LA's Elite Rush to Sell Homes Before Mansion Tax Takes Effect
TL;DR
Sellers of luxury homes in Los Angeles are rushing to close deals before a new "mansion tax" goes into effect on April 1, adding a 4% tax for homes selling between $5 million and $10 million and 5.5% on amounts $10 million and above. Celebrities and multimillionaires are slashing prices and offering incentives such as luxury cars to entice buyers to close deals before the deadline. Brokers report a frenzy of activity, with some closing as many as 20 deals in the past 72 hours. The tax is expected to impact the local economy and lead to less development.
Topics:businessreal-estate#celebrity-homes#home-sales#los-angeles#luxury-homes#mansion-tax#real-estate
- LA's rich and famous in wild scramble to sell homes ahead of mansion tax New York Post
- Mansion madness: Los Angeles realtors in sell-off frenzy as wealth tax looms The Guardian US
- Los Angeles 'mansion tax' begins Saturday CNBC Television
- Los Angeles ‘mansion tax’ has sellers giving away sports cars to entice buyers KTLA Los Angeles
- This LA mansion tax is disgusting, unfair – and definitely not hilarious in any way The Independent
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