In the LA Mansion Market, Steep Discounts Are the New Normal

-- Los Angeles is reeling from successive waves of labor strikes and budget shortfalls. Now, even the city’s rich are feeling the pinch: Its ultra-luxury housing market is subject to deep discounts, brokers say.

In early August, a 19,000-square-foot, new-construction, “French chateau”-style mansion in Bel Air closed for $15.8 million, according to Zillow, well below its initial asking price of $27 million. Similarly, a Beverly Hills mansion whose decor was dubbed “Game of Thrones meets Harry Potter” sold in late July for a recorded $16.8 million, a steep drop from its original asking price of $22 million.

Those taxes were added to the extant .45% transfer tax, meaning that someone in Brentwood who sells their house for $20 million will now be on the hook for about $1.2 million. Where the market goes from here, brokers say, is an open question with a series of potentially troubling answers. Not only are interest rates still high and the heightened transfer tax still in effect, but a proposed wildlife ordinance threatens to impact additions and renovations in Bel Air, the Hollywood Hills and elsewhere.

مصر أحدث الأخبار, مصر عناوين

Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.

Twenty new Canadian ETFs amid weakening flows: money market, slightly levered and multifactorThe most significant flows among individual ETFs are consistent with the prevailing trend this year
مصدر: globeandmail - 🏆 5. / 92 اقرأ أكثر »

Iran’s surging oil exports a major concern for OPEC’s market controlDescription
مصدر: CanadiansInvest - 🏆 53. / 59 اقرأ أكثر »

ETFs May Account for 10% of Bitcoin Market Value If Approved, Bernstein SaysExchange-traded funds may account for 10% of the market value of Bitcoin within three years if the US approves a fund that invests directly in the cryptocurrency, according to a Sanford C. Bernstein research report.
مصدر: BNNBloomberg - 🏆 83. / 50 اقرأ أكثر »

XRP market depth on Gemini holds steady despite falling demandFollowing a brief dip in XRP's 1% market depth on Gemini when the alt's price unexpectedly surged to $50, it has rebounded and stabilized.
مصدر: CryptoAmb - 🏆 22. / 68 اقرأ أكثر »

Shiba Memu: 2023-30 price prediction for an AI-driven memecoin marketShiba Memu has quickly become the talk of the town as it entices new investors […]
مصدر: CryptoAmb - 🏆 22. / 68 اقرأ أكثر »