Wednesday, September 7, 2011
[Update March 17, 2013]: The Tarzana home of Bruce Boxleitner and Melissa Gilbert has finally sold on March 15, 2013 for $839,999 which was first listed back on January 28, 2011 at $1,349,000. Since that first listing, the asking price has been reduced numerous times for the past two years which also included a lease option. The home was originally purchased at the peak of the market for $1,260,000 on May 11, 2005 representing a massive loss of $420,001. I have no idea where Boxleitner and Gilbert are moving to but hopefully they still call the Valley home.
The SFValleyblog was alerted by the always hilarious Your Mama at the Realestalker via the Trulia Luxe Living blog about the struggling and rather lengthy attempt by celebs Melissa Gilbert of Little House on the Prairie and former SAG President fame and her husband, Bruce Boxleitner, writer for Tron, Scarecrow, and Mrs. King, to sell their Tarzana home located in the exclusive South of the Blvd locale which borders Mecca St (Reseda Blvd).
This property boasts 5 Beds/4.5 Baths on 4,609sqft on a total acreage of 0.37 which was built back in the booming years of 1955. This property is at the end of a cul-de-sac with a 1309 sqft guest house (which is included in the total sqft), vaulted ceilings, pool centered between main house and guest house, and possible RV parking.
This home is currently listed at $1,195,000 but was originally listed at $1,349,000 back on January 28, 2011, relisted on Feb 28 for the same price, dropped to $1,295,000 on March 20, and then dropped to the current price on July 7 in what is known as "chasing the market down." The Boxleitner's (by the way, call me crazy but I have this fascination with repeating that last name) purchased this property on May 11, 2005 for $1,260,000. If the home were to sell today at the current list price, the Boxleitner's would be facing a $65k loss not including commissions, fees, taxes, renovations, and any other RE expenses. Prior to this purchase, the Boxleitner's lived on Mulholland Highway in Malibu which they purchased in March 1999 for $1,250,000 and then selling near the peak in May 2005 for $2.2 million representing less than a million gain not including all the other expenses. Not bad for 6 years time!
As I have mentioned before if you having been following this blog, a lot of celebrities these days are trying to sell their homes near or above the national real estate peak years (2005 - 2007) price level. While the rest of main street has suffered anywhere from 30 - 50% losses, somehow celebrities are trying to offload at minor gains or marginal losses. Maybe the high end is where the money is at. Real Estate is a tricky business and not for everyone. We wish luck to the Boxleitner's with their sale (which did I mention are going through a divorce to complicate this whole transaction) but as you can tell from the listing history, this house isnt getting much love, so seems like this price is a tad bit inflated for the current market conditions. Thats just my 2 cents. You can read about the other celebrities trying to offload their properties in Sherman Oaks, Studio City, and Encino at the Celebrity R.E. section.
Posted by Marty McFly at 9/07/2011 09:00:00 AM