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longer. that is ever show. see you next week for a new episode in the new time slot fridays on fox business. >> 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. eight 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. we're gonna meet real people who faced 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 ]
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thanks for joining us. i'm bob massi, your property man. about 8% of all u.s. households own time-shares, and the industry generated more than $70 billion last year alone, and it continues to grow. now, a time-share is a piece of property for which you own a specific amount of time, usually one week per year, and you use it as your vacation home. if you're thinking about buying one, well, i'm gonna give you some of the dos and don'ts and take you inside the latest project, from time-share giant westgate resorts, right behind me, the old las vegas hilton. but first, david siegel, well, he's the founder of westgate, and his story is amazing. in 1980, david siegel owned a small tourist attraction called the mystery funhouse in orlando, florida, and an orange grove. well, one day a man approached him and offered to buy part of the grove. >> i said, "what are you gonna do with it?" he says, "i'm gonna time-share it." i said, "what's that?" he explained the concept to me. i fell in love with the concept. i didn't sell him the property.
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i decided i'm gonna do it myself. >> so, did you know what time-share was at that time? >> no. no. so, i built 16 villas in the back of the orange grove. >> those 16 villas would grow into westgate, the largest privately owned time-share company in the world. two decades later, his time-share empire was still expanding. and in 2004, david and his wife, jackie, decided to take on another project, building themselves the largest home in america. most people would say, "why?" >> why build this home, or...? >> why build this -- i don't think they'd call it a home. >> it's really the palace, right? >> why build this palace? >> we wanted a large home. we were planning on, like, maybe a 15,000-square-foot home. but by the time on paper that i got what i wanted, like, a huge ballroom, and we started having more kids, we needed extra bedrooms. it just became the largest home in america. we weren't trying to build the
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largest home in america. it just happened. >> it just happened. >> yeah. >> the 90,000-square-foot house was set to contain 13 bedrooms, 30 bathrooms, a bowling alley, two movie theaters, of course, and a 20-car garage. >> we went on our honeymoon in france, and when we went to versailles, he says, "i want to build versailles in america." when we were on the airplane coming back from france, he designed the house on the back of a napkin. >> of course he did. >> he wanted, like, a 10,000-square-foot spa, and i wanted bowling alleys for the kids. and he wanted a movie theater. >> the estate was about 60% completed. and the economy crashed, almost taking westgate with it. >> in 2008, when lehman brothers went under, and the banks all froze, it was a terrible time for my company. it was a terrible time for the country. i had to do whatever was necessary to see that the company survived. we cut our expenses.
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we cut our sales. >> but cutting expenses and worrying about revenues was really not enough. they also had to put the versailles house on hold, and eventually they listed the half-built mansion for sale. guess what? $100 million. the whole thing was being captured by a documentary filmmaker, who was profiling jackie for a movie called "the queen of versailles." did you enjoy doing that? >> i hated it. [ both laugh ] >> that wasn't a maybe, right? >> i did not like it. >> he hates it because it makes him look like he's mean, upset about business, like we have a bad marriage and all that, where really he was just mad because the camera people were always around. we had no privacy. he's a businessman, and business goes up and down. he's very smart, and obviously he's bounced back so much more than he was even a few years ago. >> indeed, david and westgate did bounce back, and the company became profitable again, and versailles was never sold.
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what's the present status of the house? >> the house is free and clear, completely paid off. construction is going on at a very fast pace. we still have two more years to finish it. it's coming out beautiful. because it's taken so long, we've been able to add features that we weren't thinking about. >> in our great room, one thing i would like to do in the design of the floor is to mirror our beautiful, intricate, colorful dome that's in the ceiling. we might have to use semiprecious stones, like onyx, things like that. >> it's all beautiful marble, exterior. the inside, we're putting in gorgeous ceilings. it's gonna be like walking into a french palace when it's finished. we're not rushing it. >> we're going to live there for the rest of our lives, and it's not only gonna be a palace, but it's gonna be our home. >> how much longer till it's finished? >> it should be finished in about two years, i think. [ both laugh ] >> the date's never the date,
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believe me, when it comes to construction. when we come back, i'll take you inside westgate's latest gamble right here in vegas and tell you what to watch out for if you're thinking about buying a time-share. [ woman vocalizing ] my business was built with passion... but i keep it growing by making every dollar count. that's why i have the spark cash card from capital one. with it, i earn unlimited 2% cash back on all of my purchasing. and that unlimited 2% cash back from spark means thousands of dollars each year going back into my business... which adds fuel to my bottom line. what's in your wallet? but when we brought our daughter home, that was it. now i have nicoderm cq. the nicoderm cq patch with unique extended release technology helps prevent your urge to smoke all day. it's the best thing that ever happened to me.
