After decades of adhering to the motto "bigger is better," Americans have acknowledged that larger homes are no longer chic and downsizing is the hottest trend. Within the real estate industry, downsizing is the trend of individuals choosing to live in smaller homes with lower overhead and associated expenses. According to Trulia.com, 55 percent of Americans now want to live in a more manageable 1,401 to 2,600 square feet of living space as opposed to the 3,000 square footage previously associated with McMansion living, and this philosophy is slowly trickling down into the celebrity realm.
One such notable name taking part in the downsizing trend is Candy Spelling, the widow of TV producer extraordinaire, Aaron Spelling. However, in her case she has downsized from a sprawling 56,500 square foot home (called the Manor) to a more conservative 15,555 square feet condominium unit. Spelling's new home is nearly 75 percent smaller than her former digs, and despite the astronomical $35 million dollar price tag associated with the purchase; the reduction in living space technically qualifies as downsizing.
Candy's New Condo: The Century in Century City
Century City in Los Angeles, California first developed as a back lot for Fox Studios, however, when the company suffered financial setbacks in the early 1960s, the property was sold to developers. From that transaction 176-acres were transformed into a commercial and residential district on the Westside of Los Angeles. One new building on the grounds is called the Century in Century City, and Candy just closed on a two-story penthouse in the luxury building.
Some amenities of Candy's new digs include two working fireplaces, a dining room for 25 guests, staff quarters, a 4,000-square-foot master suite, a massage room, an exercise room, a conservatory complete with rose garden, and a swimming pool and deck (CurbedLA.com). It is no surprise that the price-tag for the transaction has set a Los Angeles record for a condo sale.
Candy's Old Home, "The Manor"
While the square footage of Candy's bedroom is well above the square footage most Americans are choosing to live in with their family, the new property represents a major space reduction. Prior to this property purchase, Spelling spent her days living in the sprawling Manor in tony Holmby Hills, California. This property featured details such as a parking lot that could accommodate 100 vehicles, gift-wrapping rooms, a swimming pool and a private ice skating rink. The home has also earned the title of being the most expensive property for sale, ever.
When the Manor was first built in 1988, the price-tag was a scant $12 million and Candy has said the property was paid for in cash, as Aaron did not believe in mortgages. The property has been listed for over a year with a whopping asking price of $150 million. Chances are that any buyer trying to manage this price tag will need a jumbo mortgage to finance the deal.
What a Mortgage Can Do For You
As an heiress with plenty of cash to burn, Candy has probably avoided securing a mortgage for her most recent purchase, however, that strategy is not a realistic goal for most Americans looking to pursue the American Dream of homeownership. Mortgage Marvel defines a mortgage as "The legal document used by a borrower to pledge their property as security in order to obtain a loan. In some areas of the country, the mortgage is called a "deed of trust."
The fact is, for most individuals a home purchase will be the largest financial investment they make in their lifetime and odds of them having all the money needed to pay for a home in cash is limited. That is why consumers with solid credit scores, credit histories and proof of income can work with lenders to borrow the money needed to buy the home they have always dreamed about owning. If you are one of them, the mortgage rates origination tool of Mortgage Marvel, can connect you to the home loan opportunities required to foot the bill.
