>> they are the good news. but the bad news is in there and state capitols everywhere they keep adding more red tape. they should stop, but >> 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 ]

i'm coming to you from the world-famous neon museum, right here in downtown las vegas. it's often said that vegas was a microcosm of the entire united states.and when it comese real-estate market, nothing crashed harder or bounced back quicker. but rebuilding your dreams is not always easy. now we're going to 23 1/2-year retired air force veteran grady. thank you for your service and thank you for allowing us in your home today. >> sure. >> and your wife, of course. now, let me ask you, when did you buy the home that we're sitting in right now? >> we moved in in early 2006. >> boy, that's when vegas was booming with building, wasn't it? >> it was. it was the single-story community that we wanted. >> at what point did you realize that you were gonna be faced with a problem as it relates to value and what was owed on the home? >> 2006, 2007 were okay -- all house payments made, everything made on both of the loans that

we had. but then 2008 hit, and the bottom just fell out of the housing market. and so, this house that we purchased for almost $370,000 went from a value of that down to $134,000. >> in a short period of time. >> it seemed like it was overnight. 2008 became a year of exodus out of this community. people were walking out of their homes. they were not gonna pay for it. so, when the new neighbors were moving into the house that other people had walked away from because the payments were so high, they were paying a third of what we were paying. >> so, you have a home that you bought for in excess of $350,000... >> yeah. >> ...that now has a value of maybe around $100,000. so, you're $250,000 underwater. >> absolutely. so, we didn't know what to do. >> did you contact the lender directly? >> initially, the customer-service representative said, "well, there's nothing we can do right now." and they would kind of dismiss my phone calls. well, i continued this over and

over and over. >> you continued calling them. >> yes, because i didn't know where else to go. and finally one of the ladies -- bless her heart. she finally told me. "we got programs for people that default on their payments. but people that are current? we will not help you." >> the banks were generally not willing to work with people who were maybe only slightly delinquent on their mortgages. i think the banks focused more on people who were 60 to 90 days past due and beyond. >> military man, always paid their bills, responsible, a generation that was raised if you sign something, you pay it. how did you cope with the decision? >> oh, it was absolutely awful. it was humiliating. i would have to get to the point of not paying my bills to get attention. it just didn't make any sense to me that i would have to go through that. and i had. i had paid my bills. growing up, coming up in the

military, you don't make a whole lot of money, especially on the enlisted side. but we always paid our bills, every single month, every time, overseas, everywhere, combat zones, all that stuff. we always made sure our bills were paid. but this was something that my wife and i had never experienced, that we were actually gonna have to ruin our credit in order to get the bank's attention. >> how did you feel when that first month came, and you made that conscious decision? >> oh, i felt awful, actually awful. i felt like i wasn't living up to an obligation that i agreed to. it was absolutely terrible how i felt, and it got worse. >> sure. >> we defaulted on the payment. we defaulted on another payment. then my wife and i are saying, "well, what are we gonna do next?" >> eventually, they got a notice of foreclosure. but grady learned that nevada had a mediation program meant to get homeowners and banks to sit down together and try to work something out to save the home.

>> prior to the mediation, their attorney asked for information about what we were looking for in the mediation process. so, i outlined some proposals that we would agree to, and basically it's what i was trying to say in the past year. modify the loan, reduce it to a price we can afford. we'll even pay more than the value of the house, but get it down to a reasonable amount. i said, "the other optn is we're gonna walk out of the house like most of our neighbors did." we were watching these people, these big-time people, get bailed out and getting all this free money that was passed to them and getting relief. and here, we're just little people. we're just out here trying to live in a house, and we can't even get anybody to talk to us, much less make a deal, as far as modifying a loan or anything else. you simply could not get anyone to have a conversation with you. i spent 23 1/2 years serving this country all over the world, and it was humiliating to think about what we had gone through

