In Bel-Air, an Modern Spanish-style megamansion is a modern day temple to extraordinary wealth.
But it's missing one thing: a buyer. To lure one, the developers relisted it for $59 million last month, a 41% drop from its $100 million price tag in 2018. on.wsj.com/40brzZF
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Price reductions like these are becoming more common in the ultraluxury market, amid a market slowdown in Los Angeles. wsj.com/articles/los-angeles…
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Agents say it's being driven by a rush to sell before the intro of a new transfer tax on luxury real-estate sales in April, as well as a proposed local ordinance that would create a designated wildlife conservation area in the Santa Monica Mountains. on.wsj.com/40brzZF
Mar 16, 2023 · 3:09 PM UTC
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In the luxury segment, which represents the top 10% of sales, the volume of deals fell by 51.9% in Q4/2022, compared with the same period in 2021, according to @DouglasElliman.
The number of days a property spent on the market was up by 10.3% to 96 days. wsj.com/articles/los-angeles…
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“No buyer at this juncture wants to feel they’re paying 2021 or 2020 prices,” said Rayni Williams of the Beverly Hills Estates.
Ty Cueva, one of the developers of the Bel-Air home, said he repriced to “cast a much wider net for potential buyers.” on.wsj.com/40brzZF
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When sellers are willing to drop their prices, buyers are ready to pounce.
In February, Mark Wahlberg and his wife sold their home to a Chinese billionaire for $55 million, down significantly from the $87.5 million they asked when they first listed it. wsj.com/articles/mark-wahlbe…
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That same day, Villa Firenze, the 9-acre estate next door owned by the estate of Roy T. Eddleman, a maker of biotech lab tools, sold for $52 million, less than half of its original $120 million asking price in May 2022. wsj.com/articles/once-asking…
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A @Compass agent not involved in either sale said prices on some of the homes were exorbitant in the first place, so the reductions represent a long-overdue correction. “When you do a price adjustment at this level, that seller has to make it impactful." wsj.com/articles/los-angeles…
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The pullback also coincides with a general reset in the perceived value of L.A.’s most extravagant homes. Some that once aimed to set price records have traded for far less, sometimes under distressed circumstances. The most infamous example: The One. wsj.com/articles/how-the-one…
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Not everyone is willing to heavily discount. Malibu developer Scott Gillen, who is marketing a collection of homes in the area, said he turned away a buyer who tried to lowball him for a home at The Case, his blufftop development overlooking the Pacific. on.wsj.com/40brzZF
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The buyer, Mr. Gillen said, offered $50 million for a house that had been asking $69.995 million. “We have to negotiate, but we’re not going to drop our price by $20 million,” Mr. Gillen said. “We’re not selling to the guy who is a bottom feeder.” wsj.com/articles/los-angeles…
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