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♪ >> welcome back. i'm bob massi, the property man. when the economy crashed in '08, it took westgate resorts' crown jewel down with it. and david siegel? well, he was forced to sell the las vegas ph towers to pay off the mortgage. but he soon set his sights on another historic vegas property. in 1969, elvis presley took las vegas by storm and made the international hotel his home away from home. in fact, he was there before the international was even built, signing a long-term contract while the massive building was still under construction. the international was the first mega-casino to be constructed in las vegas, and elvis played sold-out shows to screaming fans
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night after night. in the crowd for those first performances -- guess who? david siegel. >> first time i saw elvis perform, we sat in his booth right in the front of the stage, as close as you and i are. >> yeah. >> he sweated so much that during the show, i kept thinking, "oh, god, he's gonna get sweat on me." but he would pull out a scarf, and he would wipe it off, and the women -- well, they stampeded the stage. i'll tell you. it was like a mad frenzy. >> i remember the first time i saw him, which was in the '70s. i couldn't believe the lines. they wrapped this huge facility outside and around to get in to see him. >> 837 consecutive sold-out performances. >> unheard of. >> it'll never be matched again. >> "the king of rock" played the international for eight years straight, until his death in 1977. >> never had an empty seat. i saw elvis perform maybe 15 times. i saw him when he was thin, when he was fat, thin, fat.
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and always gave a great performance. >> fast-forward a few decades, and the international becomes the las vegas hilton before the recession unfortunately forced it into foreclosure. with westgate also losing its las vegas property, david siegel, well, he knew exactly what he needed to do. >> my husband bought this hotel. years ago, he came here, and he couldn't afford to rent a room for one night. and now, with all his success, he comes back, and he bought the hotel. he just bought it. >> there were a half a dozen other companies that were also looking at it at the same time. i was the only one that was gonna keep it open. all the others -- some of them were gonna knock it down, which would have been a tragedy. >> yeah. >> others were gonna close it for two or three years, reposition it, then reopen it. i would not have bought it and have on my conscience lain off 2,200 people and affected their lives.
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so, even though it's costing more to do the renovations, that's the way i'm doing it. >> and now elvis is back in the building. westgate has teamed up with graceland to unveil the first permanent elvis exhibit outside of graceland. there are hundreds of never-before-seen artifacts, and the elvis experience, which re-creates his performances with live bands in the very same showroom where it all began 59 years ago. guess what? there's even a wedding chapel. >> we made a deal to basically make this graceland west -- a 30,000-square-foot museum where people could come see pieces of history from elvis that they've never seen before. graceland has warehouses full of items that have never been on display. so, we're gonna be an extension of graceland.
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people will be able to see elvis performances with 40-piece orchestras and backup singers and just like if they were here back in the '70s. >> and the towering building itself -- well, it's slowly being converted from the hotel to a giant time-share complex. >> there's 300 beautiful suites included in 3,000 rooms. it's very unusual that 10% of your rooms are suites. we have three sky villas on the roof that are 15,000 square feet each. we took a couple hundred hotel rooms and suites. we're converting them into 80 time-share units. ultimately, over the next 30 years, we will have converted every room in the hotel into a luxury time-share villa. >> what do you think attracts people to time-share? >> during the recession, a lot of people had beachfront homes and condominiums in the mountains, and they would use
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them a few weeks a year. and then they would pay the maintenance and taxes for the whole year. time-share -- it's like an airline ticket. you don't buy the whole plane. you buy a seat. you can go anywhere in the world at any time and stay as long as you want or the least amount of time you want. and when you leave, you let someone else worry about it. >> mr. siegel, what do you envision in the future for this hotel? >> we're not gonna have the wealthy people staying here, although they're more than welcome. we're not gonna have the kids staying here. we're gonna have the middle america, the people that shop at wal-mart, people that have basically been ignored. they want to feel like v.i.p.s. >> and, clearly, there are a lot of people who want to feel like v.i.p.s, particularly in las vegas, and westgate's sales have never been stronger. up next, i'm gonna introduce you to a couple who's struggling to save their home, and i'm gonna try to give them some tips to help them save it.
