Those who are on the market for a mansion would probably be writing up the first offer for one that was listed for only $10. However, when a New Jersey real estate developer tried to sell a huge and historic property for that price, no one came forward. That can sound unbelievable…but wait for the catch.
A Popular Place to Live Outside of NYC
The housing market in New York is crazy expensive, and it is only increasing in cost in terms of purchasing a property there. From 2010, the average home price of $384,000 has doubled 9 years later to about $675,000. However, the farther you move away from the city, the more affordable the prices are. New Jersey is a popular spot for people to reside if they want to be close to the city, especially in the township of Montclair, which is about 12 miles from Manhattan.
The Opportunity to Purchase a Mansion for Pocket Change
While the cost of living in NYC and the suburbs around it — like in Montclair, New Jersey is high — one mansion was listed for only $10. It had once belonged to a historic resident of Montclair, Aubrey Lewis. He was a known high school and college athlete, as well as a successful adult with a career in the FBI, and he had other business ventures.
Years after Lewis passed away in 2001, his family sold the property for $1.4 million, and it was purchased by a property developer. In 2016, the developer listed the mansion for $10. The catch was that the buyer would have to front the cost of relocating the house. Though it sounds unreasonable, it is completely possible. The property didn’t develop any interest due to the additional requirements, and eventually, the mansion was demolished to build brand new properties on the land.