and all the -- why can't you just pick up the phone and talk to somebody? >> work it out. >> when we were in the mediation, they asked me to start, and i told them basically the story that i've just said, talking about here. and the first thing the bank representative said -- "well, we don't want another house on the market, and we want to try to arrange something. she said, "what i can do is i can take $100,000 off the loan, put it at the end of a 40-year mortgage. it does not draw interest or anything like that. it just sits there. but then we can finance what's left of the loan and get your payments down." >> it's called a forbearance. so, did you reach a deal? >> we did. on that particular day, we reached a deal. >> how much was the second mortgage at that time? >> it was about $74,000, right in the neighborhood. >> interest-only payments. >> that's correct. the second proposal was that they would write off $54,000. >> and you thought that came from heaven. >> i did.

i thought it fell from the sky. they said they'd write off $54,000, and our payments would be reduced to $69.36 from over $600. initially, we had the two loans where our house payment was almost $2,500. and by the time all that was done -- the mediation, the second mortgage, to negotiate all that stuff was done -- it went down to about $850. if the banks would have cooperated with us from the very beginning, we would have never missed a payment, they would have continued to have gotten their money, and we would have gotten what we got in the end, anyway, which is a reasonable payment. and that's all we wanted. >> if only one side talks, there's no way there's a winner. >> no. not at all, not at all. but we're still here. as i said, we haven't missed any payments whatsoever in five years. we enjoy our little single-story home. >> good for you. you're a great american, grady. >> hey, thank you very much. >> thank you for your service and thank you for your time today. >> thank you very much, bob.

>> yes, sir. thank you. a few years back, lenders had no way of being consistent. grady got lucky, got a good lender, got a good representative, and was successful. not many properties have drive-through tunnel of love and a pink cadillac, but i'm going to show you one that has both. plus, an owner with a heart of gold. [ woman vocalizing ] i love kiwis. i've always had that issue with the seeds getting under my denture. super poligrip free. it creates a seal of the dentures in my mouth. just a few dabs is clinically proven to seal out more food particles. try super poligrip free. i am totally blind. i lost my sight in afghanistan. if you're totally blind, you may also be struggling with non-24. calling 844-844-2424. or visit my24info.com.

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♪ >> thanks for staying with us. i'm bob massi, the property man. and i want to show you a very unique property. it started basically as just a small box and has grown into the home of more than 800,000 weddings, including those of frank sinatra, bruce willis, and michael jordan. here we are at the little white chapel in las vegas. forty-seven years ago, charolette richards lived in a 600-square-foot apartment with a little chapel. that's what she started this business in, and now literally is a city block in las vegas.

the property, the business is worth millions of dollars, and celebrities from all over the world come here. [ camera shutter clicks ] >> and kiss. kiss, kiss, kiss, kiss, kiss. >> this is the wedding center, where we have wedding gowns, tuxedos, suits, elvis costumes, and all kinds of wonderful things for those people that like to dress up. some people buy them, some people rent them, and some people give them to me because they don't want to take them home. i've done so many weddings during the past few years free because... >> to help people. >> ...i can help people. >> yeah. >> and i've never had anybody that was military pay for the use of this chapel or this grounds. >> thank you for that. that's wonderful. >> no, i love the military people. oh, i'm so glad you're here. i'm honored to have you here. >> thank you very much, ma'am. >> ♪ i won't care at all as long as i have you ♪

>> you may kiss your beautiful brid i want to comp their wedding -- everything. >> you don't have to do that, ma'am. >> i want to do it for you. i want to do it for you because of what you stand for. >> here you are. >> that's a good thing. >> alive and well. >> yes, sir. >> how many weddings have you done here at the little white chapel? >> oh, my goodness, hundreds. i don't know. i did eight yesterday. elvis is just synonymous with vegas. you'll have some people that are really big fans and just love him, man. it's amazing. he always thought people would forget him, and here we are, all these years later, and someone like myself is making a living doing weddings. [ "bridal chorus" plays ] >> behind me is a drive-through, where you pay to get married, sit in your car, and drive right out onto the old las vegas strip towards downtown as a married couple. >> seventeen years ago, i said, "i want a drive-up-wedding window." so, i told my son, "cut this

