Justifying pricing
Overview
The pricing history of Dragon Wall has been intensely warped for two main reasons:
- Complete misunderstanding by all owners of what they were selling - they were selling homes to Upstate, SC instead of selling a unique cultural landmark & retreat globally.
- Tragic history of ownership that forced fire sale pricing
This section also provides estimated replacement costs.
Total Misunderstand of What The Owners Were Selling
Instead of selling an extremely rare cultural landmark to appropriate buyers (few, if any, exist in the population of home buyers in Upstate, SC), they were selling a "home" in Upstate. However, home buyers in Upstate have ZERO interest in buying a cultural, expensive to maintain, cultural landmark - they simply want a competitively priced home that tick their boxes.
Tragic History of Ownership
The unfortunate mishaps of a series of the owners
- The original owner (2004 to 2013) died in a horrific car crash. The property was left unattended - which cratered its value. His estate, like many estates, dumped the property for a fraction of its value (even as just a home).
- 2017 it was bought by a doctor, an unscrupulous doctor, for his office. He defaulted on his mortgage (and many other debts).
- In 2021, the courts auctioned it off for an astonishing $211,000 (his various liens also had to be paid). The buyer was a local agent whose interest was in rapidly flipping the property taking advantage of the low auction price.
- In 2022, we bought the property.
Estimated Replacement Costs by Original Builders
- 7 acres - $500,000
- Land Improvement $500,000, gas, electric, water cable, drainage, 1 acre of reinforced concrete for driveway and courtyard, workshop, well & property wide irrigation, landscaping (not including main garden).
- House reconstruction - $4 million
- Main garden - $2 million
- Total estimated reconstruction cost - $7 million