because he knew. he found us the house that had everything we were looking for. because he listened. it was amazing. >> so, we're gonna go look at this new property that i know right now i believe is gutted. >> yes. [ chuckles ] >> and you're gonna make it your own. >> yes. ♪ >> hey, guys. >> hey. what's up, buddy? >> so, you talked to me about this home and you said, "eh, the outside was sort of not sure." but then you said it was the
back part of the house. i'm gonna go look at the back part of this house. >> absolutely. >> come on. let's take a walk. yeah. come on. wow. >> absolutely. >> wow. no, i get this. >> you get it? get why we waited? >> oh, boy. >> this is it. >> scott and tamlyn decided that their number-one priority was to be waterside with an amazing view. and who could blame them? just look behind me. >> you're buying location. you can't move it. you can change it, but you can't move it. so location is key. and for this property, this is why i brought them here. >> even though the actual house was not what they wanted, well, this location can't be beat. so, they decided to gut the house and remake it to fit their needs. >> this is gonna be the new den. there'll be a pergola-covered porch off the back that will lead to the pool. our living room is coming out another 10 feet. >> okay. >> so, and then this used to be the old master bedroom and bathroom, so we'll have a cabana bath and a den on this side. >> how many bedrooms is the house going to be?
>> three bedrooms. >> bob, they didn't believe me. >> i didn't believe -- >> they just didn't believe me when i said, "we've gotta go see this house. this is -- this is what you've asked me to find you." >> if you feel like a realtor is pushing you towards a home just to make the sale, that person is not right for you. finding a property is less important than finding the right property. >> like a doctor. you wouldn't walk into a doctor's office and just demand a prescription, right? the doctor's got to counsel you, talk to you, find out what's wrong. it's the same process, and, you know, not that we're doing surgery here, but, you know, if you're gonna invest $200,000, $300,000, $400,000, $500,000, a million dollars or more, you should spend some time really understanding "what do i really want out of this?" >> up next, we'll meet the father-daughter team that is building their own city. yes, you heard that right. they're building a city. [ woman vocalizing ]
♪ >> welcome back. i'm bob massi, the property man. i'm standing in doral, florida, a place with an interesting history and an even more interesting future. in the late 1950s, alfred and doris kaskel paid about $50,000 for 2,400 acres of swampland outside of miami. they built a hotel and country club and combined their first names, doris and alfred, to name it doral. eventually, their grandson went on to expand the community, building doral estates and doral park. now another family is completely transforming the area with a massive billion-dollar downtown doral project. ♪ the father-daughter duo of armando and ana-marie codina bought 31 buildings in an industrial area. >> it took us several years,
but we have now demolished 27 of the 31. >> we really wanted to build a community of locals. we want a vibrant place where people want to live, work, play. >> condo towers, more than 70 stores and restaurants, over a million square feet of office space, even the new $20 million city hall and village green that you see behind me. armando codina says his plan is all coming together now, but it was 30 years in the making. >> i was lucky enough that cuba was 90 miles from the united states and that i was able to come here. so, everything that i have, i owe to this country. you couldn't do what i've done anyplace else. you interview my daughter -- she has an mba from m.i.t. i didn't go to college. i went to support my mama when she got out of cuba, so... >> it wasn't until 2003, after a seven-year battle, that residents finally voted to incorporate and doral became an actual city. >> we want like mixed-use
developments like this one, where you can work and learn and play and where you can have more massive transportation and you can have all together in the city. >> when doral incorporated, it was part of dade county. it was never meant to be a city. >> here is an area that doesn't have a downtown, that doesn't have a center, all of a sudden, wants to call themselves a city. a lot of warehouses, office buildings, employment based. the regular population of doral is 45,000 people. during the day, it balloons to over 150,000. so, it's a major employment base. >> employees used to come here at 8:00 and leave at 5:00. tremendous traffic problems. >> the idea was to build something that would address the traffic because you have everything nearby, as opposed to having to drive everywhere, and to give doral a heart. >> the mixed-use community will feature 2,840 residences and 180,000 square feet of retail space. and they say that it's already
filling up. >> this is actually a small portion 'cause this is a 120-acre project, so this is really the core and the main entrance of the project that we have shown in this scale model. that's our main entrance, the corner of 87th avenue and northwest 53rd street. the trump national doral is directly across the street. so, these two condo towers, that one over there is 100% sold out. this one's about 65%. we really wanted it to feel like a true town center, not a development. and so that was very intentional. this one-story building you see wrapping around is the first phase of our retail. the retail, we curated it very carefully. we had a number of chain restaurants that were interested. we really weren't interested. we wanted local operators who had two or more units, so we wanted people with some experience who had a local flavor. this is our first condo tower. you see we have the pool deck, we have a gym, a party room, amenities, but our true amenity here is the community. it's the retail. you can go downstairs, have
