Murder She Nope: How Public Perception Impacts Property Value

As homeowners, sometimes we forget how much impact extraneous factors can have on the value of our homes. There are some extraneous factors that we are obligated to disclose to prospective buyers; whether or not a murder occurred on the property within the last 3 years is an example of something we must disclose. This article will briefly discuss the infamous Pyrenese Castle.

Early in 2019 Phil Spector placed his Alhambra manor (referred to as the “Pyrenese Castle”) on the market for a whopping $5.5M; if you don’t know who Phil Spector is, you might be too young to purchase a house (inducted into the Rock and Roll Hall of Fame in 1989, he was kind of a big deal). Well, shocking news, nobody wanted the home for $5.5M, and it is now $4.4 (that’s a 20% drop); to be fair, Spector purchased the home for $1.1M in 1998, so it’s still a hefty profit. We are certain the 20% price reduction is unrelated to the house itself.

The Pyrenese Castle sits on a 2.66-acre lot, and the structure consists of 10,590 ft2. Though the property was built in 1925, it was built by a French architect named Sylvester Dupuy, who was known for his eccentric designs; it’s got everything. The home consists of 12 bedrooms, 13 bathrooms, and a 4-car garage with accommodations for visitors above. Naturally, the property has been upgraded over time to keep from falling out of date.
So why then, is this magnificent landmark-esque property so difficult to sell? Well, murder can really hurt property value. In 2003, the model/actress Lana Clarkson was shot and killed at the Pyrenese Castle, after spending one night with Spector. Naturally, Spector claimed it was an accidental death, the jury convicted Spector of 2nd degree murder in 2009; he was sentenced to 19 to life in prison. 
All of this goes to show that the public’s perception of your home has a major impact on the value of your property. The practical effect of this information is to be conscious of how the neighborhood views your property. If your property develops a bad reputation it might not bother you, but buyers will probably find out; and that can reduce the value of the property. 
At the Chernov Team we understand that knowledge is power, and knowledge of how public perception impacts property value is powerful knowledge indeed. At the Chernov Team we know that whoever comes to the table most prepared leaves with the most, and the Chernov Team always leaves the table with the most.