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♪ >> welcome back. i'm bob massi, the property man. from coast to coast, the real-estate crash devastated millions of people, and even though things have turned around, well, let me tell you. many are still dealing with the fallout. let me tell you about dennis and karen. they worked their whole life. they lost their jobs a few years ago. they're in their mid-60s. and, basically, they can't afford the payment from before. they need the lender to understand their circumstance and to give them the opportunity to keep the house of their dreams that they lived in for 18 years. >> it's home. this is what it is. we read our books. we watch our videos. we go through the things that normal people do on a daily
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basis. >> for years, karen and dennis lived happily in their home and never fell behind on their mortgage payments until the first problem popped up. >> we unexpectedly got a message from the insurance company that they would no longer insure the house because they didn't like the roof. in order to keep the house, you have to have insurance. so, we had to take out a loan against the house. >> then their luck turned worse. i lost my job in 2009. they eliminated my job position. >> and not long after that, dennis lost his job, as well. >> things got really bad there for a while after dennis lost his job. we let go of all the pool service we had. we had to let go of the landscaping. >> we cut out the tv. we cut out cellphones, absolutely everything down to the bone. >> we got rid of everything that we could to make the payment. we're selling everything we can. we've sold the motorcycle, sold the treadmill. we're just waiting for the
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people to pick it up. >> making their mortgage payment was the top priority. they tried repeatedly to reach someone at the bank who could work with them. >> their staff have a certain script that they read, but you can't really get into actually sit down and speak with anyone. >> we have a record of having been here for 18 years, all of this time. we're not going to all the sudden abandon our property and run off somewhere. we're, i would think, a very good risk. >> this is our home. and it's small. it's only 1,500 square feet -- a household of things that we've collected over our lifetime. it would be almost impossible at this point and time to just pick up and move. when you're trying to contact these people to get a loan modification and get refinancing, you feel unstable. you feel just like you're out there and nobody cares about you. >> your individuality and integrity is not being taken
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into consideration by the institutions, and all of a sudden it's being yanked out from underneath you. >> we have always stood up and done the right thing, and we always pay our debts eventually. >> it was time to check in with karen and dennis and help them save their home of 18 years. >> how are you? >> good to see you. >> when did you actually move into this home? >> 1995. >> at some point a few years ago, i think you told me there was an issue with your roof. tell us about that. >> the insurance company sent us a notice and said, "we can no longer insure your home because your roof is too old." >> even though we had had no problems with it before, maintained it. >> and then we tried to get the refinance. >> so, you get approved for your loan. life at least at that point was good. >> yeah. it was right after that when i lost my job. >> right. >> when did you go default on your payments? >> it was right at that same time. it was within one month. >> 2012. >> yeah, one month to that point. >> up to that point, i'm assuming you were maintaining the property. tell us. what has this forced you to do
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financially? i see what looks to be a wrapped treadmill over here... >> yes. >> ...a motorcycle. >> well, the motorcycle we had to sell in order to... >> and the treadmill, and we have some other things, like some things in the house that are worth some money. >> how were you treated when you tried to contact the lenders yourself? >> like a number. all they wanted to hear is, "well, when are you getting back to work, and how much money can you pay us, because if you can't, we're gonna find somebody who can pay us." when we had this landscaped, the whole thing looked like a beautiful beach area, and all of that grass that you see that's growing in over there -- none of that was there. it was all sand, all white sand, and the pool. >> a pristine pool. obviously, regardless of the condition, you love your home. >> yeah. >> when people come to me with these kinds of issues, the first question i ask them, regardless of age, i say, "do you love your
