Hollywood's A-List Caught in the Housing Squeeze
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The cache of a celebrity home has been one of the last few glimmers of hope for Southern California real-estate agents trying to hang on in the current economic climate, which has left sales volume in upscale areas like Beverly Hills deflated.
Many stars -- including Britney Spears and Christina Aguilera -- are feeling the effects of the slowdown.
"People used to move from house-to-house and then on to the next thing they see," she said. "Now they aren't making those fast sales because they aren't going to sell their expensive property in a bad market."
"If they have to reduce the price, they reduce the price -- these are business people. They know what's going on," said Richard Klug of Sotheby's International Realty in Beverly Hills, who recently sold the Malibu home of singer Beck. "Their ego isn't going to get in the way of them selling a house."
"People are moving out of the Sunset Strip, saying, 'It was fun for a while, but it's too much per square foot,'" Ginger Glass said. "Instead of gravitating towards one area because they're 'supposed' to, celebrities want to go back to what's important -- and that's definitely related to the economy because the world has changed."
The fact that the film business isn't faring as poorly as other industries also has many optimistic about the real-estate market's prospects over the next few months.
The cache of a celebrity home has been one of the last few glimmers of hope for Southern California real-estate agents trying to hang on in the current economic climate, which has left sales volume in upscale areas like Beverly Hills deflated.
Many stars -- including Britney Spears and Christina Aguilera -- are feeling the effects of the slowdown.
"People used to move from house-to-house and then on to the next thing they see," she said. "Now they aren't making those fast sales because they aren't going to sell their expensive property in a bad market."
"If they have to reduce the price, they reduce the price -- these are business people. They know what's going on," said Richard Klug of Sotheby's International Realty in Beverly Hills, who recently sold the Malibu home of singer Beck. "Their ego isn't going to get in the way of them selling a house."
"People are moving out of the Sunset Strip, saying, 'It was fun for a while, but it's too much per square foot,'" Ginger Glass said. "Instead of gravitating towards one area because they're 'supposed' to, celebrities want to go back to what's important -- and that's definitely related to the economy because the world has changed."
The fact that the film business isn't faring as poorly as other industries also has many optimistic about the real-estate market's prospects over the next few months.
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