Adam Lambert just sold his first house in West Hollywood – almost 2 years after buying his new home. That means he had 2 mortgages, 2 homes to upkeep and 2 sets of property taxes. I bet that’s a nice weight off his shoulders, especially during the Covid-19 days of less.
Photo courtesy of Google.
Now, don’t think I’m sticking my nose where it doesn’t belong. This information is available all over online. Here are the deets. He just sold 1684 Crescent Heights Blvd, Los Angeles. He purchased the now 73-yr old home in April 2014 for $2.995M, the original asking price. It must have been a seller’s market then. You remember the first Queen + Adam Lambert tour started in 2014? A coincidence?!
He bought his current home in 2018, but must have had the urge to move earlier than that, because he first listed Home #1 the year before, in 2017. Originally listed for $3.995M, it was then lowered to $3.595M in 2019. The price was then reduced again when he relisted it with a new agent for $3.35M in February. It just sold 2 days ago for $2.92M. To have gained zero equity in 6 years in the Los Angeles market is a surprise. He even took a loss of about $75,000, plus all the fees and commissions. But it’s better that he cut his losses, considering all the property tax he was paying, almost $40,000 annually.
In this troubled housing market, this was a smart move. Online shows a pending sale, listed for the asking price of $3.350M 10 days before the sale, but either the deal fell through or the buyer pulled their offer and resubmitted for the lower price. Either way, Adam’s agent removed the $3.350M listing on July 8, and sold it the same day for $2.995M.
You may be thinking he was setting his sights too high in 2017, asking for a cool $1M dollar profit in just 3 years of ownership. But if you recall, he remodeled inside and outside changing flooring and the whole outdoor space, and I think he was trying to recap some of that expense.
Photo courtesy MLS.
Photo courtesy of Google.
Okay, now this is really boring, but I love numbers! According to Zillow.com, the year Adam purchased his first home, it shows a tax assessment of $758K. But the next year, it jumped to over $3M. Now, I’m an avid Million Dollar Listing Los Angeles watcher, but are any of you real estate agents who could explain this?
Now onto happier thoughts – Adam’s new home! Click here for pictures from when he bought it. I have no idea if any of the furnishings went with the house, but you can compare the décor when Adam posts pictures and live videos.
Lila and I offer Adam our congratulations for selling his home. It’s got to be a bright spot during the pandemic!
Love ya!
~ Carol ~
Property taxes in California are based on the purchase price of the house and go up only a set percent each year. When someone buys a house, the prior assessment was based on what the prior owners bought the house for, plus each year it increases a small percent. Once the sale is finalized, it takes some time for all of the red tape to grind through the government and the new assessment to take effect. So when the house is sold, the assessment changes to reflect the new purchase price and will increase slightly over the years based on the pre-defined formula set in the tax code.