February 11, 2025 Your Source for Brentwood News

Los Angeles Seeing Drop in Luxury Home Sales

44 percent drop in high-end home sales in Los Angeles, Redfin report shows

By Dolores Quintana

According to a recent report, the Los Angeles area has seen a 44 percent decrease in luxury home sales in recent months, data from Wall Street Journal shows. As predicted, higher interest rates, inflation and consumer caution have all contributed to the bottom following out of the market after two years of an outrageous sellers’ market. 

Redfin.com has reported that sales of the most extravagant estates from June through the end of August have declined 28.1 percent overall throughout the nation compared to the previous year. No year in the new millennium has had a larger drop since 2012 and is even worse than the original 23.2% decrease in the first year of the pandemic. 

In California, the drops were even steeper, in Los Angeles, the sales dropped 44 percent, while in San Diego dropped over 65 percent. However, New York City’s sales only dropped 12 percent. 

Herman Chan of Golden Gate Sotheby’s International Realty said, as quoted by The Wall Street Journal, “Six months ago, people were buying homes over-ask and with no appraisal. They didn’t even bat an eyelash. Now, it’s like crickets.”

No one is sure how a proposed ballot measure in November will further affect luxury real estate sales. The so-called “megamansion tax” raises the transfer tax rate on estates that sell for over $5 to $10 million to four percent and for any properties that sell for over $10 million’s transfer tax rate would increase to 5.5 percent. Unite To House LA is the group that put the measure on the ballot with the intention to use the tax money raised by the transfer tax to help house the unhoused by financing new affordable housing and using it to prevent evictions and help buyers of first homes according to Bloomberg.com. Currently, the transfer tax rate is only 0.45 percent.

Related Posts

Retailers Impose Purchase Restrictions as Supply Chain Disruptions Cause Concern

February 10, 2025

February 10, 2025

Egg Limits Are Back – What’s Causing the Shortage? Retailers across the United States, including Costco and Trader Joe’s, have...

Esteemed Brentwood Entertainment Reporter Sam Rubin Honored at Major Awards Ceremonies

February 10, 2025

February 10, 2025

Industry Pays Tribute to a Broadcasting Legend With Special Recognition The late Sam Rubin, a longtime and beloved entertainment reporter...

New Bill Targets Crime in Disaster Zones – Here’s What You Need to Know

February 10, 2025

February 10, 2025

Lawmakers Push for Tougher Penalties To Protect Vulnerable Communities California lawmakers have introduced a bipartisan bill aimed at cracking down...

What about are you protected from future wildfires?

February 9, 2025

February 9, 2025

Our hearts go out to all those impacted by the recent wildfires and Santa Ana windstorms in Southern California. We...

Tree Trimmer Shocked by Power Lines in Westwood and Suspended 25 Feet in the Air

February 9, 2025

February 9, 2025

LAFD to the Rescue and LADWP Worked to De-Energize Power Lines The Los Angeles Fire Department (LAFD) responded to reports...

Shore Hotel Remains Sustainability Leader

February 9, 2025

February 9, 2025

By Susan Payne On track to open its new coastal-inspired restaurant, Shore Hotel has excited new offerings and initiatives this...

Brentwood’s Newest Architectural Marvel Lists as a Modernist Masterpiece

February 9, 2025

February 9, 2025

Brand New Estate Blends Contemporary Elegance With Cutting-Edge Luxury A newly completed estate in Brentwood, designed by AD100-recognized architects Ramin...

Multiple Injuries, Deaths in Multi-Vehicle Crash on 405 Freeway in Westwood

February 9, 2025

February 9, 2025

Emergency Crews Extricated One Trapped Victim; Two in Critical Condition Emergency crews responded to the scene of a multi-vehicle crash...

Actor Will Arnett Lists Stunning Beverly Hills-Area Home for $22.5 Million

February 9, 2025

February 9, 2025

Comedy Star’s Modern Farmhouse Features Custom Podcast Studio Actor and comedian Will Arnett is selling his modern farmhouse-style home near...

Rescheduled 2024 Homeless Count Needs More Volunteers on the Westside

February 9, 2025

February 9, 2025

Not Enough Volunteers to Successfully Count Unhoused Angelenos This Year With the rescheduled dates for the 2025 Greater Los Angeles...

Brentwood Library Announces Fantastic February Events for Children and Families

February 7, 2025

February 7, 2025

Storytime, Brick-Building, Readings, and Live Music are Highlights This Month Althea Martinez, the Donald Kaufman Brentwood Library’s new children’s librarian,...

Student Protest Over Immigration Policies Leads to Walkouts Across the Westside

February 7, 2025

February 7, 2025

Walkout Turns Tense as Counter-Protester Confronts Teen in Video From Venice Students from Santa Monica High School (SAMOHI), Culver City...

Open Arms Art Show Runs Through Mar. 22 in Burbank

February 6, 2025

February 6, 2025

Opening Exhibition Saturday Feb. 8 from 12 to 8p.m. More than an art show, the Open Arms Exhibition is an...

Quiet Luxury: What’s Inside the New Regent Boutique and Sweet July

February 6, 2025

February 6, 2025

The Regent Santa Monica Beach, known for its perfect Santa Monica getaways, or local dining at its Mediterranean-based restaurant Orla...

Serial Predator David Pearce Convicted of Murders, Rape in Shocking Fentanyl Overdose Case in West LA

February 6, 2025

February 6, 2025

“Dead Girls Don’t Talk,” Fake Producer Abandoned Women’s Bodies Like Garbage A jury convicted David Brian Pearce of two counts...