The property is currently failing to find a buyer due to the allegations surrounding Diddy. Amid ongoing legal battles, Sean "Diddy" Combs has put his Holmby Hills mansion in Beverly Hills up for sale for $61.
Higher home prices and elevated mortgage rates have pushed many homebuyers out of the real estate market this year. Here is what experts believe could happen next year.
The historic Los Angeles megamansion was first listed in October 2019 with an asking price of $225 million, making it the most expensive mansion for sale at the time.
Sean "Diddy" Combs is struggling to find a buyer for his $61.5 million Beverly Hills Mansions following a raid of the premises by Homeland Security officers a few months ago.
The Federal Reserve cut its interest rate by 0.25 percentage points, which could put downward pressure on mortgage rates and improve housing affordability.
Homes are considered affordable if they do not cost more than 30% of a worker's annual income. American renter households are burdened by their rent, which means they could be spending more than 30% of their annual income to cover housing costs.
Trump won another four years in the White House after a hotly contested presidential race---with his comes questions about how he could improve the US housing market.
Median asking rents only grew 0.6% in September whereas home prices rose by 6% in the same period. The share of renter households in the United States has grown at thrice the rate of homeowner households amid rising costs of home buying, according to a new report.