Celebrity homes depreciate in value just like civilian homes

According to Forbes.com,

Even Hollywood’s rich and famous can’t avoid the housing downturn that’s sweeping the nation. In Los Angeles, only 4,430 homes were sold in December, down 48% from the previous year. And prices fell 11% to an average $470,000.

Mark David, who runs the (super-awesome) celebrity real estate site The Real Estalker says homes generally don’t demand a premium just because a celebrity was living there. At the same time, famous buyers are unlikely to get any kind of a bargain, since sellers often push famous folks to pay full price..

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The 23-year-old rocker, Avril Lavigne, may have finally sold her five-bedroom house in Beverly Hills. She listed the property almost a year ago for $6.9 million. After reducing the price by $1.1 million, the 6,900-square-foot home is now in escrow.

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Brad Garrett’s massive 10,000-square-foot home comes complete with a pool, screening room and Zen garden. In September 2006, he listed it for $9.75 million. The Everybody Loves Raymond star has since reduced the price to $8.8 million. So far, no takers.

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The 36-year-old mother of two, Denise Richards, sold her home in Hidden Hills, Calif., just north of Los Angeles, for $3.8 million in November 2007, after listing it the previous March for $4.5 million. The sale amounts to a loss for Richards, who bought the five-bedroom home in June 2006 for $4 million.

More Celeb home values after the jump Continue Reading: Celebrity homes depreciate in value just like civilian homes