[credit provider=”Wikimedia Commons” url=”http://commons.wikimedia.org/wiki/File:Pink_at_2007_E!_Golden_Globe_afterparty.jpg”]
Celebrity real estate transactions are flourishing in this buyers’ market as everyone from Justin Timberlake to Sheryl Crow are buying and/or selling. Now Ms. Alecia Beth Moore herself, better known as P!nk, has listed her Sherman Oaks home for a hefty $4 million.Pink, often known for her punk style, released her first album Can’t Take Me Home in 2000, but has produced several songs that have landed on the top charts since her debut. This M!ssundaztood singer has definitely excelled in her career as she has won multiple Grammy Awards and a couple of Brit Awards as well, making her well-known not only in the U.S. but also in the UK.
Pink and her Motocross-racing husband Carey Hart were married in 2006 and have recently welcomed their first child into the world. After purchasing a Malibu mansion for close to $12 million, the couple has decided to put the Sherman Oaks home that Pink has owned since 2002 on the market for $4 million.
The home is nearly 4,500 square-feet and is situated on a very nice sized lot in Sherman Oaks, which rests to the north of the well-known Beverly Hills Post Office area. Granted, this home is nice and the area is decent (though subpar to many other suburbs of Los Angeles); however, is it really worth $4 million?
The home only has 4 bedrooms and a little over 4 bathrooms. With its abundance of entertainment spaces including a very nice pool, BBQ pit, and a small waterfall, the home is definitely eloquent. But we suspect that Pink will soon find that her home is priced a bit high for any market, especially for the current real estate market.
Unfortunately, many celebrities—like Pink—think that simply because they have completed renovations to a property and due to their fame that their property is worth significantly more money than other homes. But what Pink is failing to take into consideration with her pricing is that her home is in Sherman Oaks and not in other more popular areas surrounding L.A.
Or, does Pink merely understand that the current buyers market means the list value needs to be higher just to add more leverage for bargaining and therefore possibly providing her the best return on her investment possible? For example, if she lists the property that may be worth $3 million for $4 million and the price falls to $3 million upon the final sale then she still comes out $1 million above what she paid in 2002.
Either way, Pink’s home is on the market and the price is likely to fall from the $4 million asking price. Investors, utilise this buyers market to your advantage and encourage Pink to come down on the price of her home, providing you with a great investment opportunity that could produce stellar returns in the future.