Ai-yi-yi. What a bad news week for home sellers, including ones with multiple Grammy awards sitting on the mantels of homes they can't sell. Pop star Christina Aguilera dropped the price of a home she owns in the Hollywood Hills yet again. The property was first listed in 2008 at $7.995 million and has been leapfrogging south ever since.
Another $255,000 was shaved off this week, bringing the listing price down to $5.995 million.
With the news this week that existing home sales were down by a whopping 27 percent and new home sales nothing to write home about either, sellers at all levels of the market are feeling the pinch. It is not known whether Aguilera rented the home out during the past two years or if she's simply been writing the mortgage checks with increasing pain each month as the home's value slips. Drew Fenton, the Hilton & Hyland listing agent, declined to comment.
At the time she originally listed it, singer-songwriter Aguilera had recently given birth to a son and had just paid $11.5 million for a more "family-friendly" property in Beverly Hills -- one that had belonged to Ozzy and Sharon Osbourne, of all family-friendly people.
Aguilera's Hollywood Hills home that just got a price haircut (which actually feels like a modest trim and leave the sideburns long please), has a gym, pool and a 12-person spa with a fireplace. The midcentury home has a 1,200-square-foot master bedroom suite. Total square footage: 6,500. There is also a professional screening room with seating for 18.
Aguilera probably shouldn't feel too badly, though. A local agent with Teles Properties produced a neighborhood-by-neighborhood report for greater Los Angeles, and in the Sunset Strip-Hollywood Hills West area where Aguilera's home is located, the median price has dropped almost 20 percent from July 2009 to July 2010.
The good news is that inventory is down, so competition will be less intense.
Hard to know though whether it's because sales are up or sellers are retreating.source