March 4, 2024 #1 Local News, Information and Event Source for the Century City/Westwood areas.

L.A.’s Megamansions Hit by Mega Price Cuts Amid Slowdown and Impending Tax

Properties see price cuts ahead of Measure ULA taking effect

By Dolores Quintana

Bel Air is home to this modern Spanish-style estate that has hit the market and has recently reduced its price while seeking a buyer as reported by The Wall Street Journal. It is an absolutely decadent paean to luxury living in the hills above the Westside of Los Angeles. With about 40,00 square feet of living space, this hillside abode has three stories filled with arched doorways, terraces, a 75-foot infinity pool that flows into a 20-foot waterfall, a movie theater, a basketball court, a wine cellar with 1,200 bottles and an underground parking garage with room for 20 vehicles. 

Originally, the home was listed at $100 million but last month the development team decided to lower the price to $59 million which is an incredible price for such a magnificent showplace of a home. It represents a 41% reduction in the price from 2018. 

One of the listing agents for the home, Shawn Elliott of Nest Seekers International, said, as quoted by The Wall Street Journal, “We talked about what price would attract buyers but still be a pill [the developers] could swallow.” The listing agents and developers, Ty Cueva and Dean Hallo obviously came to an agreement on a price reduction. 

Because of the current economic climate, even luxury properties are facing the reality of price reductions since even the rich market in Los Angeles isn’t as open to that kind of spending anymore. Many developers and other sellers are trying to beat the new transfer tax law that is due to go into effect on April 1, 2023, which will increase the prices paid on luxury sales to over five and ten million dollars. Another consideration is a land ordinance that will be on the ballot to protect a planned new conservation area in the Santa Monica Mountains which would inhibit development in the area, especially that of megamansions to protect the wildlife of the mountain wilderness. 

Luxury home sales have dropped dramatically to 51.9 percent in the last quarter of last year according to brokerage Douglas Elliman’s report which also shows that luxury homes now stay on the market an average of 96 days. That is a ten percent increase in the time it takes to sell an estate. 

This is a real turnaround from the salad days of the pandemic real estate boom. More information from the Elliman report claims that bidding wars on properties fell by half down to 24.5 percent and were down from a 50.7 percent high. 

Rayni Williams of the Beverly Hills Estates said, as quoted by The Wall Street Journal, “No buyer at this juncture wants to feel they’re paying 2021 or 2020 prices.”  Ty Cueva estimated that the price of building that same home that he is selling in today’s market would be around $80 million if the rising costs of construction were factored into it and that the asking price is now below the replacement value.

Related Posts

Judd Apatow and Leslie Mann Upgrade to $32M Beverly Hills Mansion

March 3, 2024

March 3, 2024

Luxe Living: Single-Story Stunner in Coveted Locale Celebrity power couple Judd Apatow and Leslie Mann have upgraded their Los Angeles...

LA City Council Greenlights Master Leasing Program to Tackle Homelessness Crisis

March 3, 2024

March 3, 2024

Unanimous Vote Sets Stage for Different Approach to Expand Housing Options The Los Angeles City Council came one step closer...

LAHSA Report Exposes Failures of Anti-Camping Ordinance, Allegedly Kept Secret Since November

March 3, 2024

March 3, 2024

City Controller and Council Members Speak Out Against Withheld Report  LA City Controller Kenneth Meija posted comments on social media...

AI-Generated Classmate Nudes: Beverly Hills Students Face Investigation

February 29, 2024

February 29, 2024

School District Says Potential Expulsion for Involved Students An investigation is underway after authorities discovered that students at a Beverly...

Hollywood Prepares for 96th Oscars: Street Closures and Traffic Updates Revealed

February 29, 2024

February 29, 2024

Academy of Motion Picture Arts and Sciences Ceremony to Close Local Streets The Academy of Motion Picture Arts and Sciences,...

Construction Alert: Topanga Canyon Boulevard Faces Nightly Closures Starting March 4

February 29, 2024

February 29, 2024

Caltrans Announces 18-Mile Project Spanning Chatsworth to PCH Commuters in the Los Angeles area should prepare for significant delays as...

FTC Takes Legal Action to Block $24.6 Billion Kroger-Albertsons Merger

February 29, 2024

February 29, 2024

Largest Proposed Supermarket Merger Faces Antitrust Allegations The Federal Trade Commission (FTC) filed a lawsuit on Tuesday to block Kroger...

Thai Mex Cocina Brings Fusion Delights at New Westfield Century City Location

February 28, 2024

February 28, 2024

SoCal Food Truck Opens Restaurant Location in Mall Food Court Thai Mex Cocina, known for its passionate fusion of Thai...

Leap Day Brings Once-in-Four-Year Deals at Popular Restaurants All Day Long

February 28, 2024

February 28, 2024

Krispy Kreme, Dunkin’, and More Roll Out Special Offers to Mark the Occasion Leap Day, that rare additional day occurring...

Sweet Lady Jane’s Social Media Tease Continues As Locations Sport Hiring Notices

February 28, 2024

February 28, 2024

Mysterious Posts Leave Fans Eager for the Return, But Questions Linger By Dolores Quintana After resurfacing on social media, the...

(Video) Pro-Palestine Protest at the Beverly Wilshire Hotel

February 28, 2024

February 28, 2024

Protesters were there to protest the arrival of U.S. Representative Nancy Pelosi Counter-protesters drove by in a car. @centurycitywestwoodnews Pro-Palestine...

(Video) Restaurants Replace Glass Front Doors After Late Night Robbery Spree in Del Ray

February 28, 2024

February 28, 2024

Seven restaurants and small businesses in Del Rey and Venice, including Nick the Greek and Dudley Market, were robbed. Council...

Hollywood Royalty to Shine at 96th Oscars: First Wave of Star-Studded Presenter Lineup Unveiled

February 27, 2024

February 27, 2024

Incredible Lineup of Actors and Previous Oscar Winners Announced Executive producer and showrunner Raj Kapoor, along with executive producers Molly...

Vote Smart, Vote Early: Streamlining Your 2024 Presidential Primary Experience in L.A. County

February 27, 2024

February 27, 2024

Skip the Lines and Save Time – Your Guide to Early Voting Options  In preparation for the upcoming 2024 Presidential...

(Video) Heartfelt candlelight vigils in Westchester and West Hollywood for Nex Benedict

February 27, 2024

February 27, 2024

The non-binary 16 year old student with Choctaw ancestry died in Owasso, Oklahoma after being beaten by three older high...