The US vice president Kamala Harris has sold her Washington, DC property for 1.85 million dollars. It was on the market for the last six months, and the initial demand was 1.95 million dollars. But the couple has recently dropped the price to 1.85 million, and it is sold at this price. While the buyer is still unknown, but the deal has been finalized as Kamala Harris has already left the real estate.
Some of my features may be curious about how and why condos belonging to politicians, celebrities, and well-known people go for higher prices than usual. It may not be true for every case, but most of the time, this happens. This is due to the celebrity label attached to that place.
Another reason is that the property list in any city’s affluent and fashionable neighborhood, just like it happened in this case. The condominium is situated in the West Life neighborhood and the West light project. At first, the price was 1.85 million. And Kamala Harris has secured a profit of around 75,000 dollars. So, it is always the case, and celebrities can fetch a handsome profit?
Please read on as we discuss some important aspects here.
Reason for this Trend and Is It Good for Real Estate?
The trend that we have mentioned here is also prevalent around the world. That is why celebrities get a good deal most of the time, but there are many instances where they have suffered a loss. One of the prime examples is that of the Neverland ranch of Michael Jackson that was sold for not even half the price. Famous action star Sylvester Stallone also suffered a similar fate, so celebrities do not all well.
For the upward trend of real estate, this is good because people like to live in the place that once belonged to their favorite celebrity. Many people are willing to pay any price. Sometimes it turns out to be a bidding war between people who want to get a specific place, regardless of its current worth.
It turns out to be a bountiful experience for not just that celebrity but also the realtor. But this artificial increase in the price comes down very quickly as the next time the person tries to sell that property, we usually don’t get that much price.
For an average person, this makes buying such a place even tricky. For example, if a place is worth one million dollars and after a celebrity has bought it and sold it for two million dollars, any person looking to buy it even at 1.2 million dollars has to wait for some time.
Or have to pay an excessive amount, even if it is not worth it. This is another exemplary aspect of the real estate market but bad for an investor looking to buy a not worth it.
What Can be the Perfect Scenario Here for Everyone?
A scenario for everyone can be the real estate market where people can profit. Also, the buyer can get any real estate for a nominal amount, not an excessive one. In the case of properties being held by celebrities and famous people, the extra amount they charge may not be exactly right, but it is not much you can do about it.
The regulators of the market and the government can intervene but only to an extent and in some places. If the government starts to regulate the real estate market strictly, then it will begin to fall.
The real estate market depends on economic conditions, political stability, and the overall positive picture of a country or place. That is why most of the time, the price of real estate increases steadily.
You can learn more about real estate with the help of a realtor or an experienced person before diving in to start investing. Inexperienced people can quickly lose a lot of money, so I recommend going for the experience other than your intuition.
Over to you
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