Celebrities Raising Real Estate Prices
An interesting phenomenon seems to be happening in New York and perhaps other metropolitan areas of the United States, where the rich and famous unintentionally inflate prices of units, even though they barely spend a night in their homes. Everyone knows of the Kardashians and how their “Kourtney and Kim Take New York” lead to the sisters’ purchase of a two bedroom penthouse in the Smyth TriBeCa hotel. At the time of the purchase in 2007, the unit sold for $4.8 million. After briefly being taken off the market, according to the New York Observer, the unit was priced at $4.995 million.
Obviously the increase in price has to do with the Kardashians taking up residence in the Smyth even though the sisters, according to the Observer, have not spent a single night in this apartment. They lived in a separate unit in the building when filming their New York-based show.
Do you know of any similar examples where this has happened?
http://www.observer.com/2012/01/kim-and-kourtney-take-new-york-real-estate/