Hey, celebrities dream of vacation homes just as much as everyone else.
Their summer homes just happen to cost more than every home the average U.S. homeowner will ever buy in their lifetimes.
Granted, they're dealing with the same lofty prices in a hot housing market that the rest of us are. Existing home sales in May were down 2.4% from the same time last year, but the median existing home sale price it up 6% to $244,800. That marks more than five years of year-over-year hikes in property values.
"Last month's dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2%, and new and existing inventory is not keeping up with the fast pace homes are coming off the market," says Lawrence Yun, chief economist for the National Association of Realtors. "Demand is easily outstripping supply in most of the country and it's stymieing many prospective buyers from finding a home to purchase."
The lack of available homes is keeping those prices high. The 1.93 million existing homes on the market is down 9% from last year and currently sits at a 4.2-month supply. That's well below the six-month stock that's considered healthy, and it's due largely to the 34% of all buyers who are first-time homebuyers. However, with roughly one out of every five home sales being paid for in cash, there are flippers in the market and high-rollers looking to move. Houses are staying on the market a scant 29 days -- the shortest timeframe since the NAR began tracking in May 2011.
That's why even celebrities' beloved vacations homes are coming onto the market. With help from Zillow-owned real-estate site Trulia, we took a look at a glut of high-end real estate and found ten vacation homes that celebrities are looking to unload. From West Coast rentals to East Coast estates, there are plenty of ways to peer in on celebrities' private vacation retreats -- for a price:
Asking price: $27,500 a month
For reasons that "Hunger Games" star and multiple Oscar winner Lawrence is illustrating here, summer can be a great time in lower Manhattan. The regulars head off to sunnier destinations with less asphalt, the tourists stick to Central Park and the air-conditioned museums uptown and you don't have to fight for a barstool at Tribeca Tavern, you don't have to fight a neighborhood's worth of screaming children for some pancakes at Bubby's and you might even catch a day to stroll Canal Street when there isn't a feast. Lawrence bought a 3,184-square-foot condo in an old book bindery for a little more than $9 million earlier this year -- counting One Direction's Harry Styles as a neighbor -- but is now wisely renting the place out while staying elsewhere.
While we can't suggest summer weekends in largely abandoned New York enough, Lawrence's place is hard to leave. Elevator doors open right into a lofty living area with windows facing north onto the rest of the island. Wide-plank floors, wood beams and columns and a recessed gas fireplace lend old New York elements to new-NYC touches like a marble kitchen island, Sub-Zero fridge, white Calacatta marble and free-standing egg tub in the master bathroom and en suite bathrooms in the second and third bedrooms. A 24-hour doorman, a 71-foot indoor pool, a 5,000-square-foot landscaped roof deck and a live-in resident manager are all available to you and your neighbors: Blake Lively, Ryan Reynolds and Justin Timberlake. So where will Lawrence be? We don't know, but there's a chance she wouldn't be in New York anyway. She sold her old place in Santa Monica last year for $1.15 million after buying an $8.225 million mansion in Beverly Hills back in 2014. Yes, you read that right: a mansion in Beverly Hills now costs less than a condo in Tribeca.
What's Hot on TheStreet
Respect the stock charts: Don't feel too relieved by volatile tech name Nvidia (NVDA) finishing in the green on Monday June 12 after a violent selloff.
Nvidia Corporation underwent a "key reversal" on Friday that could send the stock plunging another 36%, BMO technical analyst Russ Visch said in a new note. Visch points out that normally, these pullbacks tend to lead to the stock falling back to its 200-day moving average. In the case of Nvidia, the 200-day moving average is $96.70, or $36% below Monday's closing price of $149.97. "Considerable downside risk exists here," said Visch.
On Friday June 9, shares of Nvidia were off to another big rally, hitting new all-time highs of $168.50 following an analyst pontificating that the stock could surge to $300. But the party abruptly ended Friday afternoon and continued into most of Monday's trading session. The reversal in one of the hottest tech stocks around spooked the market, pressuring shares of other high-flyers in the space such as Amazon (AMZN) and Apple (AAPL) .
