One of the inviolable rules of real estate is that the more you customize a house, building, or apartment, the more difficult it will be to resell it. This rule has not in any way been disproven by the Longaberger Company Headquarters in Newark, Ohio, which is shaped like a giant version of the company’s signature product — a basket — and has been languishing on the market for the past 18 months.
So far, no wealthy eccentrics have heeded our call to buy the building, which has seen its price drop from $7.5 million to $5 million since it hit the market. Bloomberg recently profiled the attempted sale in a piece that includes a bunch of dejected quotes from the broker, such as, "You could take the handles off. I'm sure a good architect could come up with some paint scheme to make it look not like a basket."
Possibly an even larger problem than the shape, however, is the building’s remote location. All in all, things are not looking good for one of the United States’ most unique office buildings.
[UPDATE: Realtor.com is reporting that Longaberger owes $605,219.12 in back taxes on the building, and that foreclosure proceedings will begin in two weeks if the company cannot come up with the money. A spokesperson for the company says that negotiations are underway with several potential buyers, however.]
• Selling a $5 Million, Seven-Story Basket Is No Picnic [Bloomberg]