The real estate market is an exciting one, and there is no place more exciting than Beverly Hills and Hollywood Hills real estate. High dollar homes and costly compounds are the jewels of the Hills but even these have experienced the effects of the real estate market over the past few years. The downturn in real estate prices caused reductions in the prices, making these gems a little more affordable
Recently Ellen Degeneres, a star comedienne and TV talk-show host, recently sold her compound to another famous TV host. Ryan Seacrest recently purchased the compound for a cool $37 million. The compound was formed in 2007 and boasts 3 acres of prime Beverly Hills property. Seacrest's new home includes 15,000 square feet of interior living space between a 9,200 square foot main home, a second home, and two guesthouses. The original asking price for the Degeneres Estate was $49 million, but Seacrest was able to buy it for a 12 million dollar reduced price.
In light of his recent acquisition, Seacrest has put his Hollywood Hills West home back on the market. The Mediterranean villa style home was listed at a price of $11.985 million. Seacrest has reduced this asking price from the original $14.95 listed in 2010. The Mediterranean villa is 10,000 square feet and includes 6 bedrooms, 6.5 bathrooms, a gym, a screening room, a bar, a wine cellar, and various architectural elements such as beamed ceilings. The entire estate includes a tennis court, a guesthouse, a cabana, and a pool among the tree strewn property.
Upon selling her compound, Degeneres moved into a cozy 8,500 square foot home in Beverly Hills with her spouse and fellow TV star, Portia Rossi. Though the home is new to Degeneres, it is a mid century home designed by Hal Levitt and built in 1958. The Beverly Hills home may be smaller but it is packed with features including a modern black and stainless kitchen, high ceilings, several fireplaces, a sunken living room, a library, glass walls, 4 bedrooms, and 6 bathrooms. The property is also quite cozy at less than an acre and it features a circular driveway and a pool. Priced in the $20 million range, this is definitely a more intimate dwelling for the couple when compared to Degeneres' former 3 acre property.
One lesson that can be learned here is that even millionaire celebrities face their share of downsizing and slumps in the real estate market. Maybe the Beverly Hills area isn't for you, but the lesson sure is. Regardless of who you are, whether you are looking to buy in the Hollywood Hills of CA or the Foothills of SC, you can see that home prices today are at a low and many smart buyers are taking full advantage of this.