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The dog days of summer usually mean heat waves, lazy days, vacations, and unfortunately for some- price cuts.

Even celebrities’ homes are feeling the effects of summer and a down market; several of them have had to reduce the asking price on their estates.
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Original List Price:$7,995,000
Current List Price: $5,495,000
Price Cut: $2,500,000 (-31.3%)

Diva songstress Chistina has not one but two homes currently listed on the market – one in Hollywood Hills and one in Beverly Hills. While she recently listed the Beverly Hills home- during their stint as MTV’s reality TV family- her other pad in Hidden Hills has been on and off the market since 2008. The mid-century modern style estate was first listed in 2008 for $7,995,00. After a short hiatus, it reappeared on the market with a reduced price tag of $6.25 million. In the past six months, the price was slashed to $5,995,000 and then to its most recent listed price of $5,495,000. With decreasing 7.1 percent year-over-year, unfortunately Aguilera may have to drop the price again.

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Original List Price: $9,975,000
Current List Price: $8,900,000
Price Cut: $1,075,000 (-10.8%)

Even after a price cut of more than $1 million, is still on the pricey end. First listed in April for $9,975,000, the Academy Award-winning actress purchased the home in 2008 for $8,100,081 and reportedly wanted to start work on rehabbing the property. It appears that whatever redo she had planned didn’t get done, as the listing states that buyers should “bring your designer and architect.” With this home, the current $8.9 million asking price really reflects the location, more than the interiors. This prime piece of Beverly Hills real estate is located two blocks behind the famed Beverly Hills Hotel in the prestigious location just north of Sunset Blvd.
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Original List Price:$7,850,000
Current List Price: $6,950,000
Price Cut: $900,000 (-11.5%)

New York Mets’ first garnered people’s attention when the third baseman . Besides a hot tub, Wright’s full-floor loft has a lot of bachelor-pad details like a huge salt-water aquarium, a wall with five flat screen TVs, and state-of-the-art sound system. Despite the amenities, it looks like Wright’s former digs had to take another cut; on the high-end market at $7,850,00 before it dropped to $7,250,000 and $6,950,000, respectively.
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Original List Price:$6,495,000
Current List Price: $5,995,000
Price Cut: $500,000 (-7.7%)

was . The price was chopped in late 2010 to $5,800,000 before the listing was removed and the home was extensively updated. It reappeared on the market in July 2011 for $6,495,000 but was chopped earlier this month down another $500,000. Although Hopper’s modern compound is a one-of-a-kind property, it too has fallen victim to a declining market; have dropped 7.5 percent year-over-year
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Original List Price: $4,795,000

Current List Price: $3,995,000
Price Cut: $800,000 (-16.7%)

Red Hot Chili Peppers’ bassist and singer Flea has not had good luck with this Malibu property. In 2007, the home was destroyed by fire. Flea then listed the property for $2.8 million. After a few months lagging on the market, the listing was removed. During the year-plus that the home was off the market, Flea had a new home built; an ultra-contemporary pad constructed by an award-winning California architecture firm. He then relisted the piece of . With a significant price cut of $800,000, it seems as if Flea is finally ready to give this home away.