Author Ann Rice home shows luxury market still soft

RANCHO MIRAGE, CA- November 19, 2010: Author Ann Rice is asking $2.95 million for her Rancho Mirage home. She bought the property in 2005 for $3.6 million.  (Mariah Tauger / Los Angeles Times)

RANCHO MIRAGE, CA- November 19, 2010: Author Ann Rice is asking $2.95 million for her Rancho Mirage home - a significant discount to her purchase price. Why the continuing funk? Analysts say the foreclosures and short sales that depressed home prices in general are finally catching up with the high-end market.  (Mariah Tauger / Los Angeles Times)

RANCHO MIRAGE, CA- November 19, 2010: Author Ann Rice is asking $2.95 million for her Rancho Mirage home - a significant discount to her purchase price. Southland home values plunged 51% from 2007 to 2009. But they’ve shown steady improvement over the past 18 months, gaining back about 15%.  (Mariah Tauger / Los Angeles Times)

“The market has been hard on us,” said Rice, who wants to downsize. “All my high-earning years, I invested in real estate.... I have lost money now on two — quite dramatically — selling an $8-million dollar property in La Jolla for $6.5 million and a property in New Orleans for less than cost and improvements.”   (Mariah Tauger / Los Angeles Times)