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Why Hasn’t Anyone Bought Ex-NHL Star Jeremy Roenick’s Desert Mansion?

Over his 18 years in the National Hockey League, five-time All-Star Jeremy Roenick and his wife, Tracy, lived in homes all over the country.

But selling the Roenicks’ 18-acre estate in Scottsdale, AZ, has proved to be a difficult goal. The home is undeniably luxurious and well-appointed, so what’s the problem?

Initially listed in January 2012 for $11.7 million, the gorgeous mansion has lingered on the market for years despite drastic price cuts. Its current asking price of $3.95 million is nearly $8 million less than it was six years go—yet no buyer has bothered to put the biscuit in the basket.

Local agents agree a number of factors have worked against the sale of this seemingly flawless property: price, time on the market, property size, and competition.

The five-bedroom, 7.5-bath home was built in 1997 had an extreme makeover in 2007. A two-bedroom, one-bath guesthouse was also added.

The ranch-style main house now has substance and style to spare—from the walnut floors to the custom cabinetry and beamed ceilings. Copper—one of Arizona’s treasured natural resources—is used throughout the home in details big and small, and most notably in the deep soaking tub in the master bathroom.

According to the listing agent, Cathy Fassero, the 18-acre lot can be subdivided or converted into an equestrian estate (plans are available for such a facility). Currently, there’s a whiffle ball field and a par-3 pitch and putt area on the property.

Fassero took over the listing in September 2016, when the property was priced at just under $10 million. She says the high initial asking price had previous agents “chasing the market.”

The pricing problems also kept the home on the market for an extended period of time, which leaves buyers with a (mistaken!) impression that there must be something wrong.

“Time is acid to the price of a home,” says Greg Hague, a local high-end real estate agent. The chart below shows the effect of time on the property price:

Tracing the property’s price

Fassero says a couple of buyers had considered making an offer on this property, but they ended up buying elsewhere.

“People looking in the $4 million to $7 million range are often looking for a second or third home, and they want amenities,” Fassero says. “They’re looking for a lifestyle.”

Hague, who’s worked in the Phoenix metro area for five decades, says the property’s massive size works against it.

“People are downsizing,” he says. “A clear thing people want is low maintenance. Fifteen years ago acreage was a big deal, but it’s a changing mindset.”

Hopefully, the new sub-$4 million price tag will attract a buyer with a vision for the enormous estate. Don’t feel too bad for Roenick—he’s one of the most popular commentators on hockey for NBC.

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Source: Real Estate News and Advice – realtor.com » Real Estate News