"Booty" singer Jennifer Lopez is currently facing a dilemma in the sale of her home. The singer-actress' 17,129-square-foot property is located in Hidden Hills, CA and was reportedly purchased by the singer's ex husband Marc Anthony in 2010 for $8.2 million.
Following the couple's divorce, the pad was listed for more than double its purchase amount amount, pegged at $17 million. However, it was reduced to $14.5 million when the initial price offer did not get a warm response from buyers. Recently, it had been re-introduced for a modest value of $12.5 million after it was pulled out from the market, according to a feature from the Daily Mail.
Several real estate agents already had some theories regarding the series of price cuts. According to a Realtor in College Station, TX Wendy Flynn, it is interesting enough that the "On the Floor" singer bought the property for $8.2 million in 2010 and then listed it after five years for $17 million. Flynn added that while the real estate can appreciate in value through time, listing the property at more than its doubled value within five years was not a good idea.
The property includes 11 bathrooms, 9 bedrooms, 8 fireplaces and a master suite with sitting room, a walk-in closet, a terrace and several rooms for the singer's wardrobes. The entertainment area, on the other hand, has a poker room, a home theater, massage parlor, professional dance and recording studios and salon. A 3-acre property filled with spa, a pool, and an outdoor kitchen. On top of all these, a magnificent view of the San Gabriel Mountains and San Fernando Valley are featured outside.
However, it appears that the "Dance Again" singer pricing strategy was not the only thing that keeps the property on the market. According to a Realtor in Ponte Vedra, FL. Cara Ameer, there was a noticeable slowdown in terms of the luxury market being introduced nationwide, and that buyers have become sensitive to price, regardless if they have thousands or millions.
Ameer also pointed out that people are keen on spending their money wisely, which means affordability does not guarantee that the buyer will be easily persuaded regardless of the price, according to a feature from the Realtor.
