In this economy, selling a house can be tough. Basic principles of supply and demand, factors that are said to determine price. If there is too much supply and not enough demand for the commodity, it’s at disequilibrium. But you’re not alone! Even celebrities are having a tough time selling a house.
Whether it’s detaching emotions connected with the house, researching comparables or considering supply and demand, pricing your home properly is key to getting it SOLD. Celebrities are having to go through the same lessons…
Richard Gere reportedly sold his luxury condo for $1 million less than he paid for it. According to the NY Times, he bought the Palazzo Chupi property for $12 million in the fall of 2007 and decided to sell it in April 2008 for $17.995 million; however, he cut the price later that year to $15 million. The condo features four bedrooms, nearly 3,500 sq. ft. of space, a small balcony, terraces and French doors.
Nicolas Cage sold the English castle he bought for $8 million for about $5.6 million, according to the New York Daily News. The 18th century castle in Somerset, UK, sits on 35 acres of parkland and 12 acres of woodland.
Eddie Murphy slashed the price of his $30 million Englewood, New Jersey mansion by half. Now, the 32-room estate that spans five acres and features a bowling alley, theater and recording studio can be had for $15 million, the New York Daily News reports. The 25,000-sq-ft house is just 10 minutes from Manhattan, and also boasts a racquetball court, indoor pool pavilion!