TFB Short Clips
The $10 Dream Home
Recently, a 111-year-old mansion was listed on sale in a wealthy neighborhood in New Jersey. The shocker? The home was listed at only $10 and the owner was even offering $10,000 to help with moving costs. Of course, you know these types of situations are usually too good to be true… and when it comes to this home… you may want to think twice about handing over a $10 bill.
Far from “Pleasant”
Located in the highly sought after Montclair district in New Jersey, the mansion is located on Pleasant Avenue. However, once you realize why this home is so cheap you might not think it’s so pleasant, that’s for sure.
A Piece of History
Owned by a local architect named Dudley S. Van Antwerp, the home was built in 1906. Well-known for his craftsmanship, Antwerp’s design firm helped build several prominent locations in the New York area, one being the Yacht Club in Bayside, Long Island!
The Million-Dollar Offer
With over six bedrooms and three bathrooms, this mansion also comes with a tennis court and carriage house. Built in a colonial style and over 4,000 square feet, the mansion sits on two acres of lush green land. You won’t believe what was the original price of the house!
It should come as no surprise that the home had an original list price of $1.35 million. To be fair, it deserves every penny, but why is the owner only asking for $10 now?
Home of Aubrey Lewis
Despite the luxurious amenities the home offers, it also has some historical significance. This is due to the fact that athlete Aubrey Lewis used to live there. In case you weren’t aware, Lewis was the first African American captain of the Notre Dame football team. After living for only a few years in the house, this happened…
Unfortunately, after Lewis died the home was purchased by a real estate group looking to build more homes on the property. However, the plan was interrupted when they wanted to take it down…
The real estate group wanted to take the building down but it was then when the home was deemed to have historical value. You would think this increases its value, but wait until you hear the tricky part!
The Big Question
So, now we’re back to the main question. Why was the home listed at the low price of $10? Well, you might want to think twice about taking the offer because the catch is a big one.
Owning a mansion like this one is everyone’s dream, and thinking that you could purchase it for $10 is mind-blowing. But let’s just say the money you’ll spend after purchasing the home will make it not worth the time or the effort…
The Catch Revealed
The catch behind this purchase is that whoever buys the home will not be allowed to move into it in its current location. In fact, whoever buys the home must move the entire home intact to another location. Say…what? Here’s the explanation…
Town Officials New Mandate
According to town officials, they approved the new subdivision plans from the real estate group with one caveat, the original home had to be moved to another location. This way, all sides get what they want, the town of Montclair keeps the home intact for historical purposes and the real estate group gets their land.
If you’re thinking that it sounds easy, wait until you read the rest of the details…
No Easy Task
Unfortunately for the buyer, moving an entire home piece-by-piece is no easy task. Another stipulation within the purchase is that the home can only be relocated within a quarter of a mile from its original site. Do you really think it’s worth the $10 now? And that’s not all!
The Not-so-Great Incentive
Well, what about that $10,000 moving incentive you might ask? Don’t get too excited. A specialist moving company did the math and to the move the entire house would cost well over $200,000. That’s quite the jump from $10 we have to say. And that’s just a low quote.
If you’re thinking about money, just wait until you see how much it will cost to renovate the house. It’s unbelievable!
Renovations Could Be Costly
The moving process is only one expense someone would have to consider as well. Renovations also need to be considered due to the age of the property. For example, the home could be full of asbestos or have lead paint, which would have to be removed before the relocation could take place.
Laurena White, a real estate agent for Prominent Properties Sotheby’s International Realty, told CBS, “In addition to moving it, the cost of any kind of repairs and renovation required that it be done to historic guidelines. That tends to be real expensive.”
But there’s another issue that you should know about…
Where’s the Space?
Another big problem is finding an area that’s within the allowed radius that is big enough to place the home. According to local neighbors, the real estate is limited when it comes to acreage so relocating the home could be quite difficult once it is purchased.
The Right Purchase for Someone
Despite the caveats, if money is tight, this home purchase could be wise for the right person. With most of the homes valued at over $1 million, for a couple hundred thousand, you could have your own $1.35 million home. However, we do suggest you get quotes and find the right renovators, movers and a location, prior to handing over that ten bucks!