After more than a year spent in various lockdown stages due to the Covid-19 pandemic, the housing market is showing signs of full recovery – and may even be on the way to a full-scale boom. A recent report by Zillow showed that half of homes across the country sold in less than a week as demand for her dream home skyrocketed. But the growing interest in real estate doesn’t just apply to the general public: some of Hollywood’s hottest celebrities buy and sell like the rest of us.
From the Kardashians to Ariana Grande, the stars leave town, buy suburban properties and build their dream home; some even flee the United States for more distant countries (ahem, Zac Efron). With so much movement in the housing market these days, it makes you wonder what to take away from Hollywood’s most recent buy and sell bargain. So we sat down with Natalie Way, Celebrity Real Estate Expert at Realtor.com, to find out where celebrities are moving, why some of their homes are selling for less and more.
Where celebrities move
Even the biggest celebrities seem to be heading for the suburbs. “There are a lot of little celebrity hot spots – well-known areas like Beverly Hills or Manhattan – where stars have historically lived, and we’ve seen some spread from those places to places like Pacific Palisades and Hidden Hills in California. , and to vacation destinations like the Hamptons in New York, Telluride in Colorado, and Miami, “says Way.” Montecito is another place in California that is growing in popularity – we’ve seen a ton of celebs who have bought it there. last year, including Meghan and Harry, Ellen and Portia (again), Ariana Grande and Katy Perry and Orlando Bloom. “
What celebrities buy
Bigger is always better when it comes to high-profile real estate, but stars also spend money on unique upgrades and amenities to improve their quality of life. “Celebrities can’t spare any expense when it comes to their home, and we see it in high-end design details such as open spaces that bring the outdoors in, custom kitchens with top of the line appliances. range, huge floors to – ceiling windows that offer stunning views and athletic fields, ”says Way. “In terms of house styles, we see everything from ultramodern villas to Mediterranean villas and historic homes. It really depends on the individual.”
Why celebrities are cutting prices
“Celebrity chic cushions are typically more expensive than the average price per square foot due to the luxurious interiors and the attention to detail you’ll often find there,” Way explains. “But sometimes even a celebrity-owned house is just too expensive to sell as is, and sellers will have to cut the price by a few million dollars. [to find a buyer]. And because celebrity homes are sometimes the most expensive in a neighborhood (even in expensive places like Beverly Hills or New York), it can take time to find a buyer with deep pockets to match the price. “Sometimes celebrities like to personalize their home, and buying another person’s design can be a challenge for a lot of people,” Way explains.
How Covid changed their buying and selling habits
While most stars appear to be in a constant state of buying bigger and bigger homes in the brightest (and most crowded) cities of the world, the pandemic appears to have changed the game of celebrity real estate. . “After being locked in their homes – admittedly their homes are bigger and more decorated than many of our homes – many celebrities think they might want to change their surroundings. They happen to have a little more purchasing power than we do. mere mortals, ”Way says.
“Some celebrities, like Zac Efron, realized they wanted to get out of the hustle and bustle of Los Angeles: he bought land in Byron Bay, Australia, and just sold his Los Feliz mansion for $ 5.3 million, so it appears he wants to make Australia his primary residence, ”she continues.“ Katy Perry and Ariana Grande have been shopping in the much smaller town of Montecito, in what is likely an effort to leave Hollywood for the tranquility of this exclusive seaside town. Matt Damon also made a final move to the East Coast. ”
The only question is: how long will these trends last?
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