wall down and put a window there." he said, "why do you want to do that, mom?" and i said, "so that people could get married." he said, "you mean they could pay first before they get married?" i said, "no, they're gonna get married at the drive-up." he said, "i won't do that. i'm not gonna build you one because i don't think that's right, that people get married in a drive-up." >> sure. >> you know what? it's become the most popular thing there is. and they drive up to the window, and they stop. the minister comes out and says, "do you want to get married?" and they say, "yes." "well, you've come to the right place." some come on motorcycles, all different ways. >> so, if they come up to the drive-through wedding window, how long does it take for them to get married? >> fifteen minutes. people just love this pink cadillac, which i have two of. they love to get married in there. >> oh, so people actually get married in there. >> they get married right here in the backseat. if they have little children, we let the little kids stay up in the front so mommy and daddy can get married back here. >> las vegas, of course, was

ground zero in the real-estate crisis in america several years ago, and it's coming back. but during that period of time, this amazing property still sustained itself. the little white chapel is a great example of an american success story. >> the business was growing and growing, and i lived here 24 hours a day, 7 days a week. i never left here. this, in fact, used to be my living room. >> by the way, is this the first chapel of this whole structure? >> yes, this is, uh-huh. this right here is. >> and you lived literally behind this chapel? >> i lived right here, behind this wall. the chapel was there. >> so, this is where you lived, where the altar literally is. >> yeah. >> and the chapel was over there. and then you switched it up, obviously. >> and then, my sons are contractors, so they tore all this down, and we made it bigger because there were so many movie stars coming in here, and we were getting so many big weddings. people say, "how come you're so successful?" it's because i love people. i want to be honest and faithful to them as well as them be to

me. from then on, it just took off. >> now, when you bought the property, how many square feet was this building at the time? not too big? >> 600 feet, maybe, something like that. >> so, over the years, and you expanded. >> i just kept buying up the property as it came available and then tore all the things down, which was all doctors' offices and stuff like that. i don't know if you remember that. >> this is old las vegas. you built this business your own as a young woman... >> yes. >> ...and built this up. you should be pretty proud of yourself. >> well, i'm not proud of myself, but i'm thankful that i've been given the ability to do what i have done. and not only that, i've worked very hard, and i enjoy every moment of it. >> you're a married man now, soldier. [ laughter ] >> up next, there's a thing called a 1031 exchange. it's a complicated concept of how you save taxes over a period

of time, when we come right back. [ woman vocalizing ]

♪ >> welcome back. i'm bob massi, the property man. you know, nothing is more complicated than buying and selling real estate or buying and selling a business. we all think we know so much, but let me tell you something. when you have to deal with the good, old tax code and the irs, you better know the law. there's a thing called a 1031 exchange. it's a complicated concept of how you save taxes over a period of time, but let me tell you something. you better have the right expert to explain it. i talked to rex reese, a prominent attorney who understands and will break down the 1031 exchange. rex, most americans, they sell their home, and they're gonna go

buy another home. but what are the tax implications of just selling a primary residence for the average american? >> well, your principal residence is a capital asset, and the normal tax rules apply. if you've held the property for more than a year, then you get long-term capital-gain rate, which is 20% or less, which is of course a nice savings from ordinary rates, which could be as much as 40%. so, there is an advantage to home ownership. years past, you could do what's referred to as a 1031 exchange transaction with your principal residence. however, about 15 years ago, congress decided that was too complicated, and so rather than forcing people to jump through all the hoops to do a 1031 exchange, they just give them a credit, principal-residence exclusion. >> let's take a home, $500,000. and they sell it for $800,000. primary residence -- how does

