In this real estate market it takes more than a famous name to bump up the price of a home.
It’s more conventional perks like location and amenities that push the price of celebrity homes higher, not the famous name attached with the property, according to the Los Angeles Times. Recently several celebrities have had to trim the asking price of their homes.
Meg Ryan, for example, recently listed her home at a 42 percent price cut from its 2008 listing price, according to the LA Times. Penelope Cruz likewise recently sold her home for $807,000 less than she asked for.
Celebrities aren't the only ones who have been forced to accept lower prices for their homes in recent years. Though home prices rose in more than half of metro areas during the first three months of this year, the uptick followed six years of declines, according to the Wall Street Journal.
When celeb homes do go for big bucks it's usually thanks to more than just their owner's famous name. Ryan Seacrest put down $49 million on the home Ellen Degeneres and Portia de Rossi bought for $27 million, largely due to additions the couple made, Zillow reports
One celebrity has even been able to profit, despite the housing bust. Bringing “winning” to the celebrity real estate market, Charlie Sheen sold his Los Angeles home in January at an almost $500,000 profit from when he bought it in 2007, AOL Real Estate reports.
With a slew of celebrity homes on the market this spring, it isn’t likely that such success will be repeated anytime soon. Billy Joel recently posted his Miami Beach home for almost $15 million, for example. Neighbors Ricky Martin and Lil’ Wayne are doing the same thing, while on the west coast Sylvestor Stallone, Britney Spears and Harrison Ford are all looking for buyers.
But the celebs who’ve had it worst in the real estate market seem to be those who’ve entered foreclosure. Burt Reynolds Hobe Sound, Florida has dropped in value by over $6 million since being put into foreclosure. R. Kelly’s foreclosed-on mansion in the Chicago suburbs sold for slightly more than $1.5 million in December, down from an over $5 million valuation in 2009.
Check out some other famous celebrity foreclosures below:
