LOS ANGELES (CBSLA.com) — Star power doesn’t exactly help in the real estate market, some celebrities have found recently.
An examination by Redfin of recent celebrity real estate transactions found that, on average, these properties stay on the market for about 36 days longer than other homes and usually sell for less than the original asking price.
“Less than the original asking price” is of course a relative term, but losing money on a home sale still hurts, whether it’s a regular Joe or Matthew Perry, who had to settle for $2.85 million less than the original $25 million he asked for his Malibu home. Katy Perry and Jessica Simpson also had to settle for less than asking prices on their properties – respectively, $1.36 million less on a Hollywood Hills estate and $1.595 million less for her Beverly Hills home.
Celebrities sometimes add features to their homes that aren’t popular among regular people – such as a basketball court in the basement. These properties are also harder to show, according to Redfin real estate agent Alec Traub – anyone who wants to tour a property owned by a celebrity has to go through a vetting process.
“You wouldn’t want to show a famous person’s home to just anyone, since stars value their privacy and don’t normally want to make their business public,” he said in a statement.