Builder's mansion in Orlando area to go to winning $100 raffle ...

If you go to 2008DreamHome.org you can see a photo.

350K in Income Tax. OUCH !

Wow, that is a nice looking house !

I like Howey in the Hills it's such a nice and quit town. Wow! that is some beutiful house. I wouldn't mind living in $1m home like that for half the price. maybe turn it into a B&B or something.

They have been working on that house for YEARS! If they would have had a proper plan in place and proper oversight of the construction, they could have sold that house during the boom. I toured the property during the Parade of homes back two years ago, and they still had people working on it as we were walking through.
In my opinion,$1M is a little much for the location. It is right next to the main cooridor road that can get very busy. The reason they are trying to get so much is to probably cover all of the cost they spent in labor.
I do love the craftsmanship of the home though. I will consider buying a ticket, but will have to weight the cost of income taxes...yikes!

Rich White wrote:

350K in Income Tax. OUCH !

That's what I was thinking.

So in all reality if you "win" the house by purchasing a "$100 ticket" you will need to come up with $350,000 plus $17,000 to move in. I don' know about you but it sounds like not such a great deal for the initial investment of only $100!! I think I will play the lotto!!

Its the taxes to the common man that'll be the deal-buster. Otherwise this would be an awesome shot! Better odds than the lotto!

Jenn wrote:

If you go to 2008DreamHome.org you can see a photo.

Definitely a great bed and breakfast place.

Even if I won I could not afford the taxes on this home, let alone the bills for everything else

3 years to build a home? Talk about taking your time...

I does look like a nice place, but I hope he changes his mind about doing raffles in the future... I wish all homebuilders would take a sebbatical for a while...

That area will be in the middle of a housing project in a few years.Read proposed building permits before buying a ticket.He admits building eight more on five acres.Another METRO WEST in the making.

I am a realtor and just got off the phone with the Florida Association of Realtors Legal Council and according to Florida Law statute 849.11 this is illegal. I had sellers approach me on this Sunday and we were highly adivsed against this. It seems like a great idea but would be violating Florida's gambling statute.

Crystal G wrote:

I am a realtor and just got off the phone with the Florida Association of Realtors Legal Council and according to Florida Law statute 849.11 this is illegal. I had sellers approach me on this Sunday and we were highly adivsed against this. It seems like a great idea but would be violating Florida's gambling statute.

Clarify please.

WSSF wrote:

<quoted text>
Clarify please.

Basically one of my sellers approached me with this idea on Sunday after an open house. They heard of this last week on Good Morning America. So, I called the attorney council with FAR yesterday and was told that this is in violation of the gambling statute in the state. So, this morning I see this article and called the attorney again. She quoted me statute 849.11 and said anyone that if my sellers or myself participated in this we could be prosicuted under this statute. It seems a great idea, I wonder how this guy is getting around it.

Crystal G wrote:

I am a realtor and just got off the phone with the Florida Association of Realtors Legal Council and according to Florida Law statute 849.11 this is illegal. I had sellers approach me on this Sunday and we were highly adivsed against this. It seems like a great idea but would be violating Florida's gambling statute.

Figures a realtor would misrepresent facts. Maybe you forgot to tell your legal counsel that they are running this through a charitable organization? Or, just maybe, your legal counsel is about as qualified to dispense legal guidance as you are market predictions. Tell him/her to familiarize themselves with SS849.0935.

Either way, what they are could not be more legal. And for someone who asked earlier, they cannot require that you pay $100. They can only suggest that you make the recommended donation and refuse a sale

Why couldn't you sell it for $500k? That'd be flipping for over $100k profit and no work, wouldn't it?

Crystal G wrote:

<quoted text>
Basically one of my sellers approached me with this idea on Sunday after an open house. They heard of this last week on Good Morning America. So, I called the attorney council with FAR yesterday and was told that this is in violation of the gambling statute in the state. So, this morning I see this article and called the attorney again. She quoted me statute 849.11 and said anyone that if my sellers or myself participated in this we could be prosicuted under this statute. It seems a great idea, I wonder how this guy is getting around it.

Now I am genuinely interested in what happened here. Did you not tell them about the charitable organization or was that an oversight on their part? I know that realtors have the tendency to overlook the obvious details but I’d like to think that your general counsel is thorough enough to give you relevant advice.

Dept of Redundancy Dept wrote:

<quoted text>
Figures a realtor would misrepresent facts. Maybe you forgot to tell your legal counsel that they are running this through a charitable organization? Or, just maybe, your legal counsel is about as qualified to dispense legal guidance as you are market predictions. Tell him/her to familiarize themselves with SS849.0935.
Either way, what they are could not be more legal. And for someone who asked earlier, they cannot require that you pay $100. They can only suggest that you make the recommended donation and refuse a sale

I did tell them that and definitely don't want to misquote facts. I am trying to help my seller with the same situation and wanted to make sure all the i's are dotted. Hence, calling legal two times. If I was given bad advice I apoligize for posting. No need to beat me up for being a realtor. Just trying to help people get their home sold.

Dept of Redundancy Dept wrote:

<quoted text>
Now I am genuinely interested in what happened here. Did you not tell them about the charitable organization or was that an oversight on their part? I know that realtors have the tendency to overlook the obvious details but I’d like to think that your general

counsel is thorough enough to give you relevant advice.

I am calling her back now. I am sure I am not the only agent calling after seeing this as it's a great way to help the home owner out. If she is telling me this I am sure they are telling others the same. Thank you for pointing out the statute. I appreciate it.