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When most people think of Los Angeles they think of the luxury mansions in Beverly Hills, bel air, Malibu and the Hollywood hills. They usually see these mansions on shows like Selling Sunset and Million Dollar Listing Los Angeles. The mansions usually showcase beautiful views of Los Angeles and beyond. These luxury mansions will now be taxed as much as 5.5% of their sales price and given to the state. That being said if someone sells a luxury home of say $10,000,000 they would have to pay over $1,000,000 to the state, realtors and escrow fees.
This is craziness to the Los Angeles real estate market. Many luxury realtors and home developers will likely think this is completely insane and some could go as far as to say Los Angeles luxury real estate is completely dead with this inane new bill.
What are your thoughts about this change? In Santa Monica they are already moving forward with a luxury bill on mansions that exceed $8,000,000. Would you buy a luxury mansion or a beautiful home in the city of Los Angeles or the state of California or would you be concerned about the direction they are going for business owners and property owners?
I myself wonder how far this will go and what the future looks like for housing in the city of Los Angeles through all of the pending real estate changes coming to California.