that exclusion work? >> so, there's $300,000 of potential gain there, which would be subject to capital-gains rates. under the principal-residence exclusion, an individual's entitled to exclude $250,000. so, the end result is, there's only tax, capital-gains tax, on the $50,000 that's not covered by the principal-residence exclusion. now, with respect to a home that's been acquired a married couple, they're entitled to a $500,000 principal-residence exclusion. double your money. so, in your example, where the couple bought the house for $500,000 and sold it for $800,000, they would have all $300,000 excluded, pay no tax on it. >> what about if the properties you're buying or selling are not your principal residence? that is where you need to be prepared and do it right, usually by doing what is called a 1031 exchange. >> you sell your old property, and you buy a new property.

you have to do it within the 180 days, generally. you cannot take possession of the cash that you sold the old property for. you have to engage a qualified intermediary. >> explain to our viewers exactly what they are and what they do. >> the treasury does not want you, as the seller of your old property, to have control over the proceeds from the sale. that money has to be used and poured into your replacement property, your new property. so, you must engage a qualified intermediary to hold the proceeds from the sale. both parties must recognize that this is a 1031 transaction. the contracts have to reflect that. that's about the only thing that the q.i. has to do is maintain control of those funds. now, the q.i. cannot be your broker, your attorney, your cpa, no one that you would have actual or constructive control over, because that would then collapse the transaction if you're deemed to have control over the money. >> if you don't designate in

that 180 days that new property, what's the impact? >> you have to close on the second transaction within 180 days of the first transaction. >> but you have then a 45-window period to designate that new property. >> that's correct. >> have you ever seen it in your experience where somebody hasn't designated it in a timely fashion, and, if so, what's the consequences, a tax? >> the regulations under 1031 are pretty complex, but they're designed to be sort of a safe harbor. and if you jump through all these hoops, and you do it timely, you qualify for the safe harbor. there's a land of limbo out there, however. if you have missed some of these deadlines, but you've still never had control over the money, and the properties were like kind, you might be able to make the case that this was in effect a like-kind exchange. you're looking then for the regulators to give you a pass,

basically. there's no guarantee you'll get that. so, it is legislative grace, and you've got to make sure that you qualify because unless you can prove that you have, you're not entitled to the deduction. >> when we come back, we'll review everything we learned today in the massi memo. [ woman vocalizing ] we're on to you, diabetes. time's up, insufficient prenatal care. and administrative paperwork... your days of drowning people are numbered. same goes for you, budget overruns. and rising costs, wipe that smile off your face. we're coming for you, too. for those who won't rest until the world is healthier, neither will we. optum. how well gets done. hidden in every swing,

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♪ >> welcome back. i'm bob massi, the property man. and it's time now for the

massi memo. earlier, we talked about 1031 exchanges, which is the process of exchanging one property for another without getting slammed with a big tax bill. the detailed step-by-step is on our website, but what you need to know is many people get caught off guard by the tax implications of real-estate transactions. but there are times when you can avoid that by doing a 1031 exchange. an exchange usually involves swapping one piece of property for another through a middle person. and this third party holds the proceeds from your sale and then uses it to purchase the other property. so, technically, you never really make a profit, and it never touches your hands and can't be taxed. now, this is critical. you must designate some potential new properties that you're looking for to buy within 45 days of selling the old one and then close on one of them within six months. that's it for today. be sure to send me your questions or property stories at propertyman@foxnews.com and check out our website at

foxnews.com/propertyman. 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 showyou how to live the american dream. i'm gonna meet real people who are facing serious problems, of pros you have to seees 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. [ woman vocalizing ]

