Ahundred days have passed since Jennifer Lopez and Ben Affleck listed their luxurious Los Angeles property, Crestview Manor, for sale at an impressive $68 million. This move came ahead of their highly publicized decision to file for divorce, marking a significant transition for the iconic couple.
Despite the grandeur and recent upgrades, the listing has experienced a slower start than anticipated. Purchased in May 2023 for $60.8 million, the sprawling estate spans 38,000 square feet and sits on a generous 5.2-acre lot.
The 12-bedroom, 24-bathroom mansion underwent extensive renovations before being reintroduced to the market earlier this year, reflecting the couple’s commitment to maintaining its opulence.
The reason Lopez and Affleck should be concerned
Jason Oppenheim of Selling Sunset reassured Realtor.com on Monday that Lopez and Affleck shouldn’t be overly concerned about the 100-day milestone.
“It would have been surprising for the house to sell in less than 100 days,” Oppenheim said. “Most homes of this magnitude are on the market for six months, and in many cases significantly longer.”
He emphasized that the market for such high-end properties is inherently niche, with fewer potential buyers due to the substantial financial investment required.
Realtor.com highlighted several factors contributing to the extended listing period. High-net-worth individuals typically have a limited pool of properties to choose from and may browse multiple listings simultaneously, potentially delaying their purchasing decisions in hopes of price adjustments.
Additionally, the estate incurs significant monthly costs, estimated at $283,666, which cover taxes, security services, and homeowners association fees.
These expenses can influence the speed at which a sale is finalized.
Crestview Manor boasts an array of luxurious amenities, including a 5,000-square-foot penthouse, a separate guardhouse with two bedrooms, a caretaker’s residence, and a spacious garage capable of housing twelve vehicles. These features place it in direct competition with other elite properties in the greater Los Angeles area.
