Two notable celebrity homes have hit the market--one for the second time. Marnie Bennett, of Bennett Property Shop Realty, believes that, in such a competitive luxury market, "celebrity status" is not enough to draw in buyers.
NEW YORK, NY, July 30, 2012 /24-7PressRelease/ -- NBC News reports that actor Ryan Phillippe and musician Mike Love, of the Beach Boys, have put their respective luxury homes on the market. Both listed at around $7 million, these properties are expected to sell to luxury real estate buyers. But Marnie Bennett, founder of Bennett Property Shop Realty, explains that the appeal of celebrity homes, though strong, is not as influential as it used to be. Today's market offers buyers more luxury homes to choose from than ever before, and the price tag that comes with a "celebrity status" property is not always as competitive as the asking prices of comparable homes.
Phillippe, whose house was dubbed "Rising Zen" following his divorce from Reese Witherspoon, has tried selling his property before. In 2010, after living in the home for only two years, Phillippe put it on the market for $7.45 million. After several months on the market, and in the face of the still suffering real estate industry, Phillippe decided to remove the property listing in 2011.
Now, just seven months later, Phillippe is trying again to sell his five-bedroom, six-and-a-half bathroom home. Listed at $6.995 million, Rising Zen offers a long list of luxury features. But Marnie Bennett is not convinced that the star's property will sell at such a high price. Though definitely a luxury property, a multi-million dollar one at that, the star's fame may not be enough to persuade buyers to commit to such a mortgage.
"Normally, in a traditional real estate market, when a celebrity is selling their home, people are willing to pay for that extra brand," remarks Marnie Bennett. "But in today's luxury market in the United States, when there is so much to choose from, it would seem that having a so-called 'celebrity brand' is not garnering the results that one would have expected. The real estate market is so competitive; smart buyers are looking at the total value package and are not willing to pay hundreds of thousands of dollars more just because their favorite rock star once occupied the home. Real estate market leaders know that, when you are selling a high end luxury home, you must have a unique marketing package. It needs to go global and, yes, having 'celebrity status' is an asset, but that should be an added bonus--not just an addition to the price."
Marnie Bennett is the founder of Bennett Property Shop Realty, where she currently works as an estate broker in the Ottawa, Canada, market. Marnie Bennett provides services regarding condo and home development marketing strategies, in addition to her work in the local home construction industry. Through her professional expertise and real estate insight, Marnie Bennett guides her clients through the real estate purchasing process. She provides a high level of customer service while constantly improving her own skills to exceed the constantly changing industry expectations.
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