Sheryl Crow among celebrity homeowners setting their sights lower

Despite the improving luxury home market in Southern California, some celebrities have yet to find buyers and are adjusting their listing prices.

Among those loping off dollars is Sheryl Crow. The Grammy-winning singer listed her three-house compound in Hollywood Hills West at $15.95 million at the beginning of October and has since reduced it by $2 million. The new asking price of $13.95 million is a 12.5% cut.

The 11-acre property includes a Spanish Revival main house, a 1909 Craftsman, a cottage built in 1885, an infinity-style swimming pool and a pergola with a fireplace and barbecue.

Also lowering their sights are socialite Nicky Hilton, who has dropped the asking price on her three-bedroom traditional in Hollywood Hills by 8.6% to $2.695 million, and the parents of actresses Jessica and Ashlee Simpson, who recently took another 10% of the listing price of their storybook country English-style Encino estate, now listed at $3.595 million. That’s a chop of 18% from the asking price of $4.395 million last year.

Hilton may have made a move in the right direction. Her house is in escrow, but is still entertaining backup offers.

Perhaps adopting a time is money attitude is television show host Howie Mandel. He recently restarted the listing clock ticking on his Malibu house at $7.75 million, a 7% bump up from his asking price of$7.25 million in 2011.

His Cape Cod-inspired traditional-style house sits on more than an acre with a guest house, an expansive lawn and a swimming pool with spa. The 5,936 square feet of living space includes an office, a theater, a gym, a breakfast area, a den , a library, six bedrooms and seven bathrooms.

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