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Or You Could Buy A Whole Neighborhood Someplace Else, Your Choice
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Not only do I know what joke you'll tell, the issue is actually raised in the article about the most expensive house in New Jersey, which did not sell at $68 million and is still overpriced at $48 million. The reason it's not selling, your joke will go, is because it's in New Jersey. Ha, ha. But it's a 30,000 square foot house with 12 bedrooms and 19th baths in Alpine, a town filled with insanely expensive mansions favored by billionaires, athletes, and entertainers. The problem is, simply, the price: You can buy open land and build a brand-new equivalent house for about a quarter of the money. The owner bought it for $58 million, it costs about $400,000 a year in maintenance alone, and he's not getting his price. Bad investment. (Bloomberg)
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