I wonder why no one has purchased it. I bet the inside is in very bad state which turned off potential buyers. It probably needs a couple million dollars of renovation. Built in 1933, it's an old home.
The Robin Masters Estate (Pahonu)
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Sisophous
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Re: The Robin Masters Estate (Pahonu)
Re: The Robin Masters Estate (Pahonu)
It was way overpriced to start and like the realtor said "It's a gut".Sisophous wrote:I wonder why no one has purchased it. I bet the inside is in very bad state which turned off potential buyers. It probably needs a couple million dollars of renovation. Built in 1933, it's an old home.
It will need a million or two (or more) that's for sure.
I think their strategy was to price it high in hopes of catching a rich Magnum fan who had to have it at any cost.
The huge price reduction just might get an offer or two.
Time will tell.
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Mr. Greene
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Re: The Robin Masters Estate (Pahonu)
Wish I had the money. Even without the MPI connection it's a beautiful place
Re: The Robin Masters Estate (Pahonu)
The value is 3 acres ocean front, property will most likely be split up.... but for sure it would be SUPER cool to pull up to the Robins nest in a red 308gts 
Re: The Robin Masters Estate (Pahonu)
Welcome favor34....and agreed in spades!favor34 wrote:The value is 3 acres ocean front, property will most likely be split up.... but for sure it would be SUPER cool to pull up to the Robins nest in a red 308gts
Course it would be cool to pull up to Robins nest in anything, but the 308....yea....that'd be the dream fulfilled.
"C'mon TC...nothing can go wrong!"
Re: The Robin Masters Estate (Pahonu)
We should start a pool as to what price it will eventually sell at...........My guess is that it is still way to high and will sell for 6.9 million..........
Re: The Robin Masters Estate (Pahonu)
@308GUY the Anderson family could turn it into a Magnum PI museum or something like ELVIS Graceland
@Steve My guess would be 7.8 million for the estate and property split up
@Steve My guess would be 7.8 million for the estate and property split up
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J.J. Walters
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Re: The Robin Masters Estate (Pahonu)
Wow, a $5,000,000 price cut! 
It's now at $10.7M. Trulia shows an assessment and market value of $10.2M. Zillow still shows an estimated market value of $14M. Tough to say what it's going to go for. I'm gonna say... $8.5M. That's my WAG.
It's now at $10.7M. Trulia shows an assessment and market value of $10.2M. Zillow still shows an estimated market value of $14M. Tough to say what it's going to go for. I'm gonna say... $8.5M. That's my WAG.
Higgins: It's not a scratch! It's a bloody gouge!
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No need to know!
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Re: The Robin Masters Estate (Pahonu)
Planning a big win at the lottery this weekend. It´s a jackpot of around $21 million.
I´ll invite you all for a party a´la "The Case of the Red Faced Thespian".
I´ll invite you all for a party a´la "The Case of the Red Faced Thespian".
Onion´s extra?
Re: The Robin Masters Estate (Pahonu)
If you're providing the transportation...I'm in!
I got a sleepin' bag....
I got a sleepin' bag....
"C'mon TC...nothing can go wrong!"
Re: The Robin Masters Estate (Pahonu)
For the location, this reduced price is getting ridiculously cheap. If there isn't a sale soon, have to wonder if it will go at auction.
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Estate resident
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Re: The Robin Masters Estate (Pahonu)
I've got my ticket...
Re: The Robin Masters Estate (Pahonu)
@Captain
Ticket to paradise ? typo
Ticket to paradise ? typo
Last edited by favor34 on Wed Jul 30, 2014 3:43 pm, edited 1 time in total.
Re: The Robin Masters Estate (Pahonu)
Post no longer needed.
Last edited by 308GUY on Wed Aug 06, 2014 10:17 pm, edited 1 time in total.
"C'mon TC...nothing can go wrong!"
Re: The Robin Masters Estate (Pahonu)
As an appraiser and financial analyst, I have to wonder, "What is the real deal with this?"... At least, where and what the value really is.
This would likely fit into the area between a "story" and an "investment opportunity"... I love the estate, the show, and it's got a cool story to the place, but has a HORRIBLE layout by today's standards. Today, people want to see the ocean from INSIDE the house, but the Anderson Estate is configured for the grounds to have the best view. That is a HUGE issue for Functional Obsolescence. As a former appraiser of luxury waterfront homes: this may be the worst layout that I've ever seen. Sorry, but it is. The layout is designed for people from the grounds to enjoy the view, and the house off to one side for getting out of the weather, sleeping, and modest entertaining. It harkens back to the pre-air conditioning culture.
