California real estate prices often move in a world that is separate from what is happening around the country.
After skyrocketing for years, the average home price fell 3.5% from $863,710 in June to $833,910 in July -- throughout the pandemic, many started turning away from California's unaffordable real estate market and looking at nearby cities like Phoenix and Austin.
This, in turn, has led to what many parts of California have not been seen for almost a decade: sellers struggling to sell and homes sitting on the market. By the end of the July, there were also 68.4% more homes on the market than at the same period in 2021.
One person currently trying to unload a California property is none other than Kim Kardashian. As first reported by celebrity real estate website Dirt, the 41-year-old socialite relisted her Calabasas property for $3.5 million at the start of September.
A $3.5 Million Condo In Calabasas
Kardashian purchased the three-bedroom condo in the prestigious Calabasas Avanti complex for $1.6 million in 2017. The star had already listed but failed to sell the apartment for $3.5 million in 2019 and, now three years later, is going to try to sell it again for the same price.
Tomer Fridman of Compass (COMP), a celebrity real estate agent who frequently works with the Kardashians, is representing the property.
At 2,260-square-foot, the condo is one of 73 in the Avanti complex. Between 2017 and 2019, Kardashian hired star Belgian interior designer Vincent Van Duysen to give it a sleek minimalist feel.
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The property was shown on a few episodes of "Keeping Up With The Kardashians" and comes with three en suite bedrooms with individual balconies, floor-to-ceiling windows, and a chef's kitchen.
The complex has a clubhouse and a pool with a fireplace, which comes with a maintenance fee of $685 a month. These types of steep maintenance fees are often the reason even very wealthy owners unload a few properties after making that initial spontaneous purchase.
Kardashian, who divorced husband Kanye West in 2019 and separated from new boyfriend Pete Davidson in August, has been on a mission to unload some real estate.
California Real Estate Is One Big Reality TV Show
Last week, Kardashian also listed a 1.5-acre Hidden Hills mansion for $5.3 million that she and West bought for just under $1.6 million in 2019.
The fact that Kardashian is looking to make a pretty profit on both properties may be the reason why they take longer to sell. Celebrity homes in general follow a separate market trajectory as many of their owners are in no rush to sell and place them on the market with elevated price tags.
The pool of buyers who are both available and interested also dwindles significantly as the property price goes up.
A Calabasas estate belonging to Kardashia's sister Khloé sold after more than a year on the market for $15.5 million in 2021. Despite the fact that the property appeared on "Keeping Up With The Kardashians" and the Kardashian-Jenner family's popularity in general, it did translate into a quick sale.
But when it comes to time on the market, either Kardashian sister is still a far shot away from basketball icon Michael Jordan. Jordan first listed a seven-acre estate in Illinois' Highland Park for $29 million in 2012 and, despite lowering the price several times to $4.8 million, still hasn't sold it a decade later.
