LA Mansion Sellers Offer Supercars to Beat Mansion Tax
TL;DR Summary
In anticipation of a new tax on high-end real estate sales in Los Angeles, sellers are offering supercars as incentives to sweeten the deal. The "mansion tax" adds a 4% ownership transfer tax to real estate sales over $5 million, increasing to 5.5% beyond $10 million to fund affordable housing and homelessness prevention. Sales of homes over $5 million in LA are reportedly down more than 10%, and new listings have increased by 78%. Some developers are listing incomplete properties to minimize losses.
- Desperate LA Mansion Sellers Are Throwing in Supercars To Sweeten the Deal The Drive
- Los Angeles 'mansion tax' begins Saturday CNBC Television
- Mansion madness: Los Angeles realtors in sell-off frenzy as wealth tax looms The Guardian US
- McLaren, Aston Martin or Bentley Offered With Luxe Home for Sale The Real Deal
- This LA mansion tax is disgusting, unfair – and definitely not hilarious in any way The Independent
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