How's Sharon Stone's Real Estate Instinct?
Actress Sharon Stone has re-listed her Beverly Hills home at $8.995 million, which is the same price she listed it at in May 2008. Dear Sharon: Median prices in Beverly Hills have fallen 40.5 percent since May 2008, according to DataQuick, the keeper of such things.
In May 2008, the median price for a single-family detached home resale in Beverly Hills was $3.7 million. In August 2011, that median price was $2.2 million. We're not saying that the sampling was huge or that certain streets haven't held their value better than others, but shouldn't there should be some general acknowledgment that, overall, the market is headed in one direction and this isn't it?
But what do we know? Perhaps, inspired by Jennifer Aniston's success in finding a buyer eager to pay her price, Stone's basic instincts are on the money? She bought the house in 2006 for $10.995 million. Her first attempt to sell it for $10 million flopped and she then tried leasing it for $58,000 a month.
No takers at that price, but she did get $35,000 a month before setting her price at $8.995 million.
She never moved into the property, intending to remodel it first -- something that also never happened. The seven-bedroom Mediterranean sits on about five acres at the end of a private road. It has a north-south tennis court and a resort-style lagoon pool.
Stone starred in the erotic thriller "Basic Instinct" and was married to newspaperman Phil Bronson until their divorce in 2004.
See other homes for sale in Beverly Hills, Calif., and other celebrity real estate, on AOL Real Estate.
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