The downturn in the real estate market not only affects us simple folk but celebrities too. The month of December saw 4,430 homes sold, which was a decrease of 48% in units. The starter home in LA will cost you $1,400 ,000. The range covering homes from $3,000,000. - $6,000,000., are having trouble selling. The writer's strike didn't help homeowners as they were buying up and caught in a bad market. Don't you feel sorry for Avril Lavigne, the rocker, who had to reduced the price of her Beverly Hills home from $6,900,000 to $5,800,000. Guns N' Roses guitarist, Slash claims he overpaid for the Hollywood Hills home, that he purchased in January, 2006, for $6,200,000., and sold it in December, for $5,700,000. He is now suing his real estate agent. That's enough for me never to want a celebrity for client because I don't want to be a real estate agent who is the greatest loser.
Forbes Magazine article, Celebrity Real Estate Loser
Comments(11)