And let me just tell you that Zillow, and other similar sites, have one inherent flaw (like all automated valuation modeling): lack of interpolation of subjective data. It is difficult to know the quality and condition of the interior of any property that hasn't been sold for a period of time. The Anderson Estate is obviously just that. These models all work off data mined through regression analysis, and the accuracy of the data about specific properties becomes less and less relevant as they age. Are they in better or worse condition than other properties of the same age? Were they remodeled? If they were, did the costs stated during the permitting process actually reflect what was spent? Were the costs understated in permitting so that the taxes would be lower? (Nah, that never happens...) Does this property conform to the expectations of the market for design, quality, and condition? All these issues being present in a unique property cause deviation from the norm in the model, and usually won't be rebalanced until there is a sale of the unique property. Hence, why I'm wondering what the real deal is.
The value of the land is not entirely objective, but is the closest thing to it. I have no idea what the price per front foot is for ocean front land in that area, but that would give us the likely baseline for land value.
Other than what the development regulations would allow to be built on the land, the house condition and feasibility are the BIG VARIABLES. Costs to update, how up to date a restored house would actually be, and the fact that there is a quasi-historical sense about the house and grounds are all factors. The house and other improvements may actually have a NEGATIVE value, but anyone buying it might be reluctant to choose the burden of demolishing the place when there are other redevelopment opportunities out there.
If the inside is dated, and the ceiling heights are too low, someone looking for a place on the ocean would probably be even more hesitant to make that investment. If the ceiling heights are high enough and the structure is sound, someone might be willing to update it. What's the best we know about the current condition of the interior? Is it a gut and completely redo? These answers would also tell a lot.
In my experience with Palm Beach, Jupiter Island, and other similar areas: real money rarely buys a house to leave it the same. Additionally: they are often willing to pay a premium to get WHAT THEY WANT. If the capacity to update it isn't there, then the value is in the land and the improvements typically go. If the structures don't have a real "story" that warrants that they be restored or preserved in some way, they get altered.
Being pragmatic, there are very few fans that will take a multi-million dollar hit on an investment for the sake of love for a 30 year old TV show.
Just sayin'...
This would likely fit into the area between a "story" and an "investment opportunity"... I love the estate, the show, and it's got a cool story to the place, but has a HORRIBLE layout by today's standards. Today, people want to see the ocean from INSIDE the house, but the Anderson Estate is configured for the grounds to have the best view. That is a HUGE issue for Functional Obsolescence. As a former appraiser of luxury waterfront homes: this may be the worst layout that I've ever seen. Sorry, but it is. The layout is designed for people from the grounds to enjoy the view, and the house off to one side for getting out of the weather, sleeping, and modest entertaining. It harkens back to the pre-air conditioning culture.
And let me just tell you that Zillow, and other similar sites, have one inherent flaw (like all automated valuation modeling): lack of interpolation of subjective data. It is difficult to know the quality and condition of the interior of any property that hasn't been sold for a period of time. The Anderson Estate is obviously just that. These models all work off data mined through regression analysis, and the accuracy of the data about specific properties becomes less and less relevant as they age. Are they in better or worse condition than other properties of the same age? Were they remodeled? If they were, did the costs stated during the permitting process actually reflect what was spent? Were the costs understated in permitting so that the taxes would be lower? (Nah, that never happens...) Does this property conform to the expectations of the market for design, quality, and condition? All these issues being present in a unique property cause deviation from the norm in the model, and usually won't be rebalanced until there is a sale of the unique property. Hence, why I'm wondering what the real deal is.
The value of the land is not entirely objective, but is the closest thing to it. I have no idea what the price per front foot is for ocean front land in that area, but that would give us the likely baseline for land value.
Other than what the development regulations would allow to be built on the land, the house condition and feasibility are the BIG VARIABLES. Costs to update, how up to date a restored house would actually be, and the fact that there is a quasi-historical sense about the house and grounds are all factors. The house and other improvements may actually have a NEGATIVE value, but anyone buying it might be reluctant to choose the burden of demolishing the place when there are other redevelopment opportunities out there.
If the inside is dated, and the ceiling heights are too low, someone looking for a place on the ocean would probably be even more hesitant to make that investment. If the ceiling heights are high enough and the structure is sound, someone might be willing to update it. What's the best we know about the current condition of the interior? Is it a gut and completely redo? These answers would also tell a lot.
In my experience with Palm Beach, Jupiter Island, and other similar areas: real money rarely buys a house to leave it the same. Additionally: they are often willing to pay a premium to get WHAT THEY WANT. If the capacity to update it isn't there, then the value is in the land and the improvements typically go. If the structures don't have a real "story" that warrants that they be restored or preserved in some way, they get altered.
Being pragmatic, there are very few fans that will take a multi-million dollar hit on an investment for the sake of love for a 30 year old TV show.
Just sayin'...
Trust Me!!!