“No buyer at this juncture wants to feel they’re paying 2021 or 2020 prices.” Price reductions for L.A.'s ultraluxury properties are ramping up amid a broader market slowdown.
Sellers are slashing prices for the area’s ultraluxury properties amid a broader slowdown, citing an impending new mansion tax and proposed restrictions on new constructionSimon BerlynPerched in the hills of Bel-Air, an elaborate Modern Spanish-style megamansion is a modern day temple to extraordinary wealth.
The house is missing just one crucial thing: a buyer. In an effort to lure one, the developers relisted the house for $59 million last month, a 41% reduction from its $100 million price tag in 2018.
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