The Porsche Panamera is the second production Porsche to receive the hybrid technology derived from their motorsport ventures. I’ve been behind the wheel of a Panamera before, and they are swift, despite the curb weight. Also, if you’re in the driver’s seat, you can’t see all the weird bulges in the back! That said, if you’re looking for a Porsche Panamera in the New York area, and need a spacious house with luxurious guest amenities and a heated pool, I may have found a deal for you. Just be prepared to spend about 215% over invoice!
This isn’t a House Beautiful blog, so I’m not going to talk about the pauper-sized 2.5 car garage someone decided to tack a castle onto — I’m here for the car! By the numbers, the retail value of the Porsche Panamera Hybrid model is only slightly less than 5% of the owner’s asking price. The owner, I should mention, is Michael Siegel, co-owner of Massapequa’s Legend Auto Group. In exchange for paying his asking price in full, he’s offering to buy the car, pay the taxes and place the title and license plates in the buyer’s name.
It’s a great way to stand apart from the other exceptionally expensive house listings in the area [it got a mention on this blog]. Siegel must have confidence in the condition of his home, since, as we mentioned, the Panamera he’s willing to give out is less than 5% of what he thinks he should receive for his home. This is a clever gamble, and without a home inspection it’s hard to say who could walk away from Siegel’s proposed deal. After all, he’s probably not paying retail for the car, so he’s not losing a financial match against his house and the Panamera’s $110,000 MSRP. Conversely, if a buyer is looking for a huge estate near Manhattan with a pool and a guesthouse AND a Panamera anyway, it could be beneficial to a sliver of folks in the market for a new home…. Provided the house had no flaws — at least none with repair costs higher than the purchase price of the Panamera!
No house is perfect, and in my personal experiences buying houses, little problems and big surprises can make knocking 5% off the listed price pretty easy, especially with a home inspection in hand. Cracking foundation, wiring out of code, a dying furnace, failing retaining walls, attic mold, leaking sink fixtures — if it’s in the house you’re looking at, it can probably fail, and subsequently be used to negotiate a lower price.
Repairs aren’t the only thing buyers can use as a bargaining chip: costs of customizations to accommodate new owners are also common, though probably not as successful as pointing to a physical defect. At an open house, I’ve heard, “My God, I hate these colors. We’d have to spend another $5,000 just in paint to make this look good. Let’s drop another eight [thousand] from our offer.” Something tells me they probably didn’t get $8,000 dropped from the house for paint, but, again, it’s a part of the bargaining process. Even if the buyer likes everything Siegel did with the home, they will also need to like his asking price — AND want a sport sedan!
Don’t Be Afraid To Spend A Little More Than A Little More
Bottom line, if you’re in the market for a house and a Hybrid Panamera, and you have the means to spend a little more than a little more, you could own a solid hybrid Porsche and a veritable 7,000 square foot mansion, nestled east of Manhattan along Oyster Bay Cove. If, however, you’re looking for property out that way but content with the cars in your stable, then a lower counteroffer may be wiser.
Are any of our New York readers in the market for a home like this? If someone accepts Siegel’s deal, I’d like to speak with them about what helped them make the decision and get a ride in their new Panamera!
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This Guy Took A Porsche Panamera For A 2200 Mile Test Drive
‘Porsche The Squirrel’. Named For The Car He Was Stuck Under
We Review The Entire 2014 Panamera Lineup