New Jersey Mansion Sold For 80% Below Asking; See What Went Wrong
You and I both know that the real estate market right now is HOT!
Actually, it's not HOT...it's BOILING!
Because of the COVID-19 Pandemic, people are fleeing major cities and buying properties in the suburbs. But when people move, they bring their wealth with them.
So right now, homes are selling in two weeks or less and are being bought ABOVE asking price. There are even cases of people paying for the house...in full...all in cash!
So this story caught my eye because a sad real estate ending is always surprising...but now, it is nearly unheard of.
I came across a mansion in New Jersey on NJ.com that was just recently sold for over 80% UNDER asking price. That is a huge loss, I was dumbfounded and had to learn more.
The asking price was listed at $39 million and it just recently sold for $4.6 million.
Big difference, huh? Keep scrolling to find out why this house sold for so much less.
But first, here's what we know about the house.
This home has 8 bedrooms, 9 full bathrooms, 5 bathrooms, a pool, a pond, a game room with a card table and a pool table, a banquet-sized dining room, a grand salon, a gentlemen's room with a flat-screen TV and a bar, a music room, a movie theater and a master bedroom that is connected to a common seating area and a master bathroom that occupies the entire right wing of the home.
This mansion sounds immaculate and it looks just as luxurious.
Take a look at the photos that are posted on Michelle Pias Group's Website and ask yourself:
"Would you accept an offer that far below your asking price if this were your home?"
Well, let's find out....
Exclusive Sneak Peek At The New Jersey Mansion That Sold For 1/6 Of Asking Price
So, why was the actual sale so much lower than the asking price?
For starters, the house has been on sale for OVER A DECADE. You and I both know the longer a home is on the market, the harder it is to sell.
The message being sent to other shoppers is that something is clearly wrong with the house if it has been struggling to be sold for so long.
Here is what Michelle Pais, the listing agent for the home had to say according to NJ.com:
“I can tell you that a home is worth what a person is willing to pay for it, so the asking price is irrelevant. The property was very challenging,” Pais said. "Taxes on the home were about $168,000 a year, and the home needed significant renovations."
"The home went through multiple owners over the decade, and was owned by a corporation that required board approval before a sale," Pias continued according to NJ.com. "Earlier in the process there were multiple, higher offers, but at that point, the corporation board was not willing to approve the sale at the prices offered."
So to say something went wrong? That is probably the wrong wording to use.
It sounds like it was just...the perfect storm.
A round of applause to Michelle Pias and her staff because the real estate market can be a rough, grimy, dog-eat-dog and drama-filled business.
So to take a home with ownership issues that has been on the market for over 10 years and sell it, that is an accomplishment in and of itself.
Job. Well. Done.
So: if you were this home's owner, would you have sold for that price?