Shopping for a home of ‘Home Alone’ or John Lennon fame? There is a premium for that

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The unique home used within the “Home Alone” films on Nov. 8, 2021.

Erin Hooley/Chicago Tribune/Tribune Information Service by way of Getty Photographs

An array of iconic properties are on the market — and consumers will virtually actually pay additional for that pedigree.

Nevertheless, that premium is difficult to quantify since some uber-wealthy consumers can pay virtually something to personal a chunk of popular culture, in keeping with actual property consultants.

“It’s like owning a Picasso” or a Fabergé egg, mentioned Tomer Fridman, an actual property agent primarily based in Los Angeles who makes a speciality of luxurious and movie star properties.

“You’re buying something that’s super unique and something that is very rare,” he mentioned.

Shopping for for ‘Hollywood cachet’

Amongst current notable listings: The Victorian residence depicted on the sitcom “Full House” hit the market Thursday in San Francisco for $6.5 million. Final month, the “Home Alone” home — the brick property famously boobytrapped by character Kevin McCallister — listed for $5.25 million.

John Lennon and Yoko Ono’s first New York Metropolis residence, a two-story SoHo loft, additionally hit the market for $5.5 million in Might. The Los Angeles residence of the late Paul Reubens, finest identified for his character Pee-wee Herman, can also be on the market, for about $5 million.

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Luxurious actual property costs just lately hit a file excessive. The uber-wealthy are largely insulated from excessive mortgage charges since many can afford to make all-cash offers, in keeping with actual property consultants.

Well-known properties typically command even loftier worth tags than their market equivalents, these consultants mentioned.

Josh Altman, a luxurious actual property agent in Los Angeles who’s featured on the Bravo present “Million Dollar Listing,” estimates the premium could be maybe 5% to 10% if the house is tied to a “household name” movie star.

“There’s definitely this Hollywood cachet of ‘I bought so-and-so’s house,'” mentioned Altman. His agency’s shoppers have included stars like Justin Bieber, James Cameron, Alicia Keys and Britney Spears.

“Home Alone” is “one of the most famous movies ever,” he added. “That’ll definitely get a premium, in my opinion.”

The wealthy typically pay ‘no matter it takes’

The final word price ticket on such properties typically does not matter to their uber-wealthy consumers, mentioned Fridman, who has offered properties owned by celebrities together with Marilyn Monroe, Sylvester Stallone, and Kylie Jenner and Travis Scott.

Many view the home as a collector’s merchandise and make an “emotional purchase,” Fridman mentioned.

Sellers can rake in a premium for a specific well-known property by way of an preliminary pie-in-the-sky asking worth or if potential consumers get right into a bidding conflict, consultants mentioned.

“They’re one of one,” mentioned Amanda Pendleton, a house developments skilled at Zillow. “Some people with means will pay whatever it takes to own that home.”

Followers collect to take pictures at 1709 Broderick Avenue, the home depicted within the filming of the TV present “Full House.” 

Carlos Avila Gonzalez/San Francisco Chronicle by way of Getty Photographs

The itemizing for the “Home Alone” property, outdoors Chicago, leans into its collector standing, spotlighting the “rare opportunity to own one of the most iconic movie residences in American pop culture.”

A suggestion is pending on that residence and was made inside per week of being in the marketplace, mentioned Andrea Gillespie, a spokesperson for Coldwell Banker Actual Property. The sellers’ asking worth is greater than triple the $1.585 million they paid in 2012.

The itemizing for John Lennon and Yoko Ono’s residence — the primary time it has been on the market in 53 years — additionally performs up its former occupants’ fame.

“Anywhere that they lived is going to have some sort of value,” in keeping with Philip Norman, writer of the biography “John Lennon: The Life,” just lately informed The New York Occasions.

Consumers of the “Full House” residence have the choice of getting handprints in concrete stones of the present’s forged members, together with Bob Saget and John Stamos, in keeping with Architectural Digest.

Infamy sells, too

Infamy also can fetch a better worth, mentioned Arto Poladian, a Redfin luxurious actual property agent in Los Angeles.

In 2021, Poladian offered the so-called LaBianca home — the house the place Charles Manson’s followers killed Leno and Rosemary LaBianca in 1969 — for $1.875 million.

The property’s notoriety generated curiosity and attracted extra potential consumers — “and ultimately with that interest you get a little bit of a higher premium than without it,” Poladian mentioned.

The itemizing was geared to consumers like “history buffs” or those that needed to “add their touches to reimagine one of LA’s most unique properties.”

It is like proudly owning a Picasso.

Tomer Fridman

luxurious actual property agent

Generally, even being within the neighborhood of a well-known residence might help, he added. For instance, in 2018 he offered the home subsequent door to the one used for the filming of the unique “The Karate Kid” film.

“Any type of famous home — or a home next to a famous home — will draw interest from prospective buyers and lookie-loos,” he mentioned.

There’s generally a ceiling to what tremendous followers are prepared to pay, mentioned Pendleton.

She cited the “Brady Bunch” home for example: The Studio Metropolis, California, residence — which was reworked to look equivalent to the house on the TV sequence — offered for about $3.2 million in 2023 after months in the marketplace; it had been listed for $5.5 million.

The publicity connected to sure properties is probably going a “turnoff” for some would-be consumers, Pendleton mentioned.

Equally, a celebrity’s residence will not command as a lot of a premium if it isn’t up to date and move-in-ready, mentioned Poladian.

For instance, Kanye West — the rapper who now goes by Ye — purchased a Malibu, California, mega-mansion for $57.3 million in 2021. Nevertheless, he has struggled to promote the house, which he gutted and left in disrepair; he listed the house final yr for $53 million however just lately dropped the worth to $39 million. (A contractor additionally sued West in January and a lien was positioned on the property, doubtlessly complicating a sale.)

“Kanye West can’t give his house away in Malibu,” mentioned Altman, the Los Angeles actual property agent.

Finally, although, a house’s worth — whether or not a sprawling, famend property or a run-of-the-mill bungalow — is within the eye of the beholder.

“At the end of the day, a home is worth whatever the person is willing to pay for it,” Pendleton mentioned.

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