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home?" "yes, i do." here's the tough part. those who have the gold make the golden rules. and the gold is with the lender. >> yeah. >> and what you have found out is that there is no loyalty. you are nothing more than a spreadsheet of numbers. >> yes, correct. >> in some tower somewhere, you're a spreadsheet. at this point in time, the short sale is not an alternative. bankruptcy is not an alternative. foreclosure is not an alternative. so, we got to go with the loan mod. >> got to go there. >> so, understand that if your loan mod is approved, 9 times out of 10, whatever your arrears are -- penalties, interest, things like that -- they will take that, and they'll put it to the back of the loan. >> right. >> but it sounds like you're close, and you deserve it because you've lived here 18 years, you're good citizens, you're great americans. i'm going to explain exactly what karen and dennis need to do to save their home, when we get back. and we're gonna follow their story and check back with them
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dearthere's no other way to say this. it's over. i've found a permanent escape from monotony. together, we are perfectly balanced. our senses awake. our hearts racing as one. i know this is sudden, but they say...if you love something set it free. see you around, giulia >> welcome back. i'm bob massi, the property man. and now it's time for the massi memo. earlier, we met karen and dennis, fighting to save their home of 18 years. now, they have a few options, but the only thing i see really that's gonna work for them is a loan modification. they need to get the bank to understand their situation and that it's in their best interests to keep them in the
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home and do something with their mortgage so they could afford the payment. so, i'm gonna help them with that, and in a few weeks, we're gonna update you as to how it worked out. we also looked at westgate time-shares and their beautiful, new property in las vegas. you know, there are different types of time-shares, and before you buy one, you have to decide which one's right for you. so, let's look at them. the right to use -- buyers can lease the property for a specific time each year. if you have points, buyers can consider staying at various locations. you redeem your points after they've been accumulated. also, what we call floating -- the buyer reserves their own time during a specific time of the year. and a fixed week, which is pretty common -- the buyer is buying the right to use the same unit, the same time every year. but there's always things to think about when you're buying anything. first of all, if you purchase it... this is a contract, just like when you buy a home. understand it. make sure you understand the terms of the contract. it's a long-term commitment.
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make sure you understand what costs are involved, maintenance fees, things of that nature. also, ask if there is an owners club or some type of an association, almost like a homeowners association, because what it does, it lends credibility and protects you as a time-share owner. by the way, don't get hustled by a slick salesperson -- i mean no disrespect -- because when you're buying this, make sure they explain to you exactly what you're buying and explain to you all the costs. make sure there's no hidden agenda. and, finally, make sure you understand what cancellation terms are of the contract. most states have a cooling-off period because when we buy a time-share, we're excited. usually, there's a cooling-off period. if you're a creature of habit, well, time-shares will probably work for you. they're meant for people who like to travel, take vacations, and plan out. so, if you take a vacation every year, i think it makes sense for you. you should look into it. that's it for today, but we have much more on our website... and be sure to send me your questions or property stories at
8:30 am 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 show you 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. ♪ thanks for joining us.
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i'm bob massi. i'm 1954, walt disney began construction on what he envisioned to be a magical place for families on the site of a former orange grove in california. >> walt disney is a man who had a dream, a dream to take raw land and, with courage and conviction, build a magic kingdom called disneyland. >> disneyland was a huge success. but walt disney knew that hardly anyone crossed the mississippi to travel to disneyland. so he needed a place on the east coast. >> the requirements were good weather and also a populous destination. >> walt disney saw the unlimited potential of central florida. >> the area around orlando was mostly orange groves, swamps and farmland. >> there were only 7,500 total residents in osceola county back in the early '60s. >> there weren't, for miles, any utilities that people could have even connected to. >> nothing but cows and oranges. >> with the florida turnpike and interstate 4 under construction, well,
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disney made his decision. but he kept it very quiet. >> well, they had to buy up the land very secretly because as soon as you said disney was coming to central florida, the land values would have gone through the -- the roof. >> he actually formed several fictitious companies. >> about 36 different real-estate companies, none of which knew what the others were doing. >> in 1964, he began quietly buying up millions of dollars' worth of land a few thousand acres at a time. >> without anybody really being aware of what was going on. >> in the beginning, there was a couple names that the project went by -- project x, project future and project east. >> these companies started purchasing 47 square miles, 30,000 acres. >> twice the size of manhattan island, larger than the city of san francisco. >> and it was quite an epic vision that he had for what everybody else looked at to be undevelopable swampland. >> eventually, word got out. >> walt disney will bring a new world of entertainment, pleasure,
