What if anything is star power add to the price of a home? So may say it adds big bucks to say that so-and-so slept here, while others say “so what”…I’m still going to offer $x no matter who lived there.
In 2004 P Diddy bought an existing home in Alpine for $6 million, and about a year ago re-listed the home for sale at $13,500,000. So obviously he thinks that whatever he touches turns to….platinum!
Here’s the cold hard facts about the luxury home market in Alpine and Bergen County
Can market conditions outweigh a stars power?
Here we are in the worst recession for luxury homes that Alpine along with the remainder of Bergen County are encountering…where few of these expensive mansions (or in this case McMansion) are selling.
- As of this writing there are 32 homes for sale in Alpine priced above $3,000,000
- Of the 32 homes…21 homes for sale priced from $3.0-$10 million
- and that leaves us with 11 homes for sale priced above $10 million…and the most expensive home is the Stone Mansion which is listed for $52 million (that’s a real mansion)
That sure sounds like a lot of homes. But what makes the numbers sound worse are how few of these homes have been sold since the crash.
- Alpine has 32% of the homes for sale in Bergen County priced above $3 million
- And Alpine is home to 73% of the homes for sale in Bergen County priced above $10 million
Maybe P Diddy should put on a concert (unplugged in Alpine) in his backyard, invite a hundred of his wealthiest friends, and pass out some videos of his home. Maybe even give a few home tours. Now there’s a marketing idea!
This isn’t New York City or Miami where the luxury home market is sizzling. The Bergen County market is quite the opposite ans hasn’t seen sizzle since 2006. And there is no indication that there’s light at the end of the tunnel.
P Diddy…you’re a great business man and an incredible performer, and my girls and me love listening to your music, and watching you act, but when it comes to selling your home on the other side of the Hudson, you’re going to feel the same pain that all the non-celebs feel when trying to sell their homes.