The price of luxury California real estate continues to drop — not terribly surprising for anyone who follows the market. However, looking at property that has a history of celebrity ownership can give us a better glimpse into just how the market is doing. After all, these high-profile sales catch the attention of more than just real estate aficionados.
One recent listing that caught our eye was the return to market of a home that had previously been owned by actress Denise Richards. This contemporary ranch home is located in the exclusive area of Hidden Hills, CA and has been listed for $3,495,000. Back in May of 2006, Richards purchased the property for $4,000,000. While she originally listed it higher in an attempt to make a profit, her final sale was a loss at $3,800,000. That was October of 2007. Will this property sell for the current asking price of $3,495,000 or has the market fallen even further than the current owner realizes? We’ll have to wait and see.
A representative from Sunwise Realty said: “We have recently seen a lot o foreclosures in the luxury housing market. The rich were not so effected initially with the economy and the housing slump, but it seems it has catched on with them as well. The number of luxury home foreclosures have been increasing in the market.”