dinner. you can walk your child to school. >> tell us about the school here. >> it's a public school that's privately operated. usually, charter schools and the public school system are at odds, and this was a partnership. >> they have created a brand-new main street, which will be the heart of an urban center with more than 50 retailers and restaurants. >> 80,000 feet of retail. 40,000 feet of restaurants. 40,000 feet of lifestyle-support shops. >> this is one of the high-rises. this is gonna be one of the condominium high-rises. >> yes, we'll deliver that in... >> third quarter of next year. >> now, as it relates to these stores, they're obviously still working on them. when do you anticipate that they're all gonna be open? >> all of it should open by february, and it's 90-plus percent leased. look at the sidewalks, the width. so these would all be sidewalk cafés. parallel parking, not angle parking, so that it doesn't disturb the diners. >> does the employment just from -- >> very big employment
generator. >> and what's wonderful about this is private funding -- i mean, there's literally no government funding involved. >> not a penny. >> not at all. >> it goes to show you, it's way past the american dream. >> not even a tax-increment district, where we would take some of that -- no. not a penny of government, and all of the real-estate taxes go to the city of doral and the county. ♪ the school is open. city hall is open. we built and donated a park. >> this is the heart of downtown doral. you have city hall, so the heart of government; our downtown doral park, which is right in the middle of the whole community; and you have our school right across from the park. >> and tell us about the history of city hall. >> we wanted the city to have a very elegant, iconic hall. >> again, it's consistent with what you're trying to do -- build a self-contained city, in this case. >> we donated the land, bob, and the improvements. >> for the park. >> for the park. >> for the park and built that sculpture.
>> everything's pretty well self-contained. i mean, everywhere you look. you have the park in the middle. you have the condominium high-rises. you have the retail over here. you're gonna have the restaurants. >> offices. >> be a million feet of office when we're finished. >> and are all those offices occupied presently? >> 90%. >> codina has been a great partner for the city, and we have built here a workable city. >> our focus is on complex projects. our attitude really is if somebody else can do it, we're not interested. we want to build communities. we don't want to build a building and walk away. ♪ >> up next, the massi memo with information you can't afford to miss. so, stick around. [ woman vocalizing ] poor mout. allergies? stuffy nose? can't sleep? take that. a breathe right nasal strip instantly opens your nose up to 38% more than allergy medicine alone. shut your mouth and say goodnight, mouthbreathers. breathe right.
a side effect of their medication... is something called "akathisia." it's time we took notice. ♪ >> time now for the massi memo. earlier, we met a couple who took their time finding the home that was perfect for them. they did their research, worked with a good realtor, and made sure that it was something they could afford. here are some tips to make sure that you do it right. make sure you find the right realtor. this is critical. he or she needs to understand you -- what is important to you and how much you can afford. avoid someone who's trying to sell you on property just to make a sale and get a commission. fully understand your own finances and all of the costs that go into the purchase -- get pre-qualified; get a credit check -- to make sure when you look at the home you want that you actually can afford it.
study all lending changes with a qualified broker. understand the laws and regulations that are presently on the books at the time of purchase. now, effective october 3, 2015, there is an entire new regulation before closing with escrow called "know before you owe." you will receive a loan estimate, and three days before closing, a closing disclosure form has to be provided by the lender to you, the prospective home buyer. the home buyer compares the estimate received to this new disclosure form. if they're not the same, such as interest rates or payments amount, you have the right to challenge that and extend it another three days, no matter what, until it's rectified. it was, in fact, the consumer protection finance bureau, an expert, that made these changes to protect the home buyer for full understanding of what they're buying. that's it for today. as always, there is much more information on our website at foxnews.com/propertyman.
be sure to send me your questions or property stories at firstname.lastname@example.org. i'm bob massi. i'll see you next week. [ woman vocalizing ] that's it for us tonight. judge andrew napolitano will be here monday. maria: welcome to week, the program that analyze the week that was and helps position you for the week ahead. i'm maria bartiromo. house chairman kevin brady my special guest. the dow industrials hitting another milestone grabbing its 9th consecutive record close. it did hit a speed bump wednesday amid rising tensions between the united states and north korea.