Imagine you own a villa
There aren’t many people who will ever know what it’s like to own a villa. Even so, we can dream of having a theater in the basement and an Olympic swimming pool in our garden.
Now that we got you thinking about this life, what if we told you there is a mansion in the market right now that you could definitely afford? It’s in New Jersey and has its fair share of things that are 111 years old. There’s a catch, of course.
New York Housing Residence isn’t cheap
The average price of housing in New York is $ 342,000, according to Zillow listings. It’s just too expensive for a lot of people who live in New York.
Now think about that $ 10 mansion. Can you imagine her showing up at the open house? Well, the house has actually been listed for a long time and yet nobody has bought it. You will never guess why.
Montclair, New Jersey
Even the surroundings of the mansion are a wonderful place. This area in Montclair, New Jersey is ideal for a family. There are schools, shops, restaurants and more!
Even the street is trying to get you to buy the house! The street the house is on is called Pleasant Avenue. Who wouldn’t just be deterred? The actual property has lush plants and beautiful green grass in summer.
Suburban life right next to the city
If the Big Apple just isn’t perfect to live in, then this villa is perfect for you. Only 37,669 people live in the city where it is located. If you still have to go to Manhattan, it’s only 45 minutes.
These are just some of the pros. Why hasn’t anyone made an offer yet? Since this mansion is seemingly perfect, there is one condition to buying this home and it was too much for most people.
Story behind the mansion
Architect Dudley S. Van Antwerp designed and built the mansion in 1906. This was only 6 years after starting his own practice, but he designed and built famous buildings such as the Long Island Yacht Club and the Montclair Wacht Avenue congregational church.
The mansion has so much history and memory within its walls. With that in mind, why would the mansion be listed for the small $ 10 sum?
The house has more to offer than just the outside
The mansion lives up to its name by offering 4,000 square feet of space in its wall, including space for a large family like six bedrooms and three and a half bathrooms. There’s more to it when it comes to convenience. Who would ever need more space?
When you bought the property, just imagine what you could do with all of the free rooms in the house! We recommend a library that matches your silk dress and pipe.
Now the equipment
Did we mention amenities? Ah yes, your back garden would be two and a half acres! You can build, host, or do pretty much anything you can think of here! If you’re crazy enough we’re pretty sure you could mount a ferris wheel somewhere.
There is already a pavilion and a tennis court on the property. Oh, and let’s not forget the old carriage house that could be converted into a playroom or open air theater.
What the house actually costs
Now that you’ve heard every single positive thing about this villa, it doesn’t take a genius to understand that $ 10 is a minor undervaluation. $ 10 isn’t even a fancy meal with a large family. So what is there?
The mansion is valued at around $ 1.35 million. Ouch! That is a tidy sum that almost no one can afford. But it’s fair to take a look at what you’re actually getting.
There is even historical significance
You already know the renowned architect who built the house. But there is another famous person associated with this villa. It is none other than the earlier Notre Dame football team caption, Aubrey Lewis. He was a great soccer player in his day and even named his old high school name after him.
But although he was meant for greatness, Aubrey would never get through it. He didn’t go the professional gamer route and instead decided to do something different.
He had many premieres
When it comes to premieres, Aubrey Lewis was no stranger to them. He was the first African-American captain of a football team and then attended the first African American training class for the FBI.
When his career ended, he returned to Montclair and said it was his real home and even settled here. Unfortunately, he died in 2001 of heart complications. BNE Real Estate Group bought the property shortly after his death and planned to add more houses to the property. But something stopped them.
After the real estate group bought the property, they agreed to keep the mansion completely intact due to its heritage. Because of this, they couldn’t build the houses they wanted. They had to come up with a new plan.
They found a different way of doing things. They pitched the property for only $ 10 in the hopes someone would buy it and knew exactly what the consequences would be.
Why people aren’t interested
How bad could the deal of people show up on a $ 10 mansion? The problem with the property is that the mansion cannot stay where it is in Montclair.
So when someone buys the property they are responsible for moving the house to another location. That is a huge price! So everyone who was interested turned around and ran.
Unfortunately, the potential buyer has no choice
Montclair’s Carmen Warren says it best, “Where are you going to put it? Why should I want to buy such a huge monstrosity of a house and not know where to put it? That is a lot to move. “We can’t say more!
What if the villa doesn’t sell?
Moving the house is not the only requirement
Whoever buys the villa is not only responsible for moving the residence within a quarter of a mile from its current location, but they must also pay for all of the costs associated with buying a new home.
The buyer must also do any necessary renovations before lifting the villa. All renovations must be paid for out of pocket. It’s getting very expensive, very quickly.
A few hundred thousand should do the trick
Due to the old age of the mansion, the seller is offering $ 10,000 to help with renovations that need to be done throughout the property. This might seem like a generous offer at first, but if you think about all the repairs needed in addition to moving, the cost will be astronomical.
The total expense is estimated at around $ 200,000 which is still less than the value of the villa, but it’s still a lot of money.
The other costs are non-negotiable
Without taking moving costs into account, the buyer must conduct lead paint and asbestos tests. Given the age of the mansion, this is a very real problem.
Laurena White, a real estate agent for Prominent Properties Sotheby’s International Realty, said, “In addition to moving, repairs and renovations had to be done according to historical guidelines. That tends to be expensive. “Anyone who buys this house must be the greatest history buff in the world!
How do you move a house? Very carefully
As if there was no price and no renovations to do, how on earth do you even start moving a house this size? There will definitely be some mailbox casualties, not to mention branches falling left and right.
As strange as it sounds, picking up and moving an entire house is not exactly uncommon and in some cases can be financially beneficial for the homeowner.
Moving a house is not uncommon
In 2007, Julie and Randy Olson of Brook Park, Minnesota, uprooted their entire home after it suddenly plummeted in value and unable to borrow to build a new one.
Fortunately, one of her friends sold his house for $ 1 (and we found $ 10 cheap!) To help out a future game reserve. The Olsons bought the property and had their Brook Park home moved for $ 22,000 – a fraction of what the property is worth.
Moving a home could be financially beneficial
If the Olsons history is any clue, moving a home is possible and can be financially beneficial if you operate smartly. In some cases it may actually make sense to do so!
Not to mention, you will never have to worry about these expenses again after moving. Maybe a solution here and there, but nothing like the initial cost of renovating and uprooting an entire home.
All of this could be yours!
Overall picture: a beautiful home, a great suburban location, a nice story to tell friends at every meeting, and plenty of room for entertainment! All you have to do is not buy a movie ticket every week!
Unfortunately, you can go to this movie.