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tv   Wall Street Week  FOX Business  June 25, 2017 9:30am-10:01am EDT

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allen greenspan next week is my special guest. i'll see you on sunday morning futures on fox news channel. eric trump will be my special guest. >> i'm bob massi. for 35 years, i've been practicing law and living in las vegas, ground zero for the american real estate crisis. but it wasn't just vegas that was hit hard. lives were destroyed from coast to coast as the economy tanked. now it's a different story. the american dream is back. and nowhere is that more clear than the grand canyon state of arizona. so we headed from the strip to the desert to show you how to explore the new landscape and live the american dream. i'm gonna help real people who are facing some major problems, explain the bold plans that are changing how americans live, and take you behind the gates of properties you have to see to believe. at the end of the show, i'll give you critical tips
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you need to know in the massi memo because information is power. and the "property man" has got you covered. [ woman vocalizing ] welcome back. i'm bob massi, the property man. every day in america, nearly 11,000 people turn 65. think about that. 11,000 every day. people are also living longer and staying healthier and therefore spending more time in retirement. so it's becoming more and more critical to think about retirement, including where and how you're going to live. kay and her husband lived in new york, but knew that eventually they wanted to retire in a warmer climate. so they turned to scottsdale, arizona, and realtor warren neal. >> this is one of the beauties about living in scottsdale, kay. >> now he specializes in finding homes for his clients to enjoy in retirement. when warren showed them this property, they knew the house wasn't perfect,
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but fell in love with the location. >> one of the things unique to this property is that it has both the golf course, the mountains, and a city view. >> was view important to you and your husband? >> yes. absolutely, because it's such an outrageously gorgeous part of the world. >> it is. >> we have dinner almost every night outside, al fresco. that was one of the big draws to this particular property. >> scottsdale is one of the top retirement communities in the country. and it's no mystery why. >> people don't come here to become couch potatoes. they become better golfers, better tennis players, ride their bike more often. >> beautiful scenery, top-rated golf courses, great shopping and dining, the area has pretty much everything you'd find on a retirement check list. you're a designer? >> yes. >> interior decorator, i should say. so obviously, you did things to the home. >> we knew it wasn't the perfect house for us. but we looked at what we thought we could do, take out some walls,
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new kitchens, and renovate so it worked for us. >> you can change a house. you can't change a location. just like with any property search, finding the right realtor is critical. and the relationship you have with the realtor can make a huge difference. >> warren is a very good listener. so when you say, "i'm looking for a house with character or one that has green grass that i can see," he takes note of all those issues. he also is an extremely good detective. he will notice little things around a house that potentially could cause a problem. >> warren, when you met kay, what type of things were you asking her to make sure that you could satisfy what her objectives were and her husband's objectives? >> all the questions that you would typically ask a buyer. of course, you ask about the house, what kinda house they're looking for. you want a one-story house? how many bedrooms? how many baths? you know, the typical questions you would ask. but you also ask some questions
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about their lifestyle. >> when thinking about your retirement, there are some dos and don'ts that you need to keep in mind. first of all, you need to understand what will be really important to you over the next many years. >> many clients, you work with 'em for a few days and you find out that their requirements that they have identified aren't really what they're looking for. >> i see. it's not just what kind of house do you want. you wanna spend retirement sitting on the back porch or skiing, hiking, or golf? you need to think of this. it's where you'll potentially be for the rest of your life. and you might think it's time to downsize. there might be only you and a spouse living there. but what happens when the kids or grandkids, they come to visit? >> sometimes they think, "well, it's just the two of us. so this is all we need right now. the kids can stay in a hotel." so 3 years later, they turn around and say, "i need something bigger." >> kay wasn't looking to downsize and wanted to ensure the house was inviting to the whole family. what are you looking to get out of the community?
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you want to just be off by yourself or with shared amenities, like pools, recreation centers? >> each individual client has a different requirement. uh, they're buying a lifestyle. >> your real-estate agent shouldn't just know your price range. he or she should really understand everything about you and your needs. >> you try to identify all those little items that they would be interested in. >> many people don't want to spend retirement just surrounded by other retirees. think about the make-up of the area, who you want as your neighbors, how easy would it be for the kids and grandkids to get to you or for you to get to them. and, of course, you need to really understand your own finances and how much you can afford. calculate all of your retirement income, including social security or pensions. and then figure out what all of the expenses would be. >> i wanna know immediately when i first meet them what their budget is. then as we move through looking at properties, we start talking about the other costs that are involved in owning a home.
