Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Real estate price break for celebrities is the latest marketing tool

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November 07, 2005

Real estate price break for celebrities is the latest marketing tool

Will you buy your condo if the would be next door neighbor is Mickey Rourke or Leonardo DiCaprio? How about Jessica Simpson or Naomi Campbell? Hmm, Naomi Campbell might just do it for me.

Developers around the country try to lure celebrities with nice discounts. Then hopefully an average Joe with enough dough will jump in. You need just to match the right celeb with the right town. From Dan Marino in Fort Lauderdale, Florida, to Billy Crystal in Long Island, New York, condo builders and marketers are banking, this is one of the tricks that will help to ride the inevitable real estate slow down.

It goes way back though, "in 1912, developer Douglas Elliman (who started the eponymous New York brokerage firm) gave Nobel Peace Prize winner Elihu Root about 50% off the rent to move into 998 Fifth Avenue, one of the city's first fancy apartment buildings. More recently, Donald Trump says he gave Johnny Carson a discount on an apartment in Trump Tower in 1983 "because it was good for the building."

Posted in Real Estate at November 7, 2005 02:33 PM

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