music mogul dr dre Still looking for a buyer in Malibu, CA.
Thank you for reading this post, don't forget to subscribe!The hip-hop legend’s three-story, beachside pad has been on the market for almost a year. Dre, given name andre younglisted the mansion in November 2022 for $20 million.
At the time, the high price tag seemed justified for several reasons. For one thing, the property is huge. It is approximately 8,850 square feet and has a home gym and recording studio. Additionally, it is located on Malibu’s exclusive Carbon Beach, which is nicknamed “Billionaires Beach” due to its many wealthy homeowners.
But despite the hefty price tag of this one-of-a-kind crib, it is still in the market. So, why not “California Love” for this spectacular beach?
An artistic fireplace anchors the living room.
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Sea view from living room
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primary suite
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primary bathroom
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recording studio
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verandah
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On the highway, in the middle of Malibu
carbon beach can be The expanse of sand on which a house can be built in Malibu. However, there are some possible factors to consider when considering why there has been no change in Dre’s wealth.
“One of the main issues seems to be its location in Malibu,” says jamie camp, a California-based REALTOR®, with The Agency. “Most Malibu buyers with purchasing power under $20 million want privacy and living off the main highway. Dr. Dre’s home is located on the Pacific Coast Highway, in a busy section of the highway. It may have great views and be a step away from the sand, but it’s in the heart of Malibu.
kara richa bicoastal real estate agent with Coldwell Banker, also points out that there are many competing properties in Malibu that offer a lot of privacy and larger lots.
“Many of the homes this property is competing against are new and truly turnkey,” she says.
Need for ‘Hollywood face lift’
We’ve seen a lot of properties disappear from the market due to outdated decor, and for good reason. Many buyers are not willing to take up a renovation project.
Dre’s home is not a fixer-upper by any means, and it definitely has contemporary architectural touches like sky-high ceilings and walls of windows. But the house was built in 1993, and experts agree that some rooms could use renovation.
“Looking at the photos posted on the MLS, the house appears to be a little older,” says Camp. “It needs a Hollywood face lift. Some walls moved around, new appliances, and updated floors.
The rich also share similar sentiments.
“The home is not updated, and there are many other options on the market that buyers can choose from, which have been substantially updated, rebuilt and are nearly new,” she says. “At this uberluxury price point, buyers are not eager to do the work – unless the property is so unique, and the buyer wants to take on a remodeling project. Between inflation and the cost of materials and labor, as well as the time it takes, it may not be so attractive.
For example, there is great potential if the kitchen is equipped with new countertops, cabinetry and hardware.
Camp also indicated a strong home stager and the new listing photos could be a boon for this property.
Is it priced right?
We also need to consider the price of Dre’s pad and how it lines up with current real estate market conditions.
“Market dynamics have certainly changed over the past few years,” says Amir, “and even the high-end market – which is typically insulated from interest rate fluctuations – is experiencing a downturn. Is.” “So, the changing market has caught up with a lot of properties in terms of price and condition.”
He believes the same may be the case with Dre’s house.
“While the property may be priced right, it may not be priced right for the current market,” she explains. “Dre may be counting on the celebrity factor to command a higher price; but when the market changes, even that may not be enough.”
Camp agrees that the home is a bit overpriced, especially when you consider its dated interior.
The kitchen can be remodelled.
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kitchen
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At face value, it might seem like home buyers aren’t interested in Dr. Dre’s house. Then again, maybe the Grammy winner is in no rush to sell the place.
“Many of these sellers don’t actually passed to sell, and they will wait for things to get the price they want,” says Ameer. “Their celebrity is part of the house, and they don’t want to attract negative attention by dropping the price.”
History shows that Dre is eager for the right price and the right buyer. He previously listed the home in 2011 for $11 million and again in 2012 for $12.5 million.
“It’s possible that the right buyer hasn’t even seen the listing yet,” says Camp. “In the end, it just takes the right place and time for a buyer to sell.”
Source: www.realtor.com
