When selling a high end home do you feel that the seller's back ground effects the sale of the property? As

Asked by Alicia Beyer, Grand Rapids, MI Fri Nov 16, 2007

in the seller is not the most well liked person does this effect the sale of the property? ie: OJ Simpson for instance

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Jim Walker, Agent, Carmichael, CA
Sat Nov 17, 2007
think it does a little bit. Some people would feel real strange about buying the home of some one who was infamous, and avoid doing so if there are alternatives. . So your pool of potential buyers is smaller.

On the other hand there might be a perverse attraction for some other buyers, and the curiousity factor could go a long way towards leveling the playing field.

I have not noticed any difference in value for (popular) celebrity homes in my area. The homes of recent Sacramento Kings Basketball players and Eddie Murphy seem to be priced to compete with the values of their Granite Bay, California neighborhoods.
2 votes
George Anton…, Agent, Madison, CT
Fri Nov 16, 2007
Hi Alicia, I would think they want to get the person out of the neighborhood. Maybe they'll help you market it.

All kidding aside, it's not likely that anyone interested would know who owns the property unless they have pictures and other identifying items in the home. If so, see what you can do about removing them.

I would not get too hung up on it. If you market it properly you should have no problems.

If you need any more help let me know.

All The Best

George Antonopoulos

Realtor
Shoreline Property Specialist
Coldwell Banker Residential Brokerage
Madison, CT

800-759-6936
george@shorelineRE.com
2 votes
Melinda J. R…, Agent, Hudsonville, MI
Tue Mar 25, 2008
I do not think that really matters. Especially if you have a buyer who is moving in from out of town/out of state. It is about if a buyer likes the house.
Web Reference:  http://www.gomelinda.com/
1 vote
Connie, , Newport, MI
Fri Nov 16, 2007
Hi Alicia! Is this your $7.7 million dollar home? I tend to think that people this end of the scale remain anonymous; though their neighbors may know more. Granted I don't deal in the price range that you do but my most often asked question is "why are they moving" rather than "who lives here". Some properties tend to be "stigmatized" through the news, etc. and some people are just plain curious. I would worry more about the "lookers" than the serious buyers looking for an awesome home! I'd love to meet you for lunch; sounds like you have some fun tales to tell. Go for it, Connie
1 vote
Ralph Sike, , Grand Rapids, MI
Tue Dec 4, 2007
I guess you might want to disclose the risk of hepatitist in this home. If he was using dirty sutures and reusing disposable instruments on patients to save a few pennies, who knows what kind of habits he had at home. By the way, shouldn't the proceeds of the house be put into trust for his victims?

If he possibly infected 1000's of people with hepatitis just to save himself a little money, maybe his house was built that way as well. This guy is the Typhoid Mary of our era.

As an aside, the sellers refused to pay the roofer who they lured in from out of state for a beautiful $60,000 slate roof. The refused to pay on the grounds that the roofer wasn't licensed in Michigan (probably planned this scam on the poor roofer in advance - Michigan law forbids unlicensed subcontractors from using the courts to get paid). Hope the eventual buyers understand the roofer probably isn't going to warranty the work.

Good luck Alicia.
0 votes
Mark Bartlett, Both Buyer And Seller, 33050
Sun Nov 18, 2007
I would think if the seller was a well known personality or celebrity it may offer a curiousity factor. ie: OJ, Al Capone, John Gotti etc. But a home owned by Ted Bundy, Jeffery Dahmer, John Wayne Gacey or the like could certainly sour the deal. The home you are talking about is kind of in a gray area nobody wants to talk about. I think in this case unless its a steal to generate legal fees it's going to hurt. Just my two cents worth.
0 votes
The Hagley G…, Agent, Pleasanton, CA
Sun Nov 18, 2007
I would try to turn it into a selling point. Some folks go forthe celebrity angle...even if they are infamous. (Disclaimer: I am responding from CA.)
Web Reference:  http://www.cindihagley.com
0 votes
Christopher…, Agent, Hemet, CA
Sat Nov 17, 2007
I could depending on may factors. You mention O.J. as an example and who would want the burden of disclosure on that home for eternity. It will have a negative impact on the value for many years to come unless it is purchased by a commercial entity for purposes other than being a primary residence and what corporation would want that in the press? The online casino that seems to have bought everything unusual it could for the press seems to be out of that market. O.j.'s home in particular poses other issues than just the background of the owner. The fact that the "bloody glove" and other "evidence" was found there does not make it a comparison to the typical "celebrity" home.
Homes that have been featured on television or the movies pose many problems to a potential buyer that may have significant impact on the desirability of a residence. Frequent and unwanted traffic is but one issue that with effect the sale. Higher profile homes typically have higher profile buyers that also want to, as much as they can, protect their privacy. Something they must be willing to give up in many cases. Gene Simmon's home, The Hogan's homes get great exposure which may help when it comes time to sell but...will anyone see additional value in those homes for sake of who owned them? I wouldn't think so but, the exposure may help in the future.
As for homes of historical signifigance, who owned them in the past has more affect on the sale than who owns them now. Who wouldnt lean towards a home once owned by LBJ in Texas or Henry Ford in Floirda if a potential buyer were having to make a choice of like homes in either of the areas?
As for contemporary figures....I dont think there is a home that would increase in value only because of who owns it...yet could have significant negative impact if there were bad press about the current owner.
Great question Alicia!
0 votes
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