Man, this housing downturn is hitting everyone

Consider this house on Mercer Island, which happens to be for sale. Asking price: A shade under $35 million. Five bedrooms, nine bathrooms, over 22 thousand square feet, two swimming pools, space to park a 140-foot yacht, and an interior so opulent you'd be afraid to touch anything. If you were even allowed anywhere near it.

But the sagging economy has taken its toll on this house. They were originally asking $40 million.

Best line from the article:

"But we decided we might want to simplify a little, and move to Medina."

For those who aren't familiar with Seattle-area geography, Medina is the quiet little town which has the modest homes of simple people like Bill Gates.

Comments (12)
  1. Spike says:

    I’m glad to see they’re leaving the microwave.  Because that would have been a deal breaker for me.

    [Awesome. Best comment of the day. -Raymond]
  2. Nish says:

    Why would a 5 bedroom house have 9 bathrooms? Assuming each bedroom has its own bathroom, and allowing for 2 half-baths, that’s still 2 bathrooms extra – or 3 if you could the two half baths as 1 bathroom.

  3. Nish says:

    Okay, ignore my previous post. I just visited the link and saw the pic of the large indoor swimming pool. I am surprised they only have 9 bathrooms now!

  4. nathan_works says:

    "I am Raymond Chen, millionaire. I own a mansion und a yacht." for those that didn’t grow up with Saturday AM toons..

  5. Andrew says:

    22,000 sq. ft. is Over 1/2 an acre!

  6. SRS says:

    Why is it that the more expensive a house is, the more it looks like a tired 1980s generic up scale hotel?

    $35 mio and all they can do is overdose on Marble. Sad. I hope Bill’s house is more interesting.

  7. peetm says:

    Couple of things:

    In the USA, a lot of people call any room with a toilet a ‘bathroom’ – consider the restaurant case, i.e., that when someone asks for ‘the bathroom’, they wouldn’t expect the indicated room to actually contain a bath.  So, I assuming that of the 9 bathrooms, only some will contain ‘a tub’.

    As to Medina.  Well, it does have charm that Mercer Island lacks, and it has a nice yacht club/harbour etc.

  8. ZardoZ says:

    They’re not selling because the need the 35mil$, they are selling because this house has become a bad investment and will worth half in the end of the next year.

    They’re just unloading a bad investment.

  9. Dean says:

    "They’re not selling because the need the 35mil$"

    Nobody said they needed the $35 million. Raymond’s point was that they WERE trying to sell it for $40 million — the housing downturn has devalued their property $5 million.

    Oh, and a property like that is never meant to be an investment… nobody "invests" $40 million in a single property…

  10. silky says:

    @Dean maybe not in a private home no, but in a commercial development, obviously. Also it is partly an investment; in showing your wealth, which is required sometimes.

  11. Tad says:

    I was completely baffled by the I90 Express Lane that kept showing up, until I realized it was in a tunnel.

  12. Gabe says:

    peetm: The US realty market calls a room with a bathtub/shower and toilet is a "full bath"; a room with just a toilet is a "half bath". A house with 3 toilets but only 2 bathtubs would likely be listed as "2 1/2 baths" or "2.5 baths", or even "2.1 baths".

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