Asking price: $200,000 for a short-term rental
You're rich when you've purchased a Malibu beach home of your own. You're wealthy when you rent out that beach home to other people for the summer at roughly the price of the average U.S. home. Former Police frontman and longtime adult-contemporary staple Sting is listing this seven-bed, ten-bath estate in Malibu Colony at $200,000 for a short-term rental. This mixed metaphor of a property combines North African rugs and decor, Southwestern adobe finishes and timber framing and Buddhist statuary for a Mediterranean-on-the-Pacific aesthetic. Built in 1927 -- we're guessing not to these specifications -- this house once belonged to Dallas star Larry Hagman and includes a garden with pool and waterfall, multiple family rooms with fireplaces, a sprawling chef's kitchen, seven bedrooms, four en-suite bathrooms and a guest apartment with a wraparound terrace and what looks like a gymnast's gym.
The key feature, however, is the patio with its own fireplace, dining area and spa that leads out onto a deck with Malibu beachfront access. Sting has numerous places he can spend a summer, but any renter should feel fortunate that he chooses to spend this one anywhere but Malibu.
Asking price: $4.4 million, but open to rental
The Scottish actor just put his four-bed, four-bath, 4,490-square-foot Spanish-style Hacienda in Los Angeles's fashionable Los Feliz neighborhood on the rental market, but is eying a sale. Built during Hollywood's Golden Age in 1930, this property has gone through extensive restoration of its interior courtyard accents, beamed ceilings, turrets, swimming pool, multiple sitting areas and screening room. From the intricate tilework to the sprawling view of the canyons and city, this house is a bit of Old Hollywood that can serve as a fine home base for tourists taking in the city or a retreat for folks who want to shut it all out. As for Butler, don't worry. He bought a new beach house in Malibu last year for $6.45 million and keeps a spot in Greenwich Village.
What's Hot on TheStreet
Yet another Tesla bull: A new day, yet another Wall Street firm with some bold proclamations on electric car maker Tesla (TSLA) . Tesla Inc shares were upgraded to buy from hold on Tuesday by Berenberg, citing the company's "disruptive potential" in the auto industry. The company could have a "near-monopolistic" opportunity to gain market share and outperform rivals, Berenberg writes.
The firm sees Tesla shares surging about 30% from Monday's closing price to $464.
Asking price: $15,600 a month
Get used to seeing celebrity properties on the rental market: With prices still going up, it just doesn't make a whole lot of sense to sell right now.
Meanwhile, you have two choices: You can either stay home and binge watch Prepon in Netflix's Orange Is The New Black or you can rent her three-bed, three-bath home near the Laughlin Park neighborhood of Los Feliz. The 2,594-square-foot home is tucked behind an intercom gate and long driveway, but the vintage 1947 contemporary is designed as an oasis. Forget the chef's kitchen, a steam shower, oversized soaking tub and costly stonework. The real draw here is the patio, wood stove, terraces and detached pool cabana overlooking a lush, tropical backyard with a lovely view of downtown Los Angeles. The private pool and spa are wonderful, but the fact that the former That '70s Show star paid more than $2.3 million for this place and basically turned her backyard into Bali should be enough to get any interested renter off the couch and unplugged for a bit.
Asking price: $17.5 million
Calling Banks a supermodel or television host oversimplifies the business savvy of someone who would do this. Back in 2009, Battery Park wasn't exactly a hotspot for those not connected to the financial sector. However, Banks paid $10.1 million for this 7,000-square-foot property then, waited for nearby construction and infrastructure projects at the World Trade Center and Fulton Street to wrap up, made some impressive additions and then listed it. Now, this five-bed, eight-bath condo duplex features oak panel flooring, a custom built-in banquette, a fountain in the foyer, a library, a chef's kitchen with a massive center island and floor-to-ceiling wraparound windows with views of the Hudson River and the Statue of Liberty.
Those would be great features in themselves, but a home gym, office, and a salon/barbershop with a 360-degree mirrored dressing room just add to the perks. The Master Suite alone has two master bathrooms, a sitting room, a dressing room and a minibar. Finally, the home also has the option of a full staff including a house manager, cook, housekeeping, and personal attendant. None of that counts communal amenities including a the building's yoga studio and saltwater lap pool. Banks owns three other properties on the West Coast and won't be hard-pressed for a place to stay, but if you're looking for a bicoastal getaway in one of the least-popular summer corners of Manhattan, you could certainly do worse.
Asking price: $6.9 million
Let's give you the good news first: This 1929 vintage Spanish-style home was the last place Marylin Monroe lived. Behind tall gates at the end of a cul-de-sac, this half-acre lot hides a 2,624-square-foot hacienda with beamed ceilings, terra-cotta tile floors, and casement windows. Its sprawling, grassy yard features a citrus grove, swimming pool and patio area that look well groomed, but otherwise untouched for the last 55 years or so.
