The sprawling Beverly Hills estate Jennifer Lopez and Ben Affleck owned remains unsold after 100 days on the market. Still, real estate experts say the extended listing period is business as usual for properties in the ultraluxury segment.
“It would have been surprising for the house to sell in less than 100 days. Most homes of this magnitude are on the market for six months and in many cases significantly longer,” Jason Oppenheim, co-founder of The Oppenheim Group, said to Realtor.com.
Don't Miss:
A billion-dollar investment strategy with minimums as low as $10 — you can become part of the next big real estate boom today.
‘Beating the market through ethical real estate investing' — this platform aims to give tenants equity in the homes they live in while scoring 17.38% average annual returns for investors – here’s how to join with just $100
The former couple listed the 38,000-square-foot mansion for $68 million in July following their separation, just over a year after purchasing it for $60.8 million. They poured millions into renovations, creating a 12-bedroom compound with a 5,000-square-foot guest penthouse, caregiver house and parking for 80 vehicles.
Benzinga previously reported that the monthly carrying costs alone total $283,666. This includes an estimated $200,000 mortgage payment, $39,666 in property taxes and $28,333 for security and maintenance. Additional costs cover utilities, HOA fees and upkeep for the property’s amenities, which include an indoor sports complex with basketball and pickleball courts.
Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — you can become an investor for $0.80 per share today.
Oppenheim projects the property will likely sell for $58-60 million, resulting in a multimillion dollar loss for the sellers.
“The house is located in the Beverly Hills Post Office area, which is technically in the city of Los Angeles, so the mansion tax applies,” Oppenheim said to Realtor. “They will have to pay a mansion tax of more than $3 million. So they could lose more than an additional $5 million after commissions, taxes, etc.”
The property’s listing agent, Santiago Arana of The Agency, maintains a more optimistic outlook, telling FOX News the estate is “spectacular” and “priced really well.” Arana expects the property to sell near its asking price before year-end.
See Also: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." These high-yield real estate notes that pay 7.5% – 9% make earning passive income easier than ever.