Real estate agents in California say Hollywood stars -- including Diane Keaton, Jane Seymour, and Corbin Bernsen -- are getting in on the action when it comes to flipping houses for a fast profit.
Flipping houses was a hot business that cooled off as the financial crisis took hold. Now, it's making a comeback, most notably among million-dollar houses.
Investors and international buyers have been keeping high-end sales moving. Despite rising interest rates and the subsequent decline in mortgage origination, the luxury home market is still going strong - and not because celebrities are buying trophy homes.
As housing analysts start to worry about the sustainability of the recent run-up in the real estate market, a troubling trend has returned, harking back to the days of the housing bubble: house flipping.
Celebrity sweat is behind some of the biggest house-flipping projects in L.A. In Tinseltown, even movie stars can be found playing the home-flipping game — and this year they've upped the ante. Celebrity muscle is behind some mega-bucks Westside property turnarounds, part of a boom in the rapid buy-fix-resell mania known as flipping.
Celebrities are not immune to the temptation of making a quick profit on the housing market, real estate agents in California said.
The Reserve is a six-bedroom, 11-bath Art Deco mansion in Los Angeles that Kristoffer Winters spent more than two years rebuilding and decorating down to its monogrammed bathroom towels. His asking price was $25 million.
Between 2011 and today, transactions valued at $1 million USD or more are up almost 40%, according to housing data company RealtyTrac. Jan Brzeski stands in a sun-filled, beautifully refurbished living room high in the Hollywood Hills, looking out at a swimming pool and, miles below, stunning views of Los Angeles.
The rise of the "flippers" ... U.S. investors who buy a home, refurbish it, and sell it at a profit. Jan Brzeski stands in a sun-filled, beautifully refurbished living room high in the Hollywood Hills, looking out at a swimming pool and, kilometres below, stunning views of Los Angeles.
Jan Brzeski stands in a sun-filled, beautifully refurbished living room high in the Hollywood Hills, looking out at a swimming pool and, miles (km) below, stunning views of Los Angeles.
Managers claim sector's institutionalization is a sign of good times ahead. Single-family housing, which seemed like a good tactical investment a year or so ago, could turn into a staple in investors' portfolios if some money managers have their way.
Ellison has bought nearly two dozen properties in the beach community during a decade-long shopping spree, including at least nine homes on coveted Carbon Beach. On busy Pacific Coast Highway in Malibu, some well-kept facades conceal a secret. Behind the Mediterranean with wooden doors, the white stucco two-story with a red tile roof, the long wall obscuring a three-structure compound, hides a singular, massive wealth fueled by obsession.
Tired of dealing with a bank? Then it might be time to put your money where your house is. Not the one you’re living in, mind you, the fixer-upper that you want to flip for a profit.