Gone for good? Celebrity rapper Drake has put his 20-acre Beverly Hills estate up for sale for a staggering $88M - his latest property in the US. How to sell an expensive home in a declining market.
Drake, the famous rapper, may be finally leaving the US after putting his huge Beverly Hills villa up for sale for a staggering $88 million. This is his last property in the country. The rapper, known for his luxurious lifestyle, purchased this 20-acre villa in Los Angeles just a year ago from pop star Robbie Williams for $75 million.
The property is 24,260 square feet and includes seven bedrooms and 13 bathrooms in the main house. Also on the property are a separate guest house and staff apartments, an 11-car garage, wine cellar, gym, game room, tennis court, orchard and mosaic-tiled pool.
Drake has been actively involved in real estate in Los Angeles for several years. In addition to the Beverly Hills villa, he sold two of his other properties for $11 million to Los Angeles Rams quarterback Matthew Stafford and $14.8 million to former U.S. Deputy Attorney General Macan Delrahim.
It's unclear why "One Dance" star Drake, 36, is saying goodbye to California, but he has often spoken of his love and devotion to his hometown of Toronto, Canada, where he lives in his own 50,000-square-foot villa with an NBA-compliant basketball court.
Drake can make a considerable amount of money by selling his real estate in the U.S., but he'll have to find a buyer willing to spend serious money on a property in a difficult housing market. Here are three tips if you ever want to sell an expensive home in a declining market.
Understand your market.
The number of homes for sale usually increases in the spring. However, Spring 2023 did not meet expectations, leading to higher prices.
Use the home inspection to your advantage.
In a hot real estate market, some buyers may forgo a home inspection to increase their chances of having an offer accepted. In a cool market, this can work in the opposite direction. Sellers can do a pre-sale home inspection to understand possible problems that may arise during the sale. If minor repairs are needed, this gives you the opportunity to get them done quickly. It also helps promote your home if it is in good condition and promotes transparency and trust with potential buyers.
Presenting your property in the best light.
Architectural preparation will help attract potential buyers. Consider the influence of TV shows like "Selling Sunset" and the heightened expectations of buyers with means. Sellers want to easily visualize themselves in their new home, and architectural preparation is a way to showcase the property in the best possible light.
It's important to remove any elements that may prevent a buyer from envisioning the home as their space. Some simple steps include deleting family photos and clearing out closets of unnecessary items. It is also recommended to tidy up the lawn to improve the first impression. Updating the landscape can make an old space feel fresher.
Remember that architectural preparation doesn't require a dramatic approach like Selling Sunset. The goal is to create a favorable and lasting first impression of a clean and welcoming home that leads to an offer.
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