thanks for joining us. i'm bob massi. [ whistle blows ] lou holtz can be summed up in one word -- a legend. he's best known for his time as coach of notre dame. but he actually brought six different college football programs to bowl games before being inducted into the college football hall of fame. coach holtz and beth, his wife of 54 years, live in lake nona, a section of orlando. one night in june, coach holtz and beth came home late. >> i went up to my office on the second floor. it was very hot. i told my wife, "the air conditioning must be broken." she said, "it can't be, but i'll call on monday." this was saturday night. so, because it was so hot, we went to bed downstairs, where the air conditioning worked. >> at 2:30 in the morning, out of a dead sleep, they woke to smoke alarms sounding and their 11,000-square-foot home fully engulfed in flames. >> we go outside and i look up and i see the flames shooting up. and, you know, you're in a state of shock. you can't believe it. and you're there with your wife at 2:30 in the morning

and just see everything you have. and your mind starts going through everything you're gonna lose, initially. and it's something you never thought would happen. that happens to somebody else. i read it. but it doesn't happen to me. >> a lightning strike had caused the fire, which destroyed their home and many irreplaceable items of memorabilia. >> we had two sections of a house connected by a hallway of trophy cases and memorabilia. the house where we lived, the 6,000-square-- it was completely destroyed. >> you know, when you see the damage that this fire has done to this home -- look at the extent of the devastation of this area. this was the kitchen area. obviously, the roof is gone, burned. i can't even imagine what the inferno was like when they walked outside. >> it first started upstairs where -- everything i had was in my office -- my wallet, my money, my credit cards, my license, all financial records. all the family pictures are gone, pictures with five different presidents, two popes,

pictures with them. you just think about everything you have is gone. >> the coach and beth thanked god they made it out alive. >> what i was grateful for -- no firemen were injured because it was a big fire. but you're sitting there, and you're just saying, "i can't believe this is happening." and you're depressed. we made a decision that till 8:00 monday morning, we will feel sorry for ourselves. but 8:00 monday morning, that's over. >> that's it. >> we're gonna look forward and see what we have to do. what's important now? your house burned down. you lost everything. what's important now? >> they hired ray altieri, a public insurance adjuster. that's someone who works on behalf of the policy holder in appraising and negotiating the insurance settlement. >> we've lost the entire second level above the kitchen. what we had upstairs were rooms that included lou's nest, as it was called,

where he could be alone and just relax. we also lost a large family/game-room area up there that was actually collapsed into the kitchen. we get hired to work the insurance claim from the perspective of the policyholder. therefore, we become their advocate in the process and work with the insurance companies, adjusters, and representatives to fine-tune the exact amount of damages and work towards an amicable resolution for settlement. >> sadly, coach holtz is not alone. there are about 370,000 house fires every year in the united states, which causes $7 billion in damage. many of those are due to lightning strikes. and in florida, well, they're a huge problem. the state has 1.2 million lightning strikes every year. that's 200,000 more than any other state. >> most people think, "certainly, i wouldn't lose my entire building. i wouldn't lose my entire home." but as you can see, this happens every day. i've been doing this 35 years.

and this is a very common occurrence, unfortunately. >> i think how fortunate we are and how blessed my wife and i are to have as many friends as we've had have come to our aid, to have the resources to rebuild. people don't have any idea how difficult it is, trying to replace everything. and where do you go? what are you gonna -- those are the people i feel sorry for. >> so you need to protect yourself before a tragedy strikes. when we come back, i'll tell you what coach holtz wants you to learn from his tragedy and the critical things you need to know right now to protect your property and your family. [ woman vocalizing ] whoa, this thing is crazy. i just had to push one button to join. it's like i'm in the office with you, even though i'm here. it's almost like the virtual reality of business communications.

