Must be a Biden/Harris Administration flack writing the copy
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From the listing:
Remarks: PERFECT opportunity for instant EQUITY in this amazing estate, APPRAISED VALUE almost 3 million more than listing price. An unbelievable DEAL! This gorgeous 21 yr old home would cost double to build in today's market. Unprecedented masonry on multiple Terraces w/ beautiful water views of Putnam Lake & 4 levels/12,705 SF of spacious living. $1.5 + million invested in lower level adding 3300 SF & showcasing; A Wine Cellar, Pub, Golf Simulator, Media Room, Rec/Billiards Room, Gym, Kitchenette, Laundry, 2 Baths & walkout access to Garden level. This stunning home features 32 Rooms, 6 Bedrooms, 7 Full/2 half Bath, 25-yard Gunite Pool w/ 12 seater Spa, 2.16 acres of park-like landscaping, 5 fireplaces, 4 car Garage, 275 gallon generator, a thoughtfully designed floor plan & built like a tank!
It’s a nice enough house, but here’s the problem: just like the gaslight seeping out of Washington, this flowery language promising “instant equity” flies in the face of, you know, reality.
Built in 2004, the contractor priced it at $8.5 million and found no buyer before, foreclosure looming, he sold it to these people for $7.2 in 2005. They, in turn, (according to the listing) poured an additional $1.5 into the basement and began trying to resell it in 2016, starting at $8.995, then dropping to $8.250 and $7.195 by 2019, when, after 1,050 days, they temporarily gave up the effort. They came back in June, 2021 at $6.450 and, still finding no one interested, have dropped it to $5.999.
Which is not to disparage the house itself; it’s a lot of building, but its appraised value is meaningless in the face of what the market says, and the market hasn’t been interested. Worth $3 million more than this latest asking price? No according to buyers.
