Avril Lavigne feels impact of real estate slump

2/12/2008
Jessica Dines
Singer Avril Lavigne reduces the price of her home as she is impacted by troubles in the housing market.

According to Forbes, celebrities such as Avril Lavigne are impacted by the nation's real estate slump. Lavigne put her five-bedroom, six-bath house on the Hollywood market in February 2007 at an original price of $6.9 million. The house includes a tennis court and pool. Now, the musician is asking $5.8 million for her home off Mulholland Drive. The property is currently in escrow and her agent said the house is currently one of the best deals on the market.

Only 4,430 homes were sold in Los Angeles in December with prices falling 11% to an estimated average of $470,000. Overall sales fell 48% from December 2006.

Experts say a first home for an up-and-coming star costs $1.4 million on average in L.A. Owners trying to sell homes in the $3 million to $6 million range are reportedly the people having the hardest time selling.

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