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♪ >> welcome back. i'm bob massi, the property man. while we saw the devastating tragedy that coach lou holtz and his wife suffered when their house was ravaged by fire, coach and beth thank god they made it out alive.

and in true lou holtz form, he kept everything in perspective. >> everything you have, from living, clothes, toothbrushes -- just everything is gone. >> gone. >> but we did not lose anything that could not be replaced. the only thing you can take to heaven with you are your children, so we didn't lose anything we were gonna take with us. >> so often, people think this can't happen to them. but it does happen. it happens to people like lou holtz and his wife. it happens to americans every single day, which is why it's so important to understand the type of insurance that you have to make sure you're covered for these type of devastating events. >> now, the insurance company -- and contrary to all the stories you hear about beingegative -- has en more than fair with us. but they have been very thorough. >> i will speak for myself, even as a lawyer, have never sat down and really read my policy the way i should. >> [ laughs ] >> did you ever even look at

your policy before? >> never looked at the policy, didn't even know we had one, to be -- my wife handles all that. >> they hired ray altieri, a public insurance adjuster. >> it's one of the smartest things that we did. >> he was actually an advocate for you to make sure that whatever claims -- that if the insurance company pushed back, he would assist in resolving that. >> i wanted to remove all the pressure on my wife that i possibly could. we've been married 54 years, and she's just a great human being. and so because of that, we're in a position -- as i say, because of resources, we could do that. and money buys you time and convenience. buying -- paying this guy gives my wife the convenience to not have to deal with insurance. >> when you see this kind of devastation, the homeowner or the business owner would be extremely devastated and overwhelmed. there's no question about it. and mentally, i find it very hard to believe that they would be apt and capable to fully represent their own position

in the matter, so hiring experts to come in who take an objective look at things, who come from a perspective that, we want to make sure that the insurance policy that they bought works for them. >> there were so many different things that he brought to our attention. i thought, "wow. this is complicated." you know, i went to school to eat my lunch, no other basic reason, so trying to read that was above my head. >> insurance is personal protection if a loss occurs. your insurance agent is your key to understanding what you're buying. look at the house you're buying, the contents that make your home what it is. >> people tend to look at their insurance policy from a cost perspective instead of a recovery perspective. what you really want to know is that you got an insurance company and an insurance policy that is gonna help you fully recover, should you have a fire, should you have a flood, should you have a hurricane or a tornado hit. >> the only time you discover, generally, the exclusion is when something happens. in other words, in every

insurance policy, it's important you understand, before you buy that coverage, what is excluded. >> it's very important that your agent understands the true values of what your home is or what your business is. the inventory that you may have inside your home or your business should be truly understood and the values calculated. >> the thing i truly regret -- that we didn't get a video camera when we lived in the house. video every room of what you had. and we had about 11,000 square feet. and we didn't video. the biggest problem we have now, and time-consuming, is trying to reconstruct what you had in what room, what you lost, everything else. and if we had videotaped it, we'd have been able to do that. but that is something i urge everybody to do. in case of a theft, case of a fire... >> anything. >> ...anything, you have it. 'cause that is the biggest headache we have right now. >> i cannot stress this

enough -- take pictures and video of all the contents in your home and get appraisals on those special items. >> here's the other thing -- buy a fireproof safe. every time i need money, i had a special place for it. >> sure. >> all that's gone. all that's burned. and make sure your fire alarm is loud enough 'cause, the older you get, your hearing isn't quite as good. >> finally, shop the coverage, guys! it's a competitive market. and of course, probably the best advice anyone can get about anything -- try to think like coach lou holtz. >> and at '78, this is the not the challenge you want in life, to rebuild, but that's what it is, and that a situation we have, and these are the alternatives we have. and the best one is be positive about it and rebuild it. yeah, it's a catastrophe. but i think the attitude you have is so critical in how you handle it. oh, how blessed we were that we weren't injured and a firemen wasn't injured. and harvey mackay's a good

friend of mine, told me many years ago, "it isn't a loss unless you can't replace it." >> mmm. >> yeah, the memorabilia and the pictures with the popes and presidents and family, but we have our memories. i always said, "you gonna have three crises in your life every year." there's gonna three. i don't know what they're gonna be, but when i have a crisis, i'll say to my wife, "hey, good news -- we only have two more to go." >> what an amazing man. we could all learn a lot from lou holtz. and i've got more tips on how to protect your property when tragedy strikes in the massi memo at the end of the show. when we come back, something completely different. imagine never having to deal with checked-bag fees, security lines, and airport hassles. for some people, well, their neighborhood, it's its own airport, and their driveway is actually a runway. inside this unique community, when we return. [ woman vocalizing ] i love kiwis.

