May 26, 2018

Over-the-Top Amenities Push Buyers Away

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Over-the-Top Amenities Push Buyers Away

Real estate agents selling homes belonging to celebrities face unique challenges.

To preserve their privacy, celebrities often desire listings to be out of the public eye; and these homes also tend to be larger with upscale amenities like movie theaters and bowling alleys. Both of these factors make the resale process more difficult.

"The ability to afford all that satisfies your wants and needs leads celebrities to do things unique to their own interests and values," says Mark Stapp of Arizona State University's W.P. Carey School of Business, "but the design, style, finish, decor and amenities can be so specific to the individual that the property has limited value to most others."

It's important for celebrities to price their homes appropriately, and those seeking the most privacy should put the home in a blind trust.

Source: "Luxury Real Estate Mistakes of the Rich and Famous," Main Street News (01/08/2014)

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