Celebrity price-chopper: Hot Property cools off
I know readers here generally don't give a hoot about celebrity real estate, but I thought I'd make an exception for this item: a couple of celebrity-owned properties that have sat on the market for a while are now reduced in price.
Actress Angela Bassett and her husband have cut the asking price on their Hancock Park house from $5.99 million to $4.6 million, a price cut of 23%.
And actor Frankie Muniz (that's his house pictured) has reduced the listing price on this Hollywood Hills home from $3.875 million to $3.695 million.
Your thoughts? Comments?
Photo Credit: Los Angeles Times
AAHHHH......those poor rich celebrities, you're right, we don't give a hoot
Posted by: Nelcisco | May 16, 2008 at 03:33 PM
What ever happened to the upper tier market being immune to the contagion? Would love to hear Lawrence Yun spin this :)
Posted by: Hugh | May 16, 2008 at 05:50 PM
I bet they were subprime. Desirable neighborhoods with good schools will not be affected.
Posted by: NoWayinLA | May 16, 2008 at 06:21 PM
Frank who?
Posted by: xtine | May 16, 2008 at 08:14 PM
Don't forget Sean P. Hayes' (from Will & Grace), whose house in Hancock Par was originally listed at $8,950,000, and is now $7,450,000 (which is still about 2 mil over priced for the hood).
Posted by: Olivia Thurlby | May 16, 2008 at 09:12 PM
Take the zero off the end of the price and they will get their sales
maybe
Frankie Muniz
3.875MM new price ready ????
$387,000
Angela Bassett
5.99MM new price ready ????
$599,000
Sean P. Hayes
$7.45MM new price ready ????
$745k
These are the prices these homes sold for before the 1000%-1500% markup that mysteriously appeared in the last 13 years.
I know a guy in Hancock park with a castle, he bought it for 1MM in 1996 his place is twice as big as Bassetts place.
So in conclusion they need to bring down their prices down by that much and sue the previous sellers and agents for their money back on the difference that is if they bought their homes between 1996 and 2008.
That is what all of these high end buyers need to do.
Or................
Take their homes off the market and put them back up in 20 years.
At that time they may break even and that is a BIG IF.
Posted by: ajax987 | May 16, 2008 at 11:16 PM
that's it, i'm going to become a stage mom.
Posted by: tarbubble | May 17, 2008 at 11:37 AM
I wonder if their bank would accept a short sale? Times are getting tough...even for B list celebrities.
Posted by: Biker | May 17, 2008 at 02:09 PM
1. Angela Bassett's house is not in Hancock Park. It's in Fremont Place. As Hancock Park grew trendier over the decades, the unofficial borders grew so that Real Estate Agents could cash in on the name. Hancock Park actually runs from Melrose to Wishire (N/S) And Rossmore to Highland (E/W)
2. Agree with Olivia Thurlby...list price is 2M too high...but with the Coppola house asking 6.2 now that would put Hayes' house under 5M IMHO.
Posted by: E | May 18, 2008 at 12:16 AM
How is this for revenge of the bankers
Lenders are now asking for 5-7 recent com parables in the high end market.
The problem is that the 7MM home I want so get has had no recent sales in the area.
Even with a 2MM reduction they still told me no loan.
The bank says the place I want to get is worth 1MM
WTF ?????
I already have 2MM for a down payment
Maybe I can make the seller a 1MM offer cash and see what he says.
Posted by: ajax987 | May 18, 2008 at 02:15 AM
not quite in my range yet...
Posted by: Kudzu Fire | May 18, 2008 at 03:15 AM
I don't quite get why Hancock Park is so expensive. It does have some lovely homes, but the neighborhood that surrounds it is not so lovely. I've stayed in a motel just half a block from HP, and it was scary. I guess the same is true for much of Beverly Hills, at least the flat parts of it, but come on. Not only is the surrounding neighborhood not too safe, it's also ugly as heck. I think prices can and will come down a great deal for HP.
Posted by: Mary C | May 18, 2008 at 12:53 PM