If you happened to be in the market for a new mansion, you’d probably leap at the chance to buy one for the measly sum of $10. But when a real estate developer in New Jersey tried to shift an enormous, historic property for that fractional sum, nobody came forward. If that sounds unbelievable, you may want to wait until you hear the catch – because this mansion had some serious strings attached.
The New York housing market is wildly expensive, and it’s only getting increasingly costly to buy a property there. In fact, the average sale price of a home in New York City has almost doubled over the past decade. In 2010 a standard-sized house might be expected to fetch about $384,000. Nine years later, that price had risen to $675,000, according to real estate companies Miller Samuel and Douglas Elliman.