Cheap mansions in the USA? I saw one for $425k 10800 square feet! (new home, buying)

[Need_affordable_home]

Cheap mansions in the USA? I saw one for $425k 10800 square feet! That comes out to about $39 a square foot! The mansion was brick, 3 stories plus basement, 9 beds, 5 baths(3 full, 4 half) and had 1.56 acres of land! I wish I could afford that one! Its the cheapest mansion I have seen in the USA!
They are great as a status symbol or if you just love lots of space or need the space, perhaps you have or want a big family!

[Racelady88]

There is a reason for a house like that to be so cheap. Most likely it needs major work.

[grammy164]

Is it just me? Why does anybody need so much? Whatever happened to buying a home instead of house?

[momof2dfw]

Where is it located? Is it a small house out in the boonies that has been added onto a little bit over time? Is it an old barn that someone converted to living quarters (but not really great w/ that price) and the land is what is making the price decent while the structure is worthless? What are the houses around it selling for? What is the appraised market value on the tax rolls? There are WAY too many variables that could easily explain it and it may not be as it appears.

[Need_affordable_home]

The seller didnt mention it needing any TLC and it looked fine in the pictures. Its not a conversion but a real brick built big house/mansion in a semi rural area in WV. The land is quite cheap, much of the value is in the mansion!
You cant get a 10000+ square feet mansion cheap in most areas in USA!

[winnie]

Well, I can find cheap housing in lots of places, but sometimes the build quality might be enough to make you run for the hills!!!

I would take a hard look at what other houses are selling for in the area. If a 3000 sq ft house is selling for 300K that would signal some serious problems.

[Need_affordable_home]

Originally Posted by winnie

Well, I can find cheap housing in lots of places, but sometimes the build quality might be enough to make you run for the hills!!!

I would take a hard look at what other houses are selling for in the area. If a 3000 sq ft house is selling for 300K that would signal some serious problems.

Depends where! In south Florida, I would suspect lots of TLC on any house costing $100 a square foot! In West Virginia, I would expect a very nice 3000 ft. house for $100k!

[JenM]

I would take a hard look at what other houses are selling for in the area. If a 3000 sq ft house is selling for 300K that would signal some serious problems.
10-11-2006 05:31 PM

I'm a bit confused by that statement! ??? Isn't that the norm? I mean here in Michigan, the nice areas have houses going for that much with the same sq. footage. In fact, hop over to the next town... it's like a 1/2 mile away and you'll find brand spanking new homes 2,200 sq. ft starting at $150,000. And the area is great, good schools, nice people... just no job anywhere in MI!

[winnie]

Originally Posted by JenM

I'm a bit confused by that statement! ??? Isn't that the norm? I mean here in Michigan, the nice areas have houses going for that much with the same sq. footage. In fact, hop over to the next town... it's like a 1/2 mile away and you'll find brand spanking new homes 2,200 sq. ft starting at $150,000.

When I left NM 5 years ago a 3000 sq ft house was selling for 200K. In Western MA, a 3000 sq ft house would go for around 350-400K when I left 2 years ago. Where I lived in Southern NY, 1 year ago, a 3000 sq ft house would go for 450K and up. Where I live now in NE PA a 3000 sq ft home would go for about 325K.

So if a 10000 sq ft mansion was selling for 425K in these areas it would be cause for serious concern about the build quality/defects..

My guess is that 10800 sq ft home would cost in excess of 1 million dollars here in NE PA, and well over 1.5m in Southern NY (Orange).

[Need_affordable_home]

You live in expensive cities. Houses can be had cheap in small towns and rural areas