: If you thought that the year couldn't get any worse for R&B star Kelly Rowland - you'd be wrong. MediaTakeOut.com spoke with one of Kelly's neighbors in a luxury Miami condominium complex. And according to her, the former Destiny's Child star lost millions of dollars in a real estate investment.
The woman, who purchased a condo in the same building as Kelly Rowland last year, claims that property values in the area are precipitously dropping. The insider told MediaTakeOut.com, "When we bought in this building, it was supposed to be ultra-exclusive ... [The builders] promised us that they would only sell the homes for market value. Now it seems like it was all just a scam."
And the woman claims the downturn in the real estate market has already cost her more $1M. The disgruntled investor explains to MediaTakeOut.com, "I paid more than $2 million for the condo, and [based on] the floor and the size of [Kelly's] unit, I know she paid more than I did." She continues, "A condo exactly like Kelly's is now selling for around $600K at auction."
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The housing market is really bad right now. *** I should have sold mine 3 years ago when I had it appraised I could have gotten triple the value I paid for it. All she needs to do is keep the property for about 2 more years and she may be able to get more for her buck. hell its still a tax right off so she needs to stop *** about it.
@ISIS, I must agree, don't feel too bad for Kelly. She may not perform as great as "Bey" but she will be getting paid for a looooooooong time from those royalty checks. She just needs to find herself,she has been under Beyonce's shadow for so long she sings and even tries to dance like Bey. She needs to take time off for self development and come back with her own style. She won't make it as long as her music is an imitation of Destiny Child and Beyonce's style. Not hatin, just my opinion.
This kind of stuff happens to anyone who invests in real estate. I saw on the news that almost one million homes will go into foreclosure in 2008. She may be rich but there are others who are living well and lost big. She still got god, good health, good looks, a great voice, family & friends. She'll be fine!
people lost money on investments every day..so dont feel bad for her..like Beyonce is losing money over that disaster of a clothing line that her momma is trying to have her ***..anyway Kelly will be rich until the day she dies because shes getting plenty of royalty checks..she can afford to play around in the market a little..thats why its a risk because there are no guarantees, its all about taking chances..anyway like someone said earlier, we should feel back for working class people who cant afford their mortgage and have their homes forclosed..Kelly has about 5 different houses to lay her head at ***
One thing about having real estate...as long as you own it.... you are in the game. So as long as Kelly made a cash investment and owns her condo she can rent it out or anything to make money on it. It can be a Tax write off. Now if she sells at the discounted price, which I don't think she has to ..She will lose......
come on people kelly still has millions in the bank from destiny's child this girl will always be rich no matter how much she looses beside shes got beyonce next to her well this next year would be kelly's biggest year for sure new album, tour, movies maybe so yeah im pretty sure she will bounce back faster than a basketball
It's sad, But it's happening to so many people that wanted to get into the real estate business. Alot of people was investing in tropical areas (I.E. San Diego, CA and Miami, Fl). But since the real estate is so shaky right now in those particular places, the prices went up sky high (as well as the foreclosure rate with people getting property with an adjustable mortgage rate). And the prices fell just as soon as it went up. Therefore thousands of investors and builders were out millions of dollars. Miami, Florida is the number 1 place to NOT invest in right now.
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This is not a big deal MTO. We all have lost money in this real estate game. Houses have not increased much in value in over 2 years. Everyone that has property knows that. And yall made it sound like she lost $10M or more. A couple hundred thousand or a $1M is a drop in the bucket. Kelly got plenty of money. Don't sleep.
You know the market is bad ok...but I don't give a *** if she lost 5million she is still sitting lovely! Destiny's Child (the brand it was) made a lot of *** money so she ain't broke MTO! Your spellcheck is broke, freddy's ego is broke, he's a broke back mountain candidate but Kelly....trust...she ain't broke!
@ladytee35- All she needs to do is keep the property for about 2 more years and she may be able to get more for her buck. hell its still a tax right off so she needs to stop *** about it.
I really don't think the housing market will strengthen anytime soon. Since the banks were given out loans like "govt. cheese" the prices were "over" inflated like %60 to %80, but since the loans have pretty much stalled no one will sell another piece of poperty for profit until they go back down to realistic prices. If the above story is true, it obvious there is a MAJOR problem with the market if the price went for ^$2mil to v$600k.
And the tax write off thing sounds good but it's not as great all the time. Let's say your mortgage is about $1,500 per month & your property taxes is about $5k a year. You have to pay a mortgage of $17k total plus $5k in taxes thats a total of $22k a year just to get a write off. Or, you can rent an apartment at $1,000 per month ($12,000 per year) with no property taxes and save $10k per year. Put it in a money market, and let it ride for a few years, stack yo cheese. Sometimes it's better to rent that to buy and right now is that time.