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♪ >> when deciding where to live, many people want to be close to an airport. but what if your house is your airport? i want to take you inside of an neighborhood that is truly unique. >> the wellington aero club was designed from development in the late '70s to be an aeronautical community. >> located in the village of wellington, florida, and it is a private air-park community. the residents have planes in their garages, in their backyards, in their driveways. >> they may have a helicopter. they might have a floatplane or a seaplane. they could have a corporate jet or an ex-military aircraft. so you see a little bit of everything. >> parking your plane in your backyard is just the best thing i can think of. >> it really enables homeowners to capture what they're to do as aviators, and that is to walk

right out of their backdoor, right into their hangar, throw the bags in, and take off. >> and those backyard driveways, well, they back up to a 4,000-foot lighted runway that sits in the middle of the community. >> many private aeronautical communities are still grass runway. they don't allow the type of aircraft that we are able to land here. >> most of the other aero communities are in desolate areas. it's not where you're in the middle of what we have here. >> many of them are one strip, often grass, surrounded by maybe 20 or 30 houses. this is 275 houses. >> having a runway next to my house just makes flying that much easier, not having to drive, you know, 20, 30 minutes to an airport. >> very few people get to have a plane at all. but most people who have a plane have it at the airport, which is kind of like having a boat at the marina. you have to get all you stuff together, drive to the airport, unload it, put it in the plane. >> no matter where the home is located in the community, well, the runway provides quick and easy access for all.

>> this green grass strip here is a taxiway to accommodate just about any size airplane, all the way down to the runway. >> you literally could get in your plane, go to the runway, and leave, which is like getting in your car and driving to the supermarket. >> from here to nashville, tennessee, it's about a 4-hour flight. in the car, it's 14 hours. >> there are people in here who actually go to work every day by plane, by helicopter, instead of driving. >> i will go a week without driving sometimes. this morning, for example, i woke up at 7:00 a.m. took my kids to the bus stop. 15 minutes later, i was flying my way to stuart. >> yesterday, i brought my plane back from bend, oregon, and landed in my house yesterday at 5:00, put it away, and went and had dinner with the family. >> a trip to key west for three. inhe front,ple bags two people, fly to key west. i can get there in less than an hour. it flies about 200 miles an hour, and it's got about an 800-mile range. >> this is a marchetti s-211, ex-military trainer jet. it's an all-weather aircraft.

it can fly day or night, any kind of weather. it cruises at about 375 miles per hour at 28,000 feet. this is like a whisper jet. you can't hear it come or go. so it's really neighborhood-friendly. it climbs quickly, it gets up away from the houses. >> the wellington aero club has over 96 pilots who live here in the community. currently right now, we have nearly 100 hangars, four under construction. >> all homes in the community -- well, they're covered by a homeowners association. and those fees cover maintenance for the paved runway, a pilot house, and common areas. an on-site aviation refueling facility is also available to all the residents. >> fuel hear is a whole lot less expensive than out at a commercial airport, so i always tend to fuel up here when we go and when we come back. >> it's a part of life that people don't even known exists. if you asked people in wellington, some of them don't even know the aero club is here.

