Celebrities are taking Advantage of the low home prices & low interest rates
By John E. Miller
Many celebrities are known for purchasing multiple properties across the country from multi-acre estates to condominiums. At any given time it can even become difficult to keep up with the number of properties that each celebrity owns. Surely with the current real estate market the celebrity property investment has declined? Absolutely not!
Instead, celebrities are taking full advantage of the low home prices and incredibly low interest rates to purchase exceptional properties that either or add to their existing homes. Even young stars such as Hannah Montana’s Miley Cyrus have been bitten by the real estate bug.
Miley Cyrus, daughter of country singer Billy Ray Cyrus, has achieved great fame of her own from Hannah Montana to her release of her first album, Breakout. With this increased popularity, Ms. Cyrus has definitely made a fortune and is a substantial chunk of her income in real estate.
At a mere 17 years old, Miley jumped into real estate when she put down nearly $3.5 million on a home in Toluca Lake, California. Although this property was located close to her family, this was a huge purchase for someone so young. However, this was only the beginning of Miley’s real estate purchases.
Last month, Miley made an incredibly smart real estate investment on a Studio City, California home when she spent $3.9 million for the 5,173 square-feet home that rests on approximately 1.15 acres. Taking advantage of the buyers’ market and demonstrating Miley’s patience, the home was originally placed on the market for $4.58 million, but later decreased to approximately $4.4 million. Her purchase price of $3.9 million is clearly a great deal for this fascinating home with breathtaking views.
Her new five-bedroom home is incredibly spacious and definitely has more privacy than her Toulca Lake abode. Features include a beautiful pool, fantastic gym, and – naturally - city views that are to die for. However, daddy Billy Ray can rest assured that his princess is safe with the heightened security Miley will have at this new mansion.
Clearly Ms. Miley Cyrus, like other successful celebrities, is utilizing the current real estate market to obtain great properties well below the listed value. Miley is not the first and definitely will not be the last celebrity to in real estate while the market is hot.