Real Estate Investing

Although it wasn’t my idea and it probably won’t happen, I kind of like the notion of turning Michael Jackson’s Neverland Ranch into a tourism spot. Dude was $300 million in debt and has three children who should be cared for.  So why not?

Why not is the locals don’t like the idea AND it’s zoned for agricultural use - not commercial.  If the local community fights a zoning change proposal, the zoning will not change. According to Business Week,

Locals say it is highly unlikely Barrack or the Jackson family could get permission to build a Graceland-like tourist attraction at the site, however. (the article continues later…)  … the largely wealthy area residents have no interest in opening more of their valley to John Q. Public. “It would depreciate our property to have that carnival,” he says. “It’s not that type of place. It’s very stable. There’s not a lot of mobility.”

A lot of areas would welcome the tourism dollars, but this appears to be a fairly wealthy community so that type of tourism boost is unnecessary.  However, it seems like another idea is to dismantle NeverLand and ship it to Las Vegas.  Or Gary, Indiana.  Both would work well for those towns that are certainly NOT recession-proof.  What a great boon for their economies!

Speaking of Gary, Indiana… isn’t it ironic that superstar Michael Jackson is from there, as well as recently deceased Karl Malden.  I feel badly for that little community for losing two of its icons in the same week.

Ed McMahon - the nation’s most famous sidekick - passed away last night and today’s entry is written as a tribute to a man with great talent.  When I got old enough, I’d stay up late with my Dad watching The Tonight Show which was sometimes followed by the old B-rated movies on another channel. You know… The Blob, The Birds, The Frogs.  Johnny Carson, Ed McMahon, and the movies were so much a part of my growing up years.

Many people are paying tribute to Mr. McMahon, but he’s also known for something else entirely real estate related. He put a face on people who are facing foreclosure during these difficult economic times.  He had medical issues like so many others have had.  These problems kept him from working like so many others have experienced.

I felt great sympathy for the man who had experiencehis housing difficulties in the glare of the public spotlight. I hope you rest in peace, Mr. McMahon.  You’ll be missed.

It’s not just you and me who are cutting back our expenses in light of increased prices for groceries, restaurants, movies, etc.  Now celebrities are also being more attentive to how they’re spending, according to MSNBC.com.

Among them: America Ferrera, who’s reportedly down to one house. After “Ugly Betty” moved from L.A. to N.Y.C., she put her $1.5 million Hollywood Hills home on the market.

Watching celebrity real estate is one of my favorite pastimes and the one site that regularly gets the scoop is the Real Estalker where “Mama” has written about who’s buying and who’s selling since 2006.   My favorite recent feature was about Brad Pitt who is involved in a”pocket listing” - that is he’s indicated he wants to sell but hasn’t actually listed his Malibu home.

..That the red hot real estate scuttlebutt is starting to shimmy and slide all up and down the Pacific Coast Highway in Malee-boo regarding the Encinal Bluff estate owned by Brad Pitt which is rumored and whispered to be quietly on the market.

According to Our Lady of Malibu, Mister Pitt is asking $18,000,000 for the estate which includes a glass walled contemporary house perched on the bluff above the ocean, a large swimming pool, a tennis court and a-list neighbors like Cindy Crawford and Leo DiCaprio.

Our Lady of Malibu also whispered in Your Mama’s big ear that several big name agents are claiming the pocket listing which could get interesting (and ugly) if everyone doesn’t play nice.

I hope the agents play nice, but I know better.  Realtors are really hungry right now.  In Tennessee, we’ve JUST lost 5,000 agents who’ve dropped their licenses from December 2008 to January 2009.  Some have retired, but many haven’t been able to make ends meet by selling real estate.  In my own office, at least a half dozen have retired their licenses because they had just one or two sales in 2008 (or none at all).

So what’s going on in your market? Any celebrities buying or selling?  Anyone else buying?  Anyone besides banks selling?