Hot Property: Former Georgia Frontiere home illustrates market dip
Sometimes the name of a previous owner sticks with a house, such as the former Bel-Air residence of Georgia Frontiere. But it was the recent sales price of the longtime home of the late co-owner of the St. Louis Rams that caught my eye.
The Times reported in 2005 that after two years on the market, Frontiere had sold her home of 30 years for just under $9 million to a developer who planned to redo the 1931 Paul R. Williams-designed estate.
The home, which sits on nearly two acres with a tennis court and pool, was rebuilt to its current 10-bedroom, 15-bathroom, 17,700-square-foot configuration and sold in December 2007 for $27.5 million, according to PropertyShark.com.
It sold this month for $18 million. That’s nearly 35% less than it commanded a little more than two years earlier.
Here’s a look at how home prices have been trending in Bel-Air from Zillow.com:
Looking at 84 sales in 2009 versus 94 sales in 2008 for the 90077 ZIP Code from MDA DataQuick, the median price of existing homes fell 30.7% last year. The ZIP had showed a 15.7% price increase in 2008.
-- Lauren Beale