"Sometimes renovations simply don't pay off," Harris says. Owners could make changes that simply aren't to buyers' taste, or they could uncover problems during renovation they didn't know they had. While buyers may assume that updates and renovations will improve a house, that's not always the case. All of that involves timing at each step."
You have to buy it at the right price, put the right amount in and sell it for the right amount. "Buying a home that needs renovation and turning a profit upon the sale is a delicate dance," he explains. 'It was a very ambitious price'Īs "Million Dollar Listing Los Angeles" star James Harris explains, selling a home like this requires a certain amount of finesse. As Newsday reports, the property taxes on the mansion (and the 5.5 acres of land) amount to a whopping $88,448 a year. It's also possible that buyers were dissuaded not by the home's price, but by the other fees that went along with it. "The market dictates the price of the property," explains Josh Altman, a Los Angeles real estate agent, "and unfortunately for these sellers, this is not the ideal market for them to sell in currently, due to the decline over the past 12 months in the area." Some experts blame the market as a whole. While the house is certainly beautiful, it's just not the look that many buyers are shopping for.”īut style may not be the only reason for the lack of interest. “Buyers are looking for more casual homes and aren't as interested in large, formal properties. “'The Money Pit’ house selling at a loss has to do with both the size and styling of the house,” says Fields. Jessica Fields, a real estate agent in Brooklyn, NY, theorizes that the owners may have renovated too much, resulting in a home that's overly lavish for the locale, and the times.
The money pit movie#
But why? Why 'The Money Pit' house sold for a lossįirst of all: Did the movie give this home a bad reputation, or was there some other reason it wouldn’t sell?
The money pit plus#
With nearly $6 million spent on renovations, plus the home's $2.1 million price tag, these sellers have sustained a Hollywood-worthy loss.
At long last, it recently sold for $3.5 million. Yet there it sat with no buyers, despite numerous price cuts, for five years. So when the Makowskys decided to list the house in 2014, they felt justified in asking for the purchase price of $12.5 million. Undeterred, the Makowskys hired a construction crew of 30 to renovate the house for over a year and a half, spending a total of $5.9 million to add en suite bedrooms, an elegant pool (complete with a pool house), stunning fireplaces, and a modern, open kitchen, all on 5.5 acres of land. We definitely could have done the sequel.” What happened to 'The Money Pit' house “The house was falling apart when you went from room to room. “We didn’t realize how bad it was,” Rich told the New York Times. While the couple no doubt knew the house was old and had heard of its ties to the infamous film, they figured the home's flaws were mostly fiction-only to be proved wrong once they moved in.
Originally built in 1898, the house was purchased in 2002 for $2,125,000 by Christina and Rich Makowsky.
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