Rating 4.6

Celebrity Buys Home

We all know it's a great time to buy a house because of the low prices. Mr. Jack Black the star of such movies as Gulliver's Travels, School Of Rock and so many others, has bought himself a beautiful home from Red Hot Chili Peppers' bassist, Flea in the Los Angeles area. The price tag for the house is $6 million. Flea bought the home in 2008 for $3.85 million. According to AOL Real Estate the house wasn't listed on MLS. It took two years for Mr. Black to find a home, but he finally did. The house has seven bedrooms, a pool, motor court and solar panels. The home is in the popular neighborhood of Los Feliz and has gone through major repairs from Flea according to AOL.com.

Los Feliz is one of those neighborhoods that has an actual shortage of houses for sale. Real estate agents have to make cold calls for buyers that are interested in this neighborhood, asking homeowners if they're willing to show their houses. Black, who is known for his incredible humor, had his heart set on Los Feliz. The sale was probably a relief for the bassist who had invested a lot of money in real estate. In 2009, Flea listed his two-acre oceanfront home in Malibu for $13,676,000. He also owned another Malibu house that was damaged in wildfires according to AOL.

If you're looking to buy your first home or condo, now is the best time to do it. House prices are at very low levels and you might even find great deals on foreclosures. Those that are selling their properties are probably doing so because they have no other choice. Let's face it, if you can wait to sell, then it would be wiser to hold on to the property and sell it when the prices climb. Buyers do have the upper hand right now. Mortgage rates are low and with down payment assistant programs available, it's not too difficult to make that first time purchase.

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