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and economic development to the state of florida. >> unfortunately, in 1966, walt disney died. but his brother, roy disney, took over to make sure that his vision was gonna come to life. >> disney convinced the state to actually turn the area into a special government district called the reedy creek improvement district. >> the reedy creek improvement district was a novel form of regulatory government. it was passed by the florida legislature. >> this gave disney basically the powers of an incorporated city, which is very strong. >> they could acquire land, levy taxes. it had control over pest control, water and flood control, and fire services. >> disney is its own local government. and i don't think that would ever happen again in florida or probably anywhere else. >> the 2-year, $400 million construction project employed more than 9,000 people. >> lots of different construction companies that had experience with very large projects were brought into florida. >> finally, in october of 1971,
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the doors to the magic kingdom were opened. over the next 2 years, more than 20 million people visited, and 13,000 found work there. >> in 1971, we had one theme park, the magic kingdom, two hotels. that was all that there was. it's evolved to now almost 65,000 people employed. >> its four theme parks, two water parks, golf courses, resort hotels and not to mention retail. >> it's thought to have a direct $50 billion economic impact for the state. it helps to bring in over 60 million visitors year after year. >> suddenly, orlando was florida's fastest-growing city. and other brands... guess what? they took notice. >> not long after the magic kingdom opened, seaworld opens. >> and disney kept expanding. epcot was built in 1982. then came universal studios in 1990, which added city walk in 1999 and islands of adventures after that. >> in order to visit all the attractions
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here in central florida, we need 67 days. >> what does this all mean for the area? billions in tourism dollars, hundreds of thousands of jobs, and all kinds of indirect impact. >> it has been, obviously, transformational. >> all of a sudden, we had to take care of all of these guests that are coming. we have to have the infrastructure. >> businesses, financial services, hotels, restaurants. >> like everywhere else, the economy crash of 2008, well, it hit the orlando area pretty good. but as people started returning to the theme parks, the effect on the area and the housing market was very noticeable. >> as our parks started to regain visitors, more people were going to work, more people needing housing, the apartments, foreclosures, you know, dropped. >> lumos maxima. >> after universal's harry potter theme park opened in 2010 and legoland in 2011, both visitors and people looking to relocate, they flooded the area. more than 80,000 new residents arrived in 2010 alone.
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employment at universal orlando jumped from 13,000 to 20,000. disney is the region's biggest jobs factory, with 74,000 employees. and they are still expanding. >> it's not just the people working in the parks, but all the multiplier effect. you've gotta have the doctors and the dentists and the lawyers, all of those kinds of things that support that. >> and, obviously, with that comes the need for more ability to have residences close by. >> formerly foreclosed houses end up getting snatched up by the theme-park workers hired to keep up with the swelling crowds and expanded parks. >> we were able to recover faster than a lot of communities. >> for every 80 guests that come as tourists to the state, one job is created. so with over 60 million tourists, it's integral to us sustaining a thriving workforce as well. >> by the beginning of 2015, once foreclosed homes made up about 30 percent of all the home sales in the region. not many people would have predicted this back when walt disney flew over central florida in the 1960s
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♪ >> thanks for joining us. i'm bob massi. i want to tell you about a property that is changing the life of an amazing family. in june of 2004, u.s. army specialist hugo gonzalez found himself on patrol in baqubah, iraq, when his unit came under attack from insurgents. >> it was part of the sunni triangle, very hard place to be. >> being in a firefight was nothing new to specialist gonzalez. but this battle was intense. >> none of the gun battles and close calls that we got could ever prepare me for the tribulation that lays ahead of me after that night that i got mortally wounded in a dusty alley in baqubah, iraq.
