Stigmatized Homes – Even Celebrity Homes Lose Big Time When A Crime is Committed
If you are looking to buy a high end property and you have a cast iron stomach, stigmatized properties may be right up your alley. A stigmatized property is where a notorious crime such as murder or celebrity calamity has occurred that has gotten the attention of the national media.
Examples of this are the murder site of Nicole Simpson that was originally on the market for $795,000 and eventually sold for $595,000. The homes of Christine Brinkley and her husband Peter Cook who was caught cheating with the teenage babysitter were pulled from the market as they were getting a very cold reception.
Real-estate professionals call homes tainted by murder, sex scandals or messy divorce ‘’stigmatized properties.” While they make up a sliver of the market, they have been the subject of academic research, provided fodder for lawsuits and posed a challenge for brokers. State real-estate agent and appraisal groups regularly include the subject in seminars, and the National Association of Realtors publishes a ”Field Guide to Dealing with Stigmatized Property,” offering insights on everything from how to market and sell stigmatized homes to dealing with buyer reluctance to own them. One scandal-dampening suggestion from the guide’s ”tool kit”: Enhance the home’s facade by painting it or replanting shrubs and flowers. via MiamiHerald.com
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