- by foxnews
- 07 Nov 2024
On Instagram, two high-end realtors touted a $1m bonus to any agent who helped sell a $28m Bel Air mansion by 1 April. Another 260-acre Bel Air property which went up for auction this month (starting price $39m) offered buyers a $2m credit if they were able to close the deal by 31 March.
The new tax, designed to raise public funds to prevent homelessness in one of the most expensive housing markets in the country, imposes a 4% tax on property sales between $5m and $10m, and a 5.5% tax on sales over $10m.
With the outcome of the legal challenge unknown, the real estate market is adjusting to the expected tax, with buyers and sellers exploring new workarounds.
True luxury properties in the Los Angeles area now start at around $10m, according to real estate agent Scott Tamkin.
But if the tax survives the litigation against it, developers of affordable housing can expect to benefit from the greater public investment in building lower-cost homes, he added.
The Cloudbreak Music Festival is back for its third year, beginning November 7 and running through November 27, with Seattle’s hotels offering a musical treat to their guests. The festival has grown substantially since its inception in 2021, featuring over 200 artists performing at 34 different venues. The festivities kick off tonight at The Crocodile with performances by Naked Giants and La Fonda starting at 7:00 p.m., with doors opening an hour earlier.
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