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21 Comments
on Celebrities Are Adjusting Prices, Too - Will Lower Prices Result in SOLD?
MAR
01
2009
That's the time tested response, isn't it? If you're not getting showings, or worse yet, if you are and not getting offers, the market is telling you something. A reduction in price is the end all solution regardless of the situation. That is, unless the seller is willing to work for that higher price.
ahhhh poor Mr. Ed McMahon he is having much worse financial & health issues than a lower home price, He also had aweful financial planning, as for the others on that list I think they will all be OK even if the sale of the home has been reduced :-)
Ed McMahon was recently hospitalized and they said he might be really sick this time. Interesting how that price structure is also taking a hit...I wish I could even afford their coat closet!
kris - yes, the market is telling them something. It will be interesting to see where that market goes. I know in my area there has been dramatic adjustments in the $1mil+ range.
bob- i agree that they will be okay but it certainly is a testament to the changing times.
janice - personally? I think small is the new big. I see the trend shift here to more manageable sized homes regardless of income.
neal - yes, i read that the other day about Ed McMahon. that is sad. as i said above - in my area in this price point there have been dramatic reductions.
I think the people named above, for the most part, can probably survive several price reductions and still be OK - but it does show how it's affecting everyone. Unfortunately, so many people can't afford any further price reductions.... but may not have a choice.
sylvie - yes, that is terrible. I have one listing that is below what he paid just a year ago and he will end up taking money to the closing. money that he doesn't have. very sad.
Obviously, the real estate crunch has hit everyone. And, obviously, these pricey pads were way overpriced for the times. The difference is, these guys can afford to take the hit. Not everyone can.
tom - honestly? i think it will all work out in the end for them. they are people just like all of us - they bought their homes based on the market at the time and now they have to sell based on the market today. there have been a few comments that the homes were overpriced - I don't agree with that - FAIR MARKET VALUE IS WHAT A BUYER IS WILLING TO PAY.
We are all in a market that has been impacted negatively, regardless of whether you are in a much lower price point or in a luxury price point. As recent past co-chair of our Top Producer Council for the Raleigh NC Regional Association of Realtors, we have seen impacts here in our local and surrounding communities from others sectors across the country. Those persons who are moving here who are unable to sell their homes, whether in the millions, or in the hundreds of thousands of dollars, are, in many cases unable to buy here. This has truly been the "trickle down effect".
So many in all markets across the country paid for their properties what they felt that market at the time of their purchase was showing.
My daughter lived in W. Hollywood, CA for about 3 years. One of the times I visited her, I also stopped in to visit with a local assistant manager of a prominent real estate firm in Beverly Hills. We chatted about the market there. The broker shared with me at that time, that people were: paying top dollar for properties, brokers were getting many multiple offers on properties and that in many cases, buyers were opting out of getting inspections, were paying thousands upon thousands of dollars above appraised prices in order to secure the homes, etc. I said to her, "It sounds like when the bubble bursts, and it will, there are going to be many homeowners, who are going to be upside down if they need to sell their homes." She agreed. Unfortunately, that has now happened.
Hopefully, we will all be wiser for the future. Know my clients are more cautious now than before, and, for good reason.
Jane Allen Purtell, Broker, ABR, CRS, GRI, SRES, LHMGS, e-PRO
Jane - Thanks so much for your comments! I was a little surprised at some of the earlier comments that I received. It was almost if people that paid high dollars got what they deserved. I don't believe that for one minute. What you said is exactly key - people paid what they felt the property was worth. The same is happening now on the different side of the scale which is only reflective of the current market conditions. In time, we will see the swing in other direction.
So true. No one should be degraded for an amount that they pay for a property. Typically, in real estate, the pendulum swings mildly to wildly, as to pricing, depending upon the market and also depending upon the marketplace (locale). Same old adage: supply and demand. One major key to what drives a market. When demand is up, prices will also be on the rise, as is common sense. We don't have a crystal ball to see the upswing and downswing of all markets, and we are unable to see or know the precise timing of those housing markets.
Those buyers "who paid too much" simply bought at a time when we were in a Seller's market. As you state, we are on the other side of that market at the present time, which is currently a Buyer's market. If there ever was a time to buy it is NOW!!!
Jane - Shoud we co-op a banner and hang it from a bridge that "NOW IS THE TIME TO BUY?". It is unbelievable some of the deals that can be found at the moment! Thanks again for your comments and it is refreshing to have someone understand that just because someone has money doesn't mean they deserve "any thing less" or "anything that happens to them" - that's ludicrous.
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That's the time tested response, isn't it? If you're not getting showings, or worse yet, if you are and not getting offers, the market is telling you something. A reduction in price is the end all solution regardless of the situation. That is, unless the seller is willing to work for that higher price.