They might be celebrities, rich and famous but that doesn’t mean they are reigning in the marketplace. Despite property sizes and exclusive locations, many wealthy homeowners are seeing their properties sprawling in the languish market.
Just like regular people, celebrities also find their mansions unsold in the market. This is because different reasons, one of which is many buyers are willing to spend large amount of money just to live in their dream neighborhood and another one is there is actually fewer people willing to drop millions for a home.
As Variety reported, another reason that drive away buyers is the fact that celebrity-owned houses can be put on sale for above-market-value prices. But sometimes properties linked to popular names can generate publicity that can lead to a higher demand.
Source: www.realtytoday.com
