Gay real estate Los Angeles experts have noted that nowadays it takes more than a famous name behind the address to boost the price of a property. It used to be that just the mere mention of a name like Brad Pitt, Meg Ryan or Madonna would skyrocket the price of a property. However nowadays gay real estate Los Angeles agents have noted that almost everybody is a celebrity and fame is a bit more of a rarity.
Since the recession people have been more impressed with old Hollywood glamour and less enamoured with “new Hollywood.” The home of a reality star may not command as much as it used to on the Los Angeles housing market just simply because there is nothing as distinctive about it. It has been reported in many real estate blogs and magazines that celebrities are sitting with listed homes that will not sell and how many of them had to take enormous price cuts. Of course gay real estate Los Angeles realizes this is not news to many buyers or sellers. Homes have been devalued for the last six years all over the United States, especially hard hit in California and the wealthy are not immune to this problem.
There are celebrities that have managed to profit despite this downturn but for the most part it has been difficult to use a name to sell a house ~ Michael Jacksons last residence has been on the market for many, many months. People are more interested in paying for a home that is safe from the famous California wildfires, and that has the size, location and amenities they desire.
Just because you are famous does not mean you are able to buy the house of your dreams either. The tabloids are full of stories about celebrities who are unable to buy the house of their dreams because they have a terrible track record with money. This is actually typical of how stringent and dominant that three digit number called the credit rating has become in our lives. Fame does not buy you credit and you cannot buy a house without a great credit rating unless you make a private agreement on the side with the owner of a home. This is why so many really glamorous homes owned by very big celebrities get passed between each other. An inside deal is made that suits the financial situations of both parties.
Sometimes a celebrity home is not that desirable to live in. The home can be in the very best subdivision in the very best section of L.A. but if a terror, addict or just hated celebrity has trashed it and their reputation; it can be next to worthless. Some of these homes are foreclosure properties as well, but the paperwork and legal work to grab them at a bargain is so extensive and massive that nobody bothers to go through with it.
Lower prices are good news for buyers who really would enjoy living in the home of a real celebrity. On multi-million dollar homes, price cuts are often in the 7 figures, which at some point will recover. If you are lusting to live in such a place then gay real estate Los Angeles advises you contact one of our agents today.