Reply to Can We Afford a $1.5MM Second Home?

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[quote=Anonymous]Ok, SO and I have discussed someday buying an ocean-front condo in Naples Florida as a part time winter residence. Eventually, we think, we'd spend winters there entirely. 
We just returned from a vacation there and found a condo that fits all of our criteria. Ocean-front, 2 bdrm, 2 bath unit in the building we want. The asking price is $1.5MM. We've done the comps for that area as well as that building and the price is fair.
I have never spent that much money, not even close to that much, in my life.
I work, SO is retired and we are both 59. Our net worth is about $12MM, with most of it coming from SO.
With me working, at least for now, we could mortgage 1/2 of the amount needed, if we wanted to preserve our savings.
My question: Are we crazy to spend that much money on a second home based on our resources or should we "go for it" and use money we've worked hard for? Btw, as a note, we have no debt at all.
We do plan on meeting with our accountant and financial advisor before making a decision, but I'd like to hear from you folks as well.[/quote]

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