With a new mansion tax, fleeing insurers, and knock-on effects of the strike, multimillion-dollar homes are sitting, and sitting, on the market.
In another market moment, like the previous one, the house would have flown. This past spring Los Angeles was coming off the hottest hot streak for the high-end market after a surge spurred by unprecedentedly low interest rates and a nesting effect kicked off during the pandemic. But this special house, listed on the last day of March 2023, landed right in the eye of a perfect storm: a 4 percent mansion tax on homes sold above $5 million and 5.
Wolf explains that people buying a home in the $4 million range, even though the number is below the tax threshold, are hesitant to buy, because if the measure stays in place and they want to resell their home for a profit, they’ll have a harder time making a return. The market only turned trickier by the end of May due to an insurance issue that dealt a blow to anyone looking for a mortgage at any level of the market.
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