>> one of the things we love about here is just the ability to go anywhere. i can grab one of my kids and head to orlando and go to the parks. >> don't have to stop at an airport and check luggage. >> there's no security lines at the airport. there's no getting in your car and showing up two hours early. you just get in your plane and you go. >> walk out the backdoor, go flying, and we're in the bahamas 45 minutes later. it's fantastic. >> you leave out of your house, and you're there, from your house. >> when security means just coffee and snacks for your kids. i mean, to be 20 minutes away from the keys, to just have the flexibility and say, "okay. we've having lunch today somewhere away from home," it is really amazing to have that opportunity. >> you're about to have lunch and you look at the plane and you look at the day and you say, "hey, you know what? let's do this in key west." and you jump in the plane, and you go to key west. >> out the kitchen door, i'm in key west in less than an hour. and it's easy. >> when the plane's 15 minutes away eve you won't do it. >> pulling up in thelane

with your family after a family vacation. your kids all pile out. and you're in your backyard. and your dog comes running up to you. and everybody who comes out of the house. and the bags just go straight in the house. there's nothing like it. it's great. if you can do it, i can't think of a better way to live. >> it allows homeowners this extreme recreational use. and it also gives the community value. >> biggest benefit of wellington for us has been the community itself. >> there's a connectivity here that you don't get in most kind of neighborhoods where you might not know you neighbor on the other side of the community. but here, we're all connected by airplanes and the love of aviation. so you know a lot more people. it's a very social neighborhood. >> when i moved here, it was a grass runway, and jets were not permitted here. i spearheaded the change in the runway to pavement. >> that conversion has changed the profile of this entire community. property values have increased. this year alone, we've sold seven new homes. all of the new homes were all sold to, uh, aviation folks.

>> we love flying. we love our airplanes. and we love to socialize. and it's just -- the combination of that just makes this such a great place to live. >> i don't think it can get any better. >> up next, the massi memo, with information you can't afford to miss, so stick around. [ woman vocalizing ] to folks everywhere whose diabetic... ...nerve pain shoots and burns its way into your day... ...i hear you. when that pain makes simple errands simply unbearable... ...i hear you. i hear you because my dad struggled with this pain. make sure your doctor hears you too. so folks, don't wait. step on up. and talk to your doctor. because you have places to go... ...and people who can't wait for you to get there. if you have diabetes and burning, shooting pain in your feet or hands... step on up and talk to your doctor today.

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>> time now for the massi memo. we saw the tragedy that struck coach lou holtz and his wife when their house burned to the ground. but always, the coach, well, he wants us to learn from this. so, other than critical things like always making making sure you have working smoke detectors, what do you really need to know? well, let's take a hard look at your insurance policy. fires are generally covered. but make sure you check the policy for at least what is called an ho2 or a brand form coverage. have your agent preview and review with you the policy to understand all coverage because we as homeowners -- we generally never take the opportunity to read and understand the policy. and find out about the exclusions in the policy, particularly, of course, when a claim is gonna be made. now, make sure your property is maintained in a safe manner to avoid denial of your claim. why? because we as homeowners are supposed to maintain it so that the insurance company can't

say we were negligent in the way that it was maintained, causing the loss. as we discussed earlier, please video all the things in your house. and designate each room and the contents in that room for proof if there's ever a loss. it's very important. be sure to keep this footage somewhere else or locked in a fireproof and heatproof safe. any high-end items, jewelries, furs, antiques, and special heirlooms, you have to have special coverage. or you're gonna be limited to a certain amount, probably much less than its actual value. if you do have a loss, make a claim with your insurance company as soon as possible. don't wait because there's usually time limitations on when you need to make a claim. and also, look into possibly, if necessary, hiring a public insurance adjuster who works as your advocate if your loss is large. that's it for today. be sure to send me your questions or property stories at propertyman@foxnews.com. and check out our website

at foxnews.com/propertyman. i'm bob massi. i'll see you next week. [ woman vocalizing ] thanks for being with us tonight. good night from new york. >> announcer: from the nasdaq in new york city, the new "wall street week." here is maria bartiromo. maria: i'm maria bartiromo. we are coming to you from the nasdaq in mid-town manhattan. we are in the heart of times square because my special guest is the cio of nasdaq, adena freedman. >> the u.s. economy adding 211,000 jobs while the unemployment rate dropped to 4.4%.