Kanye West’s Beverly Hills, purchased $ 35 million in October 2024. year, by 20. February, drop to 28.4 million dollars to 20. February, a decrease of 6.6 million dollars or 19 percent, which reflects California market instability Housing.
Why is it important
This is not West’s first brush with a loss of real estate. 2021. He bought Malibu Malibu for $ 57.3 million, only to sell it in 2024. for $ 21 million, which has a stunning $ 36 million loss. Real Estate Malibu, designed by the Architect Tadao Ando, was initially a symbol of luxury and architectural innovation. However, western renovations of the West, which included the collapse of the interior, left the property in a decaying state, significantly reducing their market value.
The Western current decline in real estate is the challador for the housing market in California. High mortgages and escalating housing costs still challenged home accessibility throughout the condition. Recent Los Angeles Wildfires further worsened the situation, causing unseen losses and adding pressure to an already stripped market.
What to know
In October 2024. Kanye West bought a summer house in Beverly Hills, for $ 35 million. From 2025. February, Zillow’s greens set the value of the property to about 28.4 million dollars, which indicates a drop of about 6.6 million dollars, approximately 19 percent, in just a few months.
According to Zillow, West’s Beverly Park Estate, built in 2000. year, sitting 6.9 hectares and spans of 20,000 square meters. There are 11 bedrooms and 18 bathrooms, along with luxury benefits like a swimming pool, tennis court for paddowns, cascading waterfalls and pavil.
Not all luxury homes experience such a fall. Toward a 2025. Trend Report From the Global Luxury Coodwell Banker, the luxury real estate prices remained increased, with family homes in the luxury market that rise by 7.6 percent compared to only 3 percent in the traditional market. The report also points out that the luxury market saw growing demand for outdoor spaces and multigeneration living arrangements.
Frazer Harrison / Person
This is unlike the apartment markets in general, especially in California, which has experienced a slowdown in sales. Toward Redfin dataMedian home price in December 2024. She reached 801,100 dollars, an increase of 5.9 percent from the previous year and almost doubled the middle price of homes in the USA
According to Rocket.com, the Beverly Hills area crossed the seller market to the customer market in the past year. This could indicate a potential reduction in demand for high price properties in the area.
What do people say
Laura Ratz, a senior economist in Moody’s analytics, was previously said Newsweek: “We have already completed apartments in CA deals with levels than in the USA. The modest rate of rates will plunge some customers on the market, but a hard-to-page should be long as side for more than 400 base points for returning Accessibility of pre-pandemic. As sets of supply, prices will be moderate. While demographic demand in most countries will largely underline the terrain population in this regard.
Toward 2025. Trend Report From the Global Luxury Coldwell Banker Global: “The growth of the luxury residential sector continues to defy the wider market trends, the traditional real estate market. Luxury homes for family houses increased by 7.6% more than 3%. The luxury apartment prices increases 6.5%, compared to 3% in the traditional market. “
Heather Ozulur, President of the California Association of Realtor said UA Press release: “With the mortgage of others at their highest level from the beginning of July and destructive wildlife in the housing market in the southern California market, we will probably have a slow start for the year, but demand should pick up after entering the spring season of homebuis.”
What happens next
High mortgage rate, case accessibility issues and follow significant risks for homeowners after recent wilderness. While some segments of the luxury market are flourishing, others, such as Kanye West real estate, emphasize potential market volatility.
2025-02-03 21:56:00