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>> there's a lot more than mortgage payments -- hoa dues, property taxes, insurance. >> we find out that they want to belong to a country club. we're looking at commute times and all of -- any improvements that they wanna make to the house. uh, these are all costs that we have to factor into purchasing a house. >> and if you're planning on traveling during retirement, that's going to cost you, too. add it all up before deciding how much to spend on your property. >> sometimes those costs, uh, exceed what they're willing to do. so we go look for another house that will meet that budget. >> it's always a good idea to spend a decent amount of time in the area that you're considering before signing anything. look for an airbnb rental or something similar nearby so that you can get a sense of what it's actually like to live there. lots more "property man" to come. up next, i found a house that's a cowboy's dream with its own horse stables and corral. but it's what's buried out back that really make this place special.
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i'll take you underground, next. [ woman vocalizing ] quit smoking. 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. every great why needs a great how. 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? listen up, heart disease.) you too, unnecessary er visits.
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may be more likely to misuse lyrica. now i have less diabetic nerve pain. ask your doctor about lyrica.
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♪ >> welcome back. i'm bob massi. "the property man" is always on the lookout for homes that just have that special something. and, boy, did i find one, right here in cave creek, arizona. this 4,000-square-foot equestrian estate is listed at just under $728,000. >> this is a really unique property. it's a four bedroom, four bath. it's just about 5 acres, at 4.97 acres. the property actually can house 42 horses. so you have covered stalls, mare motels, covered hay storage. so it really is kind of a cowboy chic place to be. >> could have a lot of fun on this property. >> absolutely.
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>> it's a cowboy's dream. but what really makes this place special is what's buried out back. so i asked realtor lori cedarstrom to show me around and take me underground. so, lori, you're gonna show me something very unique about this property. sort of from the outside, a little like a log cabin. but when was this built? >> this was actually brought to the property in the late '60s. >> let's go take a look at this, lori. >> all right. >> oh, my goodness. what the -- really? >> it's exactly what you think it is. >> the home was built in the late '60s. and three vintage train cars were buried by the original owner to be used as a bomb shelter. >> it was during the cuban missile crisis. the original doctor that owned the property had these three santa fe railroad cars brought up school house road and placed on the property. they were then covered with dirt.
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and a tunnel from the main home out to the boxcars was put in place. >> they have since been converted into the ultimate man cave, with their own plumbing and electricity. >> they're now set up as an entertainment system. so you can come in and have a drink, play some games, maybe play the drums after a long day's ride, and just enjoy yourself. >> there's a bar, a bathroom, a ping-pong table, and even a performance area for a small band. this must have been just one wall, i'm assuming. and then they did -- they cut it out, do you know? >> correct. >> it's the original boxcars. they just did some -- what they're gonna call improvements. >> exactly. >> and here we can see the actual cargo door, the steel cargo door. >> original door. >> this, you told me about, is amazing. so if we take these out, look at this. original rails, fantastic. >> the original person that brought the cars here did the kitchen area. so you can see the bunks up here, he did a sink and a prep area
