Author Ann Rice home shows luxury market still soft
RANCHO MIRAGE, CA- November 19, 2010: Author Ann Rice is asking $2.95 million for her Rancho Mirage home. She bought the property in 2005 for $3.6 million. (Mariah Tauger / Los Angeles Times)
RANCHO MIRAGE, CA- November 19, 2010: Author Ann Rice is asking $2.95 million for her Rancho Mirage home. She bought the property in 2005 for $3.6 million. (Mariah Tauger / Los Angeles Times)
RANCHO MIRAGE, CA- November 19, 2010: Author Ann Rice is asking $2.95 million for her Rancho Mirage home - a significant discount to her purchase price. Why the continuing funk? Analysts say the foreclosures and short sales that depressed home prices in general are finally catching up with the high-end market. (Mariah Tauger / Los Angeles Times)
RANCHO MIRAGE, CA- November 19, 2010: Author Ann Rice is asking $2.95 million for her Rancho Mirage home - a significant discount to her purchase price. Southland home values plunged 51% from 2007 to 2009. But theyve shown steady improvement over the past 18 months, gaining back about 15%. (Mariah Tauger / Los Angeles Times)
The market has been hard on us, said Rice, who wants to downsize. All my high-earning years, I invested in real estate.... I have lost money now on two quite dramatically selling an $8-million dollar property in La Jolla for $6.5 million and a property in