Would you purchase an infamous mansion in Los Angeles even though you heard it was haunted? One man did. Despite rumors that the place is occupied by spirits, the 15,000-square-foot mansion in Los Angeles, California has been sold to billionaire Steven B. Dunn, owner of Munchkin, Inc. The new owner purchased the property late July for $11.2 million, much less than the asking price of $12 million.
Before the sale, however, the luxurious Beverly Hills mansion was the temporary living space of 11 American Idol contestants, many of whom swore the place was haunted. So just what did the American Idol contestants see while living at the mansion? One contestant said they saw a bed sheet floating down a hallway. Another, James Durbin, told Ok Magazine that he saw a hand in the garage and swore others saw it, too. And if that wasn’t enough, Season 8 contestant, Anoop Desi, told People Magazine that Alison Iraheta said she communicated with a “friendly but mischievous spirit,” whom she named “Phyliss.” Apparently the complaints were so bad that the show’s producers moved the 11 contestants from season 10 into a new property.
But the home is a beauty, which is why it was destined to be sold. Situated on two acres of land in the coveted Bel Air area, the “haunted” mansion features nine bedrooms, nine bathrooms, a large pool and a motor court that can fit nearly 100 cars. The grand interior is graced with marble nearly everywhere while the impressive exterior features tropical waterfalls, a pool table and a koi pond.
In addition to the ghost stories, contestants also complained that the mansion was in “poor” condition. Stefano Langone claimed the place was “falling apart,” while Naima Adedapo said it was “not up to par.” Apparently the place had a spider infestation, flickering lights and a leaky roof caused by a recent rainstorm. And even though the mansion featured nine bathrooms, the girls from season 10 had to share one.
Ghost stories and a few minor dents didn’t stop Dunn from purchasing the mansion. In 2008, Dunn’s baby product company made more than $100 million in sales.
The rent prices for the world’s tallest building Burj Khalifa in Dubai have gone down about 50%, amid the real estate crash in Dubai. 825 of 900 luxury apartment still remain empty after one year of completion of the building.
The cost of a studio unit with wooden floors, marble fixtures and floor to ceiling windowsn has gone deon from about $3000/month to $1800/month. Two bedroom units have gone down from $7180 to $4300.
It cost about $950,000 to purchase a 1 bedroom apartment in 2008 and f you purchased a unit prior to completion, you could get them as low as $750,000. Most current owners are holding on to their units and are not worried about the price drops, as this is the most well known property in Dubai and prices should recover quicker than any other property once economy gets better in Dubai.
Some see opportunities in the depressed markets. Savvy investors and institutional investors have started buying propertie in Dubai as investment.
Burj Kalifa also features a one-of-a-kind Armani hotel.
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.
![Reblog this post [with Zemanta]](http://img.zemanta.com/reblog_e.png?x-id=74f51b3a-6f3b-432a-b00f-e89d2daa8c8d)