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so that he could make his food. the current owner's son is a builder. so in 2005, they decided to make something a little bit different and fun with this. so they renovated the house. they added the four bedrooms and the four baths. and then they brought this space in to use as kind of a fun space, where everybody could gather at the end of the day. the third boxcar houses the drum set and the little bar, as well as the bathroom. >> let's go take a look in here. >> okay. it's my favorite room. >> oh, yeah. this is the part of the man cave that everybody would enjoy. >> yes. >> look at this, an old bar, red, white, and blue. in 2010, the main five bedroom, five bath house underwent a $1 million renovation and has been used as a bed and breakfast. >> it does have four really unique bedrooms down on the bottom with -- each has its own bathroom, its own patio, and jetted hot tubs. >> you know what's amazing is once you're in here, i mean, you forget really where you are because they made it
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user-friendly and a fun place. >> it is a fun place now. >> this had to be so much fun for people to come to, insofar as a bed and breakfast, because basically they could just come in here and have a good time. they had ping-pong tables. they got the hockey game. they got a place to use the restroom. they got a bar. they got a place to bring, you know, music, kitchen. it's -- it's full service from pillar to bedpost. >> exactly. but this is not your five-star hotel. so you can -- >> no, it's not. >> ...walk in, dust off your boots and spurs, and just have a good time. >> yeah. exactly right. you're not worried about bringin' dirt in from the outside. >> no. the cowboys would come in, a long day's ride off the trail. this is where they enjoyed their time. >> what's interesting is this -- these cargo boxes in the day were really not visible to anybody. is that right? >> that's correct. this is the original tunnel that led from the home to the boxes. it wasn't a tunnel that you could walk through. it was simply one that you crawled through. it was very small. so crawling that distance was a little bit scary for most people. this was all covered in dirt. but in order to utilize the property a little bit better
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so everybody could enjoy it without crawling through the tunnel, we've taken the dirt away. >> looking at these boxcars, it is impossible not to feel the history of the old west surrounding you. >> if you're looking for a unique experience, and you're just tired of the daily grind of the city, come on out to cave creek, arizona. this will be one of the most unique experiences you could ever imagine. >> up next on "the property man," we'll take desert living to the next level and go inside the scorpion house here in the arizona desert. [ woman vocalizing ] ♪
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♪ >> welcome back. i'm bob massi. there are a lot of nice homes out there.
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but we're always on the lookout for those that truly stand out. and we did find one. it's called the scorpion house, located here in north scottsdale, arizona. >> the house is just under 5,000 square feet, four bedrooms and four and a half baths. and it is listed for $5.5 million. >> i asked realtor jay pennypacker to show me around. so, jay, tell us a little bit about this house. >> the timeless materials of this house with the concrete and the oxidizing titanium panels, the glass, they all age in a modern fashion to create a patina that just lasts forever. >> it got the name the scorpion house because of the way the site is laid out. >> to protect the sonoran desert and to have these beautiful views, each lot in this community has a designated building envelope. >> there must be at least 30% open space. and you can't disturb certain things like ancient boulders and arroyo. >> they almost had to place the house in and over this arroyo, which we're walking on over the bridge,
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'cause when it rains, water flows down here like a creek. the architect met with the owners and started drawing the house on the lot on a napkin. it began to take the form of a scorpion. and they just went with the idea. >> although the property is extremely modern, it somehow manages to also blend into the natural desert that surrounds it. >> what's great about the house is the outdoor materials continue inside. so it's a seamless blend of limestone, titanium, oxidized zinc, glass, and steel in a modern form. >> the whole house is built elevated above the desert. and the office, which has a glass floor, floats above a watering hole where deer and other animals come to drink. >> one of the unique things in the house is the cabinetry in the kitchen. >> the color is ferrari red. now look. i don't mean that it's just, like, the shade of red. i mean that actually they got the paint from ferrari.
