Cheaper Celebrity Houses for Sale

Think the downturn in house prices is affecting you a lot? Look no further! Even the rich and famous of Hollywood can’t get past the brick wall of falling prices!

In Los Angeles, only 4,000 houses were sold, a repulsive 48% reduction since last year. Prices of the average entry-level house fell 11% to $470,000. Even the celebrity houses are getting hammered. Real Estate agents are having trouble selling the celebrity houses for $3 million.

Many of these celebrities who are having trouble selling their houses are those who are involved with the strike that has been going on for quite a while now. For example, Avril Lavigne, a young rocker, has had to reduce the cost of her Beverly Hills house from $6.9 million to $5.8 million. A five-bedroom, six-bath house including a tennis court and pool, it is “one of the best values on the market today,” according to her agent.

Even former Guns ‘n Roses guitarist Slash had trouble with the prices of his house. He bought his Spanish-style Hollywood Hills home, with a pool, separate gym, and spectacular views for $6.2 million, and recently sold it for $5.7 million. He is now suing his real estate agent, claiming that his house was neither as big nor as private as the agent claimed.

Ed McMahon is also having troubles selling his house. He put his 7000-square-foot Beverly Hills home in July 2006 for $7.7 million. Now it is up in the market for $5.7 million, $2 million dollars less than before.

It is not unusual for houses, especially houses of such high prices, to stay on the market for months at a time, with such few people willing to buy. Hopefully with this presidential election, the crisis of declining house prices will slow down, and eventually stop.