We now know that some banks are simply just too big to fail without bringing down large sectors of the economy. Is the same true in real estate? Is there such a thing as too big to sell?
This home which is on the market in South Orange, NJ is a great example. Built in 1924 this Georgian style colonial home is a true mansion. It has 5 bedrooms / 4 baths, sitting rooms, an expansive living room a huge kitchen and it sits on over 2 acres of property with New York City skyline views.
It has been on the market for over 3 years and has been listed with 4 different Realtors at 4 well recognized firms and it hasn’t sold. Too big to sell?
It’s not the number of rooms that poses a challenge, but rather the size of them. For instance, the entry foyer is over 700 square feet – the size of a small studio apartment in New York City. And its not just huge – it is filled with ornate architectural detail like marble columns and gilded ceilings which makes it hard for a buyer to envision it updated to today’s lifestyle. And the floor is a total disconnect being a white tile with dark grout. I wonder if they were originally wood.
It could also use a bit of de-cluttering before having photos taken. The shoes in front of the staircase and the jugs of water don’t exactly help the situation.
The formal living room like a bit like the Blue Room at the White House – and almost as big. It measure just under 1,000 square feet.
The craftsmanship of the coffered ceilings is incredible. I can appreciated the carvings on the marble mantel – but I’m not sure anyone wants to live with them. The furniture layout only adds to the problem because it is scattered around the perimeter of the room instead of in groupings to show how to break it up with conversational seating (think Dowton Abbey).
The kitchen is incredibly dated and is again quite large – making it very expensive to renovate.
It is rumored that the famous baseball player Joe DiMaggio owned this grand home at some point. And it is also rumored that Marilyn Monroe slept in it. The grandeur and the detail are truly incredible. But the house has not been cared for and has not been staged to even show how at leas 1 room could work in today’s lifestyle.
The initial list price in 2014 was $1,500,000. Now it is down to $999,700. It sits on a huge lot and has an in-ground pool – which I am sure needs much help. Maybe instead of a house it should be turned into a museum, or a conference center. It’s such a huge undertaking to renovate because of its size, I doubt the price of $997,000 is going to be enough motivation for a buyer. I’m afraid its just too big to sell.