The real estate market continues to roll on, even though the market – for most people is in shambles. For celebrities, it’s just another day at the office.
Lately celebrities have been wheeling and dealing in the real estate market, trading high-priced luxury real estate located in the best locations and (usually) having access to the best amenities and décor. While they are not immune to the down periods and lulls of the market, they seem to be doing quite well.
Today, for example, it was revealed that Hollywood couple Ben Stiller and Christine Taylor recently sold their 10-bedroom Mediterranean-style mansion in California to British action star Jason Statham. The Transporter and Expendables star reportedly paid a hefty bundle for the property, which was listed for $11,495,000 but more than likely sold for less (it was originally listed for $12,500,000 in 2009).
Chris Colfer, star of the mega-hit Glee TV series, also purchased a piece of LA property, this time for the far more affordable $860,000. Reputedly this quite plain three-story home in Laurel Canyon was bought out of foreclosure, and was originally purchased in 2009 for $1,230,000. The home is a great deal – a $370,000 discount is nothing to sneeze at – and the views are nice, but the actual property itself leaves something to be desired. Rumors were circulating that Colfer, who plays Kurt Hummel on the show will not be coming back for a fourth season. Let’s hope he can afford the bill without another season of steady work (although he’ll probably make a nice bundle when he sells the home).
Rock legend Steven Tyler of Aerosmith bought another home recently too, based on one witness report, but no one really knows which one it is and how much he paid. Needless to say, it was probably very, very expensive.
Celebrities, in a way, are not fair role models to use when it comes to successful real estate investing. They are usually independently wealthy, require little to no financing, and can hire agents and brokers to do their work for them when it comes to buying and selling homes.
But, while it’s not a perfect example to demonstrate the underlying potential of the real estate market, looking at celebrity deals still reveals key truths about our market as a whole. Location is still key; demand is still high; foreclosure deals exist even at the highest levels; and even run-of-the-mill homes – like the clunker Colfer bought – can be great buys with the right conditions.
So, while you may not be able to plunk down a few million for a massive Hollywood mansion, you can still get in the market while the buying is good – like the celebrities above.
(Image Sources: RealEstalker)