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>> his humvee took a direct hit from an ied. and bomb fragments ripped through his skull even as the firefight raged around him. >> by the time i get to hear the cease-fire order, i was already blinded, calling for my mother, and scared to death. >> hugo had suffered a traumatic brain injury, had internal bleeding, and had injuries to both eyes. he spent 2 days in a coma and had to have part of his skull removed to combat the swelling. his fiancée, annie, was back home in the dominican republic, not knowing if he would live or die. >> she have all the opportunity at that time to say, "i think i -- i don't gonna be able to handle that." instead of that, the only thing that i got from her is that "i will continue with you until the end of my days." >> the recovery was long and grueling. >> penetrating traumatic brain injury that left me legally blind among other things. >> back home, annie became hugo's support system,
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helping him recover. >> it takes an exceptional person to love a warrior, especially a warrior whose war will never cease. >> they married and had three beautiful daughters. hugo heard about the group building homes for heroes. building homes for heroes builds and gives mortgage-free homes to severely injured vets. the group was started by andy pujol, a long island businessman who watched the twin towers fall. and he vowed to dedicate his life to helping american veterans. >> we're on target for 50 homes in 2016. and, uh, we have high hopes of doing the same in 2017. >> i call him my personal war hero because there are many ways to serve your country. it is not true anymore that you need to wear a military uniform in order to make a big contribution to this country. >> we over thousands and thousands of applicants. and hugo was very special. >> for this home, chase bank
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donated a formerly foreclosed property. and, with the help of kirchman construction, building homes for heroes began completely renovating it. >> i'm -- i'm a volunteer contractor for building homes for heroes. i'm not getting paid a penny. the roof trusses, the kitchen sink, outdoor unit was just delivered. everything outside you see has been donated. >> everything in this house is designed to hugo's specific injuries and to help him get around. phenomenal type of technology that now exists for people with these type of injuries. the flooring services and style in every room is designed to be different so that hugo can know, by the sense of feel, what room he is in. >> so when he has his cane, he can feel the different textures walking into the kitchen area. >> there's a -- a voice-activated thermostat, which he can control from his iphone. >> it will actually read to him the temperature of the room. >> 79 degrees. >> although he is legally blind, hugo does still have some light perception. so blue led lights will be
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projected onto the floor. >> that'll help him navigate to get to his children at night, come up and down the stairs safely. ♪ >> about a month before they were to be handed the keys, the house still under construction, we brought hugo and his family by to check the place out for the first time. >> oh, my god. >> i love to see the smile on the faces and -- and the, uh... you hear the -- the girls, you know, the elation in their voice. >> his sight may be gone, but walking through the door, hugo instantly could feel his family's excitement. >> getting to perceive the great emotion that my daughters and my wife was receiving, i assure you that i feel it twice. >> [ speaking spanish ] >> last night, i could -- i couldn't -- i couldn't get my sleep, thinking about so many emotions at the same time. i only feel it twice in my life... when i was about to see
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my daughters' faces... >> [ speaking spanish ] >> and today. >> how does this impact you? >> it's way much more than building houses. it's saving lives, sir. >> in a month from now, their lives will be forever changed. you know, they won't have to pull out that checkbook and write a check for rent or for the mortgage. >> it frees up money for college for their girls. >> it's gonna be a night-and-day difference when you guys come back. >> do you like it? >> yeah. >> it'll be, like, awesome. >> it's gonna be like -- like three princesses going in a palace. >> and every time we go past it, we're like, "yay." >> once we step in this house and finally make it a home, i assure you that the future is very bright. ♪ >> finally, the big day arrived. and it was time for specialist hugo gonzalez and his beautiful family
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to come home. >> hugo, annie, and girls, welcome to your new home. >> i would like to express my deepest and eternal appreciation to all the people involved in making our forever home a reality. [ cheers and applause ] hearing my daughters seeing their room for the first time and screaming... >> ah! >> i assure you that that feeling will be with us in this house for the rest of our life. from the heart of a warrior, thank you very much, building homes for heroes. >> and you can help these guys build more homes for people like hugo. go to to find out how. still to come on "the property man," one of the most stunning homes i've ever seen.
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it's a good time to get your ducks in a row. duck: quack! call to request your free decision guide now. because the time to think about tomorrow is today. ♪ >> welcome back. i'm bob massi, the property man. for most of us, stepping inside a multimillion-dollar mansion is not something we do every day. most of us don't live in palm beach, florida, however. the 10-square-mile strip of beach is florida's easternmost city and known for its pristine coastline, trendy restaurants, and high-end shopping boutiques. so selling a home in palm beach, well, a bit different than doing it in any other part of america. so i asked the mother-and-son team of paulette and dana koch to show me some of these listings.
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this seven-bedroom property sits on the edge of lake worth, which separates palm beach from west palm beach. listing price just under $35 million. >> the house has just over 19,000 square feet. it lives on three levels. >> the trilevel compound was designed in 1986 by renowned architect milton klein and then was completely restored and renovated in 2008. you're immediately struck by views, with 200 feet of frontage on lake worth. >> there's a beautiful indoor-outdoor entertaining space that brings the outside in, which is very typical of the way people want to live when they come to palm beach. the view corridors that you have from all the rooms facing the water are unbelievable. >> you're about less than 5 minutes to the inlet, which takes you right out to the atlantic ocean. >> and i noticed how the house is well-buffered on both sides.
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>> well, one of the nice things about this piece of property is you're on an acre. >> yeah. >> and that's a rarity in palm beach. >> the fact that there are no neighbors to the south and west and the home has a unique 21-foot-high elevation creates a feeling of seclusion and privacy. the contemporary architecture makes this home feel truly unique. and it's an art-lover's dream. everywhere you look, there's some sort of beautiful sculpture of artwork. >> these particular owners have an eclectic taste in art. they attend every art fair you can imagine. and there's great wall space in the house, as well as great space for sculptures. and it just lends itself, with the natural light... >> mm. >> and everything else that comes through this house. >> off of the kitchen there's another outdoor area that has a -- a wood-burning pizza oven. you have a cabana bath, outdoor showers. your putting green is on the other side. >> walking through the home, it doesn't feel overwhelming,
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although tucked away on the main two levels are seven bedrooms, along with 10 full and six half bathrooms. >> this is a downsview kitchen that is very customized, an integration of various materials. you have high-gloss lacquered cabinetries, beautiful stainless steel, glass, granite countertops as well as concrete. it's a true state-of-the art. it's inviting. and it's very manageable, bob. i think that's what people... >> it is. >> ...really enjoy about this. you know, there's a crestron system in the house. so you can control your shades, your music, your air conditioning. >> the lower level features a sophisticated theater media room with seating for 12. also on the lower level is the spa with an adjoining exercise room. and take a look at the wine cellar. it's completely computerized, with room for 5,000 bottles of wine and champagne. talk about a party. >> it truly is self-contained.
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>> absolutely. >> i mean, you don't have to -- you really don't have to leave it. >> you never have to leave. you know, it's like a little mini resort. >> up next, i get a lot of viewer e-mails. and it's time to answer some of your property questions in the massi memo. ♪ earning your cash back shouldn't be this complicated. yet some cards limit where you earn bonus cash back to a few places. and then, change those places every few months. enough with that! with quicksilver from capital one you've always earned unlimited 1.5% cash back on every purchase, everywhere. welcome to unlimited what's in your wallet?
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>> time now for the massi memo. each week, i get hundreds of e-mails filled with all types of property questions.
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this one comes from karen from my hometown in las vegas. first of all, a revocable living trust in and of itself is not what we call an asset protection vehicle. what you need to do is go to an estate planning lawyer and have them map out what is the best way to protect your assets simply because of the fact that there's different type of trusts that are available, but it may not suit your needs. all too often, again, people put their children's name on homes. if, in fact, he's going to invest in the property, is that asset exposed? potentially it is. but there's ways to set up asset protection, such as what we call serious llcs, irrevocable living trusts. again, a competent estate planning lawyer could help walk you through this problem. brian from meritt island, florida, writes...
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okay. first of all, let's define a zombie foreclosure. zombie foreclosures are those items where either you filed bankruptcy and your debt was discharged or you abandoned your home because you thought there was gonna be foreclosure and the lender never foreclosed on your home. absolutely move back in. why not? if the lender's not willing to take care of the home and get it out of your name, you're still responsible if there's somebody injured on a property. you're responsible for property taxes, homeowners' insurance, hoa dues. move back in and enjoy it. and just tell the lender, "whenever you want to foreclose, guys, we're here. but we're back in, enjoying our home." that's what you need to do because there's no easy way to force a lender to foreclose on that property. i've got a lot of information about zombie foreclosures and much more on our website... be sure to send me
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your questions or property stories at that's it for today. i'm bob massi. i'll see you next week. ♪ on the intelligence report right here on fbn. good night. >> announcer: from fox business headquarters. the all new "wall street week." maria: welcome to "wall street week," the program that analyzes the week that was and. hes position you for the -- helps position you for the week ahead. carley fiorina is my special guest. but first we have some of the big headlines from wall street to main street. reporter: busy week on wall street with more uncertainty out of washington as well as a new downturn in oil prices that puts pressure on the markets.


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