The mansion, when asked for $ 39 million, sells for $ 4.6 million. what happened here

  The mansion, when asked for $ 39 million, sells for $ 4.6 million.  what happened here

Exterior of Gloria Crest Estate in Englewood Cliffs, New Jersey.

LuxQ Media / Mike Aghachi

A mansion once considered one of New Jersey’s most expensive homes for sale has seen its price drop by a ton of bricks.

In 2013, a 28-bedroom property at 83 North Woodland Street in Englewood, New Jersey known as the Gloria Crest Estate was marketed with a price tag of $ 39 million. The property’s name dates back to its original owners in the 1920s, but soon after its construction, the extravagant, ivory-colored house was dubbed the Englewood White House.

The gilded entrance includes ornate columns, gilded fittings and a double staircase.

LuxQ Media / Mike Aghachi

In the eight years since its debut at $ 39 million, according to public records, the nearly 100-year-old mansion in Bergen County has largely slashed its jumbo price in a series of price cuts.

In 2014, after a year on the market, the price was reduced to $ 25 million. The price decline continued over the following years and was reduced to $ 17 million in 2017. Then, in February 2018, court records showed the property was put on hold after the owners defaulted on a mortgage of 7.3 million dollars from the American bank.

It was briefly taken off the market until June 2018, when it went on sale again, this time under a new listing agent, for $ 12 million. Then from 2019 to 2021, the listing was represented by another broker and the price was hacked six times from $ 9.99 million to $ 5.99 million.

The owner’s suite includes a spiral staircase leading to an upper level office.

LuxQ Media / Mike Aghachi

During those same eight years, ownership passed through at least four listing agents. The most recent real estate broker to represent the house was Michelle Pace, CEO of Signature Realty NJ. It was Pace’s list in the last six price drops, before she finally sold it.

“A home is worth the price a buyer is willing to pay,” Pace told CNBC. “It doesn’t matter what a buyer wants and what an appraiser says, and the same goes for any home.”

Last month, a buyer, whose money is not free, was willing to pay $ 4.6 million for the mansion and about five acres of land. The closing price was 88% off its original asking price and was not even enough to cover the 2018 default.

A sitting area and a stone fireplace in one of the 28 rooms of the house.

LuxQ Media / Mike Aghachi

According to the floor plans, the house has approximately 15,000 interior square feet over four levels, with the mansion costing around $ 300 per square. That’s 34% below the average price of $ 436 per square foot seen in Englewood Cliffs home sales data in August, according to Redfin.

So why has the White House price dropped? Pais offers him a glimpse. While they appreciated the history of the house and its architecture, which dates back to 1926, some potential buyers did not. And for those who were fans of the house’s Mediterranean villa, inspired exterior and ornate details, there were other issues.

The grand entrance has ornate trims and double-height ceilings.

LuxQ Media / Mike Aghachi

“A tax bill for $ 163,000 and this place was in need of updating,” Pace said.

For some potential buyers, $ 13,653 a month in property taxes was a tough pill to swallow, and the cost of renovating a home this size didn’t help. Pais budgeted for an update between $ 3 million and $ 5 million.

A peek inside one of the house’s 14 bathrooms.

LuxQ Media / Mike Aghachi

“We brought in athletes, CEOs from all over the country,” she said. During the pandemic, Paes said it happened both in person and virtually.

“After all, it was a renovation. For these guys it needed a lot of updating, ”Pace said.

And it wasn’t just money that had to be spent to fix it. It will also take time to complete.

A living room with exposed beams and one of the house’s five fireplaces

LuxQ Media / Mike Aghachi

There was also an ownership issue which made the transaction more difficult.

“It wasn’t a traditional sale or vendor. It was owned by the company and there were a lot of decision makers, ”Pace said. “to get this [an offer] We have to be on the same wavelength across all decision-makers.

She said she had an earlier offer worth more than $ 4.6 million, but the owners turned it down, she said.

The recently updated kitchen has stained glass windows built into the ceiling.

LuxQ Media / Mike Aghachi

“When you put a house on the market for the first time, it’s not uncommon to try to get as close to the asking price as possible,” she explained.

Paes said customers wanted to stop and see if they could get a better deal closer to the asking price.

This is a common strategy that many of his clients will try, but it is risky.

“Sometimes the first offer is the best offer and sometimes it’s not,” she said.

In this case, the previous offer was the best offer, but it wasn’t clear until months later. By that time, the ability to sell at a higher price was gone, leaving the sellers with a contract worth $ 4.6 million.

The house includes a projection room.

LuxQ Media / Mike Aghachi

Interestingly, after all of these price adjustments, the old White House closed at almost the same price as 21 years ago. Public records show the property was sold in 2000 for $ 4.67 million.

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