Thursday, May 24, 2012

Celebrity Sellers Have Little Effect on Home Prices

The LA Times reports that buyers won't pay more for the homes of the rich and super famous:

Although the masses respond to rock-star branding, housing is too expensive for celebrity ownership to make a measurable dollar difference, said Elizabeth Currid-Halkett, author of "Starstruck: The Business of Celebrity" and an associate professor at the USC School of Policy, Planning and Development.

"This is different than buying a sports drink because Tiger Woods endorsed it," Currid-Halkett said. Home value is too complicated, she said, with lots of variables: the season, the location, the quality of the home. "In the art world, there is this notion of provenance — that who owns something can detract or add to the value," Currid-Halkett said. "But it does not seem to translate to celebrity homes."

Steve Clowney

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