What’s the matter with you people? Don’t you know a bargain when you see one?
Okay, so the good news is that Antonio Marquis "L.A." Reid’s Bel Air mansion is back on the market at a reduced price.
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The not-so-good news -- depending upon your budget -- is that the Grammy-winning record producer’s home is selling for $21.5 million.
Reid, who has worked with the likes of Mariah Carey, Pink and Justin Bieber, bought the place in 2016 for just under $18 million shortly after construction was completed.
The 11,246-square-foot home has been on and off the market since 2019, when the original list price was $22.9 million, according to Realtor.com.
The price fell to $21.9 million last year but no one bought the place, so it was taken off the market in December.
Back on the Market
And now the mansion is back in play with an even lower price tag of $21.5 million.
What do you get for all this money?
Well, the three-story stucco and stone-accented structure has seven bedrooms and 8.5 baths, Dirt reported.
The place also has an elevator, four fireplaces, a 300-bottle wine cellar, gym and crimson-hued movie theater with wet bar.
Stroll around the grounds and you’ll find an infinity pool and separate spa flanked by a grassy lawn and sundeck, as well as an entertainment area sporting a fireside conversation pit, kitchen and bar, and hot tub.
And did we mention the subterranean parking garage that can accommodate up to four vehicles? Well, it’s got one of those, too.
Now take a step back and you'll see that last year ended on a rather sour note for the luxury home market.
Sales of luxury homes fell 38.1% year over year during the three months ending Nov. 30, the biggest decline on record, according to real estate platform Redfin (RDFN).
February Sales Look Positive
That outpaced the record 31.4% decline in sales of non-luxury homes. Redfin’s data goes back to 2012.
Bel Air home prices were down 14.6% in March compared with last year, Redfin said, selling for a median price of $3.6 million.
On average, homes in Bel Air sell after 85 days on the market compared to after 59 days last year. There were 30 homes sold in March this year, down from 37 last year.
But there could be some good news on the horizon. A report by the Institute for Luxury Home Marketing said that data for February indicate positive sales movement.
While the affluent tend to be less impacted by outside influences, the report said that "concerns over the financial market and economic variables have seen buyers take a long pause.”
“However, with less competition and more competitive rates for mortgage and other loan types now offered to affluent buyers (as their wealth makes them considerably less risky to lenders), this may continue to help ignite sales again,” the study concluded.
So, maybe L.A. Reid will get his asking price after all.
