A new mansion tax is set to go into effect, and it has sellers in the area throwing in everything from slashed prices to new Bentleys to close as fast as possible.
According to NY Post, “A so-called “mansion tax” goes into effect Saturday in Los Angeles, adding a 4% tax for sellers on homes that sell for between $5 million and $10 million and 5.5% on amounts $10 million and above.” This could add thousands or millions to transfer taxes for sellers.
April 02, 2023
Many celebrities are now dumping their homes. Jim Carrey listed his Brentwood home for $29 million in February, but no one is buying it. Jennifer Lopez put her Bel Air property up for sale in February too, and she’s in the same boat as Carrey. James Corden recently dropped the price of his property to $17.95 million. It was initially listed for $22 million.
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However, Mark Wahlberg took a massive loss on his property to hurry up and sell. It was initially listed for $87.5 million. He slashed the price down to $55 million for a quick sale. Most brokers think he could have gotten more, but he was in a hurry to sell by the deadline.
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Josh Altman is a luxury broker in the Los Angeles area. According to the NY Post, “I’ve become not only a real estate agent, which I signed up for, but I’m now a yacht salesman, a car broker, and a wholesale furniture salesman,” Altman said of the enticements sellers are offering to lure buyers. “That’s what it’s come down to.”
The real estate market is cooling off nationwide, but the new mansion tax makes it red hot in Los Angeles. Brokers like Altman are experiencing a record number of sales.
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