Top celebrities across the country have recently sold their homes to eager buyers. Although some of these homes are selling for significantly below the list value and slower than “normal,” it is still evident that celebrities are rather successful in listing their properties and selling them in a rather timely manner. What, exactly, do these celebrity properties have that enable a quick sale? In a word: Status.
Despite the rocky economic situation, two things still remain true about Americans. First, many strive to own a home—the American Dream is still alive and kicking. Second, most Americans desire to have status, which many attribute to what you have. It is not shocking to see that many of our citizens are deep in credit card and loan debt as they strive to have the most and the best. These two mentalities drastically increase the ability of hot celebrities to sell their homes despite the recession.
When it comes to recent celebrity real estate transactions, Justin Timberlake, Elizabeth Taylor, and Katy Perry have all been rather successful in parting with their listed real estate; however, even some of these hot celebrities have experienced the effects of a buyers’ market.
Justin Timberlake’s Manhattan Condo
Former NSync heartthrob-turned-solo artist Justin Timberlake is well known across the music business and recently appeared in a string of hit movies, including The Social Network and Friends With Benefits. Timberlake recently parted with his posh TriBeCa pad for a mere $4.7 million—over 10% below the original listed value. In the end, Timberlake only took a minor loss on the condo.
Elizabeth Taylor’s LA Estate
Elizabeth Taylor was a silver-screen legend known as much for her looks and allure as her on-screen successes. Unfortunately, this talented actress passed away earlier this year, leaving behind several real estate properties. Elizabeth Taylor’s home also sold after her death for $8 million, below the list value of $8.6 million. The former Taylor home, which is located in Bel-Air, was only on the market for approximately one month, which is an incredibly quick sale for a home this expensive.
Katy Perry’s Los Feliz Mansion
Pop star and self-avowed California girl Katy Perry has made a name for herself over the last few years with hits like “I Kissed a Girl” and “Hot N Cold.” Recently, she and her husband Russell Brand decided to upgrade to a new Los Angeles abode and parted with their Los Feliz estate for $3.3 million. Brand originally purchased the home for Perry when they were only dating, but has since decided they need a bigger place since their marriage.
One thing is certain–these homes are not typically selling without heavy bargaining and negotiation, as is very common in the current real estate market. Nowadays, the listed value is merely identified as a “desired” outcome; however, the buyers and sellers alike are often aware that the sale price is likely to be significantly lower than the price that was listed on the property.
Despite the buyers’ market, these celebrities have a few things working in their favour, including the name and the continued American desire for status. These properties are naturally attractive due to perfect location and high-class amenities – and merely having the bragging rights of living in the former home of Justin Timberlake, Elizabeth Taylor, or Katy Perry significantly adds to the temptation.
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