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the central point of the house is the pool, with everything, like all of the limestone flooring, flaring out from the middle of the pool. >> the pool is the centerpiece of the entire design of the house. it's a elevated concrete bowl. and all of the elements flare out in a radius that circle the whole pool. so anyplace you're in the house, you can look right down a line to the middle of the pool. every grout line of limestone on the house, every seam on the butt-glazed glass windows, every door, everything lines up with the middle of the pool. >> floor-to-ceiling glass walls provide not just breathtaking views, but also bounce the natural light off the geometrically positioned limestone floors. this door is very, very unique. >> continuing with the curvilinear nature of the house, the door itself is a curved piece of glass that is shaped around the pool, just like the rest of the house. >> the view is really spectacular, unobstructed -- completely unobstructed. >> we have endless sunset and city light views here. this is a great community in north scottsdale called estancia. probably, in my opinion, one of
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the best pieces of property in all of north scottsdale because the property is located on three sides of pinnacle peak, which is a landmark mountain in the community. so you have unbelievable views of pinnacle peak. >> this is true desert living. and the old saying is true. location, location, location. north scottsdale has the perfect blend of rural beauty with modern amenities. is this a low-maintenance home? >> all the materials you see, you don't have to maintain them at all. >> the home is built out of poured concrete, glass, and oxidized titanium panels. they are meant to age gracefully in the desert. >> you want the aging and the patina of these materials, rather than a wood and stucco. you just let it age with time. and the color and the form it takes in this harsh environment is what you want it to look like. there's a lot of poured and placed concrete here. and it's usually pretty easy to do poured and placed concrete when you do it straight. but the back of the house is a completely poured-in-place
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curved concrete wall that frames the curvilinear nature of the house, all focused on the center of that pool. >> if the main house is not enough for you, don't worry. there's a full guest house, as well. >> you reach it by a bridge over the arroyo. and the guest house has a living room with a fireplace, a full kitchen, and two bedrooms with their own baths. in addition, there's an outdoor kitchen for guests. >> i saw a boulder that's literally right up against the glass in the kitchen. >> those are ancient boulders that cannot be disturbed. >> this is not just a nice house in the hills. it is truly a piece of art. up next, in the massi memo, we're gonna talk about retirement and what you need to look out for. [ woman vocalizing ] you totaled your brand new car. nobody's hurt, but there will still be pain. it comes when your insurance company says they'll only pay three-quarters of what it takes to replace it. what are you supposed to do? drive three-quarters of a car? now if you had liberty mutual new car replacement™,
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casper makes one perfect supportive and comfortable. premium foam layers. breathable for airflow. perfect rebound, plus perfect lift. pick your size, you get 100 nights to test it out. test the layers, be a layer, casper. ♪ >> welcome back. i'm bob massi, "the property man." and it's time for the massi memo. we talked earlier about retirement, which is something a lot of us are having to think about sooner than we'd like to admit. now planning for retirement is not just about money, although that's important. you really need to evaluate where and how you're going to live. this means understanding the type of lifestyle you really enjoy. do you want peace and quiet? or do you want to be in the middle of a lively community? surrounded by other retirees, or people of all ages? sort all of that out. and then it's time to figure out your budget. now most retirees
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are on fixed incomes. and people are living longer than previous generations, which is a good thing. but that means making sure you have enough saved for the long haul. remember to calculate expenses like hoa dues, your taxes, your insurance, plus things like travel and, of course, medical bills. once you have a real sense of what you can afford, only then should you settle on your retirement home. we've got time to answer a viewer e-mail. now gloria writes in, "i'm a 76-year-old widow with very little cash. unfortunately, i'm gonna be running out of money within the next couple of years. at the moment, i am relatively healthy. however, my biggest fear, that should i choose to go with a reverse mortgage, i may at some time go into a nursing home. my general question is, what happens in that case? my only living relative is a brother. i know that he and his wife have no interest in my condominium.
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however, i'd like to have the proceeds go to them should i pass. i have no intentions of ever moving, and selling is not an option." first of all, please seek out what we call an elder law attorney. they specialize in this area of the law. and that is, what can you protect if you go into a nursing home? on a reverse mortgage, remember, there's no recourse against you or your estate if something happens. my concern is, if in fact the house is sold, and you're in a nursing home and you're on some type of state aid paying for that, you may have to spend your money down. and then the medicaid, in fact, you would be eligible for again. that's why go see an elder law attorney. let them advise you what is best and what's good for you and your family. that's all we have time for today. be sure to send me your property stories, questions, or pictures of your property bloopers. send them to and don't forget to check us out on facebook and twitter.
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there's also plenty of information and video on our website, i'll see you next week. [ woman vocalizing ] >> the following is a paid presentation, brought to you by beachbody, but filmed by me on my iphone and directly from my heart. >> hold up. i want to ask you a question. how do you feel when you look at yourself in the mirror? not so good. like, "ugh. gross." who is this person? like, you know you have to do something, but it's so confusing! there's fad diets, extreme workouts, and it's working for other people, but it is not working for you. you just want a system, a program that actually works -- hello! -- that doesn't feel like punishment. girl, i got you. >> announcer: introducing piyo, the best of pilates and the best offu


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