However, this was the last place Monroe lived because she died four months after buying it in 1962. Not only was this where the hounded Monroe lived out her tortured final days, but a renovation during the 1970s found a whole bunch of bugs and other spy equipment that listened to her every word. May the next owner find more peace in this Brentwood oasis -- surrounded on all sides by lot-sized mansions -- than Monroe did more than half a century ago.
Asking price: $8.75 million
The American Idol winner saw something in Hendersonville, Tenn., that Johnny and June Carter Cash, Conway Twitty and others saw before her: solace.
Located on Old Hickory Lake, Hendersonville had been home to numerous recording artists and country starts before Clarkson bought here seven-bed, 11-bath spread here back in 2013 for $2.8 million. The four-acre waterfront estate in the Tennessee countryside was built in 2007 and features a massive 20,000-square-foot mansion with fountains out front. The grand foyer leads to a two-story great room with a fireplace, French doors, and mezzanine. A screening room, game room and cowboy-themed bar handled much of the entertaining duties for Clarkson and her husband, Brandon Blackstock. With young children in the picture, Clarkson is clearing out of here for somewhere closer to Nashville. However, if you like fishing, music and acres of nothing, Hendersonville might be the ideal getaway.
Asking price: $3.85 million
No, not all inhabitants of Brooklyn are waiting for a jitney to whisk them away to the Hamptons, Rockaways or whatever music festival is deemed worthy of that service at the time. Some folks just like to spend their summer in Brooklyn.
Chris Rock did. He bought this carriage house in Clinton Hill back in 1996 back when he was on Saturday Night Live and back when it was the Notorious B.I.G.'s neighborhood. At the time, it was the nexus of Brooklyn art and culture, with Rock, Rosie Perez, Mos Def, Talib Kweli and Jeffrey Wright all calling it home. However, if you want some idea of how the neighborhood has changed back to the big-money corner it was in the 1870 and 1880s -- when many of the mansions in its historic district were built -- just take a look at this asking price. Sure, the three-bed, two-and-a-half-bath 3,700-square-foot carriage house features a huge master suite complete with skylights, sliding barn doors with stained-glass windows, and a large walk-in closet. Yes, the loft-sized living and dining space features exposed brick, wood beams, 12-foot ceilings and dark hardwood floors. The patio has a built-in grill, the rooftop terrace is a lovely sanctuary and the two-car garage is unheard of in this neck of Brooklyn. But considering that Rock has lived primarily in New Jersey since 2001, this change seemed inevitable.
Asking price: $38,000 a month
We aren't going to call Josh Altman a "reality television star," because you don't get this house simply by mugging for Bravo's cameras. Yes, Million Dollar Listing: Los Angeles is just fine, but this real estate agent to the stars can thank his day job for the three-bed, four-bath home he's renting in West Hollywood. He bought it in 2014 for $2.675 million, but the 3,500-square-foot modern home presents far better than the price indicates. The entry gate's call box and smart-home technology protects and entryway with 20-foot ceilings tower overhead and a smoked-glass, 16-pendant chandelier. Calacatta Borghini marble lines the kitchen, while a 150-bottle wine cellar keeps dinner party conversation flowing.
If you're thinking of renting this as a vacation house, however, the home's multiple patios and rooftop deck are the big selling points. Overlooking the hills and canyons, roof deck features a outdoor kitchen and custom fire pit. while the lower terrace features a rippling (if narrow) swimming pool. It's a celebrity's house, sure, but compared to some of the other properties we've featured, it's definitely a celebrity real estate agent's getaway.
Asking price: $85 million
F. Scott Fitzgerald lived on Long Island's Kings Point in Great Neck, but modeled the lavish estates in The Great Gatsby after the estates of his neighbors -- including this one. This 14,551 square-foot, 18-bedroom compound on 7.7 waterfront acres in Kings Point was built in 1928, just a year before the stock market crash that started the Great Depression. With views of New York City from its private pier -- which is large enough for a 200-foot yacht -- this estate entices visitors to stroll the grounds and admire the lazy river, outdoor pool with a slide and swim-up bars, tennis court, Japanese-English gardens and koi ponds. Inside of the mansion, guests are pampered with an in-home hair salon and wine-tasting room with a full cellar. The two guest homes are mansions to themselves, sporting indoor pools, a bowling alley a casino and a golf range. A two-level garage comes with its own hydraulic lift and enough space for nine cars. While close enough to New York to be a commuter home, this was clearly built as a "cottage" for those who considered leisure their secondary profession.