L.A. real estate news and insights.
$2 Billion Powerball winner is back at it again! This time with an even more expensive house!
This home has 7 bed/11 bath, 5,140 sq. ft. of living space, and just over 12,500 sq. ft. lot.
This property features a retractable hydraulic DJ table, glass elevator, Feng Shui koi pond, an oversized infinity-edge pool, and incredible views.
$2 Billion Powerball winner buys another home – this one in Altadena.
This home has 5 bed/5 bath, 4,361 sq. ft. of living space, and is on a 29,757 sq. ft. lot.
The Japanese-inspired home features an open floor plan, floor-to-ceiling windows, a gourmet kitchen, a home theater, and a studio.
Asking price: $4,000,000
Selling price: $3,983,000
This past November, Los Angeles voters backed Measure ULA, a transfer tax on big-ticket property sales that the city says will generate a new revenue stream for affordable housing projects and homelessness prevention. Known as the “mansion tax,” Measure ULA will impose a 4 percent tax on property sales above $5 million and a 5.5 percent tax on properties above the $10 million mark. The tax must be paid by the seller.
The City of Los Angeles now expects to make a lot less from its new transfer taxes than originally advertised.
Measure ULA is projected to generate up to $672 million in revenues from July 1 of this year through June 30 of next year, according to an analysis from the City Administrative Office, which conducts financial and budget analyses. The office released its report 2 weeks ago.
The new numbers are about 25 percent less than original estimates provided to voters in November, assuming about $5.1 billion less in property sales.
Sales of previously occupied U.S. homes surged in February to the fastest pace in six months as homebuyers seized on a modest drop in mortgage rates.
Existing home sales jumped 14.5% last month from January to a seasonally adjusted annual rate of 4.58 million, the National Association of Realtors said Tuesday.
The surge in sales — the biggest on records going back to 1999 — ended a 12-month slide that knocked the nation’s housing market into its deepest slump in nearly a decade and left sales in January at the slowest pace in more than a dozen years.
Deals estimated to be in the top 5% in a market on average dropped 44.6% year-over-year for the three-month period ending Jan. 31, according to Redfin. That’s the largest annual decline and the second-lowest level on record.
Miami’s luxury market took the biggest hit in the three-month period, with a year-over-year decrease of 68.7%. That was followed by Long Island (62.8%) and three California markets: Riverside (59.8%), Anaheim (59.3%), and San Jose (59%).
Los Angeles came in at a 55.5% decrease.
That lack of supply has pushed luxury home prices higher. The median price in the US was up 9% compared with the same period the year before.
Would you live in LA if you won the lottery?
A $2 Billion Powerball winner just bought this Hollywood Hills mansion.
Asking price: $29,950,000
Selling price: $25,500,000
This Modern estate has 5 bed/7 bath,13,578 sq. ft. of living space, and is on a 25,077 sq. ft. lot.
The home features indoor/outdoor living, a game room, wine cellar, movie theater, bar, and fitness studio with a hot and cold plunge, dry sauna, and steam shower.
The backyard has an infinity pool, spa, two fire pits, and a built-in barbecue area.
