Jennifer Lopez(2015 John Shearer)
The entrance to J-Lo’s home in Hidden Hills, CA
J-Lo’s home has both a formal and informal living room.
Jennifer Lopez may be a triple threat in the http://www.deadirect.co.uk/ entertainment world, who can sing, dance, and rock a Versace gown, yet there is one thing she apparently can’t do: sell her home.
Located at 25067 Jim Bridger Road in Hidden Hills, CA, J. Lo’s 17,129-square-foot pad was purchased by the star and her then-husband, Marc Anthony, in 2010 for $8.2 million. In January 2015 — about a year after their divorce — the home was listed for more than double that amount, at $17 million. That’s quite a price hike! When nobody bit, it was slashed to $14.5 million, then taken off the market, then reintroduced recently for a far more modest $12.5 million.
All in all, it looks like Lopez’s admiration for her own digs may have been a bit overblown and while the listing agent, Hilton & Hyland, could not be reached in time for comment, plenty of other real estate agents had their own theories about what’s behind this series of price reductions.
“I find it interesting that she purchased the property in 2010 for $8.2 million, and then five years later, listed it for $17 million,” says Wendy Flynn, a Realtor in College Station, TX. “Yes, real estate can appreciate, but to list it at more than double the price within five years? The math does not work.”
The property certainly has a lot going for it, including 9 bedrooms, 11 bathrooms (and 2 half-baths), 8 fireplaces, and a master suite with its own sitting room, terrace, and, of course, a huge walk-in closet, with plenty of room for Lopez’s red carpet-worthy wardrobe (sorry, not included).
Meanwhile, the entertainment wing features a 20-person home theater, poker room, massage parlor, salon, and (of course) professional recording and dance studios. Outside, the 3-acre property boasts a pool, spa, outdoor kitchen, and gorgeous views of the San Fernando Valley and San Gabriel Mountains.
But Lopez’s pricing strategy may not be the only thing keeping this house on the market.
“There is a bit of a slowdown with respect to the luxury market starting to happen nationwide, and buyers, no matter the price range, are price sensitive, whether they have millions or thousands,” explains Cara Ameer, a Realtor in Ponte Vedra, FL. “People want to make wise spending decisions. Just because affordability may not be an issue in this price range doesn’t mean that a buyer will pull the trigger no matter the asking price ‘because they can.'”
So is the new asking price of $12.5 low enough to attract these well-off bargain hunters? Ameer thinks yes.
“For 17,000 square feet at $12.5 million, this property sounds like a bargain,” says Ameer. “There is a notable difference with buyers looking over the $15 million mark vs. those under it, and I think $12.5 million is the sweet spot. Now that she has repriced the home, she may find it opening up http://www.diy.com to an entire http://www.deadirect.co.uk/ new buyer pool. Perhaps with the L.A. Rams now settling into Southern California living, this may bring some interest from their camp of executives or star players looking to put down roots.”
And even if you don’t have the coin to consider buying this megamansion, there’s a lesson in here for all.
“When you overprice a home, that does not mean that you as a seller will get more money for the home. It simply means that you want more money for the home,” says Flynn. “What often happens to home sellers at any price point when they overprice a home is: It languishes on the market, unsold.”
But oh what a languishing beauty this is. Check out a video of the home below.