Must See: Most Expensive Ridiculous NJ Mansion Sells For Pennies
In this housing market, those in the business or anyone selling a home would agree that it is a “sellers” market. It’s easier to sell a property than buy, due to the lack of inventory and abundance of buyers.
This environment creates frustrating bidding wars and anxieties for the buyer when the only loan they can afford is a government back mortgage called an FHA, rather than the traditional conventional mortgage.
So how does a home, stay on the market for a decade without selling?
I’m no expert but…..
The listing is $39 million. I don’t think that price tag helps.
However, the house just sold! (photo gallery below)
The home in question was the most expensive in the Garden State. Built-in 1926, The Gloria Crest Estate sits in Englewood New Jersey. You may be familiar with the property as it was featured in Woody Allen’s “The Curse of the Jade Scorpion.”
“A home is worth what a person is willing to pay for it, so the asking price is irrelevant. The property was very challenging.”
Outside of ownership history, the house needed to be renovated. Add the whopping $168,000 a year real estate tax to the equation, and you can see why the challenge.
A significant price drop in listing price must have provided many potential buyers with a double-take. Ultimately, an anonymous buyer bought the vacant mansion for a low, low price of $4,6 million.
I’m not good at math but that’s like a 75% difference!
This buyer must be a really good negotiator!
Something tells me an FHA loan was not in play here.
Check this out…
9 full bathrooms
Dining room the size of a banquet hall
8 Car garage
See for yourself...