I guess the luxury home pricing fever that’s been blazing (and selling) in New York City , has finally found its way to the suburbs surrounding Manhattan.
It was only a matter of time before every who owned the mega of mega mansions let their egos go wild, and try to cash in on the luxury home bonanza.
I caught wind a few days ago that the most expensive home in the United States was just listed in Greenwich Ct for $190 million dollars.
Sure it’s a big home with lots of rooms, and bathrooms and property, but who in their right mind, or with a large enough wallet will pay $190 million. And hey, the home comes with all the kitchen and laundry appliances!
I’m not making this up…check out the listing
- First there’s on;y a few people in the entire world who can afford the price tag
- And $190 million price tag for a developer to purchase it is even less unlikely, because any way you look at it’s insanely over-priced for a developer
When I along with my father-in-law Gene Heller and Starwood-Heller Enterprises developed Tamcrest Estate in Alpine and Cresskill New Jersey, starting in 2001, we paid $22 million for the undeveloped 54 acre property and we were able to create 34 building sites…seven 2 acre properties and twenty seven 1 acre properties. Tamcrest Estates became incredibly successful in part because we caught the market at the right time, and the people who had the money were more than happy to put it into their home…in-part because the stock market was out of favor and real estate was seen as a great investment .
The homes at Tamcrest Estates ranged in price from $4 million to $45 million. But times have changed and these huge suburban homes aren’t seen a great investments, even at dramatically reduced prices (trophy and unique homes may be the exclusion).
From a real estate developers perspective, the $190 million price tag makes absolutely no sense for development potential. If they really want to go for the gusto, then a better way to approach this would be to subdivide the property and sell off the individual properties.
Additionally, the demographics have changed, as have the mindsets of the super wealthy, who are now dumping their dollars into Manhattan…because Manhattan will always be Manhattan…the mecca for the wealthy.
So with the city on fire, and the mega luxury market in the suburbs simmering, the $190 million Lauder home my be just another publicity stunt to get people to take notice the home and brokerage firm…and that could work, for a few weeks….and on google forever.
However, if you’re seriously interested in a brand new grand home that is a bargain (recently reduced to $49 million) compared to the Lauder Greenway family estate, there’s an amazing home for sale in Alpine New Jersey named the Stone Mansion …which is part of the former Frick Estate (like the Frick Museum). Alpine has been anointed by Forbes as one of the most expensive zip codes in the Country and is located lust a stones throw from Manhattan.
This home is only one of a number of magnificent estates available for purchase on the grounds of the former Frick Estate…