The original house used in the movie “Home Alone” on November 8, 2021.
Erin Hooley/Chicago Tribune/Tribune News Service via Getty Images
A range of iconic homes are on sale – and buyers will almost certainly pay a premium for the properties.
However, real estate experts say that premium is difficult to quantify because some ultra-wealthy buyers are willing to do whatever it takes to own a piece of pop culture.
“It’s like owning a Picasso” or a Fabergé egg, said Tomer Fridman, a Los Angeles real estate agent who specializes in luxury and celebrity homes.
“You’re buying something super unique and very rare,” he said.
Buy the “Hollywood Sign”
Recent notable listings include: A Victorian home featured in the sitcom “Full House” went on the market in San Francisco Thursday for $6.5 million. Last month, the “Home Alone” house — the brick estate made famous by character Kevin McCallister’s Trap — was listed for $5.25 million.
John Lennon and Yoko Ono’s first New York City home, a two-story SoHo loft, also hit the market in May for $5.5 million. The Los Angeles home of the late Paul Reubens, best known for his character Pee-wee Herman, is also on the market for about $5 million.
More from Personal Finance:
36% of Americans believe real estate is the best long-term investment
Investor home purchases surge for first time in two years
Buying a house “absolutely does not require” a 20% down payment
Luxury real estate prices have hit record highs recently. Real estate experts say the super-rich are largely unaffected by high mortgage rates because many can afford to do all-cash transactions.
These experts say prestigious homes often cost more than similar homes on the market.
Josh Altman is a Los Angeles luxury real estate agent who is featured on the Bravo show “Million Dollar Listing.” The premium could be 5% to 10%.
“It’s definitely a Hollywood sign of, ‘I bought so-and-so’s house,'” Altman said. His company’s clients include stars such as Justin Bieber, James Cameron, Alicia Keys and Britney Spears.
He added that “Home Alone” is “one of the most famous movies of all time.” “In my opinion, that definitely brings a premium.”
The rich often “do whatever it takes”
Friedman said the final price of such a home often doesn’t matter to ultra-wealthy buyers. Homes owned by celebrities like Na and Travis Scott.
Friedman said many people viewed the house as a collector’s item and made “emotional purchases.”
Experts say sellers can earn a premium for certain prestigious properties through a sky-high initial asking price or by potential buyers engaging in bidding wars.
“They’re one of a kind,” said Zillow home trends expert Amanda Pendleton. “Someone who can afford it will do whatever it takes to own this house.”
Fans gathered for photos at 1709 Broderick Street, the house used in filming for the TV series “Full House.”
Carlos Avila Gonzalez/San Francisco Chronicle via Getty Images
The listing of a “Home Alone” property outside Chicago leans into its collector status, highlighting “a rare opportunity to own one of the most iconic movie homes in American pop culture.”
Coldwell Banker Real Estate spokesperson Andrea Gillespie said an offer on the home is pending and will be made within a week of being listed. The sellers are asking more than three times the $1.585 million they paid in 2012.
The listing of John Lennon and Yoko Ono’s home – the first time it has been sold in 53 years – also underlines the fame of its former residents.
“Everywhere they lived had some value,” Philip Norman, author of the biography “John Lennon: A Life,” recently told The New York Times.
According to Architectural Digest, buyers of “Full House” homes can choose to leave their handprints on concrete stones from the show’s cast members, including Bob Saget and John Stamos.
Notoriety can be sold
“Notoriety” can also fetch higher prices, said Arto Poladian, a luxury real estate agent with Redfin in Los Angeles.
In 2021, Poladian sold the so-called LaBianca House (the house where followers of Charles Manson murdered Leno and Rosemary LaBianca in 1969) for $1.875 million.
The property’s reputation generates interest and attracts more potential buyers — “Ultimately, with that interest, you get a higher premium than you would without it,” Poladian said.
The listing is for “history buffs” or those buyers who want to “add your own touch to reimagine one of Los Angeles’ most unique properties.”
It’s like owning a Picasso.
Tomer Friedman
luxury real estate agent
Sometimes, even being near a famous home can help, he added. In 2018, for example, he sold the house next door to where the original “Karate Kid” film was filmed.
“Any type of prestigious residence – or a residence next to a prestigious residence – will generate interest from potential buyers and onlookers,” he said.
Pendleton said sometimes there’s a limit to how much a superfan is willing to pay.
She pointed to the Brady Bunch house as an example: a Studio City, Calif., home that was remodeled to look exactly like the one in the TV series sold for about $3.2 million in 2023 after being on the market for several months; The price tag is $5.5 million.
Pendleton said the promotion of certain properties could be “off-putting” to some potential buyers.
Likewise, superstar homes won’t fetch as high a premium if they haven’t been updated and occupied, Poladian said.
For example, rapper Kanye West (now known as Ye) purchased a giant mansion in Malibu, California, for $57.3 million in 2021. The house, which he tore down, fell into disrepair; he listed the home last year for $53 million but recently lowered the price to $39 million. (A contractor also sued West in January and filed a lien on the property, which could complicate a sale.)
“Kanye West can’t give away his house in Malibu,” said Altman, a Los Angeles real estate agent.
But ultimately, the value of a home – whether it’s a sprawling prestigious estate or a modest bungalow – is in the eye of the beholder.
“At the end of the day, no matter how much money people are willing to spend, the house is worth it,” Pendleton said.
