![]() ![]() The Compass agent marketing the property was not immediately available to speak about the home.Īrchitects and designers can steer a client toward an efficient layout and timeless fixtures and fittings, but the homeowner should also consider a meeting with the top real estate agent in town before launching construction on a superlative home. It was asking $14.855 million as of Friday. Jordan’s house hit the market in 2012 for $29 million-and has sat there ever since, getting a price cut now and then. He also incorporated custom amenities unlike anything in town, including 15 bathrooms, a regulation-size basketball court and a round infinity pool with a grassy island at its center. The home designed and built for the superstar in Highland Park, Illinois, spans 56,000 square feet-three times as large as the next largest mansions in the area, according to Zillow. The Chicago-area mansion of NBA player Michael Jordan is a perfect example of overbuilding. More: A Mansion in Montecito, California, Built for a Baron Listed for $40 Million "You can only wish for what the market can bear." "Sixty thousand square feet in Birmingham, Alabama, is overbuilt for the marketplace," he said. One of the most common pitfalls Elite Auctions sees is a custom home built much larger and more lavish than any property in the area. Someone is going to have to sell that house whether it’s them, their children or their grandchildren."Īn owner whose custom home spends years on and off the market often winds up contacting people like Randy Headway, founder and chief executive of Elite Auctions, to sell the estate to the highest bidder. "They could be fine with that, and say ‘I’m building this for myself,’" Ms. Owners who have over-customized often find themselves with two choices when it comes time to sell: wait, potentially years, for the right buyer or slash the asking price. She’s also seen a the South Florida home of a marathon runner who built a race track cutting through the interior, another where the owner dressed the walls in alligator skins and multiple houses where outdated, but once extremely expensive, electronic equipment was installed. ![]() ![]() "Even people who love horses, they’re not going to appreciate having the horse one foot from their head when they’re watching TV," she said. One such equestrian estate in Coral Gables had a barn so close to the main house the horses were nearly within arms reach of the living room window. More: Barry Bonds’ Former California Home Hits Market for $33 Million "A lot of these homes are so customized, they are an extension to the seller’s personality and person." "I go in and I do an autopsy to figure out what needed to change and how that home needs to be repositioned in the market," Ms. Janie Coffey, who leads a team at real estate agency Compass in Florida, specializes in luxury listings that failed to sell once, sometimes multiple times, before. Anything from painted ceiling frescoes to a house with no comparables for miles could mean money and time lost when you or your heirs decide to sell.Īn over-the-top indoor pool and wellness room in a Russian home More money spent on amenities, finishes and even square footage doesn’t necessarily add up to more equity, experts say. Top listing agent Jade Mills, who marketed Slash’s home, did not return a request for comment. ![]() In the end, it took two years and a $2.3 million price cut for Slash to find a buyer, but he’s far from alone in adding bells and whistles to the point that a home struggles to appeal to a buyer. "If you were affluent enough to afford it, then you were probably looking for something a little more conservative," Mr. "Houses in that area usually trade pretty quickly, but it was so customized-it had leopard print carpets, it came with a recording studio, a stripper pole, a halfpipe-I’m pretty sure it turned off 95% of buyers," said Paul Habibi, principal at real estate consulting firm Grayslake Advisors. More: Million-Dollar Home Buyers Pay Steepest Closing Costs in N.Y., Texas But few house hunters thought the Guns N’ Roses guitarist’s over-the-top remodel inside was a "paradise city." From the nightclub in the cellar, complete with a DJ booth, to the 36-foot skateboard ramp in the backyard, Slash’s audacious Los Angeles home had niche appeal, to say the least, when the rockstar tried to sell it in 2015.įrom the curb, it was a beige stucco, Mediterranean-style villa not unlike countless mansions in Beverly Hills, California. ![]()
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