10 Bargain Mansions Worth Bidding On
NEW YORK ( MainStreet) -- How's that "what the market will bear" approach to real estate treating you now, rich folks?
The high end of the housing market wasn't immune from the crisis that left properties lingering on the market and sent home values plummeting. The market's recovered in some areas and mansions are moving again, but some sellers are still stuck with big, expensive homes. The price tags on some of those leftover behemoths look more like an early 2000s Cristal-fueled dream than the pragmatic reality of a post-crisis hangover.
Withering prices are forcing some sellers to part with their wine cellars and stables at a discount.
We combed the listings and found 10 sprawling estates that are selling for a fraction of their original asking price. Price tags above $10 million shrink the buyer base somewhat, but withering prices are forcing eager sellers to swallow some pride and part with their wine cellars and stables at a discount:
Santa Barbara, Calif.
Size: 13,875 square feet, five bedrooms, five and a half bathrooms
Original price: $35 million
Current price: $15.9 million
This home built in 2010 and owned by architect Steve Hermann has a wine room that holds several thousand bottles and an art gallery with enough room for Hermann's car collection. The problem? The modern building is known as the Glass Pavillion and has floor-to-ceiling windows on nearly all sides. That includes the bathroom, where the showers face directly onto the lawn. It takes a lot of gym work and confidence to even consider this place.
Size: 9,638 square feet, 11 bedrooms, seven bathrooms
Original price: $1.5 million
Current price: $440,000
Sitting on a 1.4-acre lot in the Boston Edison neighborhood Henry Ford once called home, Stone Hedge has a room just for linens, a two-part kitchen, an elevator, a solarium and a cold closet for fur coats, servants quarters, a coach house and stained-glass windows throughout. What it doesn't have is a buyer who wants to spend even that much on property in a city with a median home price of $54,000. Sands Point, N.Y.
Size: Nine bedrooms, six bathrooms
Original price: $37 million
Current price: $18.8 million
On the north shore of Eastern Long Island just a quick hop from New York City, this 1941-vintage Colonial manse has a three-car garage that looks more like a carriage house, a partial skyline view from the coast, a kitchen and library looking onto Long Island Sound. There are larger houses with smaller price tags, but few with this one's sprawling property and proximity to the city. Snowmass, Colo.
Size: 12,000 square feet, nine bedrooms, six full and two half baths
Original price: $25 million
Current price: $20 million
You'd think a place with its own 7,000-square-foot equestrian facility and barn would have some appeal, but this 56-acre ranch hasn't found much traction since hitting the market last summer. Its guest houses and caretaker apartments, 1886 settler's cabin and auto showroom were enough to lure Michael Jackson here as a guest in 2004, but even the promise of $125,000 a month in vacation rental income hasn't swayed frugal investors.
Check Out Our Best Services for Investors
Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Check Out Our Best Services for Investors
David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.