Real estate professionals who have been dealing with luxury homes have taken a major hit in recent years as the economic downturn has made it difficult to sell multimillion dollar homes. However, Forbes.com reports that the recent sale of one the most expensive mansions in the United States might be a reason for some hope. Le Belvedere, a sprawling 10-bedroom, 14-bathroom estate on a 2.2-acre bluff in Bel Air, Calif. sold on June 4 to an unidentified European family for as much as $72 million.
The estate was built by Mohamed Hadid, a developer of the Ritz Carlton Hotels, as a personal home. Hadid put the house on the market at $85 million in early 2009 but was forced to drop the price to $72 by the end of the year. The house has been in escrow since May. The sale of Le Belvedere is believed to be the largest private real estate sale in 2010 and one of the largest sales ever handled by a broker.
There are plenty of even more expensive estates near Le Belvedere that are still on the market. Candy Spelling (the widow of television executive Aaron Spelling) is selling her nearby Beverly Hills mansion for $150 million, while another marble classical-style dwelling is on the market for $125 million less than a mile away.
Northern New Jersey has long been a popular spot for rich and famous people looking for a secluded hideaway that is still within close proximity to New York. However, as The Hackensack Record points out, the combination of the credit crunch and the impact of dwindling stock prices on the portfolios of the wealthy have significantly slowed the demand for luxury homes in the area and caused prices to plummet.
This trend can be seen in the real estate sales of homes belonging to some of the area’s most public figures. Comedian Eddie Murphy’s 30-room mansion in Englewood, N.J. was listed in 2004 for $30 million. It is still on the market today, even though the asking price has been cut by more than half to $12.75 million. Hip-hop impresario Russell Simmons has also had trouble selling his 35,000-square-foot mansion in Saddle River, N.J. - it was originally offered for $23.9 million in 2007 but is now listed for $13.5 million.
The bottom line is that there is simply not the demand to meet the supply of luxury homes in the area. The New Jersey Multiple Listing Service, which tracks the luxury home market, reports that sales of multimillion dollar homes have fallen sharply in northern New Jersey since 2007. East Brunswick home appraiser Jeffrey Otteau estimates that there is a seven-year supply of properties listed above $2.5 million in Burgen County alone.
Along with a lack of demand, there is also a lack of financing. The credit crisis of 2008 limited the ability of everyone - including the very wealthy - to gain access to mortgages. Many luxury home sales relied on jumbo mortgages that were financed by mortgage-backed bonds which subsequently collapsed with the rest of the economy.
If you have been considering the task of green remodeling for your home, you will find that it is a trend that is really catching on these days amongst people who have their own property as well as folks who intends to purchase property with solar power available.
Yes, the green construction Los Angeles market is ablaze with many builders switching to offering services such as remodeling even though their experience barely can be considered up to professional standards.
Since this whole fad of going green has resulted in the steady increase of the solar panels Los Angeles market, and seems to steadily permeate each and every aspect of our lives as the days go by through recycling, the emergence of green job and industries.
And as most people are beginning to find out, this approach does indeed have its health benefits that impacts not only people who practice it but also tends to work better for the environment as well. It’s pretty obvious that going back to basics has also been adopted by several companies such as Google that has most recently been in the news.
Another interesting aspect of remodeling your home involves the growing acceptance (and consecutive increase) of the solar power Los Angeles market that will be instrumental in solving the energy issues that the country currently faces.
And with this growing awareness of the definite return of investment on these solar panels, individuals as well as families who own homes will find it increasingly important to find a professional solar panel system (and expert) for their home or else it will mean no returns on their expenditure.
Want to get your hands on “Grey’s Anatomy’s” Dr. McDreamy? Heartthrob Patrick Dempsey is married in real life, but you can nab his 3,841-square-foot Bel-Air home with matching tree house for just $3,595,000.
"Grey's Anatomy" cast members Kate Walsh, from left, Kate Anthony and Patrick Dempsey.
The four bedroom, five-and-a-half bathroom New England traditional is outfitted with a living room fireplace, formal dining room, pool, and large lawn. The property is also gated and hedged for privacy, of course—wouldn’t want the neighbors spying on the hottest fictional medical professional since Dr. Doug Ross (though we’ve been secret Dempsey fans since his adorable 1987 turn in teen rom-com “Can’t Buy Me Love”). According to the SoCal MLS, Brett Lawyer of Sotheby’s International Realty, Sunset Boulevard office, is the listing agent.
Patrick Dempsey, 44, has played in more than 100 episodes of Grey’s Anatomy on ABC. He’s been nominated for two Golden Globes for the role, which also earned him the moniker Dr. McDreamy because of his good looks and sex appeal.
Nicolas Cage lost his house to foreclosure due to huge debts he has. He owes $11 Million to Citibank. He has had the house in market for over a year but no one was willing to but it for the $11.5 Million asking price. Last Wednesday the bank held an auction, but no one made the minimum bid of $10.4 Million. Westside Estate Agency who was holding the auction said this clears most lenders with stakes in the property and leaves Citibank as the sole owner.
Located in Los Angeles (the posh Bel Air community), this party palace has had several high-profile owners, including Tom Jones and Dean Martin. It has 35-seat home theater, nine bathrooms, six bedrooms and a huge swimming pool. The actor reportedly has several such mansions in several countries.
Nicolas Cage’s former mansion was built in 1940’s “on a flat acre in a prime Bel Air location,” Shapiro his attorney said. “It’s about 11,817 square feet of two-story English brick Tudor house. It’s very old world craftsmanship, great detail, a lot of charm, but specific in its tastes.”
In case you don’t know who Nicolas Cage is, he is an Oscar winning actor who has played in over 60 movies, including “Raising Arizona,” “Honeymoon in Vegas,” “National Treasure” and “Ghost Rider.”
Like many countries around the world, the real estate market in Spain has been hit hard by the current financial crisis. It is estimated that there are as many as 1.2 million new homes sitting on the market unsold, many of which have yet to be completed. In some spots that are more popular for those purchasing vacation homes, including the Costa del Sol region, the market peaked as early as 2004. Recent months have seen a significant wave of foreclosures, with more expected to follow.
However, the luxury home market in Spain hasn’t seen as dramatic an impact as other segments of the market. It is estimated that these homes have only dropped 15% to 25% of their value since they hit their peak. This includes more unusual homes or those that have a unique historical appeal. It is likely that the prices have held up better because wealthier buyers aren’t as dependant on financing. Many of these sellers are also more likely to be able to hold onto the properties until the market improves.
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