The price of this luxury house has dropped from IDR 558 billion to IDR 66 billion, how come?

JAKARTA – A luxurious and historic home in New Jersey, United States of America (USA) , the price plummeted after passing through the bids many times. In the end, the house, which was built in 1929, only cost the equivalent of a ton of bricks.

Previously, in 2013 the house, known as Gloria Crest Estate, had a sales value of USD39 million or equivalent to IDR558 billion (assuming the current exchange rate was IDR14,300 per US dollar). However, after a public record was made, the jumbo price tag on the house was revoked and replaced with a $25 million price tag.

Price changes continue. In 2014, the price was lowered to USD25 million. Then, in 2017 it fell back to USD17 million.

One year later, in February 2018, court records show that the property was repossessed when the owner failed to pay a $7.3 million mortgage by the Bank of the United States (US).

Also read: Many Luxury Houses are Auctioned, This House in Menteng Area is Sold for IDR 14.2 Billion

After the incident, the 100-year-old house was resold for $12 million. Then from 2019 to 2021, the price was hacked six times, bringing it down from $9.99 million to $5.99 million.

After going through at least four home listing agencies, the home, dubbed the White House, was finally taken care of by real estate brokerage Signature Realty NJ CEO Michelle Pais.

According to him, the home sales system must have a balance value. Where if the house has more value, then the buyer is willing to pay for the house according to the quality obtained.

“What buyers want is sometimes irrelevant to the quality of homes offered by sellers. And that applies to any home,” Pais said.

– .